COPA: 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.
COPA
Largest movements
- Tangible fixed assets -€43,481
down €43,481 (-5.0%), from €868,019 to €824,538
of which Land and buildings: -€36,310
- Receivables within one year +€26,109
up €26,109 (+60.5%), from €43,161 to €69,270
of which Other amounts receivable: +€25,551
- Cash -€15,952
down €15,952 (-45.2%), from €35,263 to €19,311
mainly Debts after one year (-€67,971) and Receivables within one year (-€26,109)
- Deferred charges and accrued income +€13,355
up €13,355 (+280.9%), from €4,755 to €18,109
- Debts after one year -€67,971
down €67,971 (-9.3%), from €727,451 to €659,480
of which Financial debts: -€83,806
- Reserves +€36,138
up €36,138 (+13.5%), from €267,665 to €303,802
- Gross operating margin +€35,394
up €35,394 (+35.9%), from €98,564 to €133,959
- Other operating charges -€15,859
down €15,859 (-67.0%), from €23,668 to €7,810
- Taxes +€10,077
up €10,077 (+313.8%), from €3,212 to €13,288
- Financial income -€4,575
down €4,575 (-100.0%), from €4,575 to €0
- Financial charges +€2,592
up €2,592 (+9.1%), from €28,610 to €31,202
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 | €1,213,698 | €1,193,728 | -€19,969 | -1.6% |
| Fixed assets | 21/28 | €1,130,519 | €1,087,038 | -€43,481 | -3.8% |
| Tangible fixed assets | 22/27 | €868,019 | €824,538 | -€43,481 | -5.0% |
| Land and buildings | 22 | €840,619 | €804,309 | -€36,310 | -4.3% |
| Plant, machinery and equipment | 23 | €16,649 | €13,064 | -€3,584 | -21.5% |
| Furniture and vehicles | 24 | €10,751 | €7,164 | -€3,586 | -33.4% |
| Financial fixed assets | 28 | €262,500 | €262,500 | = | 0.0% |
| Current assets | 29/58 | €83,179 | €106,690 | +€23,511 | +28.3% |
| Amounts receivable within one year | 40/41 | €43,161 | €69,270 | +€26,109 | +60.5% |
| Trade receivables | 40 | - | €558 | +€558 | |
| Other amounts receivable | 41 | €43,161 | €68,712 | +€25,551 | +59.2% |
| Cash at bank and in hand | 54/58 | €35,263 | €19,311 | -€15,952 | -45.2% |
| Deferred charges and accrued income | 490/1 | €4,755 | €18,109 | +€13,355 | +280.9% |
| Total equity and liabilities | 10/49 | €1,213,698 | €1,193,728 | -€19,969 | -1.6% |
| Equity | 10/15 | €286,265 | €322,402 | +€36,138 | +12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €267,665 | €303,802 | +€36,138 | +13.5% |
| Distributable reserves | 133 | €267,665 | €303,802 | +€36,138 | +13.5% |
| Amounts payable | 17/49 | €927,433 | €871,326 | -€56,107 | -6.0% |
| Amounts payable after more than one year | 17 | €727,451 | €659,480 | -€67,971 | -9.3% |
| Financial debts | 170/4 | €340,839 | €257,033 | -€83,806 | -24.6% |
| Other amounts payable | 178/9 | €386,613 | €402,448 | +€15,835 | +4.1% |
| Amounts payable within one year | 42/48 | €177,360 | €186,185 | +€8,825 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €82,178 | €83,806 | +€1,628 | +2.0% |
| Trade debts | 44 | €673 | €7,554 | +€6,881 | +1022.8% |
| Suppliers | 440/4 | €673 | €7,554 | +€6,881 | +1022.8% |
| Taxes, remuneration and social security | 45 | €6,059 | €2,150 | -€3,910 | -64.5% |
| Taxes | 450/3 | €6,059 | €2,150 | -€3,910 | -64.5% |
| Other amounts payable | 47/48 | €88,450 | €92,675 | +€4,225 | +4.8% |
| Accrued charges and deferred income | 492/3 | €22,622 | €25,661 | +€3,039 | +13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,451 | €45,521 | +€2,070 | +4.8% |
| Other operating charges | 640/8 | €23,668 | €7,810 | -€15,859 | -67.0% |
| Gross operating margin | 9900 | €98,564 | €133,959 | +€35,394 | +35.9% |
| Operating profit (loss) | 9901 | €31,445 | €80,628 | +€49,183 | +156.4% |
| Financial income | 75/76B | €4,575 | €0 | -€4,575 | -100.0% |
| Recurring financial income | 75 | €4,575 | €0 | -€4,575 | -100.0% |
| Financial charges | 65/66B | €28,610 | €31,202 | +€2,592 | +9.1% |
| Recurring financial charges | 65 | €28,610 | €31,202 | +€2,592 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €7,410 | €49,426 | +€42,016 | +567.0% |
| Income taxes | 67/77 | €3,212 | €13,288 | +€10,077 | +313.8% |
| Profit (loss) for the period | 9904 | €4,198 | €36,138 | +€31,939 | +760.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,198 | €36,138 | +€31,939 | +760.8% |
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.