JOHAN 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.
JOHAN COENE
Largest movements
- Cash +€23,594
up €23,594 (+40.5%), from €58,210 to €81,804
mainly Other debts (+€24,758) and Net result for the year (+€22,995)
- Receivables within one year +€14,594
up €14,594 (+204%), from €7,152 to €21,747
of which Trade receivables: +€13,965
- Tangible fixed assets -€13,408
down €13,408 (-61.2%), from €21,901 to €8,493
of which Furniture and vehicles: -€11,059
- Deferred charges and accrued income -€6,994
down €6,994 (-70.0%), from €9,995 to €3,001
- Other debts +€24,758
up €24,758 (+2,972%), from €833 to €25,591
- Debts after one year -€5,926
down €5,926 (-70.4%), from €8,421 to €2,495
- Tax, wage and social debts -€1,793
down €1,793 (-42.0%), from €4,271 to €2,478
of which Taxes: -€1,793
- Gross operating margin -€11,463
down €11,463 (-20.4%), from €56,072 to €44,609
- Taxes -€4,885
down €4,885 (-42.5%), from €11,500 to €6,615
- Depreciation -€976
down €976 (-6.8%), from €14,385 to €13,408
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 | €97,259 | €115,045 | +€17,786 | +18.3% |
| Fixed assets | 21/28 | €21,901 | €8,493 | -€13,408 | -61.2% |
| Tangible fixed assets | 22/27 | €21,901 | €8,493 | -€13,408 | -61.2% |
| Plant, machinery and equipment | 23 | €5,118 | €2,769 | -€2,349 | -45.9% |
| Furniture and vehicles | 24 | €16,784 | €5,724 | -€11,059 | -65.9% |
| Current assets | 29/58 | €75,358 | €106,552 | +€31,194 | +41.4% |
| Amounts receivable within one year | 40/41 | €7,152 | €21,747 | +€14,594 | +204% |
| Trade receivables | 40 | €4,995 | €18,960 | +€13,965 | +280% |
| Other amounts receivable | 41 | €2,157 | €2,787 | +€630 | +29.2% |
| Cash at bank and in hand | 54/58 | €58,210 | €81,804 | +€23,594 | +40.5% |
| Deferred charges and accrued income | 490/1 | €9,995 | €3,001 | -€6,994 | -70.0% |
| Total equity and liabilities | 10/49 | €97,259 | €115,045 | +€17,786 | +18.3% |
| Equity | 10/15 | €77,368 | €77,368 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €75,368 | €75,368 | = | 0.0% |
| Distributable reserves | 133 | €75,368 | €75,368 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €19,891 | €37,677 | +€17,786 | +89.4% |
| Amounts payable after more than one year | 17 | €8,421 | €2,495 | -€5,926 | -70.4% |
| Financial debts | 170/4 | €8,421 | €2,495 | -€5,926 | -70.4% |
| Amounts payable within one year | 42/48 | €11,470 | €35,181 | +€23,712 | +207% |
| Current portion of amounts payable after more than one year | 42 | €5,839 | €5,926 | +€87 | +1.5% |
| Trade debts | 44 | €527 | €1,187 | +€660 | +125% |
| Suppliers | 440/4 | €527 | €1,187 | +€660 | +125% |
| Taxes, remuneration and social security | 45 | €4,271 | €2,478 | -€1,793 | -42.0% |
| Taxes | 450/3 | €4,271 | €2,478 | -€1,793 | -42.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €833 | €25,591 | +€24,758 | +2,972% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,385 | €13,408 | -€976 | -6.8% |
| Other operating charges | 640/8 | €1,346 | €1,365 | +€19 | +1.4% |
| Non-recurring operating charges | 66A | €250 | €0 | -€250 | -100% |
| Gross operating margin | 9900 | €56,072 | €44,609 | -€11,463 | -20.4% |
| Operating profit (loss) | 9901 | €40,092 | €29,836 | -€10,256 | -25.6% |
| Financial income | 75/76B | €133 | €0 | -€132 | -99.6% |
| Recurring financial income | 75 | €133 | €0 | -€132 | -99.6% |
| Financial charges | 65/66B | €385 | €226 | -€159 | -41.4% |
| Recurring financial charges | 65 | €385 | €226 | -€159 | -41.4% |
| Profit (loss) for the period before taxes | 9903 | €39,840 | €29,610 | -€10,229 | -25.7% |
| Income taxes | 67/77 | €11,500 | €6,615 | -€4,885 | -42.5% |
| Profit (loss) for the period | 9904 | €28,339 | €22,995 | -€5,344 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €28,339 | €22,995 | -€5,344 | -18.9% |
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 15 October 2026 via checked.be.