COEURAM: 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.
COEURAM
Largest movements
- Cash -€116,184
down €116,184 (-46.4%), from €250,491 to €134,307
mainly Other debts (-€118,299) and Contributions, distributions and other (-€88,500)
- Receivables within one year +€40,968
up €40,968 (+93.1%), from €43,988 to €84,956
of which Trade receivables: +€52,881
- Tangible fixed assets +€30,327
up €30,327 (+4.8%), from €632,176 to €662,503
of which Land and buildings: +€51,855
- Reserves +€189,500
up €189,500 (+313%), from €60,563 to €250,063
of which Distributable reserves: +€189,500
- Other debts -€118,299
down €118,299 (-51.5%), from €229,910 to €111,611
- Profit (loss) carried forward -€59,931
down €59,931 (-98.0%), from €61,152 to €1,221
- Debts after one year -€48,570
down €48,570 (-10.0%), from €483,411 to €434,840
- Gross operating margin +€192,467
up €192,467 (+107%), from €180,697 to €373,164
- Financial charges -€152,707
down €152,707 (-91.9%), from €166,212 to €13,504
- Taxes +€81,611
up €81,611 (+46,108%), from €177 to €81,788
- Other operating charges +€5,114
up €5,114 (+116%), from €4,414 to €9,527
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 | €929,343 | €885,093 | -€44,250 | -4.8% |
| Fixed assets | 21/28 | €632,176 | €662,503 | +€30,327 | +4.8% |
| Tangible fixed assets | 22/27 | €632,176 | €662,503 | +€30,327 | +4.8% |
| Land and buildings | 22 | €516,125 | €567,980 | +€51,855 | +10.0% |
| Plant, machinery and equipment | 23 | €64,106 | €50,211 | -€13,895 | -21.7% |
| Furniture and vehicles | 24 | €51,944 | €44,312 | -€7,633 | -14.7% |
| Current assets | 29/58 | €297,167 | €222,590 | -€74,577 | -25.1% |
| Amounts receivable within one year | 40/41 | €43,988 | €84,956 | +€40,968 | +93.1% |
| Trade receivables | 40 | €14,821 | €67,702 | +€52,881 | +357% |
| Other amounts receivable | 41 | €29,167 | €17,253 | -€11,913 | -40.8% |
| Cash at bank and in hand | 54/58 | €250,491 | €134,307 | -€116,184 | -46.4% |
| Deferred charges and accrued income | 490/1 | €2,688 | €3,328 | +€640 | +23.8% |
| Total equity and liabilities | 10/49 | €929,343 | €885,093 | -€44,250 | -4.8% |
| Equity | 10/15 | €140,715 | €270,284 | +€129,569 | +92.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €60,563 | €250,063 | +€189,500 | +313% |
| Non-distributable reserves | 130/1 | €16,563 | €16,563 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,563 | €16,563 | = | 0.0% |
| Distributable reserves | 133 | €44,000 | €233,500 | +€189,500 | +431% |
| Profit (loss) carried forward | 14 | €61,152 | €1,221 | -€59,931 | -98.0% |
| Amounts payable | 17/49 | €788,629 | €614,809 | -€173,820 | -22.0% |
| Amounts payable after more than one year | 17 | €483,411 | €434,840 | -€48,570 | -10.0% |
| Financial debts | 170/4 | €483,411 | €434,840 | -€48,570 | -10.0% |
| Amounts payable within one year | 42/48 | €295,318 | €170,069 | -€125,249 | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €48,112 | €48,570 | +€459 | +1.0% |
| Trade debts | 44 | €17,297 | €9,888 | -€7,409 | -42.8% |
| Suppliers | 440/4 | €17,297 | €9,888 | -€7,409 | -42.8% |
| Other amounts payable | 47/48 | €229,910 | €111,611 | -€118,299 | -51.5% |
| Accrued charges and deferred income | 492/3 | €9,900 | €9,900 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,398 | €51,417 | -€981 | -1.9% |
| Other operating charges | 640/8 | €4,414 | €9,527 | +€5,114 | +116% |
| Gross operating margin | 9900 | €180,697 | €373,164 | +€192,467 | +107% |
| Operating profit (loss) | 9901 | €123,886 | €312,220 | +€188,334 | +152% |
| Financial income | 75/76B | €480 | €1,142 | +€662 | +138% |
| Recurring financial income | 75 | €480 | €1,142 | +€662 | +138% |
| Financial charges | 65/66B | €166,212 | €13,504 | -€152,707 | -91.9% |
| Recurring financial charges | 65 | €166,212 | €13,504 | -€152,707 | -91.9% |
| Profit (loss) for the period before taxes | 9903 | -€41,846 | €299,858 | +€341,704 | |
| Income taxes | 67/77 | €177 | €81,788 | +€81,611 | +46,108% |
| Profit (loss) for the period | 9904 | -€42,023 | €218,069 | +€260,092 | |
| Profit (loss) for the period to be appropriated | 9905 | -€42,023 | €218,069 | +€260,092 |
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 26 October 2026 via checked.be.