LE COQ: 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.
LE COQ
Largest movements
- Receivables within one year -€1.9m
down €1.9m (-66.9%), from €2.9m to €960,926
of which Other amounts receivable: -€1.5m
- Cash +€998,671
up €998,671 (+39,282%), from €2,542 to €1.0m
mainly Receivables within one year (+€1.9m) and Depreciation (+€23,045)
- Reserves -€680,594
down €680,594 (-73.9%), from €920,944 to €240,350
of which Distributable reserves: -€680,594
- Other debts -€186,375
down €186,375 (-6.2%), from €3.0m to €2.8m
- Accrued charges and deferred income -€97,000
down €97,000 (-100%), from €97,000 to €0
- Financial charges -€101,783
down €101,783 (-56.1%), from €181,390 to €79,607
- Staff costs +€49,339
up €49,339 (+514%), from €9,598 to €58,937
- Gross operating margin +€41,172
up €41,172 (+42.3%), from -€97,381 to -€56,209
- Financial income -€18,440
down €18,440 (-14.9%), from €123,617 to €105,177
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 | €5,306,611 | €4,339,762 | -€966,849 | -18.2% |
| Fixed assets | 21/28 | €2,392,938 | €2,369,893 | -€23,045 | -1.0% |
| Tangible fixed assets | 22/27 | €98,219 | €75,174 | -€23,045 | -23.5% |
| Plant, machinery and equipment | 23 | - | €2,302 | +€2,302 | |
| Furniture and vehicles | 24 | €98,219 | €72,872 | -€25,347 | -25.8% |
| Financial fixed assets | 28 | €2,294,719 | €2,294,719 | = | 0.0% |
| Current assets | 29/58 | €2,913,673 | €1,969,869 | -€943,804 | -32.4% |
| Stocks and contracts in progress | 3 | €7,729 | €7,729 | = | 0.0% |
| Stocks | 30/36 | €7,729 | €7,729 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,903,402 | €960,926 | -€1.9m | -66.9% |
| Trade receivables | 40 | €447,770 | €26,468 | -€421,302 | -94.1% |
| Other amounts receivable | 41 | €2,455,632 | €934,458 | -€1.5m | -61.9% |
| Cash at bank and in hand | 54/58 | €2,542 | €1,001,214 | +€998,671 | +39,282% |
| Total equity and liabilities | 10/49 | €5,306,611 | €4,339,762 | -€966,849 | -18.2% |
| Equity | 10/15 | €2,190,944 | €1,510,350 | -€680,594 | -31.1% |
| Contributions | 10/11 | €1,270,000 | €1,270,000 | = | 0.0% |
| Reserves | 13 | €920,944 | €240,350 | -€680,594 | -73.9% |
| Non-distributable reserves | 130/1 | €20,190 | €20,190 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,190 | €20,190 | = | 0.0% |
| Distributable reserves | 133 | €900,753 | €220,160 | -€680,594 | -75.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €3,115,667 | €2,829,412 | -€286,255 | -9.2% |
| Amounts payable within one year | 42/48 | €3,018,667 | €2,829,412 | -€189,256 | -6.3% |
| Trade debts | 44 | €1,557 | €754 | -€803 | -51.6% |
| Suppliers | 440/4 | €1,557 | €754 | -€803 | -51.6% |
| Taxes, remuneration and social security | 45 | €2,974 | €896 | -€2,077 | -69.9% |
| Taxes | 450/3 | €2,974 | €896 | -€2,077 | -69.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,014,136 | €2,827,762 | -€186,375 | -6.2% |
| Accrued charges and deferred income | 492/3 | €97,000 | €0 | -€97,000 | -100% |
| Non-recurring operating income | 76A | €18,250 | €0 | -€18,250 | -100% |
| Remuneration, social security and pensions | 62 | €9,598 | €58,937 | +€49,339 | +514% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,348 | €23,045 | +€697 | +3.1% |
| Other operating charges | 640/8 | €2,837 | €3,549 | +€712 | +25.1% |
| Gross operating margin | 9900 | -€97,381 | -€56,209 | +€41,172 | +42.3% |
| Operating profit (loss) | 9901 | -€132,164 | -€141,740 | -€9,576 | -7.2% |
| Financial income | 75/76B | €123,617 | €105,177 | -€18,440 | -14.9% |
| Recurring financial income | 75 | €123,617 | €105,177 | -€18,440 | -14.9% |
| Financial charges | 65/66B | €181,390 | €79,607 | -€101,783 | -56.1% |
| Recurring financial charges | 65 | €181,390 | €79,607 | -€101,783 | -56.1% |
| Profit (loss) for the period before taxes | 9903 | -€189,936 | -€116,170 | +€73,767 | +38.8% |
| Income taxes | 67/77 | €322 | €355 | +€33 | +10.1% |
| Profit (loss) for the period | 9904 | -€190,259 | -€116,524 | +€73,734 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€190,259 | -€116,524 | +€73,734 | +38.8% |
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.