JM 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.
JM COENEN
Largest movements
- Cash +€46,671
up €46,671 (+72.8%), from €64,096 to €110,767
mainly Deferred charges and accrued income (+€32,922) and Depreciation (+€28,344)
- Deferred charges and accrued income -€32,922
down €32,922 (-77.9%), from €42,271 to €9,349
- Tangible fixed assets -€28,344
down €28,344 (-6.0%), from €470,250 to €441,906
of which Land and buildings: -€28,344
- Debts after one year -€30,774
down €30,774 (-8.9%), from €347,036 to €316,262
- Profit (loss) carried forward +€17,271
up €17,271 (+25.8%), from €66,982 to €84,253
- Tax, wage and social debts +€6,111
up €6,111 (+77.1%), from €7,929 to €14,041
- Gross operating margin -€7,776
down €7,776 (-9.9%), from €78,759 to €70,983
- Depreciation -€2,600
down €2,600 (-8.4%), from €30,944 to €28,344
- Taxes -€1,467
down €1,467 (-18.9%), from €7,754 to €6,287
- Financial charges -€852
down €852 (-22.7%), from €3,753 to €2,902
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 | €576,784 | €567,755 | -€9,029 | -1.6% |
| Fixed assets | 21/28 | €470,250 | €441,906 | -€28,344 | -6.0% |
| Tangible fixed assets | 22/27 | €470,250 | €441,906 | -€28,344 | -6.0% |
| Land and buildings | 22 | €470,250 | €441,906 | -€28,344 | -6.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Current assets | 29/58 | €106,534 | €125,849 | +€19,316 | +18.1% |
| Amounts receivable within one year | 40/41 | €167 | €5,733 | +€5,566 | +3,338% |
| Trade receivables | 40 | €167 | €5,733 | +€5,566 | +3,338% |
| Cash at bank and in hand | 54/58 | €64,096 | €110,767 | +€46,671 | +72.8% |
| Deferred charges and accrued income | 490/1 | €42,271 | €9,349 | -€32,922 | -77.9% |
| Total equity and liabilities | 10/49 | €576,784 | €567,755 | -€9,029 | -1.6% |
| Equity | 10/15 | €189,584 | €204,280 | +€14,696 | +7.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,982 | €84,253 | +€17,271 | +25.8% |
| Investment grants | 15 | €20,603 | €18,027 | -€2,575 | -12.5% |
| Amounts payable | 17/49 | €387,199 | €363,475 | -€23,724 | -6.1% |
| Amounts payable after more than one year | 17 | €347,036 | €316,262 | -€30,774 | -8.9% |
| Financial debts | 170/4 | €347,036 | €316,262 | -€30,774 | -8.9% |
| Amounts payable within one year | 42/48 | €40,122 | €47,213 | +€7,091 | +17.7% |
| Current portion of amounts payable after more than one year | 42 | €29,916 | €30,774 | +€857 | +2.9% |
| Trade debts | 44 | €221 | €708 | +€487 | +220% |
| Suppliers | 440/4 | €221 | €708 | +€487 | +220% |
| Taxes, remuneration and social security | 45 | €7,929 | €14,041 | +€6,111 | +77.1% |
| Taxes | 450/3 | €7,929 | €14,041 | +€6,111 | +77.1% |
| Other amounts payable | 47/48 | €2,054 | €1,690 | -€364 | -17.7% |
| Accrued charges and deferred income | 492/3 | €42 | €0 | -€42 | -100% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,944 | €28,344 | -€2,600 | -8.4% |
| Other operating charges | 640/8 | €18,183 | €18,755 | +€571 | +3.1% |
| Gross operating margin | 9900 | €78,759 | €70,983 | -€7,776 | -9.9% |
| Operating profit (loss) | 9901 | €29,632 | €23,884 | -€5,748 | -19.4% |
| Financial income | 75/76B | €2,575 | €2,575 | = | 0.0% |
| Recurring financial income | 75 | €2,575 | €2,575 | = | 0.0% |
| Financial charges | 65/66B | €3,753 | €2,902 | -€852 | -22.7% |
| Recurring financial charges | 65 | €3,753 | €2,902 | -€852 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €28,454 | €23,558 | -€4,896 | -17.2% |
| Income taxes | 67/77 | €7,754 | €6,287 | -€1,467 | -18.9% |
| Profit (loss) for the period | 9904 | €20,700 | €17,271 | -€3,430 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,700 | €17,271 | -€3,430 | -16.6% |
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 26 October 2026 via checked.be.