Joel 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.
Joel Coenen
Largest movements
- Tangible fixed assets +€271,228
up €271,228 (+48.5%), from €559,795 to €831,022
of which Leasing and similar rights: +€184,099
- Cash +€179,460
up €179,460 (+47.8%), from €375,544 to €555,003
mainly Net result for the year (+€401,032) and Depreciation (+€174,497)
- Receivables within one year -€156,357
down €156,357 (-55.0%), from €284,093 to €127,736
of which Other amounts receivable: -€243,360
- Profit (loss) carried forward +€401,032
up €401,032 (+85.6%), from €468,353 to €869,384
- Other debts -€287,000
no longer reported in 2025 (was €287,000)
- Debts after one year +€94,199
up €94,199 (+43.8%), from €215,165 to €309,364
- Trade debts +€35,189
up €35,189 (+55.1%), from €63,849 to €99,038
of which Suppliers: +€55,761
- Current portion of long-term debt +€31,082
up €31,082 (+39.4%), from €78,852 to €109,934
- Gross operating margin +€508,786
up €508,786 (+55.6%), from €914,781 to €1.4m
- Staff costs +€198,901
up €198,901 (+41.1%), from €484,442 to €683,343
- Depreciation +€41,684
up €41,684 (+31.4%), from €132,813 to €174,497
- Taxes +€30,064
up €30,064 (+41.8%), from €71,897 to €101,961
- Other operating charges +€17,775
up €17,775 (+273%), from €6,523 to €24,297
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 | €1,325,547 | €1,608,565 | +€283,018 | +21.4% |
| Fixed assets | 21/28 | €653,493 | €912,854 | +€259,361 | +39.7% |
| Intangible fixed assets | 21 | €93,699 | €81,832 | -€11,867 | -12.7% |
| Tangible fixed assets | 22/27 | €559,795 | €831,022 | +€271,228 | +48.5% |
| Plant, machinery and equipment | 23 | €195,262 | €177,849 | -€17,413 | -8.9% |
| Furniture and vehicles | 24 | €37,800 | €90,387 | +€52,586 | +139% |
| Leasing and similar rights | 25 | €71,586 | €255,685 | +€184,099 | +257% |
| Other tangible fixed assets | 26 | €255,146 | €307,102 | +€51,956 | +20.4% |
| Current assets | 29/58 | €672,054 | €695,711 | +€23,657 | +3.5% |
| Stocks and contracts in progress | 3 | €10,826 | €10,826 | = | 0.0% |
| Stocks | 30/36 | €10,826 | €10,826 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €284,093 | €127,736 | -€156,357 | -55.0% |
| Trade receivables | 40 | €16,988 | €103,992 | +€87,003 | +512% |
| Other amounts receivable | 41 | €267,105 | €23,745 | -€243,360 | -91.1% |
| Cash at bank and in hand | 54/58 | €375,544 | €555,003 | +€179,460 | +47.8% |
| Deferred charges and accrued income | 490/1 | €1,591 | €2,146 | +€555 | +34.9% |
| Total equity and liabilities | 10/49 | €1,325,547 | €1,608,565 | +€283,018 | +21.4% |
| Equity | 10/15 | €483,353 | €884,384 | +€401,032 | +83.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €468,353 | €869,384 | +€401,032 | +85.6% |
| Amounts payable | 17/49 | €842,194 | €724,181 | -€118,013 | -14.0% |
| Amounts payable after more than one year | 17 | €215,165 | €309,364 | +€94,199 | +43.8% |
| Financial debts | 170/4 | €215,165 | €309,364 | +€94,199 | +43.8% |
| Amounts payable within one year | 42/48 | €627,029 | €414,817 | -€212,212 | -33.8% |
| Current portion of amounts payable after more than one year | 42 | €78,852 | €109,934 | +€31,082 | +39.4% |
| Trade debts | 44 | €63,849 | €99,038 | +€35,189 | +55.1% |
| Suppliers | 440/4 | €43,277 | €99,038 | +€55,761 | +129% |
| Bills of exchange payable | 441 | €20,572 | - | -€20,572 | |
| Taxes, remuneration and social security | 45 | €197,328 | €205,845 | +€8,517 | +4.3% |
| Taxes | 450/3 | €134,410 | €128,223 | -€6,187 | -4.6% |
| Remuneration and social security | 454/9 | €62,918 | €77,622 | +€14,704 | +23.4% |
| Other amounts payable | 47/48 | €287,000 | - | -€287,000 | |
| Non-recurring operating income | 76A | €310 | - | -€310 | |
| Remuneration, social security and pensions | 62 | €484,442 | €683,343 | +€198,901 | +41.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,813 | €174,497 | +€41,684 | +31.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €159 | - | -€159 | |
| Other operating charges | 640/8 | €6,523 | €24,297 | +€17,775 | +273% |
| Non-recurring operating charges | 66A | - | €25,602 | +€25,602 | |
| Gross operating margin | 9900 | €914,781 | €1,423,568 | +€508,786 | +55.6% |
| Operating profit (loss) | 9901 | €290,845 | €515,827 | +€224,983 | +77.4% |
| Financial income | 75/76B | €7,548 | €21 | -€7,528 | -99.7% |
| Recurring financial income | 75 | €7,548 | €21 | -€7,528 | -99.7% |
| Financial charges | 65/66B | €15,295 | €12,855 | -€2,441 | -16.0% |
| Recurring financial charges | 65 | €15,295 | €12,855 | -€2,441 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €283,098 | €502,993 | +€219,895 | +77.7% |
| Income taxes | 67/77 | €71,897 | €101,961 | +€30,064 | +41.8% |
| Profit (loss) for the period | 9904 | €211,200 | €401,032 | +€189,831 | +89.9% |
| Profit (loss) for the period to be appropriated | 9905 | €211,200 | €401,032 | +€189,831 | +89.9% |
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 28 October 2026 via checked.be.