Dr. Dieter Coeman: 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.
Dr. Dieter Coeman
Largest movements
- Receivables after one year +€200,000
new in 2025: €200,000
- Deferred charges and accrued income -€98,568
down €98,568 (-90.2%), from €109,287 to €10,719
- Current investments -€61,488
down €61,488 (-3.7%), from €1.7m to €1.6m
- Tangible fixed assets -€34,932
down €34,932 (-9.0%), from €386,895 to €351,964
of which Land and buildings: -€32,477
- Receivables within one year -€34,288
down €34,288 (-22.3%), from €153,593 to €119,305
of which Other amounts receivable: -€110,923
No liability line moved by more than 1% of the balance sheet total.
- Write-downs +€121,000
new in 2025: €121,000
- Taxes -€47,091
down €47,091, from €45,000 to -€2,090
- Financial income -€29,572
down €29,572 (-57.1%), from €51,807 to €22,235
- Financial charges +€29,246
up €29,246 (+472%), from €6,193 to €35,439
- Gross operating margin -€10,889
down €10,889 (-6.7%), from €162,852 to €151,964
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 | €2,409,340 | €2,358,486 | -€50,854 | -2.1% |
| Fixed assets | 21/28 | €387,095 | €352,164 | -€34,932 | -9.0% |
| Tangible fixed assets | 22/27 | €386,895 | €351,964 | -€34,932 | -9.0% |
| Land and buildings | 22 | €382,030 | €349,553 | -€32,477 | -8.5% |
| Plant, machinery and equipment | 23 | €1,395 | €782 | -€613 | -43.9% |
| Furniture and vehicles | 24 | €3,471 | €1,629 | -€1,842 | -53.1% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €2,022,245 | €2,006,323 | -€15,922 | -0.8% |
| Amounts receivable after more than one year | 29 | - | €200,000 | +€200,000 | |
| Other amounts receivable | 291 | - | €200,000 | +€200,000 | |
| Amounts receivable within one year | 40/41 | €153,593 | €119,305 | -€34,288 | -22.3% |
| Trade receivables | 40 | - | €76,634 | +€76,634 | |
| Other amounts receivable | 41 | €153,593 | €42,671 | -€110,923 | -72.2% |
| Current investments | 50/53 | €1,668,166 | €1,606,677 | -€61,488 | -3.7% |
| Cash at bank and in hand | 54/58 | €91,198 | €69,621 | -€21,577 | -23.7% |
| Deferred charges and accrued income | 490/1 | €109,287 | €10,719 | -€98,568 | -90.2% |
| Total equity and liabilities | 10/49 | €2,409,340 | €2,358,486 | -€50,854 | -2.1% |
| Equity | 10/15 | €2,319,061 | €2,299,593 | -€19,468 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,300,461 | €2,300,461 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €2,225,461 | €2,225,461 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€19,468 | -€19,468 | |
| Amounts payable | 17/49 | €90,279 | €58,893 | -€31,386 | -34.8% |
| Amounts payable after more than one year | 17 | €47,495 | €26,183 | -€21,311 | -44.9% |
| Financial debts | 170/4 | €47,495 | €26,183 | -€21,311 | -44.9% |
| Amounts payable within one year | 42/48 | €42,785 | €32,710 | -€10,075 | -23.5% |
| Financial debts | 43 | €26,782 | €21,299 | -€5,482 | -20.5% |
| Credit institutions | 430/8 | €26,782 | €21,299 | -€5,482 | -20.5% |
| Trade debts | 44 | €6,002 | €11,411 | +€5,408 | +90.1% |
| Suppliers | 440/4 | €6,002 | €11,411 | +€5,408 | +90.1% |
| Taxes, remuneration and social security | 45 | €10,000 | €0 | -€10,000 | -100% |
| Taxes | 450/3 | €10,000 | €0 | -€10,000 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,926 | €34,932 | +€1,006 | +3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €121,000 | +€121,000 | |
| Other operating charges | 640/8 | €6,063 | €4,386 | -€1,677 | -27.7% |
| Gross operating margin | 9900 | €162,852 | €151,964 | -€10,889 | -6.7% |
| Operating profit (loss) | 9901 | €122,864 | -€8,354 | -€131,218 | |
| Financial income | 75/76B | €51,807 | €22,235 | -€29,572 | -57.1% |
| Recurring financial income | 75 | €51,807 | €22,235 | -€29,572 | -57.1% |
| Financial charges | 65/66B | €6,193 | €35,439 | +€29,246 | +472% |
| Recurring financial charges | 65 | €6,193 | €35,439 | +€29,246 | +472% |
| Profit (loss) for the period before taxes | 9903 | €168,478 | -€21,558 | -€190,036 | |
| Income taxes | 67/77 | €45,000 | -€2,090 | -€47,091 | |
| Profit (loss) for the period | 9904 | €123,477 | -€19,468 | -€142,945 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €123,477 | -€19,468 | -€142,945 |
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 27 October 2026 via checked.be.