COPILOT: 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.
COPILOT
Largest movements
- Cash -€152,386
down €152,386 (-55.0%), from €277,153 to €124,767
mainly Tax, wage and social debts (-€126,428) and Trade debts (-€60,895)
- Deferred charges and accrued income -€52,433
down €52,433 (-35.5%), from €147,751 to €95,318
- Tangible fixed assets -€29,806
down €29,806 (-23.9%), from €124,720 to €94,914
of which Furniture and vehicles: -€15,820
- Tax, wage and social debts -€126,428
down €126,428 (-49.4%), from €255,813 to €129,386
of which Taxes: -€122,502
- Trade debts -€60,895
down €60,895 (-40.9%), from €149,013 to €88,118
- Other debts -€57,743
down €57,743 (-49.0%), from €117,743 to €60,000
- Short-term financial debts +€50,130
up €50,130 (+33.4%), from €150,000 to €200,130
- Debts after one year -€38,346
down €38,346 (-43.2%), from €88,692 to €50,347
- Gross operating margin -€97,920
down €97,920 (-19.7%), from €497,854 to €399,934
- Financial charges -€21,797
down €21,797 (-43.3%), from €50,313 to €28,516
- Taxes -€16,245
down €16,245 (-23.9%), from €68,043 to €51,797
- Write-downs +€11,941
up €11,941, from -€4,132 to €7,809
- Other operating charges -€10,590
down €10,590 (-59.6%), from €17,759 to €7,168
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 | €1,151,395 | €904,337 | -€247,058 | -21.5% |
| Fixed assets | 21/28 | €199,240 | €166,746 | -€32,494 | -16.3% |
| Intangible fixed assets | 21 | €2,907 | €219 | -€2,688 | -92.5% |
| Tangible fixed assets | 22/27 | €124,720 | €94,914 | -€29,806 | -23.9% |
| Plant, machinery and equipment | 23 | €25,250 | €13,948 | -€11,302 | -44.8% |
| Furniture and vehicles | 24 | €88,341 | €72,521 | -€15,820 | -17.9% |
| Other tangible fixed assets | 26 | €11,128 | €8,444 | -€2,684 | -24.1% |
| Financial fixed assets | 28 | €71,614 | €71,614 | = | 0.0% |
| Current assets | 29/58 | €952,155 | €737,591 | -€214,564 | -22.5% |
| Amounts receivable within one year | 40/41 | €527,251 | €517,505 | -€9,745 | -1.8% |
| Trade receivables | 40 | €301,973 | €343,615 | +€41,642 | +13.8% |
| Other amounts receivable | 41 | €225,278 | €173,890 | -€51,388 | -22.8% |
| Cash at bank and in hand | 54/58 | €277,153 | €124,767 | -€152,386 | -55.0% |
| Deferred charges and accrued income | 490/1 | €147,751 | €95,318 | -€52,433 | -35.5% |
| Total equity and liabilities | 10/49 | €1,151,395 | €904,337 | -€247,058 | -21.5% |
| Equity | 10/15 | €305,490 | €331,055 | +€25,565 | +8.4% |
| Contributions | 10/11 | €82,051 | €82,051 | = | 0.0% |
| Reserves | 13 | €140,222 | €140,222 | = | 0.0% |
| Distributable reserves | 133 | €140,222 | €140,222 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,217 | €108,782 | +€25,565 | +30.7% |
| Amounts payable | 17/49 | €845,904 | €573,281 | -€272,623 | -32.2% |
| Amounts payable after more than one year | 17 | €88,692 | €50,347 | -€38,346 | -43.2% |
| Financial debts | 170/4 | €88,692 | €50,347 | -€38,346 | -43.2% |
| Amounts payable within one year | 42/48 | €732,037 | €517,633 | -€214,404 | -29.3% |
| Current portion of amounts payable after more than one year | 42 | €41,888 | €40,000 | -€1,889 | -4.5% |
| Financial debts | 43 | €150,000 | €200,130 | +€50,130 | +33.4% |
| Credit institutions | 430/8 | €150,000 | €200,130 | +€50,130 | +33.4% |
| Trade debts | 44 | €149,013 | €88,118 | -€60,895 | -40.9% |
| Suppliers | 440/4 | €149,013 | €88,118 | -€60,895 | -40.9% |
| Advances received on contracts in progress | 46 | €17,580 | - | -€17,580 | |
| Taxes, remuneration and social security | 45 | €255,813 | €129,386 | -€126,428 | -49.4% |
| Taxes | 450/3 | €218,483 | €95,980 | -€122,502 | -56.1% |
| Remuneration and social security | 454/9 | €37,331 | €33,405 | -€3,925 | -10.5% |
| Other amounts payable | 47/48 | €117,743 | €60,000 | -€57,743 | -49.0% |
| Accrued charges and deferred income | 492/3 | €25,175 | €5,301 | -€19,874 | -78.9% |
| Non-recurring operating income | 76A | €11,693 | €5,651 | -€6,042 | -51.7% |
| Remuneration, social security and pensions | 62 | €174,589 | €183,501 | +€8,912 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,050 | €39,078 | +€4,028 | +11.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,132 | €7,809 | +€11,941 | |
| Other operating charges | 640/8 | €17,759 | €7,168 | -€10,590 | -59.6% |
| Non-recurring operating charges | 66A | €2,777 | - | -€2,777 | |
| Gross operating margin | 9900 | €497,854 | €399,934 | -€97,920 | -19.7% |
| Operating profit (loss) | 9901 | €271,812 | €162,378 | -€109,434 | -40.3% |
| Financial income | 75/76B | €1,287 | €3,501 | +€2,214 | +172.0% |
| Recurring financial income | 75 | €1,287 | €3,501 | +€2,214 | +172.0% |
| Financial charges | 65/66B | €50,313 | €28,516 | -€21,797 | -43.3% |
| Recurring financial charges | 65 | €50,313 | €28,516 | -€21,797 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | €222,786 | €137,362 | -€85,423 | -38.3% |
| Income taxes | 67/77 | €68,043 | €51,797 | -€16,245 | -23.9% |
| Profit (loss) for the period | 9904 | €154,743 | €85,565 | -€69,178 | -44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €154,743 | €85,565 | -€69,178 | -44.7% |
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 29 September 2026 via checked.be.