COPALE: 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.
COPALE
Largest movements
- Cash -€244,479
down €244,479 (-96.5%), from €253,285 to €8,806
mainly Debts after one year (-€297,252) and Investment in fixed assets (net) (-€103,988)
- Receivables within one year +€67,558
up €67,558 (+34.3%), from €197,207 to €264,764
of which Other amounts receivable: +€62,575
- Tangible fixed assets +€46,322
up €46,322 (+3.8%), from €1.2m to €1.3m
of which Land and buildings: +€45,220
- Debts after one year -€297,252
down €297,252 (-46.4%), from €640,690 to €343,439
of which Financial debts: -€222,827
- Current portion of long-term debt +€200,536
up €200,536 (+713%), from €28,124 to €228,660
- Gross operating margin -€275,136
down €275,136 (-74.5%), from €369,538 to €94,402
- Financial income -€20,214
down €20,214 (-93.5%), from €21,630 to €1,416
of which Non-recurring financial income: -€18,378
- Staff costs +€8,955
up €8,955 (+51.8%), from €17,277 to €26,232
- Financial charges +€5,982
up €5,982 (+70.8%), from €8,446 to €14,428
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 | €1,719,116 | €1,593,495 | -€125,621 | -7.3% |
| Fixed assets | 21/28 | €1,264,802 | €1,313,266 | +€48,464 | +3.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,210,877 | €1,257,199 | +€46,322 | +3.8% |
| Land and buildings | 22 | €1,210,877 | €1,256,097 | +€45,220 | +3.7% |
| Plant, machinery and equipment | 23 | - | €1,103 | +€1,103 | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €53,925 | €56,067 | +€2,142 | +4.0% |
| Current assets | 29/58 | €454,314 | €280,229 | -€174,085 | -38.3% |
| Amounts receivable within one year | 40/41 | €197,207 | €264,764 | +€67,558 | +34.3% |
| Trade receivables | 40 | €75,036 | €80,018 | +€4,983 | +6.6% |
| Other amounts receivable | 41 | €122,171 | €184,746 | +€62,575 | +51.2% |
| Cash at bank and in hand | 54/58 | €253,285 | €8,806 | -€244,479 | -96.5% |
| Deferred charges and accrued income | 490/1 | €3,822 | €6,658 | +€2,837 | +74.2% |
| Total equity and liabilities | 10/49 | €1,719,116 | €1,593,495 | -€125,621 | -7.3% |
| Equity | 10/15 | €825,999 | €812,248 | -€13,751 | -1.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €224,321 | €214,460 | -€9,860 | -4.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €218,121 | €208,260 | -€9,860 | -4.5% |
| Profit (loss) carried forward | 14 | €539,678 | €535,788 | -€3,890 | -0.7% |
| Provisions and deferred taxes | 16 | €136,909 | €133,622 | -€3,287 | -2.4% |
| Provisions for liabilities and charges | 160/5 | €64,202 | €64,202 | = | 0.0% |
| Pensions and similar obligations | 160 | €64,202 | €64,202 | = | 0.0% |
| Deferred taxes | 168 | €72,707 | €69,420 | -€3,287 | -4.5% |
| Amounts payable | 17/49 | €756,208 | €647,625 | -€108,583 | -14.4% |
| Amounts payable after more than one year | 17 | €640,690 | €343,439 | -€297,252 | -46.4% |
| Financial debts | 170/4 | €454,650 | €231,822 | -€222,827 | -49.0% |
| Other amounts payable | 178/9 | €186,041 | €111,616 | -€74,425 | -40.0% |
| Amounts payable within one year | 42/48 | €113,518 | €301,786 | +€188,268 | +166% |
| Current portion of amounts payable after more than one year | 42 | €28,124 | €228,660 | +€200,536 | +713% |
| Trade debts | 44 | €70,301 | €57,550 | -€12,751 | -18.1% |
| Suppliers | 440/4 | €70,301 | €57,550 | -€12,751 | -18.1% |
| Taxes, remuneration and social security | 45 | €3,520 | €3,356 | -€164 | -4.7% |
| Taxes | 450/3 | €386 | €0 | -€386 | -100% |
| Remuneration and social security | 454/9 | €3,134 | €3,356 | +€222 | +7.1% |
| Other amounts payable | 47/48 | €11,572 | €12,220 | +€647 | +5.6% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,400 | +€400 | +20.0% |
| Remuneration, social security and pensions | 62 | €17,277 | €26,232 | +€8,955 | +51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,144 | €55,524 | -€2,620 | -4.5% |
| Other operating charges | 640/8 | €11,796 | €11,142 | -€654 | -5.5% |
| Gross operating margin | 9900 | €369,538 | €94,402 | -€275,136 | -74.5% |
| Operating profit (loss) | 9901 | €282,321 | €1,503 | -€280,818 | -99.5% |
| Financial income | 75/76B | €21,630 | €1,416 | -€20,214 | -93.5% |
| Recurring financial income | 75 | €3,252 | €1,416 | -€1,836 | -56.5% |
| Non-recurring financial income | 76B | €18,378 | €0 | -€18,378 | -100% |
| Financial charges | 65/66B | €8,446 | €14,428 | +€5,982 | +70.8% |
| Recurring financial charges | 65 | €8,446 | €14,428 | +€5,982 | +70.8% |
| Profit (loss) for the period before taxes | 9903 | €295,505 | -€11,509 | -€307,013 | |
| Transfer from deferred taxes | 780 | - | €3,287 | +€3,287 | |
| Transfer to deferred taxes | 680 | €72,707 | €0 | -€72,707 | -100% |
| Income taxes | 67/77 | €4,820 | €5,529 | +€709 | +14.7% |
| Profit (loss) for the period | 9904 | €217,978 | -€13,751 | -€231,728 | |
| Transfer from tax-exempt reserves | 789 | - | €9,860 | +€9,860 | |
| Transfer to tax-exempt reserves | 689 | €218,121 | €0 | -€218,121 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€143 | -€3,890 | -€3,747 | -2,620% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.