COHERENCE: 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.
COHERENCE
Largest movements
- Cash -€212,569
down €212,569 (-57.1%), from €372,074 to €159,505
mainly Other debts (-€360,778) and Receivables within one year (-€106,144)
- Receivables within one year +€106,144
up €106,144 (+39.1%), from €271,299 to €377,443
of which Other amounts receivable: +€64,478
- Financial fixed assets +€20,000
up €20,000 (+57.1%), from €35,000 to €55,000
- Tangible fixed assets -€16,301
down €16,301 (-9.4%), from €173,128 to €156,827
- Intangible fixed assets +€14,857
new in 2025: €14,857
- Other debts -€360,778
down €360,778 (-100%), from €360,778 to €0
- Reserves +€211,438
up €211,438 (+77.2%), from €273,884 to €485,322
of which Distributable reserves: +€211,438
- Trade debts +€94,244
up €94,244 (+78.0%), from €120,880 to €215,125
- Tax, wage and social debts -€19,079
down €19,079 (-39.6%), from €48,234 to €29,155
of which Taxes: -€18,551
- Accrued charges and deferred income -€17,326
down €17,326 (-45.0%), from €38,480 to €21,154
- Gross operating margin -€39,504
down €39,504 (-10.9%), from €361,386 to €321,883
- Taxes -€10,749
down €10,749 (-12.6%), from €85,560 to €74,811
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 | €864,472 | €773,290 | -€91,181 | -10.5% |
| Fixed assets | 21/28 | €208,128 | €226,684 | +€18,557 | +8.9% |
| Intangible fixed assets | 21 | - | €14,857 | +€14,857 | |
| Tangible fixed assets | 22/27 | €173,128 | €156,827 | -€16,301 | -9.4% |
| Land and buildings | 22 | €140,245 | €133,922 | -€6,323 | -4.5% |
| Plant, machinery and equipment | 23 | €16,486 | €12,997 | -€3,489 | -21.2% |
| Furniture and vehicles | 24 | €11,141 | €6,454 | -€4,687 | -42.1% |
| Other tangible fixed assets | 26 | €5,257 | €3,455 | -€1,802 | -34.3% |
| Financial fixed assets | 28 | €35,000 | €55,000 | +€20,000 | +57.1% |
| Current assets | 29/58 | €656,344 | €546,606 | -€109,738 | -16.7% |
| Amounts receivable within one year | 40/41 | €271,299 | €377,443 | +€106,144 | +39.1% |
| Trade receivables | 40 | €266,840 | €308,506 | +€41,666 | +15.6% |
| Other amounts receivable | 41 | €4,459 | €68,937 | +€64,478 | +1,446% |
| Cash at bank and in hand | 54/58 | €372,074 | €159,505 | -€212,569 | -57.1% |
| Deferred charges and accrued income | 490/1 | €12,971 | €9,658 | -€3,313 | -25.5% |
| Total equity and liabilities | 10/49 | €864,472 | €773,290 | -€91,181 | -10.5% |
| Equity | 10/15 | €292,434 | €503,872 | +€211,438 | +72.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €273,884 | €485,322 | +€211,438 | +77.2% |
| Tax-exempt reserves | 132 | €15,584 | €15,584 | = | 0.0% |
| Distributable reserves | 133 | €258,300 | €469,738 | +€211,438 | +81.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €572,038 | €269,419 | -€302,619 | -52.9% |
| Amounts payable within one year | 42/48 | €533,558 | €248,264 | -€285,293 | -53.5% |
| Financial debts | 43 | €3,666 | €3,985 | +€320 | +8.7% |
| Credit institutions | 430/8 | €3,666 | €3,985 | +€320 | +8.7% |
| Trade debts | 44 | €120,880 | €215,125 | +€94,244 | +78.0% |
| Suppliers | 440/4 | €120,880 | €215,125 | +€94,244 | +78.0% |
| Taxes, remuneration and social security | 45 | €48,234 | €29,155 | -€19,079 | -39.6% |
| Taxes | 450/3 | €47,705 | €29,155 | -€18,551 | -38.9% |
| Remuneration and social security | 454/9 | €528 | €0 | -€528 | -100% |
| Other amounts payable | 47/48 | €360,778 | €0 | -€360,778 | -100% |
| Accrued charges and deferred income | 492/3 | €38,480 | €21,154 | -€17,326 | -45.0% |
| Non-recurring operating income | 76A | €17,500 | €0 | -€17,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,996 | €23,175 | -€821 | -3.4% |
| Other operating charges | 640/8 | €1,021 | €507 | -€513 | -50.3% |
| Non-recurring operating charges | 66A | - | €10,026 | +€10,026 | |
| Gross operating margin | 9900 | €361,386 | €321,883 | -€39,504 | -10.9% |
| Operating profit (loss) | 9901 | €336,369 | €288,174 | -€48,195 | -14.3% |
| Financial income | 75/76B | €2,340 | €2,295 | -€44 | -1.9% |
| Recurring financial income | 75 | €2,340 | €2,295 | -€44 | -1.9% |
| Financial charges | 65/66B | €7,287 | €4,221 | -€3,067 | -42.1% |
| Recurring financial charges | 65 | €7,287 | €4,221 | -€3,067 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €331,422 | €286,249 | -€45,172 | -13.6% |
| Income taxes | 67/77 | €85,560 | €74,811 | -€10,749 | -12.6% |
| Profit (loss) for the period | 9904 | €245,861 | €211,438 | -€34,423 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €245,861 | €211,438 | -€34,423 | -14.0% |
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 20 October 2026 via checked.be.