Dr. Laurent 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. Laurent Coeman
Largest movements
- Financial fixed assets +€1.2m
up €1.2m (+132,327%), from €888 to €1.2m
- Receivables within one year +€33,807
up €33,807 (+18.6%), from €181,621 to €215,428
of which Trade receivables: +€43,174
- Debts after one year +€965,684
new in 2025: €965,684
- Reserves +€242,499
up €242,499 (+462%), from €52,522 to €295,021
- Current portion of long-term debt +€189,667
new in 2025: €189,667
- Other debts -€168,300
down €168,300 (-79.2%), from €212,500 to €44,200
- Tax, wage and social debts -€19,743
down €19,743 (-40.6%), from €48,682 to €28,939
- Gross operating margin -€6,983
down €6,983 (-1.7%), from €401,418 to €394,435
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 | €315,179 | €1,525,392 | +€1.2m | +384% |
| Fixed assets | 21/28 | €19,651 | €1,191,923 | +€1.2m | +5,966% |
| Tangible fixed assets | 22/27 | €18,763 | €16,035 | -€2,728 | -14.5% |
| Furniture and vehicles | 24 | €914 | €337 | -€577 | -63.1% |
| Other tangible fixed assets | 26 | €17,849 | €15,698 | -€2,151 | -12.1% |
| Financial fixed assets | 28 | €888 | €1,175,888 | +€1.2m | +132,327% |
| Current assets | 29/58 | €295,529 | €333,469 | +€37,940 | +12.8% |
| Amounts receivable within one year | 40/41 | €181,621 | €215,428 | +€33,807 | +18.6% |
| Trade receivables | 40 | €171,451 | €214,625 | +€43,174 | +25.2% |
| Other amounts receivable | 41 | €10,170 | €803 | -€9,367 | -92.1% |
| Cash at bank and in hand | 54/58 | €112,195 | €116,106 | +€3,911 | +3.5% |
| Deferred charges and accrued income | 490/1 | €1,713 | €1,935 | +€222 | +13.0% |
| Total equity and liabilities | 10/49 | €315,179 | €1,525,392 | +€1.2m | +384% |
| Equity | 10/15 | €53,522 | €296,021 | +€242,499 | +453% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €52,522 | €295,021 | +€242,499 | +462% |
| Distributable reserves | 133 | €52,522 | €295,021 | +€242,499 | +462% |
| Amounts payable | 17/49 | €261,657 | €1,229,371 | +€967,714 | +370% |
| Amounts payable after more than one year | 17 | - | €965,684 | +€965,684 | |
| Financial debts | 170/4 | - | €965,684 | +€965,684 | |
| Amounts payable within one year | 42/48 | €261,657 | €263,687 | +€2,030 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | - | €189,667 | +€189,667 | |
| Trade debts | 44 | €475 | €881 | +€406 | +85.4% |
| Suppliers | 440/4 | €475 | €881 | +€406 | +85.4% |
| Taxes, remuneration and social security | 45 | €48,682 | €28,939 | -€19,743 | -40.6% |
| Taxes | 450/3 | €48,682 | €28,939 | -€19,743 | -40.6% |
| Other amounts payable | 47/48 | €212,500 | €44,200 | -€168,300 | -79.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,830 | €2,728 | -€103 | -3.6% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €401,418 | €394,435 | -€6,983 | -1.7% |
| Operating profit (loss) | 9901 | €398,462 | €391,579 | -€6,883 | -1.7% |
| Financial income | 75/76B | €814 | €509 | -€305 | -37.5% |
| Recurring financial income | 75 | €814 | €509 | -€305 | -37.5% |
| Financial charges | 65/66B | €135 | €3,769 | +€3,634 | +2,692% |
| Recurring financial charges | 65 | €135 | €3,769 | +€3,634 | +2,692% |
| Profit (loss) for the period before taxes | 9903 | €399,140 | €388,319 | -€10,822 | -2.7% |
| Income taxes | 67/77 | €96,993 | €93,820 | -€3,174 | -3.3% |
| Profit (loss) for the period | 9904 | €302,147 | €294,499 | -€7,648 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €302,147 | €294,499 | -€7,648 | -2.5% |
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 23 October 2026 via checked.be.