COPAGEST: 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.
What changed
COPAGEST
NACE 64.190, Financial service activities, except insurance and pension funding
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.8m
2024 · €24.9m-€26.7m
Equity
€291.8m
2024 · €521.2m-€229.5m
Cash
-
not filed
Balance sheet total
€1.21bn
2024 · €1.09bn+€111.1m
Largest movements
Assets
- Receivables within one year +€120.1m
up €120.1m (+36608.6%), from €328,098 to €120.4m
of which Other amounts receivable: +€119.8m
Equity and liabilities
- Debts after one year +€416.0m
up €416.0m (+85.9%), from €484.0m to €900.0m
- Profit (loss) carried forward -€118.2m
no longer reported in 2025 (was €118.2m)
- Contributions -€112.1m
down €112.1m (-28.3%), from €396.1m to €284.0m
of which Outside capital: -€112.1m
- Current portion of long-term debt -€40.4m
no longer reported in 2025 (was €40.4m)
- Accrued charges and deferred income -€28.3m
down €28.3m (-95.9%), from €29.5m to €1.2m
Income statement
- Financial charges +€21.8m
up €21.8m (+45.7%), from €47.8m to €69.6m
of which Non-recurring financial charges: +€22.8m
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.
Result 2024
€24.9m
Other operating charges
+€10,562
Other operating items
+€198,279
Financial income
-€6.6m
Financial charges
-€21.8m
Taxes
+€1.6m
Result 2025
-€1.8m
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,094,276,448 | €1,205,375,932 | +€111.1m | +10.2% |
| Fixed assets | 21/28 | €1,085,303,024 | €1,083,110,014 | -€2.2m | -0.2% |
| Financial fixed assets | 28 | €1,085,303,024 | €1,083,110,014 | -€2.2m | -0.2% |
| Affiliated companies | 280/1 | €1,085,302,924 | €1,083,110,014 | -€2.2m | -0.2% |
| Participating interests | 280 | €313,903,195 | €313,906,186 | +€2,991 | 0.0% |
| Amounts receivable | 281 | €771,399,729 | €769,203,828 | -€2.2m | -0.3% |
| Other financial fixed assets | 284/8 | €100 | - | -€100 | |
| Shares | 284 | €100 | - | -€100 | |
| Current assets | 29/58 | €8,973,424 | €122,265,919 | +€113.3m | +1262.5% |
| Amounts receivable within one year | 40/41 | €328,098 | €120,440,042 | +€120.1m | +36608.6% |
| Trade receivables | 40 | - | €292,620 | +€292,620 | |
| Other amounts receivable | 41 | €328,098 | €120,147,422 | +€119.8m | +36519.4% |
| Deferred charges and accrued income | 490/1 | €8,645,326 | €1,825,877 | -€6.8m | -78.9% |
| Total equity and liabilities | 10/49 | €1,094,276,448 | €1,205,375,932 | +€111.1m | +10.2% |
| Equity | 10/15 | €521,241,140 | €291,780,331 | -€229.5m | -44.0% |
| Contributions | 10/11 | €396,112,255 | €284,002,757 | -€112.1m | -28.3% |
| Capital | 10 | €193,506,829 | €193,506,829 | = | 0.0% |
| Issued capital | 100 | €193,506,829 | €193,506,829 | = | 0.0% |
| Outside capital | 11 | €202,605,426 | €90,495,929 | -€112.1m | -55.3% |
| Share premium | 1100/10 | €202,605,426 | €90,495,929 | -€112.1m | -55.3% |
| Reserves | 13 | €6,924,920 | €7,777,573 | +€852,653 | +12.3% |
| Non-distributable reserves | 130/1 | €6,924,920 | €7,777,573 | +€852,653 | +12.3% |
| Legal reserve | 130 | €6,924,920 | €7,777,573 | +€852,653 | +12.3% |
| Profit (loss) carried forward | 14 | €118,203,965 | - | -€118.2m | |
| Provisions and deferred taxes | 16 | €72,960 | - | -€72,960 | |
| Provisions for liabilities and charges | 160/5 | €72,960 | - | -€72,960 | |
| Taxes | 161 | €72,960 | - | -€72,960 | |
| Amounts payable | 17/49 | €572,962,348 | €913,595,601 | +€340.6m | +59.5% |
| Amounts payable after more than one year | 17 | €484,040,715 | €900,000,000 | +€416.0m | +85.9% |
| Financial debts | 170/4 | €484,040,715 | €900,000,000 | +€416.0m | +85.9% |
| Subordinated loans | 170 | €484,040,715 | - | -€484.0m | |
| Credit institutions | 173 | - | €900,000,000 | +€900.0m | |
| Amounts payable within one year | 42/48 | €59,420,385 | €12,394,655 | -€47.0m | -79.1% |
| Current portion of amounts payable after more than one year | 42 | €40,367,776 | - | -€40.4m | |
| Trade debts | 44 | €59,003 | €45,306 | -€13,697 | -23.2% |
| Suppliers | 440/4 | €59,003 | €45,306 | -€13,697 | -23.2% |
| Other amounts payable | 47/48 | €18,993,605 | €12,349,349 | -€6.6m | -35.0% |
| Accrued charges and deferred income | 492/3 | €29,501,249 | €1,200,946 | -€28.3m | -95.9% |
| Operating charges | 60/66A | €256,246 | €47,405 | -€208,841 | -81.5% |
| Services and other goods | 61 | €116,760 | €47,287 | -€69,474 | -59.5% |
| Other operating charges | 640/8 | €10,680 | €118 | -€10,562 | -98.9% |
| Non-recurring operating charges | 66A | €128,805 | - | -€128,805 | |
| Operating profit (loss) | 9901 | -€256,246 | -€47,405 | +€208,841 | +81.5% |
| Financial income | 75/76B | €75,824,766 | €69,176,714 | -€6.6m | -8.8% |
| Recurring financial income | 75 | €75,824,766 | €54,522,875 | -€21.3m | -28.1% |
| Income from financial fixed assets | 750 | €61,654,202 | €47,114,415 | -€14.5m | -23.6% |
| Income from current assets | 751 | €14,170,553 | €7,408,460 | -€6.8m | -47.7% |
| Other financial income | 752/9 | €10 | - | -€10 | |
| Non-recurring financial income | 76B | - | €14,653,839 | +€14.7m | |
| Financial charges | 65/66B | €47,795,712 | €69,635,901 | +€21.8m | +45.7% |
| Recurring financial charges | 65 | €47,795,712 | €46,828,325 | -€967,387 | -2.0% |
| Debt charges | 650 | €47,794,916 | €46,827,746 | -€967,170 | -2.0% |
| Other financial charges | 652/9 | €796 | €579 | -€217 | -27.3% |
| Non-recurring financial charges | 66B | - | €22,807,576 | +€22.8m | |
| Profit (loss) for the period before taxes | 9903 | €27,772,808 | -€506,592 | -€28.3m | |
| Income taxes | 67/77 | €2,905,426 | €1,280,340 | -€1.6m | -55.9% |
| Taxes | 670/3 | €3,314,898 | €2,402,938 | -€911,959 | -27.5% |
| Tax adjustments and reversals of tax provisions | 77 | €409,472 | €1,122,598 | +€713,126 | +174.2% |
| Profit (loss) for the period | 9904 | €24,867,383 | -€1,786,932 | -€26.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €24,867,383 | -€1,786,932 | -€26.7m |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.