Dries Coenen: 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.
Dries Coenen
Largest movements
- Cash +€292,942
up €292,942 (+564.5%), from €51,891 to €344,833
mainly Net result for the year (+€248,498) and Receivables within one year (+€40,323)
- Receivables within one year -€40,323
down €40,323 (-30.0%), from €134,269 to €93,946
- Tangible fixed assets +€6,323
up €6,323 (+283.0%), from €2,234 to €8,557
of which Plant, machinery and equipment: +€7,089
- Reserves +€248,498
up €248,498 (+139.3%), from €178,351 to €426,849
- Tax, wage and social debts +€6,957
new in 2025: €6,957
- Gross operating margin +€115,410
up €115,410 (+45.0%), from €256,389 to €371,799
- Taxes +€39,372
up €39,372 (+50.7%), from €77,585 to €116,957
- Depreciation +€7,791
up €7,791 (+12002.5%), from €65 to €7,856
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 | €188,628 | €447,575 | +€258,947 | +137.3% |
| Fixed assets | 21/28 | €2,234 | €8,557 | +€6,323 | +283.0% |
| Tangible fixed assets | 22/27 | €2,234 | €8,557 | +€6,323 | +283.0% |
| Plant, machinery and equipment | 23 | - | €7,089 | +€7,089 | |
| Furniture and vehicles | 24 | €2,234 | €1,468 | -€766 | -34.3% |
| Current assets | 29/58 | €186,394 | €439,018 | +€252,624 | +135.5% |
| Amounts receivable within one year | 40/41 | €134,269 | €93,946 | -€40,323 | -30.0% |
| Other amounts receivable | 41 | €134,269 | €93,946 | -€40,323 | -30.0% |
| Cash at bank and in hand | 54/58 | €51,891 | €344,833 | +€292,942 | +564.5% |
| Deferred charges and accrued income | 490/1 | €234 | €239 | +€5 | +2.0% |
| Total equity and liabilities | 10/49 | €188,628 | €447,575 | +€258,947 | +137.3% |
| Equity | 10/15 | €181,351 | €429,849 | +€248,498 | +137.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €178,351 | €426,849 | +€248,498 | +139.3% |
| Distributable reserves | 133 | €178,351 | €426,849 | +€248,498 | +139.3% |
| Amounts payable | 17/49 | €7,277 | €17,726 | +€10,449 | +143.6% |
| Amounts payable within one year | 42/48 | €7,277 | €17,726 | +€10,449 | +143.6% |
| Trade debts | 44 | €7,277 | €10,769 | +€3,492 | +48.0% |
| Suppliers | 440/4 | €7,277 | €10,769 | +€3,492 | +48.0% |
| Taxes, remuneration and social security | 45 | - | €6,957 | +€6,957 | |
| Taxes | 450/3 | - | €6,957 | +€6,957 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65 | €7,856 | +€7,791 | +12002.5% |
| Other operating charges | 640/8 | €387 | €748 | +€361 | +93.2% |
| Gross operating margin | 9900 | €256,389 | €371,799 | +€115,410 | +45.0% |
| Operating profit (loss) | 9901 | €255,936 | €363,195 | +€107,258 | +41.9% |
| Financial income | 75/76B | €0 | €2,489 | +€2,489 | +24892200.0% |
| Recurring financial income | 75 | €0 | €2,489 | +€2,489 | +24892200.0% |
| Financial charges | 65/66B | - | €229 | +€229 | |
| Recurring financial charges | 65 | - | €229 | +€229 | |
| Profit (loss) for the period before taxes | 9903 | €255,936 | €365,455 | +€109,519 | +42.8% |
| Income taxes | 67/77 | €77,585 | €116,957 | +€39,372 | +50.7% |
| Profit (loss) for the period | 9904 | €178,351 | €248,498 | +€70,147 | +39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €178,351 | €248,498 | +€70,147 | +39.3% |
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 9 October 2026 via checked.be.