COPEGO: 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.
What changed
COPEGO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
-€30,132
2025 · -€37,899+€7,767
Equity
€11.4m
2025 · €11.5m-€30,132
Cash
€681,541
2025 · €639,675+€41,866
Balance sheet total
€19.4m
2025 · €19.9m-€497,204
Largest movements
Assets
- Tangible fixed assets -€633,252
down €633,252 (-3.3%), from €19.2m to €18.5m
of which Land and buildings: -€632,848
Equity and liabilities
- Debts after one year -€453,333
down €453,333 (-7.0%), from €6.5m to €6.0m
- Revaluation surpluses -€240,877
down €240,877 (-2.4%), from €10.0m to €9.7m
Income statement
- Turnover +€45,592
up €45,592 (+3.1%), from €1.5m to €1.5m
- Services and other goods +€33,241
up €33,241 (+5.7%), from €587,600 to €620,842
- Financial charges -€23,438
down €23,438 (-9.7%), from €241,718 to €218,280
From the 2025 result to the 2026 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 2025
-€37,899
Turnover
+€45,592
Other operating income
-€8,787
Services and other goods
-€33,241
Depreciation
-€3,331
Other operating charges
-€8,346
Financial income
-€4,969
Financial charges
+€23,438
Taxes
-€2,020
Deferred taxes and other
-€569
Result 2026
-€30,132
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€735,296
Investment
-€233,396
Financing
-€460,035
Cash 2025
€639,675
From operations (derived)
+€735,296
Net result for the year
-€30,132
Depreciation
+€857,737
Receivables within one year
-€85,060
Smaller working-capital items
-€2,565
Provisions
-€68,119
Trade debts
+€24,952
Accrued charges and deferred income
+€38,484
Investment (derived)
-€233,396
Investment in fixed assets (net)
-€233,396
Financing
-€460,035
Debts after one year
-€453,333
Current portion of long-term debt
-€6,702
Cash 2026
€681,541
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,874,896 | €19,377,691 | -€497,204 | -2.5% |
| Fixed assets | 21/28 | €19,166,420 | €18,542,079 | -€624,341 | -3.3% |
| Tangible fixed assets | 22/27 | €19,158,885 | €18,525,633 | -€633,252 | -3.3% |
| Land and buildings | 22 | €19,155,038 | €18,522,190 | -€632,848 | -3.3% |
| Plant, machinery and equipment | 23 | €1,328 | €1,090 | -€238 | -17.9% |
| Other tangible fixed assets | 26 | €2,519 | €2,353 | -€166 | -6.6% |
| Financial fixed assets | 28 | €7,535 | €16,446 | +€8,911 | +118.3% |
| Other financial fixed assets | 284/8 | €7,535 | €16,446 | +€8,911 | +118.3% |
| Amounts receivable and cash guarantees | 285/8 | €7,535 | €16,446 | +€8,911 | +118.3% |
| Current assets | 29/58 | €708,475 | €835,612 | +€127,137 | +17.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €47,269 | €132,329 | +€85,060 | +179.9% |
| Trade receivables | 40 | €45,910 | €65,737 | +€19,826 | +43.2% |
| Other amounts receivable | 41 | €1,359 | €66,592 | +€65,234 | +4801.9% |
| Cash at bank and in hand | 54/58 | €639,675 | €681,541 | +€41,866 | +6.5% |
| Deferred charges and accrued income | 490/1 | €21,532 | €21,743 | +€211 | +1.0% |
| Total equity and liabilities | 10/49 | €19,874,896 | €19,377,691 | -€497,204 | -2.5% |
| Equity | 10/15 | €11,474,264 | €11,444,132 | -€30,132 | -0.3% |
| Contributions | 10/11 | €121,508 | €121,508 | = | 0.0% |
| Capital | 10 | €121,508 | €121,508 | = | 0.0% |
| Issued capital | 100 | €121,508 | €121,508 | = | 0.0% |
| Revaluation surpluses | 12 | €9,973,681 | €9,732,804 | -€240,877 | -2.4% |
| Reserves | 13 | €5,449,912 | €5,490,869 | +€40,957 | +0.8% |
| Non-distributable reserves | 130/1 | €12,151 | €12,151 | = | 0.0% |
| Legal reserve | 130 | €12,151 | €12,151 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,266,745 | €3,066,825 | -€199,920 | -6.1% |
| Distributable reserves | 133 | €2,171,016 | €2,411,893 | +€240,877 | +11.1% |
| Profit (loss) carried forward | 14 | -€4,070,837 | -€3,901,050 | +€169,787 | +4.2% |
| Provisions and deferred taxes | 16 | €1,288,839 | €1,220,720 | -€68,119 | -5.3% |
| Deferred taxes | 168 | €1,288,839 | €1,220,720 | -€68,119 | -5.3% |
| Amounts payable | 17/49 | €7,111,792 | €6,712,839 | -€398,953 | -5.6% |
| Amounts payable after more than one year | 17 | €6,491,778 | €6,038,445 | -€453,333 | -7.0% |
| Financial debts | 170/4 | €6,491,778 | €6,038,445 | -€453,333 | -7.0% |
| Credit institutions | 173 | €4,307,778 | €3,854,445 | -€453,333 | -10.5% |
| Other loans | 174 | €2,184,000 | €2,184,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €618,971 | €634,867 | +€15,896 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €460,035 | €453,333 | -€6,702 | -1.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €146,848 | €171,799 | +€24,952 | +17.0% |
| Suppliers | 440/4 | €146,848 | €171,799 | +€24,952 | +17.0% |
| Taxes, remuneration and social security | 45 | €9,898 | €9,488 | -€410 | -4.1% |
| Taxes | 450/3 | €9,898 | €9,488 | -€410 | -4.1% |
| Other amounts payable | 47/48 | €2,190 | €246 | -€1,944 | -88.8% |
| Accrued charges and deferred income | 492/3 | €1,043 | €39,527 | +€38,484 | +3688.5% |
| Operating income | 70/76A | €1,738,349 | €1,775,154 | +€36,805 | +2.1% |
| Turnover | 70 | €1,472,902 | €1,518,494 | +€45,592 | +3.1% |
| Other operating income | 74 | €265,447 | €256,659 | -€8,787 | -3.3% |
| Operating charges | 60/66A | €1,460,441 | €1,505,359 | +€44,918 | +3.1% |
| Services and other goods | 61 | €587,600 | €620,842 | +€33,241 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €854,406 | €857,737 | +€3,331 | +0.4% |
| Other operating charges | 640/8 | €18,435 | €26,781 | +€8,346 | +45.3% |
| Operating profit (loss) | 9901 | €277,907 | €269,794 | -€8,113 | -2.9% |
| Financial income | 75/76B | €5,865 | €896 | -€4,969 | -84.7% |
| Recurring financial income | 75 | €5,865 | €896 | -€4,969 | -84.7% |
| Income from current assets | 751 | €5,865 | €895 | -€4,970 | -84.7% |
| Other financial income | 752/9 | - | €1 | +€1 | |
| Financial charges | 65/66B | €241,718 | €218,280 | -€23,438 | -9.7% |
| Recurring financial charges | 65 | €241,718 | €218,280 | -€23,438 | -9.7% |
| Debt charges | 650 | €240,570 | €216,810 | -€23,759 | -9.9% |
| Other financial charges | 652/9 | €1,148 | €1,469 | +€321 | +28.0% |
| Profit (loss) for the period before taxes | 9903 | €42,055 | €52,410 | +€10,356 | +24.6% |
| Transfer from deferred taxes | 780 | €68,688 | €68,119 | -€569 | -0.8% |
| Income taxes | 67/77 | €148,642 | €150,661 | +€2,020 | +1.4% |
| Taxes | 670/3 | €148,642 | €150,661 | +€2,020 | +1.4% |
| Profit (loss) for the period | 9904 | -€37,899 | -€30,132 | +€7,767 | +20.5% |
| Transfer from tax-exempt reserves | 789 | €200,846 | €199,920 | -€926 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €162,947 | €169,787 | +€6,841 | +4.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.