CO.REsults: 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.REsults
Largest movements
- Current investments +€1.5m
new in 2025: €1.5m
- Receivables after one year +€235,892
new in 2025: €235,892
- Cash -€141,334
down €141,334 (-89.5%), from €157,978 to €16,644
mainly Current investments (-€1.5m) and Receivables after one year (-€235,892)
- Receivables within one year +€84,324
up €84,324 (+240%), from €35,197 to €119,521
of which Other amounts receivable: +€68,704
- Reserves +€1.6m
up €1.6m (+656%), from €245,897 to €1.9m
of which Distributable reserves: +€1.6m
- Tax, wage and social debts +€145,452
up €145,452 (+632%), from €23,017 to €168,469
- Other debts -€135,083
down €135,083 (-99.2%), from €136,222 to €1,139
- Financial income +€1.7m
up €1.7m (+1,090%), from €154,971 to €1.8m
of which Non-recurring financial income: +€1.8m
- Taxes +€147,873
up €147,873 (+1,096%), from €13,486 to €161,359
- Gross operating margin -€67,747
down €67,747, from €23,638 to -€44,109
- Financial charges -€7,254
down €7,254 (-91.5%), from €7,928 to €674
- Other operating charges +€1,286
up €1,286 (+76.3%), from €1,686 to €2,973
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 | €736,976 | €2,344,005 | +€1.6m | +218% |
| Fixed assets | 21/28 | €510,107 | €502,425 | -€7,682 | -1.5% |
| Tangible fixed assets | 22/27 | €218,607 | €233,425 | +€14,818 | +6.8% |
| Land and buildings | 22 | €194,490 | €214,532 | +€20,042 | +10.3% |
| Plant, machinery and equipment | 23 | €19,322 | €14,368 | -€4,954 | -25.6% |
| Furniture and vehicles | 24 | €4,795 | €4,525 | -€270 | -5.6% |
| Financial fixed assets | 28 | €291,500 | €269,000 | -€22,500 | -7.7% |
| Current assets | 29/58 | €226,869 | €1,841,580 | +€1.6m | +712% |
| Amounts receivable after more than one year | 29 | - | €235,892 | +€235,892 | |
| Other amounts receivable | 291 | - | €235,892 | +€235,892 | |
| Stocks and contracts in progress | 3 | €26,550 | €4,500 | -€22,050 | -83.1% |
| Contracts in progress | 37 | €26,550 | €4,500 | -€22,050 | -83.1% |
| Amounts receivable within one year | 40/41 | €35,197 | €119,521 | +€84,324 | +240% |
| Trade receivables | 40 | €33,901 | €49,521 | +€15,620 | +46.1% |
| Other amounts receivable | 41 | €1,296 | €70,000 | +€68,704 | +5,303% |
| Current investments | 50/53 | - | €1,459,568 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €157,978 | €16,644 | -€141,334 | -89.5% |
| Deferred charges and accrued income | 490/1 | €7,145 | €5,456 | -€1,689 | -23.6% |
| Total equity and liabilities | 10/49 | €736,976 | €2,344,005 | +€1.6m | +218% |
| Equity | 10/15 | €540,278 | €2,153,871 | +€1.6m | +299% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €245,897 | €1,859,489 | +€1.6m | +656% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,491 | €21,491 | = | 0.0% |
| Distributable reserves | 133 | €211,906 | €1,825,499 | +€1.6m | +761% |
| Profit (loss) carried forward | 14 | €219,381 | €219,381 | = | 0.0% |
| Amounts payable | 17/49 | €196,698 | €190,135 | -€6,563 | -3.3% |
| Amounts payable within one year | 42/48 | €196,000 | €190,135 | -€5,865 | -3.0% |
| Trade debts | 44 | €36,760 | €20,527 | -€16,233 | -44.2% |
| Suppliers | 440/4 | €36,760 | €20,527 | -€16,233 | -44.2% |
| Taxes, remuneration and social security | 45 | €23,017 | €168,469 | +€145,452 | +632% |
| Taxes | 450/3 | €23,017 | €168,469 | +€145,452 | +632% |
| Other amounts payable | 47/48 | €136,222 | €1,139 | -€135,083 | -99.2% |
| Accrued charges and deferred income | 492/3 | €699 | €0 | -€699 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,647 | €21,531 | +€884 | +4.3% |
| Other operating charges | 640/8 | €1,686 | €2,973 | +€1,286 | +76.3% |
| Gross operating margin | 9900 | €23,638 | -€44,109 | -€67,747 | |
| Operating profit (loss) | 9901 | €1,304 | -€68,613 | -€69,917 | |
| Financial income | 75/76B | €154,971 | €1,844,239 | +€1.7m | +1,090% |
| Recurring financial income | 75 | €154,971 | €33,717 | -€121,254 | -78.2% |
| Non-recurring financial income | 76B | - | €1,810,522 | +€1.8m | |
| Financial charges | 65/66B | €7,928 | €674 | -€7,254 | -91.5% |
| Recurring financial charges | 65 | €7,928 | €674 | -€7,254 | -91.5% |
| Profit (loss) for the period before taxes | 9903 | €148,348 | €1,774,952 | +€1.6m | +1,096% |
| Income taxes | 67/77 | €13,486 | €161,359 | +€147,873 | +1,096% |
| Profit (loss) for the period | 9904 | €134,862 | €1,613,593 | +€1.5m | +1,096% |
| Profit (loss) for the period to be appropriated | 9905 | €134,862 | €1,613,593 | +€1.5m | +1,096% |
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 20 October 2026 via checked.be.