COPAN PROPERTIES: 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.
What changed
COPAN PROPERTIES
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.4m
2024 · -€1.7m+€228,666
Equity
€8.7m
2024 · €5.7m+€3.0m
Cash
€183,083
2024 · €129,028+€54,055
Balance sheet total
€33.9m
2024 · €27.6m+€6.3m
Largest movements
Assets
- Tangible fixed assets +€4.7m
up €4.7m (+17.1%), from €27.5m to €32.2m
of which Assets under construction and advance payments: +€4.7m
- Current investments +€1.5m
new in 2025: €1.5m
Equity and liabilities
- Contributions +€4.4m
up €4.4m (+49.3%), from €9.0m to €13.4m
- Debts after one year +€2.9m
up €2.9m (+16.7%), from €17.2m to €20.0m
- Profit (loss) carried forward -€1.4m
down €1.4m (-44.1%), from -€3.3m to -€4.7m
- Trade debts +€507,876
up €507,876 (+677.2%), from €74,996 to €582,872
Income statement
- Gross operating margin -€1.7m
down €1.7m, from €1.5m to -€220,932
- Financial charges -€1.3m
down €1.3m (-61.4%), from €2.1m to €826,794
- Other operating charges -€313,086
down €313,086 (-43.0%), from €727,472 to €414,386
- Financial income +€14,966
up €14,966 (+5543111.1%), from €0 to €14,967
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
-€1.7m
Gross operating margin
-€1.7m
Depreciation
-€1,066
Other operating charges
+€313,086
Other operating items
+€290,017
Financial income
+€14,966
Financial charges
+€1.3m
Taxes
+€0
Result 2025
-€1.4m
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.
From operations
-€1.1m
Investment
-€6.2m
Financing
+€7.3m
Cash 2024
€129,028
From operations (derived)
-€1.1m
Net result for the year
-€1.4m
Depreciation
+€2,743
Smaller working-capital items
+€851
Deferred charges and accrued income
-€68,509
Provisions
-€132,257
Trade debts
+€507,876
Other debts
+€86,503
Investment (derived)
-€6.2m
Investment in fixed assets (net)
-€4.7m
Current investments
-€1.5m
Financing
+€7.3m
Debts after one year
+€2.9m
Current portion of long-term debt
+€20,799
Contributions, distributions and other
+€4.4m
Cash 2025
€183,083
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,613,981 | €33,938,023 | +€6.3m | +22.9% |
| Fixed assets | 21/28 | €27,469,807 | €32,174,097 | +€4.7m | +17.1% |
| Tangible fixed assets | 22/27 | €27,469,807 | €32,174,097 | +€4.7m | +17.1% |
| Land and buildings | 22 | €1,770 | €48,949 | +€47,178 | +2664.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €12,291 | €18,690 | +€6,399 | +52.1% |
| Other tangible fixed assets | 26 | €3,920,707 | €3,920,707 | = | 0.0% |
| Assets under construction and advance payments | 27 | €23,535,038 | €28,185,751 | +€4.7m | +19.8% |
| Current assets | 29/58 | €144,174 | €1,763,926 | +€1.6m | +1123.5% |
| Amounts receivable within one year | 40/41 | €5,400 | €2,588 | -€2,812 | -52.1% |
| Trade receivables | 40 | €0 | €1,873 | +€1,873 | |
| Other amounts receivable | 41 | €5,400 | €715 | -€4,685 | -86.8% |
| Current investments | 50/53 | - | €1,500,000 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €129,028 | €183,083 | +€54,055 | +41.9% |
| Deferred charges and accrued income | 490/1 | €9,745 | €78,254 | +€68,509 | +703.0% |
| Total equity and liabilities | 10/49 | €27,613,981 | €33,938,023 | +€6.3m | +22.9% |
| Equity | 10/15 | €5,682,154 | €8,652,266 | +€3.0m | +52.3% |
| Contributions | 10/11 | €8,966,200 | €13,386,200 | +€4.4m | +49.3% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€3,284,046 | -€4,733,934 | -€1.4m | -44.1% |
| Provisions and deferred taxes | 16 | €3,644,316 | €3,512,059 | -€132,257 | -3.6% |
| Provisions for liabilities and charges | 160/5 | €3,644,316 | €3,512,059 | -€132,257 | -3.6% |
| Other liabilities and charges | 164/5 | €3,644,316 | €3,512,059 | -€132,257 | -3.6% |
| Amounts payable | 17/49 | €18,287,511 | €21,773,698 | +€3.5m | +19.1% |
| Amounts payable after more than one year | 17 | €17,172,228 | €20,045,198 | +€2.9m | +16.7% |
| Financial debts | 170/4 | €17,172,228 | €20,045,198 | +€2.9m | +16.7% |
| Amounts payable within one year | 42/48 | €1,087,076 | €1,699,921 | +€612,845 | +56.4% |
| Current portion of amounts payable after more than one year | 42 | €832,993 | €853,792 | +€20,799 | +2.5% |
| Trade debts | 44 | €74,996 | €582,872 | +€507,876 | +677.2% |
| Suppliers | 440/4 | €74,996 | €582,872 | +€507,876 | +677.2% |
| Taxes, remuneration and social security | 45 | €2,333 | €0 | -€2,333 | -100.0% |
| Taxes | 450/3 | €2,333 | €0 | -€2,333 | -100.0% |
| Other amounts payable | 47/48 | €176,755 | €263,257 | +€86,503 | +48.9% |
| Accrued charges and deferred income | 492/3 | €28,207 | €28,579 | +€372 | +1.3% |
| Non-recurring operating income | 76A | €1,585,599 | €116 | -€1.6m | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,677 | €2,743 | +€1,066 | +63.6% |
| Other operating charges | 640/8 | €727,472 | €414,386 | -€313,086 | -43.0% |
| Non-recurring operating charges | 66A | €290,017 | €0 | -€290,017 | -100.0% |
| Gross operating margin | 9900 | €1,483,766 | -€220,932 | -€1.7m | |
| Operating profit (loss) | 9901 | €464,601 | -€638,060 | -€1.1m | |
| Financial income | 75/76B | €0 | €14,967 | +€14,966 | +5543111.1% |
| Recurring financial income | 75 | €0 | €14,967 | +€14,966 | +5543111.1% |
| Financial charges | 65/66B | €2,143,154 | €826,794 | -€1.3m | -61.4% |
| Recurring financial charges | 65 | €2,143,154 | €826,794 | -€1.3m | -61.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,678,554 | -€1,449,888 | +€228,666 | +13.6% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -100.0% |
| Profit (loss) for the period | 9904 | -€1,678,554 | -€1,449,888 | +€228,666 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,678,554 | -€1,449,888 | +€228,666 | +13.6% |
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 10 October 2026 via checked.be.