COËX: 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.
COËX
Largest movements
- Cash -€45,336
down €45,336 (-52.9%), from €85,743 to €40,407
mainly Investment in fixed assets (net) (-€54,693) and Contributions, distributions and other (-€42,510)
- Tangible fixed assets +€43,714
up €43,714 (+546%), from €8,002 to €51,716
of which Furniture and vehicles: +€44,693
- Receivables within one year +€19,772
up €19,772 (+23.5%), from €84,034 to €103,806
of which Trade receivables: +€26,771
- Receivables after one year -€14,321
down €14,321 (-100%), from €14,321 to €0
- Deferred charges and accrued income -€4,109
down €4,109 (-45.2%), from €9,087 to €4,978
- Debts after one year +€38,567
new in 2025: €38,567
- Trade debts -€29,425
down €29,425 (-69.7%), from €42,221 to €12,795
- Other debts -€17,440
down €17,440 (-46.0%), from €37,882 to €20,442
- Accrued charges and deferred income -€15,615
down €15,615 (-92.6%), from €16,865 to €1,250
- Reserves +€14,273
up €14,273 (+7.3%), from €194,416 to €208,690
of which Distributable reserves: +€14,273
- Gross operating margin +€61,112
up €61,112 (+66.5%), from €91,949 to €153,062
- Taxes +€15,625
up €15,625 (+208%), from €7,524 to €23,148
- Depreciation +€5,218
up €5,218 (+90.6%), from €5,761 to €10,979
- Staff costs -€3,047
down €3,047 (-4.9%), from €61,688 to €58,641
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 | €304,374 | €304,354 | -€20 | 0.0% |
| Fixed assets | 21/28 | €9,052 | €52,766 | +€43,714 | +483% |
| Tangible fixed assets | 22/27 | €8,002 | €51,716 | +€43,714 | +546% |
| Plant, machinery and equipment | 23 | €1,738 | €1,266 | -€472 | -27.2% |
| Furniture and vehicles | 24 | €4,987 | €49,680 | +€44,693 | +896% |
| Other tangible fixed assets | 26 | €1,277 | €770 | -€507 | -39.7% |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €295,322 | €251,588 | -€43,734 | -14.8% |
| Amounts receivable after more than one year | 29 | €14,321 | €0 | -€14,321 | -100% |
| Other amounts receivable | 291 | €14,321 | €0 | -€14,321 | -100% |
| Stocks and contracts in progress | 3 | €19,467 | €16,757 | -€2,710 | -13.9% |
| Stocks | 30/36 | €19,467 | €16,757 | -€2,710 | -13.9% |
| Amounts receivable within one year | 40/41 | €84,034 | €103,806 | +€19,772 | +23.5% |
| Trade receivables | 40 | €66,893 | €93,664 | +€26,771 | +40.0% |
| Other amounts receivable | 41 | €17,141 | €10,142 | -€6,999 | -40.8% |
| Current investments | 50/53 | €82,669 | €85,640 | +€2,970 | +3.6% |
| Cash at bank and in hand | 54/58 | €85,743 | €40,407 | -€45,336 | -52.9% |
| Deferred charges and accrued income | 490/1 | €9,087 | €4,978 | -€4,109 | -45.2% |
| Total equity and liabilities | 10/49 | €304,374 | €304,354 | -€20 | 0.0% |
| Equity | 10/15 | €194,516 | €208,790 | +€14,273 | +7.3% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €194,416 | €208,690 | +€14,273 | +7.3% |
| Tax-exempt reserves | 132 | €6,616 | €6,616 | = | 0.0% |
| Distributable reserves | 133 | €187,801 | €202,074 | +€14,273 | +7.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €109,858 | €95,565 | -€14,293 | -13.0% |
| Amounts payable after more than one year | 17 | - | €38,567 | +€38,567 | |
| Financial debts | 170/4 | - | €38,567 | +€38,567 | |
| Amounts payable within one year | 42/48 | €92,993 | €55,748 | -€37,245 | -40.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | €10,480 | +€10,480 | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €42,221 | €12,795 | -€29,425 | -69.7% |
| Suppliers | 440/4 | €42,221 | €12,795 | -€29,425 | -69.7% |
| Taxes, remuneration and social security | 45 | €12,890 | €12,030 | -€860 | -6.7% |
| Taxes | 450/3 | €4,908 | €2,511 | -€2,396 | -48.8% |
| Remuneration and social security | 454/9 | €7,982 | €9,519 | +€1,537 | +19.3% |
| Other amounts payable | 47/48 | €37,882 | €20,442 | -€17,440 | -46.0% |
| Accrued charges and deferred income | 492/3 | €16,865 | €1,250 | -€15,615 | -92.6% |
| Remuneration, social security and pensions | 62 | €61,688 | €58,641 | -€3,047 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,761 | €10,979 | +€5,218 | +90.6% |
| Other operating charges | 640/8 | €1,495 | €2,210 | +€715 | +47.8% |
| Gross operating margin | 9900 | €91,949 | €153,062 | +€61,112 | +66.5% |
| Operating profit (loss) | 9901 | €23,006 | €81,232 | +€58,226 | +253% |
| Financial income | 75/76B | €700 | €248 | -€452 | -64.6% |
| Recurring financial income | 75 | €700 | €248 | -€452 | -64.6% |
| Financial charges | 65/66B | €386 | €1,548 | +€1,163 | +302% |
| Recurring financial charges | 65 | €386 | €1,548 | +€1,163 | +302% |
| Profit (loss) for the period before taxes | 9903 | €23,320 | €79,932 | +€56,612 | +243% |
| Income taxes | 67/77 | €7,524 | €23,148 | +€15,625 | +208% |
| Profit (loss) for the period | 9904 | €15,797 | €56,784 | +€40,987 | +259% |
| Profit (loss) for the period to be appropriated | 9905 | €15,797 | €56,784 | +€40,987 | +259% |
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 1 November 2026 via checked.be.