COPAC: 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.
COPAC
Largest movements
- Receivables within one year +€1.1m
up €1.1m (+254.7%), from €418,800 to €1.5m
of which Other amounts receivable: +€813,557
- Stocks and contracts +€468,000
up €468,000 (+64.1%), from €730,000 to €1.2m
- Receivables after one year -€250,000
down €250,000 (-7.0%), from €3.6m to €3.3m
- Other debts +€475,945
up €475,945 (+1628.2%), from €29,231 to €505,176
- Accrued charges and deferred income +€350,389
up €350,389 (+371.7%), from €94,264 to €444,653
- Debts after one year +€261,802
up €261,802 (+15.5%), from €1.7m to €2.0m
- Reserves +€220,852
up €220,852 (+7.5%), from €2.9m to €3.2m
- Tax, wage and social debts -€62,379
down €62,379 (-100.0%), from €62,379 to €0
- Gross operating margin -€291,134
down €291,134, from €268,951 to -€22,184
- Taxes -€54,080
down €54,080 (-38.2%), from €141,435 to €87,355
- Financial income +€37,691
up €37,691 (+8.7%), from €434,065 to €471,756
of which Financial income: +€37,691
- Other operating charges +€22,820
up €22,820 (+330.6%), from €6,903 to €29,724
- Financial charges +€13,466
up €13,466 (+13.7%), from €98,174 to €111,641
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 | €4,820,092 | €6,073,651 | +€1.3m | +26.0% |
| Current assets | 29/58 | €4,820,092 | €6,073,651 | +€1.3m | +26.0% |
| Amounts receivable after more than one year | 29 | €3,550,000 | €3,300,000 | -€250,000 | -7.0% |
| Other amounts receivable | 291 | €3,550,000 | €3,300,000 | -€250,000 | -7.0% |
| Stocks and contracts in progress | 3 | €730,000 | €1,198,000 | +€468,000 | +64.1% |
| Stocks | 30/36 | €730,000 | €1,198,000 | +€468,000 | +64.1% |
| Amounts receivable within one year | 40/41 | €418,800 | €1,485,557 | +€1.1m | +254.7% |
| Trade receivables | 40 | €409,800 | €663,000 | +€253,200 | +61.8% |
| Other amounts receivable | 41 | €9,000 | €822,557 | +€813,557 | +9039.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €120,844 | €89,624 | -€31,220 | -25.8% |
| Deferred charges and accrued income | 490/1 | €448 | €470 | +€22 | +4.9% |
| Total equity and liabilities | 10/49 | €4,820,092 | €6,073,651 | +€1.3m | +26.0% |
| Equity | 10/15 | €2,942,185 | €3,163,037 | +€220,852 | +7.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €2,937,185 | €3,158,037 | +€220,852 | +7.5% |
| Distributable reserves | 133 | €2,937,185 | €3,158,037 | +€220,852 | +7.5% |
| Amounts payable | 17/49 | €1,877,907 | €2,910,613 | +€1.0m | +55.0% |
| Amounts payable after more than one year | 17 | €1,691,589 | €1,953,391 | +€261,802 | +15.5% |
| Financial debts | 170/4 | €1,691,589 | €1,953,391 | +€261,802 | +15.5% |
| Amounts payable within one year | 42/48 | €92,054 | €512,570 | +€420,515 | +456.8% |
| Trade debts | 44 | €445 | €7,393 | +€6,949 | +1563.0% |
| Suppliers | 440/4 | €445 | €7,393 | +€6,949 | +1563.0% |
| Taxes, remuneration and social security | 45 | €62,379 | €0 | -€62,379 | -100.0% |
| Taxes | 450/3 | €62,379 | €0 | -€62,379 | -100.0% |
| Other amounts payable | 47/48 | €29,231 | €505,176 | +€475,945 | +1628.2% |
| Accrued charges and deferred income | 492/3 | €94,264 | €444,653 | +€350,389 | +371.7% |
| Other operating charges | 640/8 | €6,903 | €29,724 | +€22,820 | +330.6% |
| Gross operating margin | 9900 | €268,951 | -€22,184 | -€291,134 | |
| Operating profit (loss) | 9901 | €262,047 | -€51,907 | -€313,955 | |
| Financial income | 75/76B | €434,065 | €471,756 | +€37,691 | +8.7% |
| Recurring financial income | 75 | €434,065 | €471,756 | +€37,691 | +8.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €98,174 | €111,641 | +€13,466 | +13.7% |
| Recurring financial charges | 65 | €98,174 | €111,641 | +€13,466 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €597,938 | €308,208 | -€289,731 | -48.5% |
| Income taxes | 67/77 | €141,435 | €87,355 | -€54,080 | -38.2% |
| Profit (loss) for the period | 9904 | €456,503 | €220,852 | -€235,651 | -51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €456,503 | €220,852 | -€235,651 | -51.6% |
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 7 October 2026 via checked.be.