DR. CONINX: 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.
DR. CONINX
Largest movements
- Financial fixed assets -€275,000
down €275,000 (-59.8%), from €460,000 to €185,000
- Current investments +€129,640
up €129,640 (+20.6%), from €628,410 to €758,049
- Cash +€67,981
up €67,981 (+68.5%), from €99,205 to €167,186
mainly Net result for the year (+€325,507) and Investment in fixed assets (net) (+€270,168)
- Tangible fixed assets -€62,426
down €62,426 (-16.4%), from €379,747 to €317,321
- Deferred charges and accrued income +€26,556
up €26,556 (+71.6%), from €37,096 to €63,652
- Reserves -€129,137
down €129,137 (-9.5%), from €1.4m to €1.2m
of which Distributable reserves: -€150,187
- Other debts +€38,538
up €38,538 (+2021.0%), from €1,907 to €40,445
- Trade debts -€31,074
down €31,074 (-67.4%), from €46,136 to €15,062
- Tax, wage and social debts +€17,879
up €17,879 (+26.8%), from €66,664 to €84,543
of which Taxes: +€11,874
- Gross operating margin +€109,260
up €109,260 (+23.1%), from €473,696 to €582,956
- Taxes +€28,943
up €28,943 (+25.6%), from €113,155 to €142,097
- Staff costs +€8,887
up €8,887 (+18.2%), from €48,785 to €57,673
- Depreciation +€6,062
up €6,062 (+9.9%), from €61,197 to €67,259
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 | €1,606,270 | €1,493,021 | -€113,250 | -7.1% |
| Fixed assets | 21/28 | €839,747 | €502,321 | -€337,426 | -40.2% |
| Tangible fixed assets | 22/27 | €379,747 | €317,321 | -€62,426 | -16.4% |
| Land and buildings | 22 | €190,415 | €159,760 | -€30,656 | -16.1% |
| Plant, machinery and equipment | 23 | €130,874 | €113,952 | -€16,922 | -12.9% |
| Furniture and vehicles | 24 | €58,458 | €43,610 | -€14,848 | -25.4% |
| Financial fixed assets | 28 | €460,000 | €185,000 | -€275,000 | -59.8% |
| Current assets | 29/58 | €766,523 | €990,699 | +€224,177 | +29.2% |
| Amounts receivable within one year | 40/41 | €1,813 | €1,813 | = | 0.0% |
| Other amounts receivable | 41 | €1,813 | €1,813 | = | 0.0% |
| Current investments | 50/53 | €628,410 | €758,049 | +€129,640 | +20.6% |
| Cash at bank and in hand | 54/58 | €99,205 | €167,186 | +€67,981 | +68.5% |
| Deferred charges and accrued income | 490/1 | €37,096 | €63,652 | +€26,556 | +71.6% |
| Total equity and liabilities | 10/49 | €1,606,270 | €1,493,021 | -€113,250 | -7.1% |
| Equity | 10/15 | €1,382,934 | €1,253,797 | -€129,137 | -9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,364,334 | €1,235,197 | -€129,137 | -9.5% |
| Tax-exempt reserves | 132 | €126,300 | €147,350 | +€21,050 | +16.7% |
| Distributable reserves | 133 | €1,238,034 | €1,087,847 | -€150,187 | -12.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €223,336 | €239,223 | +€15,887 | +7.1% |
| Amounts payable after more than one year | 17 | €96,155 | €83,863 | -€12,292 | -12.8% |
| Financial debts | 170/4 | €96,155 | €83,863 | -€12,292 | -12.8% |
| Amounts payable within one year | 42/48 | €127,181 | €155,360 | +€28,179 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €11,696 | €12,292 | +€596 | +5.1% |
| Financial debts | 43 | €778 | €3,019 | +€2,241 | +288.2% |
| Other loans | 439 | €778 | €3,019 | +€2,241 | +288.2% |
| Trade debts | 44 | €46,136 | €15,062 | -€31,074 | -67.4% |
| Suppliers | 440/4 | €46,136 | €15,062 | -€31,074 | -67.4% |
| Taxes, remuneration and social security | 45 | €66,664 | €84,543 | +€17,879 | +26.8% |
| Taxes | 450/3 | €60,403 | €72,276 | +€11,874 | +19.7% |
| Remuneration and social security | 454/9 | €6,261 | €12,266 | +€6,005 | +95.9% |
| Other amounts payable | 47/48 | €1,907 | €40,445 | +€38,538 | +2021.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €48,785 | €57,673 | +€8,887 | +18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,197 | €67,259 | +€6,062 | +9.9% |
| Other operating charges | 640/8 | €5,655 | €4,826 | -€829 | -14.7% |
| Gross operating margin | 9900 | €473,696 | €582,956 | +€109,260 | +23.1% |
| Operating profit (loss) | 9901 | €358,058 | €453,199 | +€95,140 | +26.6% |
| Financial income | 75/76B | €17,237 | €20,262 | +€3,025 | +17.6% |
| Recurring financial income | 75 | €17,237 | €20,262 | +€3,025 | +17.6% |
| Financial charges | 65/66B | €6,255 | €5,856 | -€398 | -6.4% |
| Recurring financial charges | 65 | €6,255 | €5,856 | -€398 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €369,040 | €467,604 | +€98,564 | +26.7% |
| Income taxes | 67/77 | €113,155 | €142,097 | +€28,943 | +25.6% |
| Profit (loss) for the period | 9904 | €255,885 | €325,507 | +€69,621 | +27.2% |
| Transfer from tax-exempt reserves | 789 | €0 | €126,300 | +€126,300 | |
| Transfer to tax-exempt reserves | 689 | - | €147,350 | +€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €255,885 | €304,457 | +€48,571 | +19.0% |
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 8 October 2026 via checked.be.