COEX: 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.
COEX
Largest movements
- Current investments +€50,528
up €50,528 (+12.6%), from €400,538 to €451,065
- Cash -€48,201
down €48,201 (-30.3%), from €158,824 to €110,623
mainly Current investments (-€50,528) and Current portion of long-term debt (-€40,880)
- Receivables within one year -€18,366
down €18,366 (-40.4%), from €45,405 to €27,039
of which Trade receivables: -€22,158
- Reserves +€47,529
up €47,529 (+5.2%), from €911,548 to €959,077
of which Distributable reserves: +€47,529
- Current portion of long-term debt -€40,880
down €40,880 (-67.5%), from €60,606 to €19,726
- Trade debts +€28,461
up €28,461 (+1105.0%), from €2,576 to €31,037
- Debts after one year -€19,726
down €19,726 (-7.0%), from €281,403 to €261,677
- Financial income -€244,211
down €244,211 (-97.9%), from €249,475 to €5,264
- Taxes -€32,555
down €32,555 (-56.9%), from €57,223 to €24,668
- Gross operating margin -€32,304
down €32,304 (-25.7%), from €125,537 to €93,233
- Depreciation +€1,572
up €1,572 (+10.4%), from €15,069 to €16,641
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 | €1,610,194 | €1,604,686 | -€5,508 | -0.3% |
| Fixed assets | 21/28 | €1,003,322 | €1,012,731 | +€9,410 | +0.9% |
| Tangible fixed assets | 22/27 | €404,184 | €413,593 | +€9,410 | +2.3% |
| Land and buildings | 22 | €378,669 | €371,285 | -€7,385 | -2.0% |
| Plant, machinery and equipment | 23 | €4,710 | €3,082 | -€1,628 | -34.6% |
| Furniture and vehicles | 24 | €20,804 | €39,227 | +€18,423 | +88.6% |
| Financial fixed assets | 28 | €599,138 | €599,138 | = | 0.0% |
| Current assets | 29/58 | €606,872 | €591,954 | -€14,918 | -2.5% |
| Amounts receivable within one year | 40/41 | €45,405 | €27,039 | -€18,366 | -40.4% |
| Trade receivables | 40 | €45,254 | €23,096 | -€22,158 | -49.0% |
| Other amounts receivable | 41 | €151 | €3,942 | +€3,792 | +2519.3% |
| Current investments | 50/53 | €400,538 | €451,065 | +€50,528 | +12.6% |
| Cash at bank and in hand | 54/58 | €158,824 | €110,623 | -€48,201 | -30.3% |
| Deferred charges and accrued income | 490/1 | €2,106 | €3,228 | +€1,122 | +53.3% |
| Total equity and liabilities | 10/49 | €1,610,194 | €1,604,686 | -€5,508 | -0.3% |
| Equity | 10/15 | €1,204,816 | €1,252,344 | +€47,529 | +3.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €911,548 | €959,077 | +€47,529 | +5.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €911,548 | €959,077 | +€47,529 | +5.2% |
| Profit (loss) carried forward | 14 | €280,867 | €280,867 | = | 0.0% |
| Amounts payable | 17/49 | €405,378 | €352,342 | -€53,036 | -13.1% |
| Amounts payable after more than one year | 17 | €281,403 | €261,677 | -€19,726 | -7.0% |
| Financial debts | 170/4 | €281,403 | €261,677 | -€19,726 | -7.0% |
| Amounts payable within one year | 42/48 | €123,975 | €90,555 | -€33,421 | -27.0% |
| Current portion of amounts payable after more than one year | 42 | €60,606 | €19,726 | -€40,880 | -67.5% |
| Trade debts | 44 | €2,576 | €31,037 | +€28,461 | +1105.0% |
| Suppliers | 440/4 | €2,576 | €31,037 | +€28,461 | +1105.0% |
| Taxes, remuneration and social security | 45 | €50,368 | €39,791 | -€10,576 | -21.0% |
| Taxes | 450/3 | €50,368 | €39,791 | -€10,576 | -21.0% |
| Other amounts payable | 47/48 | €10,426 | €0 | -€10,426 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €110 | +€110 | |
| Non-recurring operating income | 76A | €0 | €1,973 | +€1,973 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,069 | €16,641 | +€1,572 | +10.4% |
| Other operating charges | 640/8 | €4,606 | €4,671 | +€64 | +1.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €125,537 | €93,233 | -€32,304 | -25.7% |
| Operating profit (loss) | 9901 | €105,862 | €71,922 | -€33,941 | -32.1% |
| Financial income | 75/76B | €249,475 | €5,264 | -€244,211 | -97.9% |
| Recurring financial income | 75 | €249,475 | €5,264 | -€244,211 | -97.9% |
| Financial charges | 65/66B | €5,910 | €4,989 | -€921 | -15.6% |
| Recurring financial charges | 65 | €5,910 | €4,989 | -€921 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €349,427 | €72,197 | -€277,231 | -79.3% |
| Income taxes | 67/77 | €57,223 | €24,668 | -€32,555 | -56.9% |
| Profit (loss) for the period | 9904 | €292,204 | €47,529 | -€244,676 | -83.7% |
| Profit (loss) for the period to be appropriated | 9905 | €292,204 | €47,529 | -€244,676 | -83.7% |
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 12 October 2026 via checked.be.