CO-EX: 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-EX
Largest movements
- Cash +€110,725
up €110,725 (+54.0%), from €205,181 to €315,905
mainly Net result for the year (+€129,363) and Depreciation (+€64,845)
- Tangible fixed assets -€39,348
down €39,348 (-7.8%), from €504,238 to €464,889
of which Land and buildings: -€36,607
- Receivables within one year -€16,044
down €16,044 (-34.5%), from €46,518 to €30,474
of which Trade receivables: -€15,937
- Current investments +€11,703
up €11,703 (+25.0%), from €46,827 to €58,530
- Reserves +€78,847
up €78,847 (+18.3%), from €431,795 to €510,643
- Debts after one year -€47,215
down €47,215 (-33.5%), from €140,988 to €93,773
- Other debts +€24,043
up €24,043 (+28.1%), from €85,697 to €109,740
- Trade debts +€20,879
up €20,879 (+269%), from €7,770 to €28,649
- Current portion of long-term debt -€15,800
down €15,800 (-25.1%), from €63,015 to €47,215
- Gross operating margin +€32,393
up €32,393 (+14.1%), from €229,482 to €261,875
- Taxes +€10,401
up €10,401 (+22.0%), from €47,247 to €57,648
- Financial charges -€5,553
down €5,553 (-59.5%), from €9,335 to €3,781
- Depreciation +€4,326
up €4,326 (+7.1%), from €60,519 to €64,845
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 | €805,098 | €872,251 | +€67,153 | +8.3% |
| Fixed assets | 21/28 | €504,238 | €464,889 | -€39,348 | -7.8% |
| Tangible fixed assets | 22/27 | €504,238 | €464,889 | -€39,348 | -7.8% |
| Land and buildings | 22 | €309,223 | €272,617 | -€36,607 | -11.8% |
| Plant, machinery and equipment | 23 | €49,247 | €57,416 | +€8,170 | +16.6% |
| Furniture and vehicles | 24 | €145,768 | €134,856 | -€10,911 | -7.5% |
| Current assets | 29/58 | €300,860 | €407,361 | +€106,501 | +35.4% |
| Amounts receivable within one year | 40/41 | €46,518 | €30,474 | -€16,044 | -34.5% |
| Trade receivables | 40 | €46,358 | €30,421 | -€15,937 | -34.4% |
| Other amounts receivable | 41 | €159 | €52 | -€107 | -67.2% |
| Current investments | 50/53 | €46,827 | €58,530 | +€11,703 | +25.0% |
| Cash at bank and in hand | 54/58 | €205,181 | €315,905 | +€110,725 | +54.0% |
| Deferred charges and accrued income | 490/1 | €2,335 | €2,452 | +€118 | +5.0% |
| Total equity and liabilities | 10/49 | €805,098 | €872,251 | +€67,153 | +8.3% |
| Equity | 10/15 | €437,995 | €516,843 | +€78,847 | +18.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €431,795 | €510,643 | +€78,847 | +18.3% |
| Distributable reserves | 133 | €431,795 | €510,643 | +€78,847 | +18.3% |
| Amounts payable | 17/49 | €367,103 | €355,408 | -€11,694 | -3.2% |
| Amounts payable after more than one year | 17 | €140,988 | €93,773 | -€47,215 | -33.5% |
| Financial debts | 170/4 | €140,988 | €93,773 | -€47,215 | -33.5% |
| Amounts payable within one year | 42/48 | €226,114 | €261,635 | +€35,521 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | €63,015 | €47,215 | -€15,800 | -25.1% |
| Financial debts | 43 | - | €583 | +€583 | |
| Credit institutions | 430/8 | - | €583 | +€583 | |
| Trade debts | 44 | €7,770 | €28,649 | +€20,879 | +269% |
| Suppliers | 440/4 | €7,770 | €28,649 | +€20,879 | +269% |
| Taxes, remuneration and social security | 45 | €69,632 | €75,448 | +€5,815 | +8.4% |
| Taxes | 450/3 | €69,632 | €75,448 | +€5,815 | +8.4% |
| Other amounts payable | 47/48 | €85,697 | €109,740 | +€24,043 | +28.1% |
| Non-recurring operating income | 76A | €1,061 | €441 | -€620 | -58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,519 | €64,845 | +€4,326 | +7.1% |
| Other operating charges | 640/8 | €6,061 | €5,081 | -€980 | -16.2% |
| Non-recurring operating charges | 66A | €22 | €3,434 | +€3,412 | +15,871% |
| Gross operating margin | 9900 | €229,482 | €261,875 | +€32,393 | +14.1% |
| Operating profit (loss) | 9901 | €162,880 | €188,515 | +€25,635 | +15.7% |
| Financial income | 75/76B | €11 | €2,276 | +€2,265 | +20,595% |
| Recurring financial income | 75 | €11 | €2,276 | +€2,265 | +20,595% |
| Financial charges | 65/66B | €9,335 | €3,781 | -€5,553 | -59.5% |
| Recurring financial charges | 65 | €9,335 | €3,781 | -€5,553 | -59.5% |
| Profit (loss) for the period before taxes | 9903 | €153,556 | €187,010 | +€33,454 | +21.8% |
| Income taxes | 67/77 | €47,247 | €57,648 | +€10,401 | +22.0% |
| Profit (loss) for the period | 9904 | €106,310 | €129,363 | +€23,053 | +21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €106,310 | €129,363 | +€23,053 | +21.7% |
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 16 October 2026 via checked.be.