Dr. Vincent Coeman: 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. Vincent Coeman
Largest movements
- Cash +€277,689
up €277,689 (+457.4%), from €60,706 to €338,395
mainly Net result for the year (+€210,418) and Tax, wage and social debts (+€68,906)
- Intangible fixed assets -€30,900
down €30,900 (-11.6%), from €266,534 to €235,634
- Tangible fixed assets -€26,009
down €26,009 (-21.2%), from €122,612 to €96,604
of which Plant, machinery and equipment: -€31,832
- Reserves +€210,418
up €210,418 (+190.9%), from €110,216 to €320,634
- Tax, wage and social debts +€68,906
up €68,906 (+155.0%), from €44,451 to €113,358
of which Taxes: +€69,275
- Other debts -€56,079
down €56,079 (-19.5%), from €288,217 to €232,138
- Trade debts -€9,446
down €9,446 (-62.1%), from €15,223 to €5,777
- Gross operating margin +€105,247
up €105,247 (+34.3%), from €307,283 to €412,530
- Taxes +€33,164
up €33,164 (+91.8%), from €36,111 to €69,275
- Depreciation -€17,041
down €17,041 (-20.3%), from €83,772 to €66,731
- Staff costs -€15,068
down €15,068 (-19.9%), from €75,859 to €60,791
- Other operating charges +€4,531
new in 2025: €4,531
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 | €466,107 | €680,269 | +€214,162 | +45.9% |
| Fixed assets | 21/28 | €389,146 | €332,238 | -€56,909 | -14.6% |
| Intangible fixed assets | 21 | €266,534 | €235,634 | -€30,900 | -11.6% |
| Tangible fixed assets | 22/27 | €122,612 | €96,604 | -€26,009 | -21.2% |
| Plant, machinery and equipment | 23 | €122,612 | €90,780 | -€31,832 | -26.0% |
| Furniture and vehicles | 24 | - | €5,824 | +€5,824 | |
| Current assets | 29/58 | €76,961 | €348,032 | +€271,071 | +352.2% |
| Cash at bank and in hand | 54/58 | €60,706 | €338,395 | +€277,689 | +457.4% |
| Deferred charges and accrued income | 490/1 | €16,255 | €9,637 | -€6,619 | -40.7% |
| Total equity and liabilities | 10/49 | €466,107 | €680,269 | +€214,162 | +45.9% |
| Equity | 10/15 | €118,216 | €328,634 | +€210,418 | +178.0% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €110,216 | €320,634 | +€210,418 | +190.9% |
| Distributable reserves | 133 | €110,216 | €320,634 | +€210,418 | +190.9% |
| Amounts payable | 17/49 | €347,891 | €351,635 | +€3,744 | +1.1% |
| Amounts payable within one year | 42/48 | €347,891 | €351,272 | +€3,381 | +1.0% |
| Trade debts | 44 | €15,223 | €5,777 | -€9,446 | -62.1% |
| Suppliers | 440/4 | €15,223 | €5,777 | -€9,446 | -62.1% |
| Taxes, remuneration and social security | 45 | €44,451 | €113,358 | +€68,906 | +155.0% |
| Taxes | 450/3 | €36,111 | €105,386 | +€69,275 | +191.8% |
| Remuneration and social security | 454/9 | €8,340 | €7,972 | -€369 | -4.4% |
| Other amounts payable | 47/48 | €288,217 | €232,138 | -€56,079 | -19.5% |
| Accrued charges and deferred income | 492/3 | - | €363 | +€363 | |
| Remuneration, social security and pensions | 62 | €75,859 | €60,791 | -€15,068 | -19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,772 | €66,731 | -€17,041 | -20.3% |
| Other operating charges | 640/8 | - | €4,531 | +€4,531 | |
| Gross operating margin | 9900 | €307,283 | €412,530 | +€105,247 | +34.3% |
| Operating profit (loss) | 9901 | €147,652 | €280,478 | +€132,826 | +90.0% |
| Financial income | 75/76B | €2 | €6 | +€3 | +141.3% |
| Recurring financial income | 75 | €2 | €6 | +€3 | +141.3% |
| Financial charges | 65/66B | €1,328 | €790 | -€538 | -40.5% |
| Recurring financial charges | 65 | €1,328 | €790 | -€538 | -40.5% |
| Profit (loss) for the period before taxes | 9903 | €146,327 | €279,694 | +€133,367 | +91.1% |
| Income taxes | 67/77 | €36,111 | €69,275 | +€33,164 | +91.8% |
| Profit (loss) for the period | 9904 | €110,216 | €210,418 | +€100,203 | +90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €110,216 | €210,418 | +€100,203 | +90.9% |
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.