Merlijn Coppens: 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.
Merlijn Coppens
Largest movements
- Tangible fixed assets +€45,239
up €45,239 (+522%), from €8,666 to €53,906
of which Furniture and vehicles: +€45,597
- Cash +€37,181
up €37,181 (+841%), from €4,419 to €41,600
mainly Net result for the year (+€44,872) and Debts after one year (+€30,045)
- Receivables within one year +€7,090
up €7,090 (+335%), from €2,118 to €9,208
- Intangible fixed assets +€1,797
up €1,797 (+53.0%), from €3,388 to €5,186
- Reserves +€44,872
up €44,872 (+1,476%), from €3,040 to €47,912
- Debts after one year +€30,045
new in 2025: €30,045
- Tax, wage and social debts +€19,361
up €19,361 (+1,917%), from €1,010 to €20,371
- Trade debts -€10,047
down €10,047 (-74.8%), from €13,431 to €3,384
- Current portion of long-term debt +€7,870
new in 2025: €7,870
- Gross operating margin +€62,330
up €62,330 (+1,572%), from €3,965 to €66,295
- Taxes +€10,940
up €10,940 (+1,271%), from €861 to €11,801
- Depreciation +€8,176
up €8,176 (+29,807%), from €27 to €8,203
- Financial charges +€1,086
up €1,086 (+2,935%), from €37 to €1,123
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 | €18,591 | €110,634 | +€92,043 | +495% |
| Fixed assets | 21/28 | €12,055 | €59,091 | +€47,037 | +390% |
| Intangible fixed assets | 21 | €3,388 | €5,186 | +€1,797 | +53.0% |
| Tangible fixed assets | 22/27 | €8,666 | €53,906 | +€45,239 | +522% |
| Plant, machinery and equipment | 23 | €669 | €1,110 | +€442 | +66.1% |
| Furniture and vehicles | 24 | - | €45,597 | +€45,597 | |
| Other tangible fixed assets | 26 | €7,998 | €7,198 | -€800 | -10.0% |
| Current assets | 29/58 | €6,536 | €51,543 | +€45,007 | +689% |
| Amounts receivable within one year | 40/41 | €2,118 | €9,208 | +€7,090 | +335% |
| Trade receivables | 40 | €2,118 | €9,208 | +€7,090 | +335% |
| Cash at bank and in hand | 54/58 | €4,419 | €41,600 | +€37,181 | +841% |
| Deferred charges and accrued income | 490/1 | - | €735 | +€735 | |
| Total equity and liabilities | 10/49 | €18,591 | €110,634 | +€92,043 | +495% |
| Equity | 10/15 | €4,040 | €48,912 | +€44,872 | +1,111% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €3,040 | €47,912 | +€44,872 | +1,476% |
| Distributable reserves | 133 | €3,040 | €47,912 | +€44,872 | +1,476% |
| Amounts payable | 17/49 | €14,551 | €61,722 | +€47,171 | +324% |
| Amounts payable after more than one year | 17 | - | €30,045 | +€30,045 | |
| Financial debts | 170/4 | - | €30,045 | +€30,045 | |
| Amounts payable within one year | 42/48 | €14,551 | €31,678 | +€17,127 | +118% |
| Current portion of amounts payable after more than one year | 42 | - | €7,870 | +€7,870 | |
| Trade debts | 44 | €13,431 | €3,384 | -€10,047 | -74.8% |
| Suppliers | 440/4 | €13,431 | €3,384 | -€10,047 | -74.8% |
| Taxes, remuneration and social security | 45 | €1,010 | €20,371 | +€19,361 | +1,917% |
| Taxes | 450/3 | €1,010 | €20,371 | +€19,361 | +1,917% |
| Other amounts payable | 47/48 | €110 | €53 | -€57 | -51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27 | €8,203 | +€8,176 | +29,807% |
| Other operating charges | 640/8 | - | €343 | +€343 | |
| Gross operating margin | 9900 | €3,965 | €66,295 | +€62,330 | +1,572% |
| Operating profit (loss) | 9901 | €3,938 | €57,749 | +€53,811 | +1,367% |
| Financial income | 75/76B | - | €47 | +€47 | |
| Recurring financial income | 75 | - | €47 | +€47 | |
| Financial charges | 65/66B | €37 | €1,123 | +€1,086 | +2,935% |
| Recurring financial charges | 65 | €37 | €1,123 | +€1,086 | +2,935% |
| Profit (loss) for the period before taxes | 9903 | €3,901 | €56,673 | +€52,772 | +1,353% |
| Income taxes | 67/77 | €861 | €11,801 | +€10,940 | +1,271% |
| Profit (loss) for the period | 9904 | €3,040 | €44,872 | +€41,832 | +1,376% |
| Profit (loss) for the period to be appropriated | 9905 | €3,040 | €44,872 | +€41,832 | +1,376% |
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 24 October 2026 via checked.be.