COPECI: 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.
COPECI
Largest movements
- Tangible fixed assets -€40,562
down €40,562 (-3.0%), from €1.3m to €1.3m
of which Land and buildings: -€38,837
- Cash +€26,122
up €26,122 (+117%), from €22,316 to €48,438
mainly Depreciation (+€59,613) and Receivables within one year (+€24,918)
- Receivables within one year -€24,918
down €24,918 (-88.2%), from €28,267 to €3,350
of which Other amounts receivable: -€21,678
- Profit (loss) carried forward -€32,589
down €32,589 (-24.0%), from -€135,860 to -€168,449
- Other debts +€17,215
up €17,215 (+17.9%), from €96,287 to €113,501
- Gross operating margin -€24,720
down €24,720 (-21.0%), from €117,645 to €92,925
- Depreciation +€8,259
up €8,259 (+16.1%), from €51,354 to €59,613
- Financial charges -€7,575
down €7,575 (-11.0%), from €69,132 to €61,557
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 | €1,419,668 | €1,380,027 | -€39,641 | -2.8% |
| Fixed assets | 21/28 | €1,365,845 | €1,325,283 | -€40,562 | -3.0% |
| Tangible fixed assets | 22/27 | €1,348,729 | €1,308,167 | -€40,562 | -3.0% |
| Land and buildings | 22 | €1,344,023 | €1,305,186 | -€38,837 | -2.9% |
| Furniture and vehicles | 24 | €339 | €229 | -€110 | -32.4% |
| Other tangible fixed assets | 26 | €4,367 | €2,752 | -€1,615 | -37.0% |
| Financial fixed assets | 28 | €17,116 | €17,116 | = | 0.0% |
| Current assets | 29/58 | €53,823 | €54,744 | +€920 | +1.7% |
| Amounts receivable within one year | 40/41 | €28,267 | €3,350 | -€24,918 | -88.2% |
| Trade receivables | 40 | €3,466 | €226 | -€3,240 | -93.5% |
| Other amounts receivable | 41 | €24,801 | €3,124 | -€21,678 | -87.4% |
| Cash at bank and in hand | 54/58 | €22,316 | €48,438 | +€26,122 | +117% |
| Deferred charges and accrued income | 490/1 | €3,240 | €2,957 | -€284 | -8.8% |
| Total equity and liabilities | 10/49 | €1,419,668 | €1,380,027 | -€39,641 | -2.8% |
| Equity | 10/15 | -€58,702 | -€93,681 | -€34,979 | -59.6% |
| Contributions | 10/11 | €18,593 | €18,593 | = | 0.0% |
| Reserves | 13 | €58,565 | €56,176 | -€2,389 | -4.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,706 | €54,317 | -€2,389 | -4.2% |
| Profit (loss) carried forward | 14 | -€135,860 | -€168,449 | -€32,589 | -24.0% |
| Provisions and deferred taxes | 16 | €462,601 | €455,291 | -€7,310 | -1.6% |
| Provisions for liabilities and charges | 160/5 | €443,699 | €437,186 | -€6,514 | -1.5% |
| Pensions and similar obligations | 160 | €443,699 | €437,186 | -€6,514 | -1.5% |
| Deferred taxes | 168 | €18,902 | €18,105 | -€796 | -4.2% |
| Amounts payable | 17/49 | €1,015,769 | €1,018,416 | +€2,647 | +0.3% |
| Amounts payable after more than one year | 17 | €844,556 | €835,633 | -€8,922 | -1.1% |
| Financial debts | 170/4 | €843,906 | €834,983 | -€8,922 | -1.1% |
| Other amounts payable | 178/9 | €650 | €650 | = | 0.0% |
| Amounts payable within one year | 42/48 | €166,498 | €181,499 | +€15,001 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €51,727 | €59,241 | +€7,514 | +14.5% |
| Financial debts | 43 | €0 | €127 | +€127 | |
| Credit institutions | 430/8 | €0 | €127 | +€127 | |
| Trade debts | 44 | €18,484 | €8,630 | -€9,854 | -53.3% |
| Suppliers | 440/4 | €18,484 | €8,630 | -€9,854 | -53.3% |
| Other amounts payable | 47/48 | €96,287 | €113,501 | +€17,215 | +17.9% |
| Accrued charges and deferred income | 492/3 | €4,715 | €1,284 | -€3,431 | -72.8% |
| Non-recurring operating income | 76A | €26,698 | €0 | -€26,698 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,354 | €59,613 | +€8,259 | +16.1% |
| Other operating charges | 640/8 | €7,319 | €7,549 | +€230 | +3.1% |
| Gross operating margin | 9900 | €117,645 | €92,925 | -€24,720 | -21.0% |
| Operating profit (loss) | 9901 | €58,972 | €25,762 | -€33,210 | -56.3% |
| Financial income | 75/76B | €0 | €20 | +€20 | +4,681% |
| Recurring financial income | 75 | €0 | €20 | +€20 | +4,681% |
| Financial charges | 65/66B | €69,132 | €61,557 | -€7,575 | -11.0% |
| Recurring financial charges | 65 | €69,132 | €61,557 | -€7,575 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | -€10,160 | -€35,775 | -€25,615 | -252% |
| Transfer from deferred taxes | 780 | €3,255 | €796 | -€2,458 | -75.5% |
| Transfer to deferred taxes | 680 | €26,698 | €0 | -€26,698 | -100% |
| Profit (loss) for the period | 9904 | -€33,604 | -€34,979 | -€1,375 | -4.1% |
| Transfer from tax-exempt reserves | 789 | - | €2,389 | +€2,389 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,604 | -€32,589 | +€1,014 | +3.0% |
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 13 October 2026 via checked.be.