COCO: 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.
COCO
Largest movements
- Financial fixed assets +€402,000
up €402,000 (+10.0%), from €4.0m to €4.4m
- Cash -€371,325
down €371,325 (-91.4%), from €406,311 to €34,985
mainly Other debts (-€1.8m) and Investment in fixed assets (net) (-€402,000)
- Receivables within one year +€230,162
up €230,162 (+655%), from €35,142 to €265,304
of which Trade receivables: +€127,050
- Tangible fixed assets -€61,983
down €61,983 (-8.4%), from €733,857 to €671,874
of which Land and buildings: -€58,925
- Other debts -€1.8m
down €1.8m (-61.7%), from €2.9m to €1.1m
- Debts after one year +€1.6m
up €1.6m (+419%), from €388,907 to €2.0m
- Current portion of long-term debt +€259,126
up €259,126 (+527%), from €49,140 to €308,266
- Accrued charges and deferred income +€110,639
up €110,639 (+3,437%), from €3,219 to €113,858
- Reserves -€81,892
down €81,892 (-14.7%), from €555,324 to €473,432
of which Distributable reserves: -€67,985
- Gross operating margin -€259,437
down €259,437 (-41.8%), from €620,485 to €361,048
- Financial charges +€133,275
up €133,275 (+648%), from €20,553 to €153,828
- Taxes -€85,157
down €85,157 (-96.3%), from €88,384 to €3,227
- Other operating charges +€31,275
up €31,275 (+1,036%), from €3,018 to €34,293
- Staff costs -€21,226
down €21,226 (-9.8%), from €217,130 to €195,904
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 | €5,188,742 | €5,387,140 | +€198,398 | +3.8% |
| Fixed assets | 21/28 | €4,742,203 | €5,082,220 | +€340,018 | +7.2% |
| Tangible fixed assets | 22/27 | €733,857 | €671,874 | -€61,983 | -8.4% |
| Land and buildings | 22 | €729,199 | €670,274 | -€58,925 | -8.1% |
| Furniture and vehicles | 24 | €4,658 | €1,600 | -€3,058 | -65.6% |
| Financial fixed assets | 28 | €4,008,346 | €4,410,346 | +€402,000 | +10.0% |
| Current assets | 29/58 | €446,539 | €304,920 | -€141,619 | -31.7% |
| Amounts receivable within one year | 40/41 | €35,142 | €265,304 | +€230,162 | +655% |
| Trade receivables | 40 | €6,655 | €133,705 | +€127,050 | +1,909% |
| Other amounts receivable | 41 | €28,487 | €131,599 | +€103,112 | +362% |
| Cash at bank and in hand | 54/58 | €406,311 | €34,985 | -€371,325 | -91.4% |
| Deferred charges and accrued income | 490/1 | €5,086 | €4,630 | -€457 | -9.0% |
| Total equity and liabilities | 10/49 | €5,188,742 | €5,387,140 | +€198,398 | +3.8% |
| Equity | 10/15 | €1,687,183 | €1,605,290 | -€81,892 | -4.9% |
| Contributions | 10/11 | €1,131,859 | €1,131,859 | = | 0.0% |
| Reserves | 13 | €555,324 | €473,432 | -€81,892 | -14.7% |
| Non-distributable reserves | 130/1 | €9,295 | €9,295 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,295 | €9,295 | = | 0.0% |
| Tax-exempt reserves | 132 | €198,123 | €184,216 | -€13,908 | -7.0% |
| Distributable reserves | 133 | €347,906 | €279,921 | -€67,985 | -19.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €49,986 | €45,350 | -€4,636 | -9.3% |
| Deferred taxes | 168 | €49,986 | €45,350 | -€4,636 | -9.3% |
| Amounts payable | 17/49 | €3,451,573 | €3,736,499 | +€284,926 | +8.3% |
| Amounts payable after more than one year | 17 | €388,907 | €2,017,830 | +€1.6m | +419% |
| Financial debts | 170/4 | €388,907 | €2,017,830 | +€1.6m | +419% |
| Amounts payable within one year | 42/48 | €3,059,447 | €1,604,812 | -€1.5m | -47.5% |
| Current portion of amounts payable after more than one year | 42 | €49,140 | €308,266 | +€259,126 | +527% |
| Trade debts | 44 | €48,467 | €106,737 | +€58,271 | +120% |
| Suppliers | 440/4 | €48,467 | €106,737 | +€58,271 | +120% |
| Taxes, remuneration and social security | 45 | €38,355 | €70,586 | +€32,231 | +84.0% |
| Taxes | 450/3 | €12,434 | €47,570 | +€35,136 | +283% |
| Remuneration and social security | 454/9 | €25,921 | €23,016 | -€2,905 | -11.2% |
| Other amounts payable | 47/48 | €2,923,485 | €1,119,223 | -€1.8m | -61.7% |
| Accrued charges and deferred income | 492/3 | €3,219 | €113,858 | +€110,639 | +3,437% |
| Non-recurring operating income | 76A | - | €26,060 | +€26,060 | |
| Remuneration, social security and pensions | 62 | €217,130 | €195,904 | -€21,226 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,983 | €61,983 | = | 0.0% |
| Other operating charges | 640/8 | €3,018 | €34,293 | +€31,275 | +1,036% |
| Gross operating margin | 9900 | €620,485 | €361,048 | -€259,437 | -41.8% |
| Operating profit (loss) | 9901 | €338,354 | €68,869 | -€269,485 | -79.6% |
| Financial income | 75/76B | €1,903 | €1,658 | -€245 | -12.9% |
| Recurring financial income | 75 | €1,903 | €1,658 | -€245 | -12.9% |
| Financial charges | 65/66B | €20,553 | €153,828 | +€133,275 | +648% |
| Recurring financial charges | 65 | €20,553 | €153,828 | +€133,275 | +648% |
| Profit (loss) for the period before taxes | 9903 | €319,704 | -€83,301 | -€403,005 | |
| Transfer from deferred taxes | 780 | €4,636 | €4,636 | = | 0.0% |
| Income taxes | 67/77 | €88,384 | €3,227 | -€85,157 | -96.3% |
| Profit (loss) for the period | 9904 | €235,956 | -€81,892 | -€317,849 | |
| Transfer from tax-exempt reserves | 789 | €13,908 | €13,908 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €249,864 | -€67,985 | -€317,849 |
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.