COSAERT BART: 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.
What changed
COSAERT BART
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€111,247
2024 · €172,642-€61,395
Equity
€1.4m
2024 · €1.3m+€71,247
Cash
€107,825
2024 · €130,468-€22,643
Balance sheet total
€2.6m
2024 · €2.6m-€29,930
Largest movements
Assets
- Tangible fixed assets -€30,762
down €30,762 (-3.4%), from €905,186 to €874,424
of which Land and buildings: -€19,300
Equity and liabilities
- Debts after one year -€108,127
down €108,127 (-9.8%), from €1.1m to €1.0m
of which Financial debts: -€108,127
- Reserves +€60,000
up €60,000 (+31.3%), from €191,860 to €251,860
of which Distributable reserves: +€60,000
Income statement
- Gross operating margin -€43,646
down €43,646 (-15.2%), from €287,463 to €243,817
- Financial charges +€34,572
up €34,572 (+268%), from €12,904 to €47,476
- Taxes -€20,211
down €20,211 (-30.6%), from €66,098 to €45,887
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.
Result 2024
€172,642
Gross operating margin
-€43,646
Depreciation
-€467
Other operating charges
-€362
Financial income
-€2,560
Financial charges
-€34,572
Taxes
+€20,211
Result 2025
€111,247
raises the resultlowers the result
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.
From operations
+€138,242
Investment
-€12,000
Financing
-€148,886
Cash 2024
€130,468
From operations (derived)
+€138,242
Net result for the year
+€111,247
Depreciation
+€30,762
Receivables within one year
-€11,730
Deferred charges and accrued income
+€255
Trade debts
+€21,810
Tax, wage and social debts
-€20,599
Other debts
+€6,497
Investment (derived)
-€12,000
Current investments
-€12,000
Financing
-€148,886
Debts after one year
-€108,127
Current portion of long-term debt
-€759
Contributions, distributions and other
-€40,000
Cash 2025
€107,825
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,610,615 | €2,580,685 | -€29,930 | -1.1% |
| Fixed assets | 21/28 | €2,305,186 | €2,274,424 | -€30,762 | -1.3% |
| Tangible fixed assets | 22/27 | €905,186 | €874,424 | -€30,762 | -3.4% |
| Land and buildings | 22 | €868,500 | €849,200 | -€19,300 | -2.2% |
| Plant, machinery and equipment | 23 | €4,835 | €3,398 | -€1,437 | -29.7% |
| Furniture and vehicles | 24 | €31,851 | €21,826 | -€10,025 | -31.5% |
| Financial fixed assets | 28 | €1,400,000 | €1,400,000 | = | 0.0% |
| Current assets | 29/58 | €305,429 | €306,261 | +€832 | +0.3% |
| Amounts receivable within one year | 40/41 | €2,630 | €14,361 | +€11,730 | +446% |
| Other amounts receivable | 41 | €2,630 | €14,361 | +€11,730 | +446% |
| Current investments | 50/53 | €171,037 | €183,037 | +€12,000 | +7.0% |
| Cash at bank and in hand | 54/58 | €130,468 | €107,825 | -€22,643 | -17.4% |
| Deferred charges and accrued income | 490/1 | €1,294 | €1,039 | -€255 | -19.7% |
| Total equity and liabilities | 10/49 | €2,610,615 | €2,580,685 | -€29,930 | -1.1% |
| Equity | 10/15 | €1,344,333 | €1,415,580 | +€71,247 | +5.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €191,860 | €251,860 | +€60,000 | +31.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €190,000 | €250,000 | +€60,000 | +31.6% |
| Profit (loss) carried forward | 14 | €1,140,073 | €1,151,320 | +€11,247 | +1.0% |
| Amounts payable | 17/49 | €1,266,282 | €1,165,105 | -€101,177 | -8.0% |
| Amounts payable after more than one year | 17 | €1,108,893 | €1,000,766 | -€108,127 | -9.8% |
| Financial debts | 170/4 | €648,893 | €540,766 | -€108,127 | -16.7% |
| Other amounts payable | 178/9 | €460,000 | €460,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €157,390 | €164,339 | +€6,950 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €108,886 | €108,127 | -€759 | -0.7% |
| Trade debts | 44 | €239 | €22,049 | +€21,810 | +9,144% |
| Suppliers | 440/4 | €239 | €22,049 | +€21,810 | +9,144% |
| Taxes, remuneration and social security | 45 | €44,108 | €23,509 | -€20,599 | -46.7% |
| Taxes | 450/3 | €37,003 | €15,959 | -€21,044 | -56.9% |
| Remuneration and social security | 454/9 | €7,105 | €7,550 | +€445 | +6.3% |
| Other amounts payable | 47/48 | €4,157 | €10,655 | +€6,497 | +156% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,295 | €30,762 | +€467 | +1.5% |
| Other operating charges | 640/8 | €8,084 | €8,445 | +€362 | +4.5% |
| Gross operating margin | 9900 | €287,463 | €243,817 | -€43,646 | -15.2% |
| Operating profit (loss) | 9901 | €249,085 | €204,610 | -€44,475 | -17.9% |
| Financial income | 75/76B | €2,560 | €0 | -€2,560 | -100.0% |
| Recurring financial income | 75 | €2,560 | €0 | -€2,560 | -100.0% |
| Financial charges | 65/66B | €12,904 | €47,476 | +€34,572 | +268% |
| Recurring financial charges | 65 | €12,904 | €47,476 | +€34,572 | +268% |
| Profit (loss) for the period before taxes | 9903 | €238,740 | €157,134 | -€81,606 | -34.2% |
| Income taxes | 67/77 | €66,098 | €45,887 | -€20,211 | -30.6% |
| Profit (loss) for the period | 9904 | €172,642 | €111,247 | -€61,395 | -35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €172,642 | €111,247 | -€61,395 | -35.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.