Current price of God key is $80, 25% of $80 is $20, thus you get $20 off price with 25% off should be $80 - $20 = $60 its calculating correctly.
It has never worked this way before. As late as last week, coupons reduced the price by x percent off the original price. I bought (and have receipts to prove this) a god drop for $90 usd while a 40% sale was active and using the coupon code extra25.
Even in your example 40% sale 40% of 200 is $80 New total would be $120 25% of $120 is $30 $120- 30 is $90 same math applies... I do not believe any changes have been made that change you coupons apply