CO-AGENCY: 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.
CO-AGENCY
Largest movements
- Receivables within one year +€342,592
up €342,592 (+95.3%), from €359,367 to €701,959
of which Trade receivables: +€341,237
- Trade debts +€374,829
up €374,829 (+272%), from €137,590 to €512,419
- Tax, wage and social debts -€33,837
down €33,837 (-36.5%), from €92,689 to €58,851
of which Remuneration and social security: -€23,172
- Advances received +€27,943
new in 2025: €27,943
- Profit (loss) carried forward -€17,124
down €17,124 (-8.6%), from €199,980 to €182,857
- Current portion of long-term debt -€10,210
no longer reported in 2025 (was €10,210)
- Gross operating margin -€101,495
down €101,495 (-34.1%), from €297,631 to €196,136
- Staff costs -€31,801
down €31,801 (-14.3%), from €222,588 to €190,787
- Taxes -€16,729
down €16,729 (-97.2%), from €17,205 to €476
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 | €490,910 | €832,957 | +€342,047 | +69.7% |
| Fixed assets | 21/28 | €6,323 | €7,819 | +€1,496 | +23.7% |
| Tangible fixed assets | 22/27 | €6,217 | €6,213 | -€4 | -0.1% |
| Plant, machinery and equipment | 23 | €1,412 | €2,963 | +€1,551 | +110% |
| Furniture and vehicles | 24 | €3,037 | €2,366 | -€671 | -22.1% |
| Other tangible fixed assets | 26 | €1,768 | €884 | -€884 | -50.0% |
| Financial fixed assets | 28 | €107 | €1,607 | +€1,500 | +1,408% |
| Current assets | 29/58 | €484,587 | €825,138 | +€340,551 | +70.3% |
| Amounts receivable within one year | 40/41 | €359,367 | €701,959 | +€342,592 | +95.3% |
| Trade receivables | 40 | €356,800 | €698,037 | +€341,237 | +95.6% |
| Other amounts receivable | 41 | €2,566 | €3,922 | +€1,355 | +52.8% |
| Cash at bank and in hand | 54/58 | €125,220 | €123,179 | -€2,041 | -1.6% |
| Total equity and liabilities | 10/49 | €490,910 | €832,957 | +€342,047 | +69.7% |
| Equity | 10/15 | €230,564 | €213,441 | -€17,124 | -7.4% |
| Reserves | 13 | €30,584 | €30,584 | = | 0.0% |
| Non-distributable reserves | 130/1 | €584 | €584 | = | 0.0% |
| Reserves not available under the articles | 1311 | €584 | €584 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €199,980 | €182,857 | -€17,124 | -8.6% |
| Amounts payable | 17/49 | €260,346 | €619,516 | +€359,170 | +138% |
| Amounts payable within one year | 42/48 | €260,346 | €619,516 | +€359,170 | +138% |
| Current portion of amounts payable after more than one year | 42 | €10,210 | - | -€10,210 | |
| Trade debts | 44 | €137,590 | €512,419 | +€374,829 | +272% |
| Suppliers | 440/4 | €137,590 | €512,419 | +€374,829 | +272% |
| Advances received on contracts in progress | 46 | - | €27,943 | +€27,943 | |
| Taxes, remuneration and social security | 45 | €92,689 | €58,851 | -€33,837 | -36.5% |
| Taxes | 450/3 | €69,107 | €58,442 | -€10,665 | -15.4% |
| Remuneration and social security | 454/9 | €23,582 | €410 | -€23,172 | -98.3% |
| Other amounts payable | 47/48 | €19,858 | €20,303 | +€446 | +2.2% |
| Remuneration, social security and pensions | 62 | €222,588 | €190,787 | -€31,801 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,576 | €3,432 | +€855 | +33.2% |
| Other operating charges | 640/8 | €17,439 | €18,600 | +€1,161 | +6.7% |
| Gross operating margin | 9900 | €297,631 | €196,136 | -€101,495 | -34.1% |
| Operating profit (loss) | 9901 | €55,028 | -€16,683 | -€71,711 | |
| Financial income | 75/76B | €681 | €817 | +€136 | +20.0% |
| Recurring financial income | 75 | €681 | €817 | +€136 | +20.0% |
| Financial charges | 65/66B | €964 | €782 | -€182 | -18.8% |
| Recurring financial charges | 65 | €964 | €782 | -€182 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €54,745 | -€16,648 | -€71,393 | |
| Income taxes | 67/77 | €17,205 | €476 | -€16,729 | -97.2% |
| Profit (loss) for the period | 9904 | €37,540 | -€17,124 | -€54,664 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,540 | -€17,124 | -€54,664 |
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 26 October 2026 via checked.be.