COSAPACK: 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
COSAPACK
NACE 18.120, Other printing
financial year 2023 against 2024filed annual accounts (NBB)
Net result for the year
-€201,525
2023 · €223,110-€424,635
Equity
€1.6m
2023 · €908,869+€649,989
Cash
€11,763
2023 · €92,643-€80,880
Balance sheet total
€9.9m
2023 · €4.6m+€5.3m
Largest movements
Assets
- Tangible fixed assets +€4.2m
up €4.2m (+143.3%), from €2.9m to €7.1m
of which Leasing and similar rights: +€3.8m
- Receivables within one year +€1.1m
up €1.1m (+167.7%), from €646,367 to €1.7m
of which Other amounts receivable: +€759,114
- Stocks and contracts +€293,892
up €293,892 (+50.0%), from €588,300 to €882,191
- Current investments -€250,000
down €250,000 (-100.0%), from €250,000 to €0
Equity and liabilities
- Debts after one year +€2.9m
up €2.9m (+172.9%), from €1.7m to €4.6m
of which Financial debts: +€2.9m
- Short-term financial debts +€1.3m
up €1.3m, from €0 to €1.3m
- Investment grants +€851,514
new in 2024: €851,514
- Current portion of long-term debt +€269,360
up €269,360 (+47.6%), from €566,024 to €835,384
- Reserves -€201,525
down €201,525 (-33.1%), from €608,869 to €407,344
of which Distributable reserves: -€192,371
Income statement
- Staff costs +€242,365
up €242,365 (+36.7%), from €660,963 to €903,328
- Depreciation +€205,955
up €205,955 (+120.6%), from €170,705 to €376,660
- Financial charges +€139,819
up €139,819 (+145.9%), from €95,848 to €235,667
- Taxes -€80,644
down €80,644 (-99.6%), from €80,980 to €335
- Gross operating margin +€76,613
up €76,613 (+6.3%), from €1.2m to €1.3m
From the 2023 result to the 2024 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 2023
€223,110
Gross operating margin
+€76,613
Staff costs
-€242,365
Depreciation
-€205,955
Write-downs
-€3,063
Other operating charges
+€2,284
Financial income
+€7,026
Financial charges
-€139,819
Taxes
+€80,644
Result 2024
-€201,525
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€1.1m
Investment
-€4.3m
Financing
+€5.3m
Cash 2023
€92,643
From operations (derived)
-€1.1m
Net result for the year
-€201,525
Depreciation
+€376,660
Stocks and contracts
-€293,892
Receivables within one year
-€1.1m
Deferred charges and accrued income
-€66,000
Smaller working-capital items
+€2,256
Trade debts
+€117,737
Other debts
+€88,999
Accrued charges and deferred income
-€15,511
Investment (derived)
-€4.3m
Investment in fixed assets (net)
-€4.6m
Current investments
+€250,000
Financing
+€5.3m
Debts after one year
+€2.9m
Current portion of long-term debt
+€269,360
Short-term financial debts
+€1.3m
Contributions, distributions and other
+€851,514
Cash 2024
€11,763
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,554,126 | €9,861,102 | +€5.3m | +116.5% |
| Fixed assets | 21/28 | €2,958,681 | €7,152,446 | +€4.2m | +141.7% |
| Intangible fixed assets | 21 | €29,627 | €26,123 | -€3,504 | -11.8% |
| Tangible fixed assets | 22/27 | €2,929,042 | €7,126,310 | +€4.2m | +143.3% |
| Plant, machinery and equipment | 23 | €64,185 | €460,483 | +€396,298 | +617.4% |
| Furniture and vehicles | 24 | €12,968 | €13,038 | +€70 | +0.5% |
| Leasing and similar rights | 25 | €2,807,558 | €6,561,264 | +€3.8m | +133.7% |
| Other tangible fixed assets | 26 | €44,331 | €91,525 | +€47,195 | +106.5% |
| Financial fixed assets | 28 | €13 | €13 | = | 0.0% |
| Current assets | 29/58 | €1,595,444 | €2,708,656 | +€1.1m | +69.8% |
| Stocks and contracts in progress | 3 | €588,300 | €882,191 | +€293,892 | +50.0% |
| Stocks | 30/36 | €588,300 | €882,191 | +€293,892 | +50.0% |
| Amounts receivable within one year | 40/41 | €646,367 | €1,730,567 | +€1.1m | +167.7% |
| Trade receivables | 40 | €519,871 | €844,956 | +€325,085 | +62.5% |
| Other amounts receivable | 41 | €126,496 | €885,611 | +€759,114 | +600.1% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €92,643 | €11,763 | -€80,880 | -87.3% |
| Deferred charges and accrued income | 490/1 | €18,134 | €84,135 | +€66,000 | +363.9% |
| Total equity and liabilities | 10/49 | €4,554,126 | €9,861,102 | +€5.3m | +116.5% |
| Equity | 10/15 | €908,869 | €1,558,858 | +€649,989 | +71.5% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €608,869 | €407,344 | -€201,525 | -33.1% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €215,846 | €206,692 | -€9,154 | -4.2% |
| Distributable reserves | 133 | €363,023 | €170,652 | -€192,371 | -53.0% |
| Investment grants | 15 | - | €851,514 | +€851,514 | |
| Provisions and deferred taxes | 16 | €71,949 | €68,897 | -€3,051 | -4.2% |
| Deferred taxes | 168 | €71,949 | €68,897 | -€3,051 | -4.2% |
| Amounts payable | 17/49 | €3,573,308 | €8,233,347 | +€4.7m | +130.4% |
| Amounts payable after more than one year | 17 | €1,670,093 | €4,556,894 | +€2.9m | +172.9% |
| Financial debts | 170/4 | €1,370,093 | €4,256,894 | +€2.9m | +210.7% |
| Other amounts payable | 178/9 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,887,704 | €3,676,453 | +€1.8m | +94.8% |
| Current portion of amounts payable after more than one year | 42 | €566,024 | €835,384 | +€269,360 | +47.6% |
| Financial debts | 43 | €0 | €1,307,346 | +€1.3m | |
| Credit institutions | 430/8 | €0 | €1,307,346 | +€1.3m | |
| Trade debts | 44 | €521,308 | €639,044 | +€117,737 | +22.6% |
| Suppliers | 440/4 | €521,308 | €639,044 | +€117,737 | +22.6% |
| Taxes, remuneration and social security | 45 | €150,373 | €155,680 | +€5,307 | +3.5% |
| Taxes | 450/3 | €44,798 | €19,102 | -€25,696 | -57.4% |
| Remuneration and social security | 454/9 | €105,575 | €136,578 | +€31,003 | +29.4% |
| Other amounts payable | 47/48 | €650,000 | €738,999 | +€88,999 | +13.7% |
| Accrued charges and deferred income | 492/3 | €15,511 | €0 | -€15,511 | -100.0% |
| Non-recurring operating income | 76A | €0 | €15,165 | +€15,165 | |
| Remuneration, social security and pensions | 62 | €660,963 | €903,328 | +€242,365 | +36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,705 | €376,660 | +€205,955 | +120.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,063 | €0 | +€3,063 | |
| Other operating charges | 640/8 | €5,783 | €3,498 | -€2,284 | -39.5% |
| Gross operating margin | 9900 | €1,219,440 | €1,296,053 | +€76,613 | +6.3% |
| Operating profit (loss) | 9901 | €385,052 | €12,566 | -€372,486 | -96.7% |
| Financial income | 75/76B | €11,834 | €18,860 | +€7,026 | +59.4% |
| Recurring financial income | 75 | €11,834 | €18,860 | +€7,026 | +59.4% |
| Financial charges | 65/66B | €95,848 | €235,667 | +€139,819 | +145.9% |
| Recurring financial charges | 65 | €95,848 | €235,667 | +€139,819 | +145.9% |
| Profit (loss) for the period before taxes | 9903 | €301,038 | -€204,241 | -€505,279 | |
| Transfer from deferred taxes | 780 | €3,051 | €3,051 | = | 0.0% |
| Income taxes | 67/77 | €80,980 | €335 | -€80,644 | -99.6% |
| Profit (loss) for the period | 9904 | €223,110 | -€201,525 | -€424,635 | |
| Transfer from tax-exempt reserves | 789 | €9,154 | €9,154 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €232,264 | -€192,371 | -€424,635 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.