COERTEL: 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.
COERTEL
Largest movements
- Stocks and contracts -€9,690
down €9,690 (-6.3%), from €154,074 to €144,385
- Tangible fixed assets -€9,228
down €9,228 (-4.1%), from €227,051 to €217,824
of which Land and buildings: -€5,741
- Receivables within one year +€9,058
up €9,058 (+41.2%), from €22,003 to €31,062
of which Trade receivables: +€6,750
- Debts after one year -€15,850
down €15,850 (-12.2%), from €129,401 to €113,551
- Trade debts +€6,896
up €6,896 (+47.0%), from €14,676 to €21,572
- Reserves +€5,951
up €5,951 (+2.6%), from €232,382 to €238,334
- Gross operating margin -€15,921
down €15,921 (-30.5%), from €52,234 to €36,313
- Other operating charges -€3,922
down €3,922 (-72.3%), from €5,425 to €1,503
- Taxes -€2,450
down €2,450 (-47.7%), from €5,142 to €2,692
- Financial charges -€550
down €550 (-10.3%), from €5,335 to €4,785
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.
Derived cash bridge
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 | €425,581 | €420,423 | -€5,157 | -1.2% |
| Fixed assets | 21/28 | €227,051 | €217,824 | -€9,228 | -4.1% |
| Tangible fixed assets | 22/27 | €227,051 | €217,824 | -€9,228 | -4.1% |
| Land and buildings | 22 | €213,752 | €208,011 | -€5,741 | -2.7% |
| Plant, machinery and equipment | 23 | €1,930 | €734 | -€1,197 | -62.0% |
| Furniture and vehicles | 24 | €11,369 | €9,079 | -€2,290 | -20.1% |
| Current assets | 29/58 | €198,529 | €202,600 | +€4,070 | +2.1% |
| Stocks and contracts in progress | 3 | €154,074 | €144,385 | -€9,690 | -6.3% |
| Stocks | 30/36 | €154,074 | €144,385 | -€9,690 | -6.3% |
| Amounts receivable within one year | 40/41 | €22,003 | €31,062 | +€9,058 | +41.2% |
| Trade receivables | 40 | €22,003 | €28,753 | +€6,750 | +30.7% |
| Other amounts receivable | 41 | - | €2,308 | +€2,308 | |
| Cash at bank and in hand | 54/58 | €18,685 | €20,999 | +€2,314 | +12.4% |
| Deferred charges and accrued income | 490/1 | €3,767 | €6,154 | +€2,387 | +63.4% |
| Total equity and liabilities | 10/49 | €425,581 | €420,423 | -€5,157 | -1.2% |
| Equity | 10/15 | €250,974 | €256,926 | +€5,951 | +2.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €232,382 | €238,334 | +€5,951 | +2.6% |
| Distributable reserves | 133 | €232,382 | €238,334 | +€5,951 | +2.6% |
| Amounts payable | 17/49 | €174,607 | €163,498 | -€11,109 | -6.4% |
| Amounts payable after more than one year | 17 | €129,401 | €113,551 | -€15,850 | -12.2% |
| Financial debts | 170/4 | €129,401 | €113,551 | -€15,850 | -12.2% |
| Amounts payable within one year | 42/48 | €45,206 | €49,947 | +€4,741 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €17,906 | €17,975 | +€69 | +0.4% |
| Trade debts | 44 | €14,676 | €21,572 | +€6,896 | +47.0% |
| Suppliers | 440/4 | €14,676 | €21,572 | +€6,896 | +47.0% |
| Taxes, remuneration and social security | 45 | €8,086 | €7,466 | -€620 | -7.7% |
| Taxes | 450/3 | €3,196 | €2,527 | -€669 | -20.9% |
| Remuneration and social security | 454/9 | €4,890 | €4,939 | +€49 | +1.0% |
| Other amounts payable | 47/48 | €4,538 | €2,934 | -€1,604 | -35.3% |
| Remuneration, social security and pensions | 62 | €3,648 | €3,648 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,795 | €19,403 | -€391 | -2.0% |
| Other operating charges | 640/8 | €5,425 | €1,503 | -€3,922 | -72.3% |
| Gross operating margin | 9900 | €52,234 | €36,313 | -€15,921 | -30.5% |
| Operating profit (loss) | 9901 | €23,366 | €11,758 | -€11,608 | -49.7% |
| Financial income | 75/76B | €2,037 | €1,671 | -€366 | -18.0% |
| Recurring financial income | 75 | €2,037 | €1,671 | -€366 | -18.0% |
| Financial charges | 65/66B | €5,335 | €4,785 | -€550 | -10.3% |
| Recurring financial charges | 65 | €5,335 | €4,785 | -€550 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €20,068 | €8,643 | -€11,425 | -56.9% |
| Income taxes | 67/77 | €5,142 | €2,692 | -€2,450 | -47.7% |
| Profit (loss) for the period | 9904 | €14,926 | €5,951 | -€8,975 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,926 | €5,951 | -€8,975 | -60.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.