COSARDEN: 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.
COSARDEN
Largest movements
- Cash +€19,427
up €19,427 (+10.7%), from €182,052 to €201,480
mainly Depreciation (+€17,062) and Net result for the year (+€16,152)
- Tangible fixed assets -€4,666
down €4,666 (-12.5%), from €37,445 to €32,779
of which Plant, machinery and equipment: -€5,208
- Other debts +€14,163
up €14,163 (+18.7%), from €75,825 to €89,989
- Reserves -€3,848
down €3,848 (-4.2%), from €91,793 to €87,945
of which Distributable reserves: -€3,848
- Gross operating margin +€7,296
up €7,296 (+16.0%), from €45,647 to €52,942
- Financial charges +€3,008
up €3,008 (+62.8%), from €4,791 to €7,800
of which Financial charges: +€3,209
- Other operating charges -€2,326
down €2,326 (-61.7%), from €3,772 to €1,445
- Staff costs -€1,437
down €1,437 (-29.1%), from €4,939 to €3,502
- Financial income -€1,398
no longer reported in 2025 (was €1,398)
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 | €260,825 | €270,288 | +€9,463 | +3.6% |
| Fixed assets | 21/28 | €37,457 | €32,792 | -€4,666 | -12.5% |
| Tangible fixed assets | 22/27 | €37,445 | €32,779 | -€4,666 | -12.5% |
| Land and buildings | 22 | €7,683 | €4,605 | -€3,079 | -40.1% |
| Plant, machinery and equipment | 23 | €11,655 | €6,447 | -€5,208 | -44.7% |
| Furniture and vehicles | 24 | €18,107 | €21,727 | +€3,621 | +20.0% |
| Financial fixed assets | 28 | €13 | €13 | = | 0.0% |
| Current assets | 29/58 | €223,368 | €237,496 | +€14,128 | +6.3% |
| Stocks and contracts in progress | 3 | €38,059 | €35,655 | -€2,404 | -6.3% |
| Stocks | 30/36 | €38,059 | €35,655 | -€2,404 | -6.3% |
| Amounts receivable within one year | 40/41 | €2,291 | - | -€2,291 | |
| Other amounts receivable | 41 | €2,291 | - | -€2,291 | |
| Cash at bank and in hand | 54/58 | €182,052 | €201,480 | +€19,427 | +10.7% |
| Deferred charges and accrued income | 490/1 | €966 | €361 | -€604 | -62.6% |
| Total equity and liabilities | 10/49 | €260,825 | €270,288 | +€9,463 | +3.6% |
| Equity | 10/15 | €170,253 | €166,405 | -€3,848 | -2.3% |
| Contributions | 10/11 | €19,807 | €19,807 | = | 0.0% |
| Reserves | 13 | €91,793 | €87,945 | -€3,848 | -4.2% |
| Non-distributable reserves | 130/1 | €1,981 | €1,981 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,981 | €1,981 | = | 0.0% |
| Distributable reserves | 133 | €89,812 | €85,964 | -€3,848 | -4.3% |
| Profit (loss) carried forward | 14 | €58,653 | €58,653 | = | 0.0% |
| Amounts payable | 17/49 | €90,572 | €103,883 | +€13,311 | +14.7% |
| Amounts payable within one year | 42/48 | €88,689 | €103,883 | +€15,194 | +17.1% |
| Trade debts | 44 | €386 | €63 | -€323 | -83.6% |
| Suppliers | 440/4 | €386 | €63 | -€323 | -83.6% |
| Taxes, remuneration and social security | 45 | €12,477 | €13,831 | +€1,354 | +10.9% |
| Taxes | 450/3 | €6,315 | €7,669 | +€1,354 | +21.4% |
| Remuneration and social security | 454/9 | €6,162 | €6,162 | = | 0.0% |
| Other amounts payable | 47/48 | €75,825 | €89,989 | +€14,163 | +18.7% |
| Accrued charges and deferred income | 492/3 | €1,884 | - | -€1,884 | |
| Non-recurring operating income | 76A | - | €8,314 | +€8,314 | |
| Remuneration, social security and pensions | 62 | €4,939 | €3,502 | -€1,437 | -29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,900 | €17,062 | +€162 | +1.0% |
| Other operating charges | 640/8 | €3,772 | €1,445 | -€2,326 | -61.7% |
| Gross operating margin | 9900 | €45,647 | €52,942 | +€7,296 | +16.0% |
| Operating profit (loss) | 9901 | €20,036 | €30,932 | +€10,897 | +54.4% |
| Financial income | 75/76B | €1,398 | - | -€1,398 | |
| Recurring financial income | 75 | €1,398 | - | -€1,398 | |
| Financial charges | 65/66B | €4,791 | €7,800 | +€3,008 | +62.8% |
| Recurring financial charges | 65 | €4,591 | €7,800 | +€3,209 | +69.9% |
| Non-recurring financial charges | 66B | €201 | - | -€201 | |
| Profit (loss) for the period before taxes | 9903 | €16,642 | €23,132 | +€6,491 | +39.0% |
| Income taxes | 67/77 | €5,829 | €6,981 | +€1,151 | +19.7% |
| Profit (loss) for the period | 9904 | €10,812 | €16,152 | +€5,340 | +49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,812 | €16,152 | +€5,340 | +49.4% |
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.