Copine: 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.
Copine
Largest movements
- Cash +€111,711
up €111,711 (+272.7%), from €40,958 to €152,669
mainly Net result for the year (+€245,209) and Other debts (+€196,697)
- Tangible fixed assets +€105,952
up €105,952 (+10.8%), from €985,195 to €1.1m
of which Plant, machinery and equipment: +€63,732
- Receivables within one year +€85,599
up €85,599 (+484.3%), from €17,674 to €103,273
of which Trade receivables: +€70,003
- Intangible fixed assets +€70,019
up €70,019 (+2387.6%), from €2,933 to €72,952
- Stocks and contracts +€34,871
up €34,871 (+86.4%), from €40,355 to €75,226
- Other debts +€196,697
up €196,697 (+218.8%), from €89,905 to €286,601
- Tax, wage and social debts +€144,712
up €144,712 (+322.8%), from €44,830 to €189,542
of which Remuneration and social security: +€91,881
- Trade debts -€71,535
down €71,535 (-48.0%), from €149,108 to €77,573
- Short-term financial debts +€60,000
new in 2025: €60,000
- Advances received +€48,400
new in 2025: €48,400
- Gross operating margin +€547,018
up €547,018 (+90.2%), from €606,723 to €1.2m
- Staff costs +€370,343
up €370,343 (+116.9%), from €316,872 to €687,216
- Taxes +€52,775
up €52,775 (+688.8%), from €7,662 to €60,437
- Depreciation +€44,405
up €44,405 (+71.1%), from €62,449 to €106,854
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 | €1,101,971 | €1,516,277 | +€414,306 | +37.6% |
| Fixed assets | 21/28 | €1,002,866 | €1,184,883 | +€182,017 | +18.1% |
| Intangible fixed assets | 21 | €2,933 | €72,952 | +€70,019 | +2387.6% |
| Tangible fixed assets | 22/27 | €985,195 | €1,091,147 | +€105,952 | +10.8% |
| Land and buildings | 22 | €445,904 | €450,647 | +€4,743 | +1.1% |
| Plant, machinery and equipment | 23 | €307,539 | €371,272 | +€63,732 | +20.7% |
| Furniture and vehicles | 24 | €29,020 | €26,121 | -€2,899 | -10.0% |
| Other tangible fixed assets | 26 | €202,731 | €243,107 | +€40,376 | +19.9% |
| Financial fixed assets | 28 | €14,739 | €20,785 | +€6,046 | +41.0% |
| Current assets | 29/58 | €99,105 | €331,394 | +€232,289 | +234.4% |
| Stocks and contracts in progress | 3 | €40,355 | €75,226 | +€34,871 | +86.4% |
| Stocks | 30/36 | €40,355 | €75,226 | +€34,871 | +86.4% |
| Amounts receivable within one year | 40/41 | €17,674 | €103,273 | +€85,599 | +484.3% |
| Trade receivables | 40 | €4,894 | €74,896 | +€70,003 | +1430.5% |
| Other amounts receivable | 41 | €12,780 | €28,376 | +€15,596 | +122.0% |
| Cash at bank and in hand | 54/58 | €40,958 | €152,669 | +€111,711 | +272.7% |
| Deferred charges and accrued income | 490/1 | €118 | €227 | +€108 | +91.3% |
| Total equity and liabilities | 10/49 | €1,101,971 | €1,516,277 | +€414,306 | +37.6% |
| Equity | 10/15 | €243,617 | €259,384 | +€15,766 | +6.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €228,610 | €244,000 | +€15,390 | +6.7% |
| Distributable reserves | 133 | €228,610 | €244,000 | +€15,390 | +6.7% |
| Profit (loss) carried forward | 14 | €7 | €384 | +€376 | +5192.6% |
| Amounts payable | 17/49 | €858,354 | €1,256,894 | +€398,539 | +46.4% |
| Amounts payable after more than one year | 17 | €551,756 | €546,168 | -€5,588 | -1.0% |
| Financial debts | 170/4 | €551,756 | €546,168 | -€5,588 | -1.0% |
| Amounts payable within one year | 42/48 | €301,506 | €703,620 | +€402,114 | +133.4% |
| Current portion of amounts payable after more than one year | 42 | €17,664 | €41,503 | +€23,840 | +135.0% |
| Financial debts | 43 | - | €60,000 | +€60,000 | |
| Credit institutions | 430/8 | - | €60,000 | +€60,000 | |
| Trade debts | 44 | €149,108 | €77,573 | -€71,535 | -48.0% |
| Suppliers | 440/4 | €149,108 | €77,573 | -€71,535 | -48.0% |
| Advances received on contracts in progress | 46 | - | €48,400 | +€48,400 | |
| Taxes, remuneration and social security | 45 | €44,830 | €189,542 | +€144,712 | +322.8% |
| Taxes | 450/3 | €9,301 | €62,132 | +€52,831 | +568.0% |
| Remuneration and social security | 454/9 | €35,529 | €127,410 | +€91,881 | +258.6% |
| Other amounts payable | 47/48 | €89,905 | €286,601 | +€196,697 | +218.8% |
| Accrued charges and deferred income | 492/3 | €5,092 | €7,106 | +€2,014 | +39.6% |
| Non-recurring operating income | 76A | - | €3,047 | +€3,047 | |
| Remuneration, social security and pensions | 62 | €316,872 | €687,216 | +€370,343 | +116.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,449 | €106,854 | +€44,405 | +71.1% |
| Other operating charges | 640/8 | €3,581 | €5,315 | +€1,735 | +48.4% |
| Gross operating margin | 9900 | €606,723 | €1,153,741 | +€547,018 | +90.2% |
| Operating profit (loss) | 9901 | €223,821 | €354,356 | +€130,535 | +58.3% |
| Financial income | 75/76B | €69 | €421 | +€352 | +507.2% |
| Recurring financial income | 75 | €69 | €421 | +€352 | +507.2% |
| Financial charges | 65/66B | €41,087 | €49,130 | +€8,043 | +19.6% |
| Recurring financial charges | 65 | €41,087 | €49,130 | +€8,043 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €182,803 | €305,647 | +€122,844 | +67.2% |
| Income taxes | 67/77 | €7,662 | €60,437 | +€52,775 | +688.8% |
| Profit (loss) for the period | 9904 | €175,141 | €245,209 | +€70,069 | +40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €175,141 | €245,209 | +€70,069 | +40.0% |
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.