CO-PILOT: 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-PILOT
Largest movements
- Receivables within one year -€158,432
down €158,432 (-47.6%), from €332,621 to €174,189
of which Other amounts receivable: -€160,913
- Current investments +€14,995
new in 2025: €14,995
- Cash +€13,950
up €13,950 (+66.8%), from €20,886 to €34,836
mainly Receivables within one year (+€158,432) and Net result for the year (+€146,049)
- Tangible fixed assets -€13,573
down €13,573 (-4.8%), from €284,662 to €271,088
of which Land and buildings: -€7,297
- Other debts -€300,000
no longer reported in 2025 (was €300,000)
- Reserves +€140,000
up €140,000 (+156%), from €90,000 to €230,000
- Tax, wage and social debts +€18,533
up €18,533 (+34.8%), from €53,258 to €71,791
- Debts after one year -€10,149
down €10,149 (-5.7%), from €177,737 to €167,588
- Gross operating margin +€41,252
up €41,252 (+25.4%), from €162,407 to €203,659
- Taxes +€9,354
up €9,354 (+22.2%), from €42,044 to €51,398
- Financial income -€2,964
down €2,964 (-17.8%), from €16,647 to €13,684
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 | €639,894 | €497,062 | -€142,832 | -22.3% |
| Fixed assets | 21/28 | €284,998 | €271,424 | -€13,573 | -4.8% |
| Tangible fixed assets | 22/27 | €284,662 | €271,088 | -€13,573 | -4.8% |
| Land and buildings | 22 | €258,941 | €251,643 | -€7,297 | -2.8% |
| Furniture and vehicles | 24 | €8,372 | €4,739 | -€3,634 | -43.4% |
| Other tangible fixed assets | 26 | €17,349 | €14,706 | -€2,642 | -15.2% |
| Financial fixed assets | 28 | €336 | €336 | = | 0.0% |
| Current assets | 29/58 | €354,897 | €225,638 | -€129,259 | -36.4% |
| Amounts receivable within one year | 40/41 | €332,621 | €174,189 | -€158,432 | -47.6% |
| Trade receivables | 40 | - | €2,481 | +€2,481 | |
| Other amounts receivable | 41 | €332,621 | €171,708 | -€160,913 | -48.4% |
| Current investments | 50/53 | - | €14,995 | +€14,995 | |
| Cash at bank and in hand | 54/58 | €20,886 | €34,836 | +€13,950 | +66.8% |
| Deferred charges and accrued income | 490/1 | €1,390 | €1,618 | +€228 | +16.4% |
| Total equity and liabilities | 10/49 | €639,894 | €497,062 | -€142,832 | -22.3% |
| Equity | 10/15 | €93,921 | €239,971 | +€146,049 | +156% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €90,000 | €230,000 | +€140,000 | +156% |
| Distributable reserves | 133 | €90,000 | €230,000 | +€140,000 | +156% |
| Profit (loss) carried forward | 14 | €921 | €6,971 | +€6,049 | +656% |
| Amounts payable | 17/49 | €545,973 | €257,091 | -€288,881 | -52.9% |
| Amounts payable after more than one year | 17 | €177,737 | €167,588 | -€10,149 | -5.7% |
| Financial debts | 170/4 | €177,737 | €167,588 | -€10,149 | -5.7% |
| Amounts payable within one year | 42/48 | €368,235 | €88,391 | -€279,845 | -76.0% |
| Current portion of amounts payable after more than one year | 42 | €9,999 | €10,149 | +€150 | +1.5% |
| Financial debts | 43 | €234 | - | -€234 | |
| Credit institutions | 430/8 | €234 | - | -€234 | |
| Trade debts | 44 | €4,744 | €6,450 | +€1,706 | +36.0% |
| Suppliers | 440/4 | €4,744 | €6,450 | +€1,706 | +36.0% |
| Taxes, remuneration and social security | 45 | €53,258 | €71,791 | +€18,533 | +34.8% |
| Taxes | 450/3 | €53,258 | €71,791 | +€18,533 | +34.8% |
| Other amounts payable | 47/48 | €300,000 | - | -€300,000 | |
| Accrued charges and deferred income | 492/3 | - | €1,112 | +€1,112 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,836 | €13,562 | -€1,275 | -8.6% |
| Other operating charges | 640/8 | €126 | €1,444 | +€1,318 | +1,046% |
| Non-recurring operating charges | 66A | - | €12 | +€12 | |
| Gross operating margin | 9900 | €162,407 | €203,659 | +€41,252 | +25.4% |
| Operating profit (loss) | 9901 | €147,445 | €188,642 | +€41,197 | +27.9% |
| Financial income | 75/76B | €16,647 | €13,684 | -€2,964 | -17.8% |
| Recurring financial income | 75 | €16,647 | €13,684 | -€2,964 | -17.8% |
| Financial charges | 65/66B | €5,529 | €4,878 | -€650 | -11.8% |
| Recurring financial charges | 65 | €5,529 | €4,878 | -€650 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €158,564 | €197,447 | +€38,884 | +24.5% |
| Income taxes | 67/77 | €42,044 | €51,398 | +€9,354 | +22.2% |
| Profit (loss) for the period | 9904 | €116,520 | €146,049 | +€29,529 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €116,520 | €146,049 | +€29,529 | +25.3% |
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 17 October 2026 via checked.be.