COPS: what changed
What changed
COPS
NACE 43.990, Other specialised construction activities
filed annual accounts (NBB)
Net result for the year
€84,922
2024 · €71,173+€13,749
Equity
€261,397
2024 · €308,975-€47,578
Cash
€6,904
2024 · €115,193-€108,289
Balance sheet total
€529,795
2024 · €437,402+€92,393
Largest movements
Assets
- Current investments +€116,504
up €116,504 (+87.1%), from €133,833 to €250,337
- Cash -€108,289
down €108,289 (-94.0%), from €115,193 to €6,904
mainly Contributions, distributions and other (-€132,500) and Current investments (-€116,504)
- Tangible fixed assets +€92,080
up €92,080 (+317%), from €29,088 to €121,168
of which Furniture and vehicles: +€95,845
- Receivables within one year +€35,036
up €35,036 (+41.4%), from €84,719 to €119,755
of which Trade receivables: +€63,454
- Financial fixed assets -€23,111
down €23,111 (-42.7%), from €54,142 to €31,031
Equity and liabilities
- Advances received +€55,800
new in 2025: €55,800
- Reserves -€47,700
down €47,700 (-16.5%), from €288,660 to €240,960
- Debts after one year +€35,509
new in 2025: €35,509
- Current portion of long-term debt +€21,646
new in 2025: €21,646
- Trade debts +€16,218
up €16,218 (+15.3%), from €105,827 to €122,045
Income statement
- Gross operating margin +€28,994
up €28,994 (+24.0%), from €120,706 to €149,700
- Depreciation +€11,958
up €11,958 (+128%), from €9,350 to €21,308
- Taxes +€7,518
up €7,518 (+25.3%), from €29,720 to €37,238
- Financial charges +€3,288
up €3,288 (+333%), from €987 to €4,275
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€71,173
Gross operating margin
+€28,994
Depreciation
-€11,958
Other operating charges
-€551
Other operating items
+€7,288
Financial income
+€782
Financial charges
-€3,288
Taxes
-€7,518
Result 2025
€84,922
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€173,838
Investment
-€206,782
Financing
-€75,345
Cash 2024
€115,193
From operations (derived)
+€173,838
Net result for the year
+€84,922
Depreciation
+€21,308
Stocks and contracts
+€20,000
Receivables within one year
-€35,036
Deferred charges and accrued income
-€173
Trade debts
+€16,218
Tax, wage and social debts
+€2,407
Advances received
+€55,800
Other debts
+€1,878
Accrued charges and deferred income
+€6,513
Investment (derived)
-€206,782
Investment in fixed assets (net)
-€90,278
Current investments
-€116,504
Financing
-€75,345
Debts after one year
+€35,509
Current portion of long-term debt
+€21,646
Contributions, distributions and other
-€132,500
Cash 2025
€6,904
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €437,402 | €529,795 | +€92,393 | +21.1% |
| Fixed assets | 21/28 | €83,230 | €152,199 | +€68,969 | +82.9% |
| Tangible fixed assets | 22/27 | €29,088 | €121,168 | +€92,080 | +317% |
| Plant, machinery and equipment | 23 | €13,023 | €8,940 | -€4,083 | -31.4% |
| Furniture and vehicles | 24 | €14,770 | €110,615 | +€95,845 | +649% |
| Other tangible fixed assets | 26 | €1,295 | €1,613 | +€318 | +24.6% |
| Financial fixed assets | 28 | €54,142 | €31,031 | -€23,111 | -42.7% |
| Current assets | 29/58 | €354,172 | €377,595 | +€23,424 | +6.6% |
| Stocks and contracts in progress | 3 | €20,000 | - | -€20,000 | |
| Contracts in progress | 37 | €20,000 | - | -€20,000 | |
| Amounts receivable within one year | 40/41 | €84,719 | €119,755 | +€35,036 | +41.4% |
| Trade receivables | 40 | €21,958 | €85,412 | +€63,454 | +289% |
| Other amounts receivable | 41 | €62,761 | €34,343 | -€28,418 | -45.3% |
| Current investments | 50/53 | €133,833 | €250,337 | +€116,504 | +87.1% |
| Cash at bank and in hand | 54/58 | €115,193 | €6,904 | -€108,289 | -94.0% |
| Deferred charges and accrued income | 490/1 | €427 | €600 | +€173 | +40.6% |
| Total equity and liabilities | 10/49 | €437,402 | €529,795 | +€92,393 | +21.1% |
| Equity | 10/15 | €308,975 | €261,397 | -€47,578 | -15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €288,660 | €240,960 | -€47,700 | -16.5% |
| Distributable reserves | 133 | €288,660 | €240,960 | -€47,700 | -16.5% |
| Profit (loss) carried forward | 14 | €1,715 | €1,837 | +€122 | +7.1% |
| Amounts payable | 17/49 | €128,426 | €268,398 | +€139,971 | +109% |
| Amounts payable after more than one year | 17 | - | €35,509 | +€35,509 | |
| Financial debts | 170/4 | - | €35,509 | +€35,509 | |
| Amounts payable within one year | 42/48 | €128,414 | €226,363 | +€97,949 | +76.3% |
| Current portion of amounts payable after more than one year | 42 | - | €21,646 | +€21,646 | |
| Trade debts | 44 | €105,827 | €122,045 | +€16,218 | +15.3% |
| Suppliers | 440/4 | €105,827 | €122,045 | +€16,218 | +15.3% |
| Advances received on contracts in progress | 46 | - | €55,800 | +€55,800 | |
| Taxes, remuneration and social security | 45 | €22,587 | €24,995 | +€2,407 | +10.7% |
| Taxes | 450/3 | €22,587 | €24,995 | +€2,407 | +10.7% |
| Other amounts payable | 47/48 | - | €1,878 | +€1,878 | |
| Accrued charges and deferred income | 492/3 | €12 | €6,525 | +€6,513 | +54,275% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,350 | €21,308 | +€11,958 | +128% |
| Other operating charges | 640/8 | €3,142 | €3,693 | +€551 | +17.5% |
| Non-recurring operating charges | 66A | €7,288 | - | -€7,288 | |
| Gross operating margin | 9900 | €120,706 | €149,700 | +€28,994 | +24.0% |
| Operating profit (loss) | 9901 | €100,926 | €124,699 | +€23,773 | +23.6% |
| Financial income | 75/76B | €953 | €1,735 | +€782 | +82.1% |
| Recurring financial income | 75 | €953 | €1,735 | +€782 | +82.1% |
| Financial charges | 65/66B | €987 | €4,275 | +€3,288 | +333% |
| Recurring financial charges | 65 | €987 | €4,275 | +€3,288 | +333% |
| Profit (loss) for the period before taxes | 9903 | €100,892 | €122,159 | +€21,267 | +21.1% |
| Income taxes | 67/77 | €29,720 | €37,238 | +€7,518 | +25.3% |
| Profit (loss) for the period | 9904 | €71,173 | €84,922 | +€13,749 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,173 | €84,922 | +€13,749 | +19.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.