CO'PAIN: 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'PAIN
Largest movements
- Tangible fixed assets -€27,558
down €27,558 (-7.1%), from €390,740 to €363,181
of which Plant, machinery and equipment: -€26,331
- Receivables within one year -€23,120
down €23,120 (-31.3%), from €73,831 to €50,711
of which Other amounts receivable: -€13,700
- Stocks and contracts +€13,894
up €13,894 (+123%), from €11,314 to €25,208
- Debts after one year -€42,379
down €42,379 (-12.5%), from €340,002 to €297,623
of which Financial debts: -€45,748
- Tax, wage and social debts +€12,832
up €12,832 (+51.3%), from €25,001 to €37,833
of which Remuneration and social security: +€11,582
- Profit (loss) carried forward -€12,356
down €12,356 (-82.5%), from -€14,985 to -€27,341
- Staff costs +€33,527
up €33,527 (+20.4%), from €163,952 to €197,480
- Depreciation +€9,238
up €9,238 (+12.8%), from €72,067 to €81,305
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 | €590,377 | €549,831 | -€40,545 | -6.9% |
| Fixed assets | 21/28 | €390,850 | €363,291 | -€27,558 | -7.1% |
| Tangible fixed assets | 22/27 | €390,740 | €363,181 | -€27,558 | -7.1% |
| Plant, machinery and equipment | 23 | €153,930 | €127,599 | -€26,331 | -17.1% |
| Furniture and vehicles | 24 | €402 | €1,414 | +€1,013 | +252% |
| Leasing and similar rights | 25 | €211,121 | €193,565 | -€17,556 | -8.3% |
| Other tangible fixed assets | 26 | €25,287 | €40,603 | +€15,316 | +60.6% |
| Financial fixed assets | 28 | €110 | €110 | = | 0.0% |
| Current assets | 29/58 | €199,527 | €186,540 | -€12,987 | -6.5% |
| Stocks and contracts in progress | 3 | €11,314 | €25,208 | +€13,894 | +123% |
| Stocks | 30/36 | €11,314 | €25,208 | +€13,894 | +123% |
| Amounts receivable within one year | 40/41 | €73,831 | €50,711 | -€23,120 | -31.3% |
| Trade receivables | 40 | €50,731 | €41,311 | -€9,420 | -18.6% |
| Other amounts receivable | 41 | €23,100 | €9,400 | -€13,700 | -59.3% |
| Cash at bank and in hand | 54/58 | €110,415 | €108,539 | -€1,876 | -1.7% |
| Deferred charges and accrued income | 490/1 | €3,967 | €2,082 | -€1,885 | -47.5% |
| Total equity and liabilities | 10/49 | €590,377 | €549,831 | -€40,545 | -6.9% |
| Equity | 10/15 | €141,406 | €129,050 | -€12,356 | -8.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €136,391 | €136,391 | = | 0.0% |
| Distributable reserves | 133 | €136,391 | €136,391 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,985 | -€27,341 | -€12,356 | -82.5% |
| Amounts payable | 17/49 | €448,971 | €420,782 | -€28,189 | -6.3% |
| Amounts payable after more than one year | 17 | €340,002 | €297,623 | -€42,379 | -12.5% |
| Financial debts | 170/4 | €313,344 | €267,596 | -€45,748 | -14.6% |
| Other amounts payable | 178/9 | €26,657 | €30,027 | +€3,370 | +12.6% |
| Amounts payable within one year | 42/48 | €105,819 | €120,009 | +€14,189 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €44,939 | €45,748 | +€809 | +1.8% |
| Trade debts | 44 | €35,869 | €36,427 | +€558 | +1.6% |
| Suppliers | 440/4 | €35,869 | €36,427 | +€558 | +1.6% |
| Taxes, remuneration and social security | 45 | €25,001 | €37,833 | +€12,832 | +51.3% |
| Taxes | 450/3 | €49 | €1,300 | +€1,251 | +2,542% |
| Remuneration and social security | 454/9 | €24,952 | €36,533 | +€11,582 | +46.4% |
| Other amounts payable | 47/48 | €10 | €0 | -€10 | -100% |
| Accrued charges and deferred income | 492/3 | €3,150 | €3,150 | = | 0.0% |
| Non-recurring operating income | 76A | - | €140 | +€140 | |
| Remuneration, social security and pensions | 62 | €163,952 | €197,480 | +€33,527 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,067 | €81,305 | +€9,238 | +12.8% |
| Other operating charges | 640/8 | €3,918 | €4,236 | +€318 | +8.1% |
| Gross operating margin | 9900 | €279,845 | €282,538 | +€2,694 | +1.0% |
| Operating profit (loss) | 9901 | €39,908 | -€482 | -€40,390 | |
| Financial income | 75/76B | €1 | €37 | +€37 | +5,924% |
| Recurring financial income | 75 | €1 | €37 | +€37 | +5,924% |
| Financial charges | 65/66B | €13,297 | €11,764 | -€1,532 | -11.5% |
| Recurring financial charges | 65 | €13,297 | €11,764 | -€1,532 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €26,612 | -€12,209 | -€38,821 | |
| Income taxes | 67/77 | €138 | €147 | +€9 | +6.3% |
| Profit (loss) for the period | 9904 | €26,474 | -€12,356 | -€38,829 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,474 | -€12,356 | -€38,829 |
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 18 October 2026 via checked.be.