Coeo: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Coeo
Largest movements
- Financial fixed assets +€878,908
up €878,908 (+93.0%), from €944,723 to €1.8m
- Intangible fixed assets -€62,597
down €62,597 (-35.3%), from €177,358 to €114,761
- Cash +€43,823
up €43,823 (+10.3%), from €424,761 to €468,584
mainly Net result for the year (+€364,516) and Trade debts (+€182,367)
- Profit (loss) carried forward +€364,516
up €364,516 (+25.9%), from €1.4m to €1.8m
- Trade debts +€182,367
up €182,367 (+522.8%), from €34,881 to €217,248
- Tax, wage and social debts +€125,237
up €125,237 (+424.5%), from €29,503 to €154,740
of which Remuneration and social security: +€97,135
- Other debts +€63,556
new in 2025: €63,556
- Debts after one year +€55,562
up €55,562 (+9032.0%), from €615 to €56,177
- Gross operating margin -€633,154
down €633,154 (-31.9%), from €2.0m to €1.4m
- Taxes -€115,184
down €115,184 (-46.5%), from €247,858 to €132,674
- Staff costs +€102,432
up €102,432 (+18.9%), from €542,233 to €644,665
- Financial charges -€42,510
down €42,510, from €1,287 to -€41,223
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,796,121 | €2,637,078 | +€840,957 | +46.8% |
| Fixed assets | 21/28 | €1,147,353 | €1,958,959 | +€811,606 | +70.7% |
| Intangible fixed assets | 21 | €177,358 | €114,761 | -€62,597 | -35.3% |
| Tangible fixed assets | 22/27 | €25,272 | €20,567 | -€4,705 | -18.6% |
| Other tangible fixed assets | 26 | €25,272 | €20,567 | -€4,705 | -18.6% |
| Financial fixed assets | 28 | €944,723 | €1,823,631 | +€878,908 | +93.0% |
| Current assets | 29/58 | €648,768 | €678,119 | +€29,351 | +4.5% |
| Amounts receivable within one year | 40/41 | €213,927 | €201,843 | -€12,083 | -5.6% |
| Trade receivables | 40 | €85,132 | €178,235 | +€93,103 | +109.4% |
| Other amounts receivable | 41 | €128,795 | €23,608 | -€105,187 | -81.7% |
| Cash at bank and in hand | 54/58 | €424,761 | €468,584 | +€43,823 | +10.3% |
| Deferred charges and accrued income | 490/1 | €10,080 | €7,692 | -€2,388 | -23.7% |
| Total equity and liabilities | 10/49 | €1,796,121 | €2,637,078 | +€840,957 | +46.8% |
| Equity | 10/15 | €1,408,400 | €1,772,915 | +€364,516 | +25.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,407,400 | €1,771,915 | +€364,516 | +25.9% |
| Provisions and deferred taxes | 16 | €222,881 | €255,415 | +€32,534 | +14.6% |
| Provisions for liabilities and charges | 160/5 | €222,881 | €255,415 | +€32,534 | +14.6% |
| Other liabilities and charges | 164/5 | €222,881 | €255,415 | +€32,534 | +14.6% |
| Amounts payable | 17/49 | €164,841 | €608,748 | +€443,907 | +269.3% |
| Amounts payable after more than one year | 17 | €615 | €56,177 | +€55,562 | +9032.0% |
| Financial debts | 170/4 | €615 | €56,177 | +€55,562 | +9032.0% |
| Amounts payable within one year | 42/48 | €64,384 | €435,545 | +€371,161 | +576.5% |
| Trade debts | 44 | €34,881 | €217,248 | +€182,367 | +522.8% |
| Suppliers | 440/4 | €34,881 | €217,248 | +€182,367 | +522.8% |
| Taxes, remuneration and social security | 45 | €29,503 | €154,740 | +€125,237 | +424.5% |
| Taxes | 450/3 | €29 | €28,132 | +€28,102 | +95651.6% |
| Remuneration and social security | 454/9 | €29,474 | €126,609 | +€97,135 | +329.6% |
| Other amounts payable | 47/48 | - | €63,556 | +€63,556 | |
| Accrued charges and deferred income | 492/3 | €99,841 | €117,026 | +€17,184 | +17.2% |
| Remuneration, social security and pensions | 62 | €542,233 | €644,665 | +€102,432 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,762 | €72,096 | +€334 | +0.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €40,341 | €32,534 | -€7,807 | -19.4% |
| Other operating charges | 640/8 | €936 | €1,072 | +€136 | +14.5% |
| Non-recurring operating charges | 66A | €443,670 | €144,290 | -€299,380 | -67.5% |
| Gross operating margin | 9900 | €1,983,779 | €1,350,625 | -€633,154 | -31.9% |
| Operating profit (loss) | 9901 | €884,836 | €455,967 | -€428,869 | -48.5% |
| Financial income | 75/76B | €5,262 | €0 | -€5,262 | -100.0% |
| Recurring financial income | 75 | €5,262 | €0 | -€5,262 | -100.0% |
| Financial charges | 65/66B | €1,287 | -€41,223 | -€42,510 | |
| Recurring financial charges | 65 | €1,287 | -€41,223 | -€42,510 | |
| Profit (loss) for the period before taxes | 9903 | €888,811 | €497,190 | -€391,621 | -44.1% |
| Income taxes | 67/77 | €247,858 | €132,674 | -€115,184 | -46.5% |
| Profit (loss) for the period | 9904 | €640,952 | €364,516 | -€276,437 | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €640,952 | €364,516 | -€276,437 | -43.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.