COCO: what changed
Two fiscal 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
- Cash -€12,725
down €12,725 (-15.3%), from €83,358 to €70,633
mainly Contributions, distributions and other (-€52,342) and Tax, wage and social debts (-€13,118)
- Tax, wage and social debts -€13,118
down €13,118 (-18.3%), from €71,496 to €58,378
of which Taxes: -€20,338
- Current portion of long-term debt -€8,458
no longer reported in 2025 (was €8,458)
- Short-term financial debts +€8,426
new in 2025: €8,426
- Gross operating margin -€49,741
down €49,741 (-12.7%), from €392,414 to €342,673
- Staff costs +€38,870
up €38,870 (+18.2%), from €213,276 to €252,146
- Taxes -€23,384
down €23,384 (-50.9%), from €45,947 to €22,563
- Financial income +€4,084
up €4,084 (+120.0%), from €3,405 to €7,489
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.
Cash bridge derived
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 | €414,005 | €407,095 | -€6,910 | -1.7% |
| Fixed assets | 21/28 | €16,009 | €16,773 | +€764 | +4.8% |
| Tangible fixed assets | 22/27 | €11,859 | €12,623 | +€764 | +6.4% |
| Plant, machinery and equipment | 23 | €9,772 | €10,406 | +€634 | +6.5% |
| Furniture and vehicles | 24 | €2,088 | €2,217 | +€130 | +6.2% |
| Financial fixed assets | 28 | €4,150 | €4,150 | = | 0.0% |
| Current assets | 29/58 | €397,996 | €390,322 | -€7,674 | -1.9% |
| Stocks and contracts in progress | 3 | €49,247 | €49,532 | +€284 | +0.6% |
| Stocks | 30/36 | €49,247 | €49,532 | +€284 | +0.6% |
| Amounts receivable within one year | 40/41 | €33,478 | €36,822 | +€3,344 | +10.0% |
| Trade receivables | 40 | €7,700 | €6,441 | -€1,259 | -16.4% |
| Other amounts receivable | 41 | €25,777 | €30,381 | +€4,604 | +17.9% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €83,358 | €70,633 | -€12,725 | -15.3% |
| Deferred charges and accrued income | 490/1 | €31,912 | €33,335 | +€1,423 | +4.5% |
| Total equity and liabilities | 10/49 | €414,005 | €407,095 | -€6,910 | -1.7% |
| Equity | 10/15 | €311,864 | €310,249 | -€1,615 | -0.5% |
| Reserves | 13 | €311,864 | €310,249 | -€1,615 | -0.5% |
| Distributable reserves | 133 | €311,864 | €310,249 | -€1,615 | -0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €102,141 | €96,846 | -€5,295 | -5.2% |
| Amounts payable within one year | 42/48 | €102,141 | €96,846 | -€5,295 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €8,458 | - | -€8,458 | |
| Financial debts | 43 | - | €8,426 | +€8,426 | |
| Credit institutions | 430/8 | - | €8,426 | +€8,426 | |
| Trade debts | 44 | €22,187 | €25,991 | +€3,804 | +17.1% |
| Suppliers | 440/4 | €22,187 | €25,991 | +€3,804 | +17.1% |
| Taxes, remuneration and social security | 45 | €71,496 | €58,378 | -€13,118 | -18.3% |
| Taxes | 450/3 | €48,617 | €28,279 | -€20,338 | -41.8% |
| Remuneration and social security | 454/9 | €22,879 | €30,099 | +€7,220 | +31.6% |
| Other amounts payable | 47/48 | €0 | €4,051 | +€4,051 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €213,276 | €252,146 | +€38,870 | +18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,978 | €5,643 | -€2,335 | -29.3% |
| Other operating charges | 640/8 | €11,515 | €12,505 | +€990 | +8.6% |
| Gross operating margin | 9900 | €392,414 | €342,673 | -€49,741 | -12.7% |
| Operating profit (loss) | 9901 | €159,645 | €72,380 | -€87,265 | -54.7% |
| Financial income | 75/76B | €3,405 | €7,489 | +€4,084 | +120.0% |
| Recurring financial income | 75 | €3,405 | €7,489 | +€4,084 | +120.0% |
| Financial charges | 65/66B | €8,277 | €6,579 | -€1,698 | -20.5% |
| Recurring financial charges | 65 | €8,277 | €6,579 | -€1,698 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €154,772 | €73,289 | -€81,482 | -52.6% |
| Income taxes | 67/77 | €45,947 | €22,563 | -€23,384 | -50.9% |
| Profit (loss) for the period | 9904 | €108,824 | €50,726 | -€58,098 | -53.4% |
| Profit (loss) for the period to be appropriated | 9905 | €108,824 | €50,726 | -€58,098 | -53.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.