ROGER COENJAERTS: 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.
ROGER COENJAERTS
Largest movements
- Receivables within one year +€39,667
up €39,667 (+42.0%), from €94,458 to €134,125
of which Other amounts receivable: +€43,067
- Stocks and contracts -€17,132
down €17,132 (-100%), from €17,132 to €0
of which Stocks: -€17,132
- Tangible fixed assets -€7,886
down €7,886 (-7.6%), from €104,152 to €96,266
of which Land and buildings: -€6,127
- Reserves +€11,547
up €11,547 (+5.1%), from €226,737 to €238,284
- Trade debts +€5,113
up €5,113 (+277%), from €1,844 to €6,956
- Gross operating margin -€19,940
down €19,940 (-42.0%), from €47,443 to €27,503
- Taxes -€4,691
down €4,691 (-52.7%), from €8,895 to €4,203
- Other operating charges -€2,772
down €2,772 (-42.2%), from €6,569 to €3,798
- Financial charges -€758
down €758 (-88.8%), from €853 to €95
- Depreciation -€570
down €570 (-8.5%), from €6,697 to €6,127
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 | €252,906 | €269,513 | +€16,607 | +6.6% |
| Fixed assets | 21/28 | €104,152 | €96,266 | -€7,886 | -7.6% |
| Tangible fixed assets | 22/27 | €104,152 | €96,266 | -€7,886 | -7.6% |
| Land and buildings | 22 | €102,393 | €96,266 | -€6,127 | -6.0% |
| Plant, machinery and equipment | 23 | €1,759 | €0 | -€1,759 | -100% |
| Current assets | 29/58 | €148,754 | €173,247 | +€24,493 | +16.5% |
| Stocks and contracts in progress | 3 | €17,132 | €0 | -€17,132 | -100% |
| Stocks | 30/36 | €17,132 | €0 | -€17,132 | -100% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €94,458 | €134,125 | +€39,667 | +42.0% |
| Trade receivables | 40 | €5,278 | €1,878 | -€3,400 | -64.4% |
| Other amounts receivable | 41 | €89,180 | €132,248 | +€43,067 | +48.3% |
| Cash at bank and in hand | 54/58 | €36,562 | €39,121 | +€2,560 | +7.0% |
| Deferred charges and accrued income | 490/1 | €602 | €0 | -€602 | -100% |
| Total equity and liabilities | 10/49 | €252,906 | €269,513 | +€16,607 | +6.6% |
| Equity | 10/15 | €246,737 | €258,284 | +€11,547 | +4.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €226,737 | €238,284 | +€11,547 | +5.1% |
| Distributable reserves | 133 | €226,737 | €238,284 | +€11,547 | +5.1% |
| Amounts payable | 17/49 | €6,168 | €11,228 | +€5,060 | +82.0% |
| Amounts payable within one year | 42/48 | €6,168 | €11,228 | +€5,060 | +82.0% |
| Trade debts | 44 | €1,844 | €6,956 | +€5,113 | +277% |
| Suppliers | 440/4 | €1,844 | €6,956 | +€5,113 | +277% |
| Taxes, remuneration and social security | 45 | €3,495 | €4,272 | +€778 | +22.2% |
| Taxes | 450/3 | €3,495 | €4,272 | +€778 | +22.2% |
| Other amounts payable | 47/48 | €830 | €0 | -€830 | -100% |
| Non-recurring operating income | 76A | €5,591 | €0 | -€5,591 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,697 | €6,127 | -€570 | -8.5% |
| Other operating charges | 640/8 | €6,569 | €3,798 | -€2,772 | -42.2% |
| Non-recurring operating charges | 66A | - | €1,759 | +€1,759 | |
| Gross operating margin | 9900 | €47,443 | €27,503 | -€19,940 | -42.0% |
| Operating profit (loss) | 9901 | €34,176 | €15,819 | -€18,358 | -53.7% |
| Financial income | 75/76B | €254 | €26 | -€227 | -89.6% |
| Recurring financial income | 75 | €254 | €26 | -€227 | -89.6% |
| Financial charges | 65/66B | €853 | €95 | -€758 | -88.8% |
| Recurring financial charges | 65 | €853 | €95 | -€758 | -88.8% |
| Profit (loss) for the period before taxes | 9903 | €33,577 | €15,750 | -€17,827 | -53.1% |
| Income taxes | 67/77 | €8,895 | €4,203 | -€4,691 | -52.7% |
| Profit (loss) for the period | 9904 | €24,683 | €11,547 | -€13,136 | -53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,683 | €11,547 | -€13,136 | -53.2% |
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 25 October 2026 via checked.be.