Ellen 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.
Ellen Coenen
Largest movements
- Tangible fixed assets -€39,861
down €39,861 (-54.0%), from €73,840 to €33,979
of which Other tangible fixed assets: -€29,691
- Receivables within one year -€18,476
down €18,476 (-33.0%), from €56,011 to €37,536
of which Trade receivables: -€16,480
- Stocks and contracts +€11,657
up €11,657 (+45.8%), from €25,463 to €37,120
of which Contracts in progress: +€10,907
- Cash -€5,249
down €5,249 (-51.5%), from €10,185 to €4,935
mainly Net result for the year (-€70,675) and Debts after one year (-€15,191)
- Reserves -€84,793
down €84,793 (-87.4%), from €97,030 to €12,237
- Current portion of long-term debt +€26,719
up €26,719 (+184%), from €14,515 to €41,233
- Trade debts +€22,419
up €22,419 (+185%), from €12,146 to €34,565
- Debts after one year -€15,191
down €15,191 (-46.8%), from €32,447 to €17,257
- Tax, wage and social debts -€2,234
down €2,234 (-25.3%), from €8,825 to €6,591
- Gross operating margin -€82,587
down €82,587, from €54,982 to -€27,605
- Depreciation -€6,905
down €6,905 (-34.0%), from €20,317 to €13,412
- Taxes -€6,517
down €6,517 (-100%), from €6,517 to €0
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 | €170,962 | €116,883 | -€54,079 | -31.6% |
| Fixed assets | 21/28 | €75,328 | €33,979 | -€41,349 | -54.9% |
| Intangible fixed assets | 21 | €1,488 | €0 | -€1,488 | -100% |
| Tangible fixed assets | 22/27 | €73,840 | €33,979 | -€39,861 | -54.0% |
| Plant, machinery and equipment | 23 | €1,228 | €392 | -€836 | -68.1% |
| Furniture and vehicles | 24 | €6,744 | €0 | -€6,744 | -100% |
| Other tangible fixed assets | 26 | €63,278 | €33,587 | -€29,691 | -46.9% |
| Assets under construction and advance payments | 27 | €2,590 | €0 | -€2,590 | -100% |
| Current assets | 29/58 | €95,634 | €82,904 | -€12,730 | -13.3% |
| Stocks and contracts in progress | 3 | €25,463 | €37,120 | +€11,657 | +45.8% |
| Stocks | 30/36 | €1,755 | €2,505 | +€750 | +42.7% |
| Contracts in progress | 37 | €23,708 | €34,615 | +€10,907 | +46.0% |
| Amounts receivable within one year | 40/41 | €56,011 | €37,536 | -€18,476 | -33.0% |
| Trade receivables | 40 | €19,925 | €3,445 | -€16,480 | -82.7% |
| Other amounts receivable | 41 | €36,086 | €34,090 | -€1,996 | -5.5% |
| Cash at bank and in hand | 54/58 | €10,185 | €4,935 | -€5,249 | -51.5% |
| Deferred charges and accrued income | 490/1 | €3,975 | €3,313 | -€662 | -16.7% |
| Total equity and liabilities | 10/49 | €170,962 | €116,883 | -€54,079 | -31.6% |
| Equity | 10/15 | €102,030 | €17,237 | -€84,793 | -83.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €97,030 | €12,237 | -€84,793 | -87.4% |
| Distributable reserves | 133 | €97,030 | €12,237 | -€84,793 | -87.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €68,932 | €99,646 | +€30,714 | +44.6% |
| Amounts payable after more than one year | 17 | €32,447 | €17,257 | -€15,191 | -46.8% |
| Financial debts | 170/4 | €32,447 | €17,257 | -€15,191 | -46.8% |
| Amounts payable within one year | 42/48 | €36,485 | €82,389 | +€45,904 | +126% |
| Current portion of amounts payable after more than one year | 42 | €14,515 | €41,233 | +€26,719 | +184% |
| Trade debts | 44 | €12,146 | €34,565 | +€22,419 | +185% |
| Suppliers | 440/4 | €12,146 | €34,565 | +€22,419 | +185% |
| Taxes, remuneration and social security | 45 | €8,825 | €6,591 | -€2,234 | -25.3% |
| Taxes | 450/3 | €8,825 | €6,591 | -€2,234 | -25.3% |
| Other amounts payable | 47/48 | €1,000 | €0 | -€1,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,317 | €13,412 | -€6,905 | -34.0% |
| Other operating charges | 640/8 | €745 | €898 | +€153 | +20.5% |
| Non-recurring operating charges | 66A | - | €27,937 | +€27,937 | |
| Gross operating margin | 9900 | €54,982 | -€27,605 | -€82,587 | |
| Operating profit (loss) | 9901 | €33,920 | -€69,852 | -€103,772 | |
| Financial income | 75/76B | €1,077 | €1,461 | +€384 | +35.6% |
| Recurring financial income | 75 | €1,077 | €1,461 | +€384 | +35.6% |
| Financial charges | 65/66B | €2,759 | €2,285 | -€475 | -17.2% |
| Recurring financial charges | 65 | €2,759 | €2,285 | -€475 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €32,238 | -€70,675 | -€102,914 | |
| Income taxes | 67/77 | €6,517 | €0 | -€6,517 | -100% |
| Profit (loss) for the period | 9904 | €25,721 | -€70,675 | -€96,396 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,721 | -€70,675 | -€96,396 |
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 21 October 2026 via checked.be.