COHORT: 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.
COHORT
Largest movements
- Tangible fixed assets +€127,134
up €127,134 (+10.6%), from €1.2m to €1.3m
of which Assets under construction and advance payments: +€173,167
- Cash -€60,861
down €60,861 (-56.1%), from €108,559 to €47,698
mainly Investment in fixed assets (net) (-€200,684) and Debts after one year (-€121,604)
- Debts after one year -€121,604
down €121,604 (-25.3%), from €480,877 to €359,273
- Reserves +€100,686
up €100,686 (+22.3%), from €452,233 to €552,919
- Other debts +€95,481
up €95,481 (+87.8%), from €108,805 to €204,286
- Current portion of long-term debt -€39,173
down €39,173 (-23.8%), from €164,528 to €125,354
- Tax, wage and social debts +€23,253
up €23,253 (+165%), from €14,121 to €37,374
of which Taxes: +€30,410
- Financial income -€59,310
down €59,310 (-98.8%), from €60,056 to €746
- Gross operating margin +€57,367
up €57,367 (+20.9%), from €274,964 to €332,331
- Taxes +€14,865
up €14,865 (+29.0%), from €51,245 to €66,110
- Depreciation +€3,794
up €3,794 (+5.4%), from €69,756 to €73,550
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 | €1,775,466 | €1,837,249 | +€61,783 | +3.5% |
| Fixed assets | 21/28 | €1,626,822 | €1,753,956 | +€127,134 | +7.8% |
| Tangible fixed assets | 22/27 | €1,196,172 | €1,323,306 | +€127,134 | +10.6% |
| Land and buildings | 22 | €1,185,689 | €1,132,607 | -€53,082 | -4.5% |
| Plant, machinery and equipment | 23 | €4,259 | €11,178 | +€6,919 | +162% |
| Furniture and vehicles | 24 | €6,224 | €6,354 | +€130 | +2.1% |
| Assets under construction and advance payments | 27 | - | €173,167 | +€173,167 | |
| Financial fixed assets | 28 | €430,650 | €430,650 | = | 0.0% |
| Current assets | 29/58 | €148,644 | €83,294 | -€65,350 | -44.0% |
| Amounts receivable within one year | 40/41 | €35,625 | €29,489 | -€6,136 | -17.2% |
| Trade receivables | 40 | €35,625 | €9,973 | -€25,651 | -72.0% |
| Other amounts receivable | 41 | - | €19,515 | +€19,515 | |
| Cash at bank and in hand | 54/58 | €108,559 | €47,698 | -€60,861 | -56.1% |
| Deferred charges and accrued income | 490/1 | €4,460 | €6,107 | +€1,647 | +36.9% |
| Total equity and liabilities | 10/49 | €1,775,466 | €1,837,249 | +€61,783 | +3.5% |
| Equity | 10/15 | €994,145 | €1,094,830 | +€100,686 | +10.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €452,233 | €552,919 | +€100,686 | +22.3% |
| Distributable reserves | 133 | €452,233 | €552,919 | +€100,686 | +22.3% |
| Profit (loss) carried forward | 14 | €521,912 | €521,912 | = | 0.0% |
| Amounts payable | 17/49 | €781,321 | €742,419 | -€38,902 | -5.0% |
| Amounts payable after more than one year | 17 | €480,877 | €359,273 | -€121,604 | -25.3% |
| Financial debts | 170/4 | €480,877 | €359,273 | -€121,604 | -25.3% |
| Amounts payable within one year | 42/48 | €300,444 | €383,146 | +€82,702 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €164,528 | €125,354 | -€39,173 | -23.8% |
| Trade debts | 44 | €12,991 | €16,132 | +€3,142 | +24.2% |
| Suppliers | 440/4 | €12,991 | €16,132 | +€3,142 | +24.2% |
| Taxes, remuneration and social security | 45 | €14,121 | €37,374 | +€23,253 | +165% |
| Taxes | 450/3 | €6,964 | €37,374 | +€30,410 | +437% |
| Remuneration and social security | 454/9 | €7,157 | - | -€7,157 | |
| Other amounts payable | 47/48 | €108,805 | €204,286 | +€95,481 | +87.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,756 | €73,550 | +€3,794 | +5.4% |
| Other operating charges | 640/8 | €14,072 | €14,448 | +€376 | +2.7% |
| Gross operating margin | 9900 | €274,964 | €332,331 | +€57,367 | +20.9% |
| Operating profit (loss) | 9901 | €191,136 | €244,333 | +€53,196 | +27.8% |
| Financial income | 75/76B | €60,056 | €746 | -€59,310 | -98.8% |
| Recurring financial income | 75 | €60,056 | €746 | -€59,310 | -98.8% |
| Financial charges | 65/66B | €13,554 | €13,997 | +€442 | +3.3% |
| Recurring financial charges | 65 | €13,554 | €13,997 | +€442 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €237,638 | €231,082 | -€6,556 | -2.8% |
| Income taxes | 67/77 | €51,245 | €66,110 | +€14,865 | +29.0% |
| Profit (loss) for the period | 9904 | €186,393 | €164,972 | -€21,421 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €186,393 | €164,972 | -€21,421 | -11.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.