ANDRE COTTENIE: what changed
Two fiscal 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.
ANDRE COTTENIE
Largest movements
- Receivables within one year +€63,939
up €63,939 (+126.3%), from €50,623 to €114,562
of which Trade receivables: +€57,053
- Cash +€63,172
up €63,172 (+39.9%), from €158,485 to €221,657
mainly Net result for the year (+€97,043) and Depreciation (+€53,551)
- Tangible fixed assets -€41,301
down €41,301 (-14.4%), from €287,193 to €245,892
of which Plant, machinery and equipment: -€25,091
- Reserves +€47,043
up €47,043 (+16.8%), from €280,380 to €327,423
of which Distributable reserves: +€47,043
- Other debts +€41,936
up €41,936 (+79.4%), from €52,840 to €94,776
- Tax, wage and social debts +€31,834
up €31,834 (+147.3%), from €21,608 to €53,443
of which Remuneration and social security: +€26,497
- Debts after one year -€19,513
down €19,513 (-26.0%), from €75,027 to €55,514
- Trade debts -€17,815
down €17,815 (-58.1%), from €30,657 to €12,842
- Gross operating margin +€208,639
up €208,639 (+101.0%), from €206,522 to €415,160
- Staff costs +€104,974
up €104,974 (+100.7%), from €104,271 to €209,245
- Depreciation +€28,257
up €28,257 (+111.7%), from €25,294 to €53,551
- Taxes +€19,552
up €19,552 (+115.6%), from €16,912 to €36,463
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.
Cash bridge derived
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 | €497,951 | €582,111 | +€84,160 | +16.9% |
| Fixed assets | 21/28 | €287,193 | €245,892 | -€41,301 | -14.4% |
| Tangible fixed assets | 22/27 | €287,193 | €245,892 | -€41,301 | -14.4% |
| Land and buildings | 22 | €93,369 | €85,526 | -€7,843 | -8.4% |
| Plant, machinery and equipment | 23 | €172,526 | €147,435 | -€25,091 | -14.5% |
| Furniture and vehicles | 24 | €21,298 | €12,931 | -€8,367 | -39.3% |
| Current assets | 29/58 | €210,758 | €336,219 | +€125,461 | +59.5% |
| Amounts receivable within one year | 40/41 | €50,623 | €114,562 | +€63,939 | +126.3% |
| Trade receivables | 40 | €43,972 | €101,025 | +€57,053 | +129.8% |
| Other amounts receivable | 41 | €6,651 | €13,537 | +€6,885 | +103.5% |
| Cash at bank and in hand | 54/58 | €158,485 | €221,657 | +€63,172 | +39.9% |
| Deferred charges and accrued income | 490/1 | €1,651 | €0 | -€1,651 | -100.0% |
| Total equity and liabilities | 10/49 | €497,951 | €582,111 | +€84,160 | +16.9% |
| Equity | 10/15 | €298,980 | €346,023 | +€47,043 | +15.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €280,380 | €327,423 | +€47,043 | +16.8% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €261,630 | €308,673 | +€47,043 | +18.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €198,971 | €236,088 | +€37,117 | +18.7% |
| Amounts payable after more than one year | 17 | €75,027 | €55,514 | -€19,513 | -26.0% |
| Financial debts | 170/4 | €75,027 | €55,514 | -€19,513 | -26.0% |
| Amounts payable within one year | 42/48 | €123,945 | €180,574 | +€56,629 | +45.7% |
| Current portion of amounts payable after more than one year | 42 | €18,839 | €19,513 | +€674 | +3.6% |
| Trade debts | 44 | €30,657 | €12,842 | -€17,815 | -58.1% |
| Suppliers | 440/4 | €30,657 | €12,842 | -€17,815 | -58.1% |
| Taxes, remuneration and social security | 45 | €21,608 | €53,443 | +€31,834 | +147.3% |
| Taxes | 450/3 | €12,761 | €18,099 | +€5,337 | +41.8% |
| Remuneration and social security | 454/9 | €8,847 | €35,344 | +€26,497 | +299.5% |
| Other amounts payable | 47/48 | €52,840 | €94,776 | +€41,936 | +79.4% |
| Remuneration, social security and pensions | 62 | €104,271 | €209,245 | +€104,974 | +100.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,294 | €53,551 | +€28,257 | +111.7% |
| Other operating charges | 640/8 | €11,719 | €12,772 | +€1,053 | +9.0% |
| Gross operating margin | 9900 | €206,522 | €415,160 | +€208,639 | +101.0% |
| Operating profit (loss) | 9901 | €65,238 | €139,593 | +€74,355 | +114.0% |
| Financial income | 75/76B | €0 | €10 | +€10 | +24075.0% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +24075.0% |
| Financial charges | 65/66B | €4,591 | €6,096 | +€1,504 | +32.8% |
| Recurring financial charges | 65 | €4,591 | €6,096 | +€1,504 | +32.8% |
| Profit (loss) for the period before taxes | 9903 | €60,647 | €133,507 | +€72,860 | +120.1% |
| Income taxes | 67/77 | €16,912 | €36,463 | +€19,552 | +115.6% |
| Profit (loss) for the period | 9904 | €43,735 | €97,043 | +€53,308 | +121.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,735 | €97,043 | +€53,308 | +121.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.