COORDINATION ET REALISATION: 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.
COORDINATION ET REALISATION
Largest movements
- Cash -€157,161
down €157,161 (-34.9%), from €450,612 to €293,451
mainly Contributions, distributions and other (-€129,000) and Other debts (-€81,408)
- Tangible fixed assets -€36,426
down €36,426 (-14.5%), from €251,508 to €215,082
of which Land and buildings: -€20,194
- Receivables within one year -€27,289
down €27,289 (-12.6%), from €215,744 to €188,455
of which Trade receivables: -€36,400
- Reserves -€103,000
down €103,000 (-23.7%), from €433,860 to €330,860
of which Distributable reserves: -€103,000
- Other debts -€81,408
down €81,408 (-93.9%), from €86,706 to €5,298
- Trade debts -€24,904
down €24,904 (-48.8%), from €50,996 to €26,092
- Debts after one year -€19,333
down €19,333 (-26.1%), from €74,110 to €54,776
- Current portion of long-term debt +€10,647
up €10,647 (+55.1%), from €19,333 to €29,980
- Gross operating margin -€84,280
down €84,280 (-13.8%), from €610,868 to €526,588
- Staff costs -€26,028
down €26,028 (-5.6%), from €464,303 to €438,275
- Taxes -€20,670
down €20,670 (-65.5%), from €31,560 to €10,890
- Write-downs +€13,622
up €13,622 (+98.9%), from -€13,777 to -€155
- Provisions +€10,575
up €10,575, from -€4,737 to €5,838
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 | €1,008,413 | €796,800 | -€211,613 | -21.0% |
| Fixed assets | 21/28 | €253,156 | €216,730 | -€36,426 | -14.4% |
| Tangible fixed assets | 22/27 | €251,508 | €215,082 | -€36,426 | -14.5% |
| Land and buildings | 22 | €213,024 | €192,830 | -€20,194 | -9.5% |
| Plant, machinery and equipment | 23 | €3,011 | €565 | -€2,447 | -81.3% |
| Furniture and vehicles | 24 | €21,687 | €10,828 | -€10,858 | -50.1% |
| Other tangible fixed assets | 26 | €13,786 | €10,859 | -€2,927 | -21.2% |
| Financial fixed assets | 28 | €1,648 | €1,648 | = | 0.0% |
| Current assets | 29/58 | €755,257 | €580,070 | -€175,187 | -23.2% |
| Stocks and contracts in progress | 3 | €88,870 | €96,307 | +€7,437 | +8.4% |
| Stocks | 30/36 | €88,870 | €96,307 | +€7,437 | +8.4% |
| Amounts receivable within one year | 40/41 | €215,744 | €188,455 | -€27,289 | -12.6% |
| Trade receivables | 40 | €215,619 | €179,219 | -€36,400 | -16.9% |
| Other amounts receivable | 41 | €125 | €9,236 | +€9,111 | +7288.9% |
| Cash at bank and in hand | 54/58 | €450,612 | €293,451 | -€157,161 | -34.9% |
| Deferred charges and accrued income | 490/1 | €32 | €1,857 | +€1,825 | +5757.3% |
| Total equity and liabilities | 10/49 | €1,008,413 | €796,800 | -€211,613 | -21.0% |
| Equity | 10/15 | €540,266 | €437,763 | -€102,503 | -19.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €433,860 | €330,860 | -€103,000 | -23.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €432,000 | €329,000 | -€103,000 | -23.8% |
| Profit (loss) carried forward | 14 | €87,806 | €88,303 | +€497 | +0.6% |
| Provisions and deferred taxes | 16 | €71,997 | €77,835 | +€5,838 | +8.1% |
| Provisions for liabilities and charges | 160/5 | €71,997 | €77,835 | +€5,838 | +8.1% |
| Environmental obligations | 163 | €64,497 | €70,335 | +€5,838 | +9.1% |
| Other liabilities and charges | 164/5 | €7,500 | €7,500 | = | 0.0% |
| Amounts payable | 17/49 | €396,150 | €281,202 | -€114,948 | -29.0% |
| Amounts payable after more than one year | 17 | €74,110 | €54,776 | -€19,333 | -26.1% |
| Financial debts | 170/4 | €74,110 | €54,776 | -€19,333 | -26.1% |
| Amounts payable within one year | 42/48 | €322,040 | €226,426 | -€95,614 | -29.7% |
| Current portion of amounts payable after more than one year | 42 | €19,333 | €29,980 | +€10,647 | +55.1% |
| Trade debts | 44 | €50,996 | €26,092 | -€24,904 | -48.8% |
| Suppliers | 440/4 | €50,996 | €26,092 | -€24,904 | -48.8% |
| Advances received on contracts in progress | 46 | €90,701 | €83,313 | -€7,388 | -8.1% |
| Taxes, remuneration and social security | 45 | €74,304 | €81,742 | +€7,438 | +10.0% |
| Taxes | 450/3 | €22,346 | €27,180 | +€4,834 | +21.6% |
| Remuneration and social security | 454/9 | €51,958 | €54,562 | +€2,604 | +5.0% |
| Other amounts payable | 47/48 | €86,706 | €5,298 | -€81,408 | -93.9% |
| Remuneration, social security and pensions | 62 | €464,303 | €438,275 | -€26,028 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,167 | €36,426 | -€1,741 | -4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€13,777 | -€155 | +€13,622 | +98.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€4,737 | €5,838 | +€10,575 | |
| Other operating charges | 640/8 | €8,804 | €9,825 | +€1,021 | +11.6% |
| Gross operating margin | 9900 | €610,868 | €526,588 | -€84,280 | -13.8% |
| Operating profit (loss) | 9901 | €118,108 | €36,379 | -€81,729 | -69.2% |
| Financial income | 75/76B | €6,737 | €6,788 | +€51 | +0.8% |
| Recurring financial income | 75 | €6,737 | €6,788 | +€51 | +0.8% |
| Financial charges | 65/66B | €4,654 | €5,780 | +€1,126 | +24.2% |
| Recurring financial charges | 65 | €4,654 | €5,780 | +€1,126 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €120,191 | €37,387 | -€82,804 | -68.9% |
| Income taxes | 67/77 | €31,560 | €10,890 | -€20,670 | -65.5% |
| Profit (loss) for the period | 9904 | €88,631 | €26,497 | -€62,134 | -70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €88,631 | €26,497 | -€62,134 | -70.1% |
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 7 October 2026 via checked.be.