PHILIPPE COENRAETS: 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.
PHILIPPE COENRAETS
Largest movements
- Tangible fixed assets -€297,697
down €297,697 (-12.5%), from €2.4m to €2.1m
of which Furniture and vehicles: -€269,465
- Cash -€197,123
down €197,123 (-93.9%), from €209,956 to €12,833
mainly Contributions, distributions and other (-€1.7m) and Current portion of long-term debt (-€143,955)
- Receivables within one year -€74,777
down €74,777 (-5.2%), from €1.4m to €1.4m
of which Other amounts receivable: -€50,200
- Reserves -€1.7m
down €1.7m (-77.3%), from €2.2m to €489,522
of which Distributable reserves: -€1.7m
- Other debts +€1.5m
up €1.5m (+597%), from €256,500 to €1.8m
- Current portion of long-term debt -€143,955
down €143,955 (-83.7%), from €172,036 to €28,081
- Trade debts -€140,784
down €140,784 (-95.1%), from €148,017 to €7,234
- Profit (loss) carried forward -€53,773
down €53,773 (-4.6%), from €1.2m to €1.1m
- Write-downs +€158,500
up €158,500 (+63.0%), from -€251,500 to -€93,000
- Gross operating margin -€126,304
down €126,304, from €125,180 to -€1,124
- Taxes -€58,932
down €58,932 (-99.7%), from €59,127 to €195
- Staff costs -€47,145
down €47,145 (-81.3%), from €57,975 to €10,829
- Other operating charges +€15,893
up €15,893 (+13.7%), from €116,120 to €132,013
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 | €4,023,177 | €3,452,130 | -€571,047 | -14.2% |
| Fixed assets | 21/28 | €2,381,263 | €2,083,566 | -€297,697 | -12.5% |
| Tangible fixed assets | 22/27 | €2,381,263 | €2,083,566 | -€297,697 | -12.5% |
| Land and buildings | 22 | €368,037 | €339,805 | -€28,232 | -7.7% |
| Furniture and vehicles | 24 | €2,013,226 | €1,743,761 | -€269,465 | -13.4% |
| Current assets | 29/58 | €1,641,913 | €1,368,564 | -€273,350 | -16.6% |
| Amounts receivable within one year | 40/41 | €1,430,507 | €1,355,731 | -€74,777 | -5.2% |
| Trade receivables | 40 | €24,577 | - | -€24,577 | |
| Other amounts receivable | 41 | €1,405,930 | €1,355,731 | -€50,200 | -3.6% |
| Cash at bank and in hand | 54/58 | €209,956 | €12,833 | -€197,123 | -93.9% |
| Deferred charges and accrued income | 490/1 | €1,450 | - | -€1,450 | |
| Total equity and liabilities | 10/49 | €4,023,177 | €3,452,130 | -€571,047 | -14.2% |
| Equity | 10/15 | €3,332,162 | €1,612,389 | -€1.7m | -51.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,155,522 | €489,522 | -€1.7m | -77.3% |
| Non-distributable reserves | 130/1 | €30,522 | €30,522 | = | 0.0% |
| Reserves not available under the articles | 1311 | €30,522 | €30,522 | = | 0.0% |
| Distributable reserves | 133 | €2,125,000 | €459,000 | -€1.7m | -78.4% |
| Profit (loss) carried forward | 14 | €1,158,040 | €1,104,268 | -€53,773 | -4.6% |
| Amounts payable | 17/49 | €691,015 | €1,839,740 | +€1.1m | +166% |
| Amounts payable after more than one year | 17 | €45,550 | €17,469 | -€28,081 | -61.6% |
| Financial debts | 170/4 | €45,550 | €17,469 | -€28,081 | -61.6% |
| Amounts payable within one year | 42/48 | €621,279 | €1,822,271 | +€1.2m | +193% |
| Current portion of amounts payable after more than one year | 42 | €172,036 | €28,081 | -€143,955 | -83.7% |
| Trade debts | 44 | €148,017 | €7,234 | -€140,784 | -95.1% |
| Suppliers | 440/4 | €148,017 | €7,234 | -€140,784 | -95.1% |
| Taxes, remuneration and social security | 45 | €44,726 | - | -€44,726 | |
| Taxes | 450/3 | €35,878 | - | -€35,878 | |
| Remuneration and social security | 454/9 | €8,848 | - | -€8,848 | |
| Other amounts payable | 47/48 | €256,500 | €1,786,957 | +€1.5m | +597% |
| Accrued charges and deferred income | 492/3 | €24,186 | - | -€24,186 | |
| Remuneration, social security and pensions | 62 | €57,975 | €10,829 | -€47,145 | -81.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,695 | €33,122 | -€1,572 | -4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€251,500 | -€93,000 | +€158,500 | +63.0% |
| Other operating charges | 640/8 | €116,120 | €132,013 | +€15,893 | +13.7% |
| Gross operating margin | 9900 | €125,180 | -€1,124 | -€126,304 | |
| Operating profit (loss) | 9901 | €167,890 | -€84,088 | -€251,979 | |
| Financial income | 75/76B | €42,945 | €35,370 | -€7,575 | -17.6% |
| Recurring financial income | 75 | €42,945 | €35,370 | -€7,575 | -17.6% |
| Financial charges | 65/66B | €17,708 | €4,859 | -€12,849 | -72.6% |
| Recurring financial charges | 65 | €17,708 | €4,859 | -€12,849 | -72.6% |
| Profit (loss) for the period before taxes | 9903 | €193,128 | -€53,577 | -€246,705 | |
| Income taxes | 67/77 | €59,127 | €195 | -€58,932 | -99.7% |
| Profit (loss) for the period | 9904 | €134,001 | -€53,773 | -€187,773 | |
| Profit (loss) for the period to be appropriated | 9905 | €134,001 | -€53,773 | -€187,773 |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.