DR. Els Coen: 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. Els Coen
Largest movements
- Receivables after one year -€166,490
down €166,490 (-70.8%), from €235,124 to €68,634
- Cash +€78,816
up €78,816 (+57.8%), from €136,435 to €215,251
mainly Receivables after one year (+€166,490) and Net result for the year (+€61,825)
- Deferred charges and accrued income -€35,346
no longer reported in 2025 (was €35,346)
- Receivables within one year +€13,245
up €13,245 (+22.7%), from €58,267 to €71,512
of which Other amounts receivable: +€12,338
- Reserves -€116,240
down €116,240 (-36.6%), from €317,570 to €201,330
- Trade debts +€46,324
up €46,324 (+2,029%), from €2,283 to €48,607
- Tax, wage and social debts -€39,482
down €39,482 (-65.8%), from €59,986 to €20,504
- Gross operating margin -€79,463
down €79,463 (-47.9%), from €166,024 to €86,561
- Taxes -€25,644
down €25,644 (-42.9%), from €59,732 to €34,088
- Financial income +€1,827
up €1,827 (+18.3%), from €9,962 to €11,789
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 | €471,741 | €362,343 | -€109,398 | -23.2% |
| Fixed assets | 21/28 | €1,819 | €2,196 | +€377 | +20.7% |
| Tangible fixed assets | 22/27 | €1,819 | €1,696 | -€123 | -6.8% |
| Plant, machinery and equipment | 23 | €1,819 | €1,696 | -€123 | -6.8% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €469,922 | €360,147 | -€109,775 | -23.4% |
| Amounts receivable after more than one year | 29 | €235,124 | €68,634 | -€166,490 | -70.8% |
| Other amounts receivable | 291 | €235,124 | €68,634 | -€166,490 | -70.8% |
| Amounts receivable within one year | 40/41 | €58,267 | €71,512 | +€13,245 | +22.7% |
| Trade receivables | 40 | €279 | €1,186 | +€907 | +325% |
| Other amounts receivable | 41 | €57,988 | €70,326 | +€12,338 | +21.3% |
| Current investments | 50/53 | €4,750 | €4,750 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €136,435 | €215,251 | +€78,816 | +57.8% |
| Deferred charges and accrued income | 490/1 | €35,346 | - | -€35,346 | |
| Total equity and liabilities | 10/49 | €471,741 | €362,343 | -€109,398 | -23.2% |
| Equity | 10/15 | €409,472 | €293,232 | -€116,240 | -28.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €317,570 | €201,330 | -€116,240 | -36.6% |
| Distributable reserves | 133 | €317,570 | €201,330 | -€116,240 | -36.6% |
| Profit (loss) carried forward | 14 | €85,702 | €85,702 | = | 0.0% |
| Amounts payable | 17/49 | €62,269 | €69,111 | +€6,842 | +11.0% |
| Amounts payable within one year | 42/48 | €62,269 | €69,111 | +€6,842 | +11.0% |
| Trade debts | 44 | €2,283 | €48,607 | +€46,324 | +2,029% |
| Suppliers | 440/4 | €2,283 | €48,607 | +€46,324 | +2,029% |
| Taxes, remuneration and social security | 45 | €59,986 | €20,504 | -€39,482 | -65.8% |
| Taxes | 450/3 | €59,986 | €20,504 | -€39,482 | -65.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €329 | €721 | +€392 | +119% |
| Other operating charges | 640/8 | €2,260 | €1,653 | -€607 | -26.9% |
| Gross operating margin | 9900 | €166,024 | €86,561 | -€79,463 | -47.9% |
| Operating profit (loss) | 9901 | €163,435 | €84,187 | -€79,248 | -48.5% |
| Financial income | 75/76B | €9,962 | €11,789 | +€1,827 | +18.3% |
| Recurring financial income | 75 | €9,962 | €11,789 | +€1,827 | +18.3% |
| Financial charges | 65/66B | €119 | €63 | -€56 | -47.1% |
| Recurring financial charges | 65 | €119 | €63 | -€56 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | €173,278 | €95,913 | -€77,365 | -44.6% |
| Income taxes | 67/77 | €59,732 | €34,088 | -€25,644 | -42.9% |
| Profit (loss) for the period | 9904 | €113,546 | €61,825 | -€51,721 | -45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €113,546 | €61,825 | -€51,721 | -45.6% |
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 18 October 2026 via checked.be.