Matthias 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.
Matthias Coene
Largest movements
- Tangible fixed assets +€99,330
new in 2025: €99,330
of which Furniture and vehicles: +€93,665
- Current investments +€50,941
new in 2025: €50,941
- Cash +€21,976
up €21,976 (+55.4%), from €39,640 to €61,616
mainly Debts after one year (+€63,438) and Net result for the year (+€58,175)
- Debts after one year +€63,438
new in 2025: €63,438
- Reserves +€58,175
up €58,175 (+269%), from €21,614 to €79,789
- Short-term financial debts +€21,750
new in 2025: €21,750
- Trade debts +€16,376
up €16,376 (+485%), from €3,378 to €19,754
- Tax, wage and social debts +€13,335
up €13,335 (+103%), from €12,904 to €26,238
- Gross operating margin +€52,337
up €52,337 (+186%), from €28,200 to €80,537
- Taxes +€11,115
up €11,115 (+187%), from €5,939 to €17,054
- Depreciation +€3,113
new in 2025: €3,113
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 | €42,922 | €215,995 | +€173,073 | +403% |
| Fixed assets | 21/28 | - | €99,330 | +€99,330 | |
| Tangible fixed assets | 22/27 | - | €99,330 | +€99,330 | |
| Furniture and vehicles | 24 | - | €93,665 | +€93,665 | |
| Other tangible fixed assets | 26 | - | €5,665 | +€5,665 | |
| Current assets | 29/58 | €42,922 | €116,665 | +€73,743 | +172% |
| Amounts receivable within one year | 40/41 | €80 | €54 | -€26 | -32.6% |
| Trade receivables | 40 | €80 | €54 | -€26 | -32.6% |
| Current investments | 50/53 | - | €50,941 | +€50,941 | |
| Cash at bank and in hand | 54/58 | €39,640 | €61,616 | +€21,976 | +55.4% |
| Deferred charges and accrued income | 490/1 | €3,202 | €4,054 | +€852 | +26.6% |
| Total equity and liabilities | 10/49 | €42,922 | €215,995 | +€173,073 | +403% |
| Equity | 10/15 | €26,614 | €84,789 | +€58,175 | +219% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €21,614 | €79,789 | +€58,175 | +269% |
| Distributable reserves | 133 | €21,614 | €79,789 | +€58,175 | +269% |
| Amounts payable | 17/49 | €16,308 | €131,206 | +€114,898 | +705% |
| Amounts payable after more than one year | 17 | - | €63,438 | +€63,438 | |
| Financial debts | 170/4 | - | €63,438 | +€63,438 | |
| Amounts payable within one year | 42/48 | €16,308 | €67,769 | +€51,461 | +316% |
| Financial debts | 43 | - | €21,750 | +€21,750 | |
| Credit institutions | 430/8 | - | €21,750 | +€21,750 | |
| Trade debts | 44 | €3,378 | €19,754 | +€16,376 | +485% |
| Suppliers | 440/4 | €3,378 | €19,754 | +€16,376 | +485% |
| Taxes, remuneration and social security | 45 | €12,904 | €26,238 | +€13,335 | +103% |
| Taxes | 450/3 | €12,904 | €26,238 | +€13,335 | +103% |
| Other amounts payable | 47/48 | €26 | €26 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,113 | +€3,113 | |
| Other operating charges | 640/8 | €106 | €875 | +€769 | +724% |
| Gross operating margin | 9900 | €28,200 | €80,537 | +€52,337 | +186% |
| Operating profit (loss) | 9901 | €28,094 | €76,549 | +€48,456 | +172% |
| Financial income | 75/76B | €4 | €0 | -€4 | -100% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100% |
| Financial charges | 65/66B | €545 | €1,321 | +€776 | +142% |
| Recurring financial charges | 65 | €545 | €1,321 | +€776 | +142% |
| Profit (loss) for the period before taxes | 9903 | €27,552 | €75,228 | +€47,676 | +173% |
| Income taxes | 67/77 | €5,939 | €17,054 | +€11,115 | +187% |
| Profit (loss) for the period | 9904 | €21,614 | €58,175 | +€36,561 | +169% |
| Profit (loss) for the period to be appropriated | 9905 | €21,614 | €58,175 | +€36,561 | +169% |
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 27 October 2026 via checked.be.