CHARLES COTONAY: 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.
CHARLES COTONAY
Largest movements
- Stocks and contracts -€28,940
down €28,940 (-68.0%), from €42,561 to €13,621
- Receivables within one year +€15,276
up €15,276, from €0 to €15,276
- Trade debts -€10,430
down €10,430 (-16.2%), from €64,335 to €53,906
- Profit (loss) carried forward -€6,690
down €6,690 (-17.0%), from -€39,346 to -€46,036
- Tax, wage and social debts +€2,781
up €2,781 (+25.2%), from €11,036 to €13,817
of which Remuneration and social security: +€3,387
- Other debts +€691
up €691 (+9.4%), from €7,344 to €8,035
- Staff costs +€5,817
up €5,817 (+16.8%), from €34,643 to €40,461
- Gross operating margin -€1,120
down €1,120 (-3.1%), from €35,900 to €34,780
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 | €49,570 | €35,922 | -€13,648 | -27.5% |
| Fixed assets | 21/28 | €1,007 | €806 | -€201 | -20.0% |
| Tangible fixed assets | 22/27 | €1,007 | €806 | -€201 | -20.0% |
| Furniture and vehicles | 24 | €1,007 | €806 | -€201 | -20.0% |
| Current assets | 29/58 | €48,563 | €35,116 | -€13,446 | -27.7% |
| Stocks and contracts in progress | 3 | €42,561 | €13,621 | -€28,940 | -68.0% |
| Stocks | 30/36 | €42,561 | €13,621 | -€28,940 | -68.0% |
| Amounts receivable within one year | 40/41 | €0 | €15,276 | +€15,276 | |
| Trade receivables | 40 | €0 | €15,276 | +€15,276 | |
| Cash at bank and in hand | 54/58 | €5,642 | €5,841 | +€200 | +3.5% |
| Deferred charges and accrued income | 490/1 | €360 | €378 | +€18 | +4.9% |
| Total equity and liabilities | 10/49 | €49,570 | €35,922 | -€13,648 | -27.5% |
| Equity | 10/15 | -€33,146 | -€39,836 | -€6,690 | -20.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,346 | -€46,036 | -€6,690 | -17.0% |
| Amounts payable | 17/49 | €82,716 | €75,758 | -€6,958 | -8.4% |
| Amounts payable within one year | 42/48 | €82,716 | €75,758 | -€6,958 | -8.4% |
| Trade debts | 44 | €64,335 | €53,906 | -€10,430 | -16.2% |
| Suppliers | 440/4 | €64,335 | €53,906 | -€10,430 | -16.2% |
| Taxes, remuneration and social security | 45 | €11,036 | €13,817 | +€2,781 | +25.2% |
| Taxes | 450/3 | €4,632 | €4,026 | -€606 | -13.1% |
| Remuneration and social security | 454/9 | €6,404 | €9,791 | +€3,387 | +52.9% |
| Other amounts payable | 47/48 | €7,344 | €8,035 | +€691 | +9.4% |
| Remuneration, social security and pensions | 62 | €34,643 | €40,461 | +€5,817 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €201 | €201 | = | 0.0% |
| Other operating charges | 640/8 | €513 | €733 | +€219 | +42.7% |
| Gross operating margin | 9900 | €35,900 | €34,780 | -€1,120 | -3.1% |
| Operating profit (loss) | 9901 | €542 | -€6,615 | -€7,157 | |
| Financial income | 75/76B | €257 | €0 | -€257 | -100% |
| Recurring financial income | 75 | €257 | €0 | -€257 | -100% |
| Financial charges | 65/66B | €353 | €75 | -€278 | -78.9% |
| Recurring financial charges | 65 | €353 | €75 | -€278 | -78.9% |
| Profit (loss) for the period before taxes | 9903 | €446 | -€6,690 | -€7,136 | |
| Profit (loss) for the period | 9904 | €446 | -€6,690 | -€7,136 | |
| Profit (loss) for the period to be appropriated | 9905 | €446 | -€6,690 | -€7,136 |
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 28 October 2026 via checked.be.