C&O Projects: 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.
C&O Projects
Largest movements
- Receivables within one year +€18,572
up €18,572 (+7.4%), from €249,639 to €268,211
of which Other amounts receivable: +€46,164
- Tangible fixed assets -€11,473
down €11,473 (-4.4%), from €260,440 to €248,967
of which Other tangible fixed assets: -€14,180
- Cash +€8,511
up €8,511 (+4029.2%), from €211 to €8,722
mainly Net result for the year (+€112,080) and Depreciation (+€20,088)
- Deferred charges and accrued income +€6,968
up €6,968 (+98.2%), from €7,094 to €14,063
- Reserves +€112,080
up €112,080 (+52.4%), from €213,959 to €326,039
- Short-term financial debts -€44,966
down €44,966 (-57.5%), from €78,177 to €33,211
- Debts after one year -€27,083
down €27,083 (-17.7%), from €152,711 to €125,627
- Tax, wage and social debts -€19,970
down €19,970 (-19.2%), from €103,860 to €83,890
- Current portion of long-term debt +€8,571
up €8,571 (+19.0%), from €45,173 to €53,744
- Gross operating margin +€31,973
up €31,973 (+20.6%), from €155,013 to €186,986
- Other operating charges +€11,924
up €11,924 (+217.1%), from €5,492 to €17,416
- Depreciation -€8,384
down €8,384 (-29.4%), from €28,473 to €20,088
- Taxes +€7,963
up €7,963 (+24.5%), from €32,558 to €40,520
- Financial income +€7,398
up €7,398 (+110.1%), from €6,721 to €14,120
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 | €632,385 | €654,963 | +€22,578 | +3.6% |
| Fixed assets | 21/28 | €260,440 | €248,967 | -€11,473 | -4.4% |
| Tangible fixed assets | 22/27 | €260,440 | €248,967 | -€11,473 | -4.4% |
| Land and buildings | 22 | €238,834 | €242,239 | +€3,405 | +1.4% |
| Furniture and vehicles | 24 | €7,427 | €6,728 | -€698 | -9.4% |
| Other tangible fixed assets | 26 | €14,180 | - | -€14,180 | |
| Current assets | 29/58 | €371,945 | €405,996 | +€34,052 | +9.2% |
| Amounts receivable after more than one year | 29 | €103,000 | €103,000 | = | 0.0% |
| Other amounts receivable | 291 | €103,000 | €103,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €249,639 | €268,211 | +€18,572 | +7.4% |
| Trade receivables | 40 | €39,616 | €12,024 | -€27,592 | -69.6% |
| Other amounts receivable | 41 | €210,023 | €256,187 | +€46,164 | +22.0% |
| Current investments | 50/53 | €12,000 | €12,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €211 | €8,722 | +€8,511 | +4029.2% |
| Deferred charges and accrued income | 490/1 | €7,094 | €14,063 | +€6,968 | +98.2% |
| Total equity and liabilities | 10/49 | €632,385 | €654,963 | +€22,578 | +3.6% |
| Equity | 10/15 | €232,509 | €344,589 | +€112,080 | +48.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €213,959 | €326,039 | +€112,080 | +52.4% |
| Distributable reserves | 133 | €213,959 | €326,039 | +€112,080 | +52.4% |
| Amounts payable | 17/49 | €399,876 | €310,375 | -€89,502 | -22.4% |
| Amounts payable after more than one year | 17 | €152,711 | €125,627 | -€27,083 | -17.7% |
| Financial debts | 170/4 | €152,711 | €125,627 | -€27,083 | -17.7% |
| Amounts payable within one year | 42/48 | €246,543 | €184,747 | -€61,795 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €45,173 | €53,744 | +€8,571 | +19.0% |
| Financial debts | 43 | €78,177 | €33,211 | -€44,966 | -57.5% |
| Credit institutions | 430/8 | €78,177 | €33,211 | -€44,966 | -57.5% |
| Trade debts | 44 | €19,182 | €13,902 | -€5,280 | -27.5% |
| Suppliers | 440/4 | €19,182 | €13,902 | -€5,280 | -27.5% |
| Taxes, remuneration and social security | 45 | €103,860 | €83,890 | -€19,970 | -19.2% |
| Taxes | 450/3 | €103,860 | €83,890 | -€19,970 | -19.2% |
| Other amounts payable | 47/48 | €150 | - | -€150 | |
| Accrued charges and deferred income | 492/3 | €623 | - | -€623 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,473 | €20,088 | -€8,384 | -29.4% |
| Other operating charges | 640/8 | €5,492 | €17,416 | +€11,924 | +217.1% |
| Gross operating margin | 9900 | €155,013 | €186,986 | +€31,973 | +20.6% |
| Operating profit (loss) | 9901 | €121,049 | €149,482 | +€28,433 | +23.5% |
| Financial income | 75/76B | €6,721 | €14,120 | +€7,398 | +110.1% |
| Recurring financial income | 75 | €6,721 | €14,120 | +€7,398 | +110.1% |
| Financial charges | 65/66B | €14,802 | €11,001 | -€3,801 | -25.7% |
| Recurring financial charges | 65 | €14,802 | €11,001 | -€3,801 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €112,968 | €152,600 | +€39,632 | +35.1% |
| Income taxes | 67/77 | €32,558 | €40,520 | +€7,963 | +24.5% |
| Profit (loss) for the period | 9904 | €80,410 | €112,080 | +€31,670 | +39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €80,410 | €112,080 | +€31,670 | +39.4% |
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 9 October 2026 via checked.be.