COPAR: 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.
COPAR
Largest movements
- Cash -€1.0m
down €1.0m (-83.7%), from €1.2m to €195,606
mainly Investment in fixed assets (net) (-€915,986) and Debts after one year (-€300,000)
- Tangible fixed assets +€682,740
up €682,740 (+23.6%), from €2.9m to €3.6m
of which Land and buildings: +€662,316
- Receivables after one year +€53,093
new in 2025: €53,093
- Debts after one year -€300,000
down €300,000 (-33.3%), from €900,000 to €600,000
- Trade debts -€81,659
down €81,659 (-70.6%), from €115,717 to €34,058
- Profit (loss) carried forward +€65,746
up €65,746 (+20.4%), from €322,356 to €388,102
- Gross operating margin +€141,445
up €141,445 (+55.6%), from €254,368 to €395,814
- Depreciation +€94,239
up €94,239 (+67.8%), from €139,007 to €233,246
- Financial charges +€18,158
up €18,158 (+88.9%), from €20,422 to €38,580
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 | €4,116,466 | €3,828,371 | -€288,095 | -7.0% |
| Fixed assets | 21/28 | €2,896,931 | €3,579,671 | +€682,740 | +23.6% |
| Tangible fixed assets | 22/27 | €2,896,931 | €3,579,671 | +€682,740 | +23.6% |
| Land and buildings | 22 | €2,882,788 | €3,545,104 | +€662,316 | +23.0% |
| Plant, machinery and equipment | 23 | - | €21,918 | +€21,918 | |
| Furniture and vehicles | 24 | €14,143 | €12,649 | -€1,494 | -10.6% |
| Current assets | 29/58 | €1,219,535 | €248,700 | -€970,835 | -79.6% |
| Amounts receivable after more than one year | 29 | - | €53,093 | +€53,093 | |
| Other amounts receivable | 291 | - | €53,093 | +€53,093 | |
| Amounts receivable within one year | 40/41 | €18,297 | - | -€18,297 | |
| Other amounts receivable | 41 | €18,297 | - | -€18,297 | |
| Cash at bank and in hand | 54/58 | €1,201,238 | €195,606 | -€1.0m | -83.7% |
| Total equity and liabilities | 10/49 | €4,116,466 | €3,828,371 | -€288,095 | -7.0% |
| Equity | 10/15 | €2,800,750 | €2,887,359 | +€86,609 | +3.1% |
| Contributions | 10/11 | €224,700 | €224,700 | = | 0.0% |
| Capital | 10 | €224,700 | €224,700 | = | 0.0% |
| Issued capital | 100 | €224,700 | €224,700 | = | 0.0% |
| Reserves | 13 | €2,253,693 | €2,274,557 | +€20,863 | +0.9% |
| Non-distributable reserves | 130/1 | €22,470 | €22,470 | = | 0.0% |
| Legal reserve | 130 | €22,470 | €22,470 | = | 0.0% |
| Tax-exempt reserves | 132 | €223 | €21,087 | +€20,863 | +9339.3% |
| Distributable reserves | 133 | €2,231,000 | €2,231,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €322,356 | €388,102 | +€65,746 | +20.4% |
| Provisions and deferred taxes | 16 | - | €6,954 | +€6,954 | |
| Deferred taxes | 168 | - | €6,954 | +€6,954 | |
| Amounts payable | 17/49 | €1,315,717 | €934,058 | -€381,659 | -29.0% |
| Amounts payable after more than one year | 17 | €900,000 | €600,000 | -€300,000 | -33.3% |
| Financial debts | 170/4 | €900,000 | €600,000 | -€300,000 | -33.3% |
| Amounts payable within one year | 42/48 | €415,717 | €334,058 | -€81,659 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €300,000 | €300,000 | = | 0.0% |
| Trade debts | 44 | €115,717 | €34,058 | -€81,659 | -70.6% |
| Suppliers | 440/4 | €115,717 | €34,058 | -€81,659 | -70.6% |
| Non-recurring operating income | 76A | - | €29,148 | +€29,148 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,007 | €233,246 | +€94,239 | +67.8% |
| Other operating charges | 640/8 | €8,080 | €8,509 | +€429 | +5.3% |
| Gross operating margin | 9900 | €254,368 | €395,814 | +€141,445 | +55.6% |
| Operating profit (loss) | 9901 | €107,282 | €154,059 | +€46,777 | +43.6% |
| Financial charges | 65/66B | €20,422 | €38,580 | +€18,158 | +88.9% |
| Recurring financial charges | 65 | €20,422 | €38,580 | +€18,158 | +88.9% |
| Profit (loss) for the period before taxes | 9903 | €86,860 | €115,479 | +€28,619 | +32.9% |
| Transfer to deferred taxes | 680 | - | €6,954 | +€6,954 | |
| Income taxes | 67/77 | €21,715 | €21,915 | +€200 | +0.9% |
| Profit (loss) for the period | 9904 | €65,145 | €86,609 | +€21,464 | +32.9% |
| Transfer to tax-exempt reserves | 689 | - | €20,863 | +€20,863 | |
| Profit (loss) for the period to be appropriated | 9905 | €65,145 | €65,746 | +€601 | +0.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.