COART: 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.
COART
Largest movements
- Cash -€56,343
no longer reported in 2025 (was €56,343)
mainly Advances received (-€80,983) and Receivables within one year (-€32,599)
- Stocks and contracts -€45,411
down €45,411 (-80.8%), from €56,183 to €10,772
of which Stocks: -€42,612
- Receivables within one year +€32,599
up €32,599 (+65.2%), from €50,014 to €82,613
of which Trade receivables: +€27,649
- Tangible fixed assets -€31,582
down €31,582 (-12.3%), from €255,940 to €224,357
- Advances received -€80,983
no longer reported in 2025 (was €80,983)
- Debts after one year -€32,100
down €32,100 (-16.5%), from €194,943 to €162,843
- Trade debts +€7,729
up €7,729 (+42.8%), from €18,053 to €25,782
- Write-downs +€10,306
new in 2025: €10,306
- Gross operating margin +€2,436
up €2,436 (+3.8%), from €64,022 to €66,457
- Financial charges -€1,181
down €1,181 (-9.8%), from €12,022 to €10,841
- Taxes -€720
no longer reported in 2025 (was €720)
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 | €422,091 | €319,816 | -€102,275 | -24.2% |
| Fixed assets | 21/28 | €256,210 | €224,627 | -€31,582 | -12.3% |
| Tangible fixed assets | 22/27 | €255,940 | €224,357 | -€31,582 | -12.3% |
| Land and buildings | 22 | €1,880 | €1,608 | -€272 | -14.5% |
| Plant, machinery and equipment | 23 | €115,570 | €103,947 | -€11,623 | -10.1% |
| Furniture and vehicles | 24 | €55,590 | €47,469 | -€8,121 | -14.6% |
| Leasing and similar rights | 25 | €82,900 | €71,333 | -€11,568 | -14.0% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €165,881 | €95,189 | -€70,692 | -42.6% |
| Stocks and contracts in progress | 3 | €56,183 | €10,772 | -€45,411 | -80.8% |
| Stocks | 30/36 | €46,683 | €4,071 | -€42,612 | -91.3% |
| Contracts in progress | 37 | €9,500 | €6,701 | -€2,799 | -29.5% |
| Amounts receivable within one year | 40/41 | €50,014 | €82,613 | +€32,599 | +65.2% |
| Trade receivables | 40 | €48,992 | €76,641 | +€27,649 | +56.4% |
| Other amounts receivable | 41 | €1,022 | €5,972 | +€4,950 | +484% |
| Cash at bank and in hand | 54/58 | €56,343 | - | -€56,343 | |
| Deferred charges and accrued income | 490/1 | €3,341 | €1,804 | -€1,537 | -46.0% |
| Total equity and liabilities | 10/49 | €422,091 | €319,816 | -€102,275 | -24.2% |
| Equity | 10/15 | €72,306 | €73,045 | +€739 | +1.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €53,714 | €54,453 | +€739 | +1.4% |
| Distributable reserves | 133 | €53,714 | €54,453 | +€739 | +1.4% |
| Amounts payable | 17/49 | €349,785 | €246,771 | -€103,014 | -29.5% |
| Amounts payable after more than one year | 17 | €194,943 | €162,843 | -€32,100 | -16.5% |
| Financial debts | 170/4 | €194,943 | €162,843 | -€32,100 | -16.5% |
| Amounts payable within one year | 42/48 | €154,496 | €83,190 | -€71,306 | -46.2% |
| Current portion of amounts payable after more than one year | 42 | €41,438 | €41,609 | +€171 | +0.4% |
| Financial debts | 43 | €10,140 | €13,552 | +€3,412 | +33.7% |
| Credit institutions | 430/8 | €10,140 | €13,552 | +€3,412 | +33.7% |
| Trade debts | 44 | €18,053 | €25,782 | +€7,729 | +42.8% |
| Suppliers | 440/4 | €18,053 | €25,782 | +€7,729 | +42.8% |
| Advances received on contracts in progress | 46 | €80,983 | - | -€80,983 | |
| Taxes, remuneration and social security | 45 | €3,883 | €2,248 | -€1,635 | -42.1% |
| Taxes | 450/3 | €3,883 | €2,248 | -€1,635 | -42.1% |
| Accrued charges and deferred income | 492/3 | €346 | €738 | +€392 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,245 | €40,003 | -€241 | -0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,306 | +€10,306 | |
| Other operating charges | 640/8 | €4,590 | €4,792 | +€202 | +4.4% |
| Gross operating margin | 9900 | €64,022 | €66,457 | +€2,436 | +3.8% |
| Operating profit (loss) | 9901 | €19,187 | €11,356 | -€7,831 | -40.8% |
| Financial income | 75/76B | €861 | €224 | -€637 | -73.9% |
| Recurring financial income | 75 | €861 | €224 | -€637 | -73.9% |
| Financial charges | 65/66B | €12,022 | €10,841 | -€1,181 | -9.8% |
| Recurring financial charges | 65 | €12,022 | €10,841 | -€1,181 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €8,026 | €739 | -€7,287 | -90.8% |
| Income taxes | 67/77 | €720 | - | -€720 | |
| Profit (loss) for the period | 9904 | €7,306 | €739 | -€6,567 | -89.9% |
| Profit (loss) for the period to be appropriated | 9905 | €7,306 | €739 | -€6,567 | -89.9% |
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 14 October 2026 via checked.be.