GEERT COENE: 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.
GEERT COENE
Largest movements
- Current investments +€479,529
up €479,529 (+38.5%), from €1.2m to €1.7m
- Cash -€312,971
down €312,971 (-91.9%), from €340,395 to €27,424
mainly Current investments (-€479,529) and Contributions, distributions and other (-€259,534)
- Deferred charges and accrued income +€38,951
up €38,951 (+732%), from €5,322 to €44,272
- Other debts +€102,835
up €102,835 (+19.6%), from €524,397 to €627,233
- Accrued charges and deferred income +€33,300
new in 2025: €33,300
- Reserves +€29,816
up €29,816 (+2.7%), from €1.1m to €1.1m
of which Distributable reserves: +€29,816
- Financial income +€39,897
up €39,897 (+114%), from €35,014 to €74,912
- Taxes -€21,419
down €21,419 (-17.2%), from €124,610 to €103,192
- Gross operating margin +€15,646
up €15,646 (+3.9%), from €405,112 to €420,758
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 | €1,656,419 | €1,848,548 | +€192,129 | +11.6% |
| Fixed assets | 21/28 | €48,158 | €31,671 | -€16,487 | -34.2% |
| Tangible fixed assets | 22/27 | €48,158 | €31,671 | -€16,487 | -34.2% |
| Plant, machinery and equipment | 23 | €9,245 | €6,305 | -€2,940 | -31.8% |
| Furniture and vehicles | 24 | €2,392 | €1,366 | -€1,026 | -42.9% |
| Leasing and similar rights | 25 | €36,522 | €24,000 | -€12,522 | -34.3% |
| Current assets | 29/58 | €1,608,261 | €1,816,877 | +€208,616 | +13.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €15,804 | €18,910 | +€3,107 | +19.7% |
| Trade receivables | 40 | €10,304 | €12,438 | +€2,135 | +20.7% |
| Other amounts receivable | 41 | €5,500 | €6,472 | +€972 | +17.7% |
| Current investments | 50/53 | €1,246,741 | €1,726,270 | +€479,529 | +38.5% |
| Cash at bank and in hand | 54/58 | €340,395 | €27,424 | -€312,971 | -91.9% |
| Deferred charges and accrued income | 490/1 | €5,322 | €44,272 | +€38,951 | +732% |
| Total equity and liabilities | 10/49 | €1,656,419 | €1,848,548 | +€192,129 | +11.6% |
| Equity | 10/15 | €1,117,292 | €1,155,124 | +€37,832 | +3.4% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €1,094,070 | €1,123,885 | +€29,816 | +2.7% |
| Tax-exempt reserves | 132 | €18,840 | €18,840 | = | 0.0% |
| Distributable reserves | 133 | €1,075,230 | €1,105,046 | +€29,816 | +2.8% |
| Profit (loss) carried forward | 14 | €23,222 | €31,239 | +€8,016 | +34.5% |
| Amounts payable | 17/49 | €539,127 | €693,424 | +€154,297 | +28.6% |
| Amounts payable within one year | 42/48 | €539,127 | €660,124 | +€120,997 | +22.4% |
| Trade debts | 44 | €7,964 | €9,484 | +€1,520 | +19.1% |
| Suppliers | 440/4 | €7,964 | €9,484 | +€1,520 | +19.1% |
| Taxes, remuneration and social security | 45 | €6,766 | €23,408 | +€16,642 | +246% |
| Taxes | 450/3 | €1,544 | €18,055 | +€16,511 | +1,069% |
| Remuneration and social security | 454/9 | €5,222 | €5,353 | +€131 | +2.5% |
| Other amounts payable | 47/48 | €524,397 | €627,233 | +€102,835 | +19.6% |
| Accrued charges and deferred income | 492/3 | - | €33,300 | +€33,300 | |
| Remuneration, social security and pensions | 62 | €37,484 | €39,717 | +€2,233 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,103 | €16,487 | +€1,384 | +9.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €560 | - | -€560 | |
| Other operating charges | 640/8 | €2,075 | €2,320 | +€245 | +11.8% |
| Gross operating margin | 9900 | €405,112 | €420,758 | +€15,646 | +3.9% |
| Operating profit (loss) | 9901 | €349,891 | €362,233 | +€12,343 | +3.5% |
| Financial income | 75/76B | €35,014 | €74,912 | +€39,897 | +114% |
| Recurring financial income | 75 | €35,014 | €74,912 | +€39,897 | +114% |
| Financial charges | 65/66B | €37,621 | €36,587 | -€1,034 | -2.7% |
| Recurring financial charges | 65 | €37,621 | €36,587 | -€1,034 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €347,284 | €400,557 | +€53,274 | +15.3% |
| Income taxes | 67/77 | €124,610 | €103,192 | -€21,419 | -17.2% |
| Profit (loss) for the period | 9904 | €222,673 | €297,366 | +€74,693 | +33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €222,673 | €297,366 | +€74,693 | +33.5% |
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 25 October 2026 via checked.be.