Copperhead: 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.
Copperhead
Largest movements
- Cash -€1.3m
down €1.3m (-100.0%), from €1.3m to €557
mainly Contributions, distributions and other (-€2.0m) and Receivables within one year (-€938,216)
- Current investments -€1.0m
down €1.0m (-100.0%), from €1.0m to €0
- Receivables within one year +€938,216
up €938,216 (+281.9%), from €332,858 to €1.3m
of which Other amounts receivable: +€904,970
- Stocks and contracts -€105,475
down €105,475 (-24.7%), from €427,737 to €322,262
- Reserves -€1.6m
down €1.6m (-62.9%), from €2.5m to €943,685
of which Distributable reserves: -€1.6m
- Trade debts +€122,193
up €122,193 (+193.8%), from €63,053 to €185,246
- Services and other goods +€28,779
up €28,779 (+7.6%), from €379,933 to €408,712
- Other operating income +€27,475
up €27,475 (+109.6%), from €25,062 to €52,537
- Depreciation -€25,009
down €25,009 (-75.6%), from €33,071 to €8,062
- Goods and materials -€18,827
down €18,827 (-2.5%), from €762,769 to €743,941
of which Change in stocks: decrease (increase): -€39,584
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 | €3,108,092 | €1,632,780 | -€1.5m | -47.5% |
| Fixed assets | 21/28 | €2,464 | €29,292 | +€26,828 | +1088.8% |
| Intangible fixed assets | 21 | €2,464 | €2,612 | +€147 | +6.0% |
| Tangible fixed assets | 22/27 | - | €26,681 | +€26,681 | |
| Plant, machinery and equipment | 23 | - | €26,681 | +€26,681 | |
| Current assets | 29/58 | €3,105,628 | €1,603,488 | -€1.5m | -48.4% |
| Stocks and contracts in progress | 3 | €427,737 | €322,262 | -€105,475 | -24.7% |
| Stocks | 30/36 | €427,737 | €322,262 | -€105,475 | -24.7% |
| Goods purchased for resale | 34 | €427,737 | €322,262 | -€105,475 | -24.7% |
| Amounts receivable within one year | 40/41 | €332,858 | €1,271,074 | +€938,216 | +281.9% |
| Trade receivables | 40 | €139,397 | €172,643 | +€33,246 | +23.8% |
| Other amounts receivable | 41 | €193,462 | €1,098,432 | +€904,970 | +467.8% |
| Current investments | 50/53 | €1,000,000 | €0 | -€1.0m | -100.0% |
| Other investments | 51/53 | €1,000,000 | €0 | -€1.0m | -100.0% |
| Cash at bank and in hand | 54/58 | €1,317,824 | €557 | -€1.3m | -100.0% |
| Deferred charges and accrued income | 490/1 | €27,208 | €9,594 | -€17,614 | -64.7% |
| Total equity and liabilities | 10/49 | €3,108,092 | €1,632,780 | -€1.5m | -47.5% |
| Equity | 10/15 | €3,040,482 | €1,443,685 | -€1.6m | -52.5% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €2,540,482 | €943,685 | -€1.6m | -62.9% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €327,854 | €327,854 | = | 0.0% |
| Distributable reserves | 133 | €2,162,628 | €565,832 | -€1.6m | -73.8% |
| Amounts payable | 17/49 | €67,610 | €189,095 | +€121,484 | +179.7% |
| Amounts payable within one year | 42/48 | €63,053 | €187,250 | +€124,197 | +197.0% |
| Trade debts | 44 | €63,053 | €185,246 | +€122,193 | +193.8% |
| Suppliers | 440/4 | €63,053 | €185,246 | +€122,193 | +193.8% |
| Taxes, remuneration and social security | 45 | - | €2,004 | +€2,004 | |
| Taxes | 450/3 | - | €2,004 | +€2,004 | |
| Accrued charges and deferred income | 492/3 | €4,557 | €1,844 | -€2,713 | -59.5% |
| Operating income | 70/76A | €1,625,215 | €1,663,181 | +€37,967 | +2.3% |
| Turnover | 70 | €1,600,153 | €1,610,644 | +€10,491 | +0.7% |
| Other operating income | 74 | €25,062 | €52,537 | +€27,475 | +109.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €1,177,908 | €1,164,551 | -€13,357 | -1.1% |
| Goods for resale, raw materials and consumables | 60 | €762,769 | €743,941 | -€18,827 | -2.5% |
| Purchases | 600/8 | €617,709 | €638,466 | +€20,757 | +3.4% |
| Change in stocks: decrease (increase) | 609 | €145,060 | €105,475 | -€39,584 | -27.3% |
| Services and other goods | 61 | €379,933 | €408,712 | +€28,779 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,071 | €8,062 | -€25,009 | -75.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,057 | €2,000 | +€5,057 | |
| Other operating charges | 640/8 | €5,192 | €1,835 | -€3,357 | -64.7% |
| Operating profit (loss) | 9901 | €447,307 | €498,630 | +€51,324 | +11.5% |
| Financial income | 75/76B | €56,054 | €40,168 | -€15,886 | -28.3% |
| Recurring financial income | 75 | €56,054 | €40,168 | -€15,886 | -28.3% |
| Income from current assets | 751 | €55,733 | €40,168 | -€15,565 | -27.9% |
| Other financial income | 752/9 | €320 | €0 | -€320 | -100.0% |
| Financial charges | 65/66B | €1,498 | €783 | -€715 | -47.7% |
| Recurring financial charges | 65 | €1,498 | €783 | -€715 | -47.7% |
| Debt charges | 650 | €752 | €783 | +€31 | +4.2% |
| Other financial charges | 652/9 | €746 | €0 | -€746 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €501,863 | €538,015 | +€36,153 | +7.2% |
| Income taxes | 67/77 | €124,252 | €134,812 | +€10,559 | +8.5% |
| Taxes | 670/3 | €124,252 | €134,812 | +€10,559 | +8.5% |
| Profit (loss) for the period | 9904 | €377,610 | €403,204 | +€25,594 | +6.8% |
| Transfer to tax-exempt reserves | 689 | €159,454 | €0 | -€159,454 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €218,156 | €403,204 | +€185,047 | +84.8% |
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.