COETSIER: what changed
Two fiscal 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.
COETSIER
Largest movements
- Tangible fixed assets +€53,323
up €53,323 (+35.2%), from €151,583 to €204,906
of which Furniture and vehicles: +€71,958
- Receivables within one year -€22,675
down €22,675 (-14.1%), from €160,704 to €138,030
of which Trade receivables: -€28,434
- Cash -€15,531
down €15,531 (-36.7%), from €42,331 to €26,801
mainly Investment in fixed assets (net) (-€131,500) and Other debts (-€19,436)
- Stocks and contracts +€5,429
up €5,429 (+118.6%), from €4,577 to €10,006
- Tax, wage and social debts +€20,600
up €20,600 (+198.1%), from €10,401 to €31,000
of which Remuneration and social security: +€20,177
- Other debts -€19,436
down €19,436 (-29.2%), from €66,472 to €47,036
- Current portion of long-term debt +€17,764
up €17,764 (+28.4%), from €62,660 to €80,424
- Debts after one year +€11,092
up €11,092 (+16.4%), from €67,785 to €78,878
- Profit (loss) carried forward -€10,774
new in 2025: -€10,774
- Gross operating margin -€27,416
down €27,416 (-23.4%), from €117,276 to €89,860
- Staff costs +€11,435
up €11,435 (+125.8%), from €9,094 to €20,529
- Taxes -€10,834
down €10,834 (-100.0%), from €10,834 to €0
- Depreciation +€3,946
up €3,946 (+5.3%), from €74,231 to €78,177
- Financial charges +€1,890
up €1,890 (+50.5%), from €3,742 to €5,632
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 | €360,220 | €382,240 | +€22,020 | +6.1% |
| Fixed assets | 21/28 | €151,583 | €204,906 | +€53,323 | +35.2% |
| Tangible fixed assets | 22/27 | €151,583 | €204,906 | +€53,323 | +35.2% |
| Plant, machinery and equipment | 23 | €63,599 | €53,871 | -€9,728 | -15.3% |
| Furniture and vehicles | 24 | €52,586 | €124,544 | +€71,958 | +136.8% |
| Leasing and similar rights | 25 | €35,398 | €26,491 | -€8,907 | -25.2% |
| Current assets | 29/58 | €208,637 | €177,335 | -€31,303 | -15.0% |
| Stocks and contracts in progress | 3 | €4,577 | €10,006 | +€5,429 | +118.6% |
| Stocks | 30/36 | €4,577 | €10,006 | +€5,429 | +118.6% |
| Amounts receivable within one year | 40/41 | €160,704 | €138,030 | -€22,675 | -14.1% |
| Trade receivables | 40 | €158,463 | €130,030 | -€28,434 | -17.9% |
| Other amounts receivable | 41 | €2,241 | €8,000 | +€5,759 | +257.0% |
| Cash at bank and in hand | 54/58 | €42,331 | €26,801 | -€15,531 | -36.7% |
| Deferred charges and accrued income | 490/1 | €1,025 | €2,499 | +€1,474 | +143.9% |
| Total equity and liabilities | 10/49 | €360,220 | €382,240 | +€22,020 | +6.1% |
| Equity | 10/15 | €142,936 | €128,734 | -€14,203 | -9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €124,336 | €120,908 | -€3,429 | -2.8% |
| Tax-exempt reserves | 132 | €7,591 | €4,162 | -€3,429 | -45.2% |
| Distributable reserves | 133 | €116,746 | €116,746 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€10,774 | -€10,774 | |
| Provisions and deferred taxes | 16 | €1,851 | €994 | -€857 | -46.3% |
| Deferred taxes | 168 | €1,851 | €994 | -€857 | -46.3% |
| Amounts payable | 17/49 | €215,433 | €252,513 | +€37,080 | +17.2% |
| Amounts payable after more than one year | 17 | €67,785 | €78,878 | +€11,092 | +16.4% |
| Financial debts | 170/4 | €67,785 | €78,878 | +€11,092 | +16.4% |
| Amounts payable within one year | 42/48 | €147,647 | €173,621 | +€25,974 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €62,660 | €80,424 | +€17,764 | +28.4% |
| Trade debts | 44 | €8,115 | €15,161 | +€7,046 | +86.8% |
| Suppliers | 440/4 | €8,115 | €15,161 | +€7,046 | +86.8% |
| Taxes, remuneration and social security | 45 | €10,401 | €31,000 | +€20,600 | +198.1% |
| Taxes | 450/3 | €9,739 | €10,161 | +€422 | +4.3% |
| Remuneration and social security | 454/9 | €662 | €20,839 | +€20,177 | +3048.1% |
| Other amounts payable | 47/48 | €66,472 | €47,036 | -€19,436 | -29.2% |
| Accrued charges and deferred income | 492/3 | - | €14 | +€14 | |
| Non-recurring operating income | 76A | €500 | €0 | -€500 | -100.0% |
| Remuneration, social security and pensions | 62 | €9,094 | €20,529 | +€11,435 | +125.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,231 | €78,177 | +€3,946 | +5.3% |
| Other operating charges | 640/8 | €592 | €610 | +€18 | +3.0% |
| Gross operating margin | 9900 | €117,276 | €89,860 | -€27,416 | -23.4% |
| Operating profit (loss) | 9901 | €33,359 | -€9,455 | -€42,815 | |
| Financial income | 75/76B | €196 | €28 | -€169 | -85.9% |
| Recurring financial income | 75 | €196 | €28 | -€169 | -85.9% |
| Financial charges | 65/66B | €3,742 | €5,632 | +€1,890 | +50.5% |
| Recurring financial charges | 65 | €3,742 | €5,632 | +€1,890 | +50.5% |
| Profit (loss) for the period before taxes | 9903 | €29,813 | -€15,060 | -€44,873 | |
| Transfer from deferred taxes | 780 | €857 | €857 | = | 0.0% |
| Income taxes | 67/77 | €10,834 | €0 | -€10,834 | -100.0% |
| Profit (loss) for the period | 9904 | €19,837 | -€14,203 | -€34,040 | |
| Transfer from tax-exempt reserves | 789 | €3,429 | €3,429 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,266 | -€10,774 | -€34,040 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.