COPAGA: 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.
COPAGA
Largest movements
- Cash -€113,005
down €113,005 (-39.1%), from €289,379 to €176,374
mainly Debts after one year (-€152,740) and Tax, wage and social debts (-€48,153)
- Tangible fixed assets -€73,999
down €73,999 (-5.4%), from €1.4m to €1.3m
of which Other tangible fixed assets: -€73,999
- Receivables within one year +€30,864
up €30,864 (+202%), from €15,269 to €46,133
of which Other amounts receivable: +€15,789
- Debts after one year -€152,740
down €152,740 (-30.3%), from €503,520 to €350,780
of which Financial debts: -€152,740
- Tax, wage and social debts -€48,153
down €48,153 (-80.4%), from €59,889 to €11,736
of which Taxes: -€48,340
- Trade debts +€30,841
up €30,841 (+906%), from €3,403 to €34,244
- Reserves +€28,446
up €28,446 (+3.8%), from €750,775 to €779,221
of which Distributable reserves: +€46,000
- Gross operating margin -€109,474
down €109,474 (-35.6%), from €307,570 to €198,096
- Taxes -€34,294
down €34,294 (-57.1%), from €60,110 to €25,816
- Financial charges -€4,479
down €4,479 (-15.5%), from €28,896 to €24,417
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 | €1,667,891 | €1,511,751 | -€156,140 | -9.4% |
| Fixed assets | 21/28 | €1,363,243 | €1,289,244 | -€73,999 | -5.4% |
| Tangible fixed assets | 22/27 | €1,363,243 | €1,289,244 | -€73,999 | -5.4% |
| Land and buildings | 22 | €159,032 | €159,032 | = | 0.0% |
| Other tangible fixed assets | 26 | €1,204,211 | €1,130,212 | -€73,999 | -6.1% |
| Current assets | 29/58 | €304,648 | €222,507 | -€82,141 | -27.0% |
| Amounts receivable within one year | 40/41 | €15,269 | €46,133 | +€30,864 | +202% |
| Trade receivables | 40 | €13,269 | €28,344 | +€15,075 | +114% |
| Other amounts receivable | 41 | €2,000 | €17,789 | +€15,789 | +789% |
| Cash at bank and in hand | 54/58 | €289,379 | €176,374 | -€113,005 | -39.1% |
| Total equity and liabilities | 10/49 | €1,667,891 | €1,511,751 | -€156,140 | -9.4% |
| Equity | 10/15 | €802,275 | €832,628 | +€30,353 | +3.8% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €750,775 | €779,221 | +€28,446 | +3.8% |
| Non-distributable reserves | 130/1 | €23,000 | €23,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €23,000 | €23,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €131,275 | €113,721 | -€17,554 | -13.4% |
| Distributable reserves | 133 | €596,500 | €642,500 | +€46,000 | +7.7% |
| Profit (loss) carried forward | 14 | €1,500 | €3,407 | +€1,907 | +127% |
| Provisions and deferred taxes | 16 | €38,650 | €29,606 | -€9,044 | -23.4% |
| Deferred taxes | 168 | €38,650 | €29,606 | -€9,044 | -23.4% |
| Amounts payable | 17/49 | €826,966 | €649,517 | -€177,449 | -21.5% |
| Amounts payable after more than one year | 17 | €503,520 | €350,780 | -€152,740 | -30.3% |
| Financial debts | 170/4 | €353,520 | €200,780 | -€152,740 | -43.2% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €318,868 | €294,987 | -€23,881 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €144,071 | €153,138 | +€9,067 | +6.3% |
| Trade debts | 44 | €3,403 | €34,244 | +€30,841 | +906% |
| Suppliers | 440/4 | €3,403 | €34,244 | +€30,841 | +906% |
| Taxes, remuneration and social security | 45 | €59,889 | €11,736 | -€48,153 | -80.4% |
| Taxes | 450/3 | €55,090 | €6,750 | -€48,340 | -87.7% |
| Remuneration and social security | 454/9 | €4,799 | €4,986 | +€187 | +3.9% |
| Other amounts payable | 47/48 | €111,505 | €95,869 | -€15,636 | -14.0% |
| Accrued charges and deferred income | 492/3 | €4,578 | €3,750 | -€828 | -18.1% |
| Remuneration, social security and pensions | 62 | €21,565 | €21,942 | +€377 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,999 | €73,999 | = | 0.0% |
| Other operating charges | 640/8 | €35,935 | €35,463 | -€472 | -1.3% |
| Gross operating margin | 9900 | €307,570 | €198,096 | -€109,474 | -35.6% |
| Operating profit (loss) | 9901 | €176,071 | €66,692 | -€109,379 | -62.1% |
| Financial income | 75/76B | €2,487 | €4,850 | +€2,363 | +95.0% |
| Recurring financial income | 75 | €2,487 | €4,850 | +€2,363 | +95.0% |
| Financial charges | 65/66B | €28,896 | €24,417 | -€4,479 | -15.5% |
| Recurring financial charges | 65 | €28,896 | €24,417 | -€4,479 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €149,662 | €47,125 | -€102,537 | -68.5% |
| Transfer from deferred taxes | 780 | €9,043 | €9,044 | +€1 | 0.0% |
| Income taxes | 67/77 | €60,110 | €25,816 | -€34,294 | -57.1% |
| Profit (loss) for the period | 9904 | €98,595 | €30,353 | -€68,242 | -69.2% |
| Transfer from tax-exempt reserves | 789 | €17,555 | €17,554 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €116,150 | €47,907 | -€68,243 | -58.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.