COPO: 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.
COPO
Largest movements
- Tangible fixed assets +€22,777
up €22,777 (+11.9%), from €192,168 to €214,945
of which Land and buildings: +€20,938
- Stocks and contracts -€12,184
down €12,184 (-30.4%), from €40,122 to €27,938
- Intangible fixed assets -€11,879
down €11,879 (-20.3%), from €58,455 to €46,576
- Receivables within one year +€6,441
up €6,441 (+81.6%), from €7,896 to €14,337
of which Trade receivables: +€6,603
- Cash +€5,848
up €5,848 (+68.1%), from €8,586 to €14,434
mainly Depreciation (+€60,374) and Current portion of long-term debt (+€51,505)
- Current portion of long-term debt +€51,505
new in 2025: €51,505
- Debts after one year -€28,496
down €28,496 (-14.1%), from €201,623 to €173,127
- Profit (loss) carried forward -€21,972
down €21,972 (-83.8%), from -€26,214 to -€48,187
- Other debts +€6,827
up €6,827 (+22.3%), from €30,569 to €37,396
- Gross operating margin +€38,197
up €38,197 (+310%), from €12,322 to €50,518
- Depreciation +€27,991
up €27,991 (+86.4%), from €32,383 to €60,374
- Financial charges +€4,776
up €4,776 (+87.4%), from €5,465 to €10,241
- Other operating charges +€1,399
up €1,399 (+190%), from €738 to €2,137
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 | €310,438 | €321,076 | +€10,638 | +3.4% |
| Formation expenses | 20 | €2,697 | €2,096 | -€601 | -22.3% |
| Fixed assets | 21/28 | €250,623 | €261,521 | +€10,898 | +4.3% |
| Intangible fixed assets | 21 | €58,455 | €46,576 | -€11,879 | -20.3% |
| Tangible fixed assets | 22/27 | €192,168 | €214,945 | +€22,777 | +11.9% |
| Land and buildings | 22 | - | €20,938 | +€20,938 | |
| Plant, machinery and equipment | 23 | €164,389 | €176,587 | +€12,199 | +7.4% |
| Furniture and vehicles | 24 | €27,780 | €17,420 | -€10,359 | -37.3% |
| Current assets | 29/58 | €57,117 | €57,458 | +€341 | +0.6% |
| Stocks and contracts in progress | 3 | €40,122 | €27,938 | -€12,184 | -30.4% |
| Stocks | 30/36 | €40,122 | €27,938 | -€12,184 | -30.4% |
| Amounts receivable within one year | 40/41 | €7,896 | €14,337 | +€6,441 | +81.6% |
| Trade receivables | 40 | €5,429 | €12,031 | +€6,603 | +122% |
| Other amounts receivable | 41 | €2,468 | €2,306 | -€161 | -6.5% |
| Cash at bank and in hand | 54/58 | €8,586 | €14,434 | +€5,848 | +68.1% |
| Deferred charges and accrued income | 490/1 | €514 | €749 | +€235 | +45.8% |
| Total equity and liabilities | 10/49 | €310,438 | €321,076 | +€10,638 | +3.4% |
| Equity | 10/15 | €48,786 | €26,813 | -€21,972 | -45.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,214 | -€48,187 | -€21,972 | -83.8% |
| Amounts payable | 17/49 | €261,652 | €294,262 | +€32,611 | +12.5% |
| Amounts payable after more than one year | 17 | €201,623 | €173,127 | -€28,496 | -14.1% |
| Financial debts | 170/4 | €201,623 | €173,127 | -€28,496 | -14.1% |
| Amounts payable within one year | 42/48 | €60,029 | €121,119 | +€61,090 | +102% |
| Current portion of amounts payable after more than one year | 42 | - | €51,505 | +€51,505 | |
| Trade debts | 44 | €29,460 | €31,737 | +€2,277 | +7.7% |
| Suppliers | 440/4 | €29,460 | €31,737 | +€2,277 | +7.7% |
| Taxes, remuneration and social security | 45 | - | €480 | +€480 | |
| Taxes | 450/3 | - | €480 | +€480 | |
| Other amounts payable | 47/48 | €30,569 | €37,396 | +€6,827 | +22.3% |
| Accrued charges and deferred income | 492/3 | - | €16 | +€16 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,383 | €60,374 | +€27,991 | +86.4% |
| Other operating charges | 640/8 | €738 | €2,137 | +€1,399 | +190% |
| Gross operating margin | 9900 | €12,322 | €50,518 | +€38,197 | +310% |
| Operating profit (loss) | 9901 | -€20,799 | -€11,992 | +€8,807 | +42.3% |
| Financial income | 75/76B | €51 | €261 | +€211 | +417% |
| Recurring financial income | 75 | €51 | €261 | +€211 | +417% |
| Financial charges | 65/66B | €5,465 | €10,241 | +€4,776 | +87.4% |
| Recurring financial charges | 65 | €5,465 | €10,241 | +€4,776 | +87.4% |
| Profit (loss) for the period before taxes | 9903 | -€26,214 | -€21,972 | +€4,242 | +16.2% |
| Profit (loss) for the period | 9904 | -€26,214 | -€21,972 | +€4,242 | +16.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,214 | -€21,972 | +€4,242 | +16.2% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.