COPARSEL: 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.
COPARSEL
Largest movements
- Tangible fixed assets +€95,912
up €95,912 (+7.7%), from €1.2m to €1.3m
- Cash -€80,929
down €80,929 (-53.3%), from €151,975 to €71,046
mainly Investment in fixed assets (net) (-€200,695) and Debts after one year (-€95,790)
- Stocks and contracts +€33,965
up €33,965 (+7.7%), from €442,225 to €476,190
- Other debts +€151,135
up €151,135 (+6039.0%), from €2,503 to €153,638
- Debts after one year -€95,790
down €95,790 (-18.7%), from €510,882 to €415,092
- Reserves -€54,700
down €54,700 (-6.6%), from €830,954 to €776,254
of which Distributable reserves: -€49,529
- Tax, wage and social debts +€43,168
up €43,168 (+45.0%), from €95,886 to €139,053
of which Taxes: +€31,437
- Short-term financial debts +€32,000
up €32,000 (+33.3%), from €96,000 to €128,000
- Financial income -€19,554
down €19,554 (-42.5%), from €45,958 to €26,404
- Staff costs -€15,767
down €15,767 (-4.6%), from €342,415 to €326,647
- Depreciation +€11,043
up €11,043 (+11.5%), from €95,740 to €106,783
- Gross operating margin -€10,425
down €10,425 (-2.5%), from €418,674 to €408,248
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 | €1,877,335 | €1,921,278 | +€43,943 | +2.3% |
| Fixed assets | 21/28 | €1,249,223 | €1,343,135 | +€93,912 | +7.5% |
| Intangible fixed assets | 21 | €6,000 | €4,000 | -€2,000 | -33.3% |
| Tangible fixed assets | 22/27 | €1,243,223 | €1,339,135 | +€95,912 | +7.7% |
| Land and buildings | 22 | €1,074,431 | €1,116,340 | +€41,909 | +3.9% |
| Plant, machinery and equipment | 23 | €151,698 | €167,957 | +€16,259 | +10.7% |
| Furniture and vehicles | 24 | €17,094 | €54,838 | +€37,744 | +220.8% |
| Current assets | 29/58 | €628,112 | €578,143 | -€49,969 | -8.0% |
| Stocks and contracts in progress | 3 | €442,225 | €476,190 | +€33,965 | +7.7% |
| Stocks | 30/36 | €442,225 | €476,190 | +€33,965 | +7.7% |
| Amounts receivable within one year | 40/41 | €24,508 | €18,793 | -€5,715 | -23.3% |
| Trade receivables | 40 | €1,976 | €0 | -€1,976 | -100.0% |
| Other amounts receivable | 41 | €22,532 | €18,793 | -€3,739 | -16.6% |
| Cash at bank and in hand | 54/58 | €151,975 | €71,046 | -€80,929 | -53.3% |
| Deferred charges and accrued income | 490/1 | €9,404 | €12,114 | +€2,710 | +28.8% |
| Total equity and liabilities | 10/49 | €1,877,335 | €1,921,278 | +€43,943 | +2.3% |
| Equity | 10/15 | €998,954 | €944,254 | -€54,700 | -5.5% |
| Contributions | 10/11 | €168,000 | €168,000 | = | 0.0% |
| Capital | 10 | €168,000 | €168,000 | = | 0.0% |
| Issued capital | 100 | €168,000 | €168,000 | = | 0.0% |
| Reserves | 13 | €830,954 | €776,254 | -€54,700 | -6.6% |
| Non-distributable reserves | 130/1 | €16,800 | €16,800 | = | 0.0% |
| Legal reserve | 130 | €16,800 | €16,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,305 | €4,134 | -€5,171 | -55.6% |
| Distributable reserves | 133 | €804,848 | €755,319 | -€49,529 | -6.2% |
| Provisions and deferred taxes | 16 | €3,102 | €1,378 | -€1,724 | -55.6% |
| Deferred taxes | 168 | €3,102 | €1,378 | -€1,724 | -55.6% |
| Amounts payable | 17/49 | €875,279 | €975,646 | +€100,366 | +11.5% |
| Amounts payable after more than one year | 17 | €510,882 | €415,092 | -€95,790 | -18.7% |
| Financial debts | 170/4 | €510,882 | €415,092 | -€95,790 | -18.7% |
| Amounts payable within one year | 42/48 | €359,232 | €553,104 | +€193,872 | +54.0% |
| Current portion of amounts payable after more than one year | 42 | €116,540 | €95,790 | -€20,750 | -17.8% |
| Financial debts | 43 | €96,000 | €128,000 | +€32,000 | +33.3% |
| Credit institutions | 430/8 | €96,000 | €128,000 | +€32,000 | +33.3% |
| Trade debts | 44 | €48,303 | €36,623 | -€11,680 | -24.2% |
| Suppliers | 440/4 | €48,303 | €36,623 | -€11,680 | -24.2% |
| Taxes, remuneration and social security | 45 | €95,886 | €139,053 | +€43,168 | +45.0% |
| Taxes | 450/3 | €39,861 | €71,298 | +€31,437 | +78.9% |
| Remuneration and social security | 454/9 | €56,025 | €67,756 | +€11,731 | +20.9% |
| Other amounts payable | 47/48 | €2,503 | €153,638 | +€151,135 | +6039.0% |
| Accrued charges and deferred income | 492/3 | €5,166 | €7,450 | +€2,284 | +44.2% |
| Non-recurring operating income | 76A | - | €544 | +€544 | |
| Remuneration, social security and pensions | 62 | €342,415 | €326,647 | -€15,767 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,740 | €106,783 | +€11,043 | +11.5% |
| Other operating charges | 640/8 | €34,243 | €34,889 | +€646 | +1.9% |
| Gross operating margin | 9900 | €418,674 | €408,248 | -€10,425 | -2.5% |
| Operating profit (loss) | 9901 | -€53,724 | -€60,071 | -€6,347 | -11.8% |
| Financial income | 75/76B | €45,958 | €26,404 | -€19,554 | -42.5% |
| Recurring financial income | 75 | €45,958 | €26,404 | -€19,554 | -42.5% |
| Financial charges | 65/66B | €22,264 | €22,548 | +€283 | +1.3% |
| Recurring financial charges | 65 | €22,264 | €22,548 | +€283 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | -€30,030 | -€56,214 | -€26,184 | -87.2% |
| Transfer from deferred taxes | 780 | €1,724 | €1,724 | = | 0.0% |
| Income taxes | 67/77 | €195 | €209 | +€14 | +7.1% |
| Profit (loss) for the period | 9904 | -€28,502 | -€54,700 | -€26,198 | -91.9% |
| Transfer from tax-exempt reserves | 789 | €5,171 | €5,171 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,331 | -€49,529 | -€26,198 | -112.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.