Dr. Dirk 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. Dirk COEMAN
Largest movements
- Cash +€71,908
up €71,908 (+42.5%), from €169,380 to €241,288
mainly Net result for the year (+€120,601) and Depreciation (+€38,659)
- Receivables within one year +€30,952
up €30,952 (+14.7%), from €211,083 to €242,036
of which Other amounts receivable: +€25,923
- Tangible fixed assets -€22,801
down €22,801 (-5.7%), from €397,072 to €374,271
of which Land and buildings: -€12,997
- Intangible fixed assets -€15,858
down €15,858 (-8.4%), from €189,209 to €173,352
- Reserves +€70,000
up €70,000 (+14.2%), from €492,860 to €562,860
of which Distributable reserves: +€70,000
- Debts after one year -€26,544
down €26,544 (-14.6%), from €182,212 to €155,669
- Gross operating margin +€132,066
up €132,066 (+118%), from €111,917 to €243,983
- Taxes +€38,118
up €38,118 (+199%), from €19,157 to €57,275
- Staff costs +€22,759
up €22,759 (+1,846%), from €1,233 to €23,992
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 | €1,085,654 | €1,144,358 | +€58,704 | +5.4% |
| Fixed assets | 21/28 | €586,281 | €547,622 | -€38,659 | -6.6% |
| Intangible fixed assets | 21 | €189,209 | €173,352 | -€15,858 | -8.4% |
| Tangible fixed assets | 22/27 | €397,072 | €374,271 | -€22,801 | -5.7% |
| Land and buildings | 22 | €288,114 | €275,118 | -€12,997 | -4.5% |
| Plant, machinery and equipment | 23 | €97,741 | €92,936 | -€4,805 | -4.9% |
| Furniture and vehicles | 24 | €11,216 | €6,217 | -€5,000 | -44.6% |
| Current assets | 29/58 | €499,373 | €596,736 | +€97,363 | +19.5% |
| Amounts receivable within one year | 40/41 | €211,083 | €242,036 | +€30,952 | +14.7% |
| Trade receivables | 40 | - | €5,029 | +€5,029 | |
| Other amounts receivable | 41 | €211,083 | €237,006 | +€25,923 | +12.3% |
| Current investments | 50/53 | €107,607 | €107,962 | +€355 | +0.3% |
| Cash at bank and in hand | 54/58 | €169,380 | €241,288 | +€71,908 | +42.5% |
| Deferred charges and accrued income | 490/1 | €11,302 | €5,450 | -€5,852 | -51.8% |
| Total equity and liabilities | 10/49 | €1,085,654 | €1,144,358 | +€58,704 | +5.4% |
| Equity | 10/15 | €797,268 | €867,869 | +€70,601 | +8.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €492,860 | €562,860 | +€70,000 | +14.2% |
| 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 | €491,000 | €561,000 | +€70,000 | +14.3% |
| Profit (loss) carried forward | 14 | €292,008 | €292,609 | +€601 | +0.2% |
| Provisions and deferred taxes | 16 | €64,000 | €64,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €64,000 | €64,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €64,000 | €64,000 | = | 0.0% |
| Amounts payable | 17/49 | €224,386 | €212,489 | -€11,897 | -5.3% |
| Amounts payable after more than one year | 17 | €182,212 | €155,669 | -€26,544 | -14.6% |
| Financial debts | 170/4 | €182,212 | €155,669 | -€26,544 | -14.6% |
| Amounts payable within one year | 42/48 | €40,764 | €55,410 | +€14,647 | +35.9% |
| Current portion of amounts payable after more than one year | 42 | €34,820 | €45,507 | +€10,687 | +30.7% |
| Trade debts | 44 | €5,944 | €4,452 | -€1,492 | -25.1% |
| Suppliers | 440/4 | €5,944 | €4,452 | -€1,492 | -25.1% |
| Taxes, remuneration and social security | 45 | - | €2,951 | +€2,951 | |
| Remuneration and social security | 454/9 | - | €2,951 | +€2,951 | |
| Other amounts payable | 47/48 | - | €2,500 | +€2,500 | |
| Accrued charges and deferred income | 492/3 | €1,410 | €1,410 | = | 0.0% |
| Non-recurring operating income | 76A | €11,194 | €250,350 | +€239,156 | +2,136% |
| Remuneration, social security and pensions | 62 | €1,233 | €23,992 | +€22,759 | +1,846% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,132 | €38,659 | +€1,527 | +4.1% |
| Other operating charges | 640/8 | €8,530 | €8,548 | +€18 | +0.2% |
| Gross operating margin | 9900 | €111,917 | €243,983 | +€132,066 | +118% |
| Operating profit (loss) | 9901 | €65,021 | €172,784 | +€107,763 | +166% |
| Financial income | 75/76B | €11,339 | €13,359 | +€2,020 | +17.8% |
| Recurring financial income | 75 | €11,339 | €13,359 | +€2,020 | +17.8% |
| Financial charges | 65/66B | €8,189 | €8,267 | +€78 | +1.0% |
| Recurring financial charges | 65 | €8,189 | €8,267 | +€78 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €68,171 | €177,876 | +€109,705 | +161% |
| Income taxes | 67/77 | €19,157 | €57,275 | +€38,118 | +199% |
| Profit (loss) for the period | 9904 | €49,015 | €120,601 | +€71,587 | +146% |
| Profit (loss) for the period to be appropriated | 9905 | €49,015 | €120,601 | +€71,587 | +146% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.