COSEAS: what changed
COSEAS
Largest movements
- Receivables within one year -€40,800
down €40,800 (-46.7%), from €87,446 to €46,646
of which Trade receivables: -€61,905
- Cash +€27,902
up €27,902 (+18.5%), from €150,638 to €178,539
mainly Receivables within one year (+€40,800) and Net result for the year (+€36,156)
- Tangible fixed assets -€27,680
down €27,680 (-18.3%), from €151,352 to €123,672
of which Furniture and vehicles: -€13,855
- Profit (loss) carried forward -€53,665
down €53,665 (-19.8%), from €270,897 to €217,233
- Other debts +€22,139
new in 2025: €22,139
- Debts after one year -€9,991
down €9,991 (-38.9%), from €25,700 to €15,708
- Tax, wage and social debts +€4,198
up €4,198 (+12.0%), from €35,040 to €39,238
of which Taxes: +€4,137
- Gross operating margin -€60,550
down €60,550 (-29.4%), from €205,877 to €145,327
- Other operating charges -€9,134
down €9,134 (-95.0%), from €9,613 to €480
- Depreciation +€6,546
up €6,546 (+28.2%), from €23,213 to €29,760
- Taxes -€6,320
down €6,320 (-24.7%), from €25,588 to €19,268
- Financial income -€3,376
down €3,376 (-66.5%), from €5,075 to €1,699
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €395,282 | €354,871 | -€40,411 | -10.2% |
| Formation expenses | 20 | €723 | €424 | -€299 | -41.3% |
| Fixed assets | 21/28 | €151,842 | €124,162 | -€27,680 | -18.2% |
| Tangible fixed assets | 22/27 | €151,352 | €123,672 | -€27,680 | -18.3% |
| Plant, machinery and equipment | 23 | €651 | €250 | -€401 | -61.6% |
| Furniture and vehicles | 24 | €64,917 | €51,062 | -€13,855 | -21.3% |
| Leasing and similar rights | 25 | €85,785 | €72,360 | -€13,425 | -15.6% |
| Financial fixed assets | 28 | €490 | €490 | = | 0.0% |
| Current assets | 29/58 | €242,717 | €230,285 | -€12,432 | -5.1% |
| Amounts receivable within one year | 40/41 | €87,446 | €46,646 | -€40,800 | -46.7% |
| Trade receivables | 40 | €87,354 | €25,449 | -€61,905 | -70.9% |
| Other amounts receivable | 41 | €92 | €21,197 | +€21,105 | +23,051% |
| Cash at bank and in hand | 54/58 | €150,638 | €178,539 | +€27,902 | +18.5% |
| Deferred charges and accrued income | 490/1 | €4,633 | €5,100 | +€467 | +10.1% |
| Total equity and liabilities | 10/49 | €395,282 | €354,871 | -€40,411 | -10.2% |
| Equity | 10/15 | €284,397 | €230,732 | -€53,665 | -18.9% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €7,302 | €7,302 | = | 0.0% |
| Distributable reserves | 133 | €7,302 | €7,302 | = | 0.0% |
| Profit (loss) carried forward | 14 | €270,897 | €217,233 | -€53,665 | -19.8% |
| Amounts payable | 17/49 | €110,885 | €124,138 | +€13,254 | +12.0% |
| Amounts payable after more than one year | 17 | €25,700 | €15,708 | -€9,991 | -38.9% |
| Financial debts | 170/4 | €25,700 | €15,708 | -€9,991 | -38.9% |
| Amounts payable within one year | 42/48 | €85,185 | €108,399 | +€23,213 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | €9,623 | €9,991 | +€368 | +3.8% |
| Trade debts | 44 | €40,523 | €37,031 | -€3,491 | -8.6% |
| Suppliers | 440/4 | €40,523 | €37,031 | -€3,491 | -8.6% |
| Taxes, remuneration and social security | 45 | €35,040 | €39,238 | +€4,198 | +12.0% |
| Taxes | 450/3 | €26,663 | €30,799 | +€4,137 | +15.5% |
| Remuneration and social security | 454/9 | €8,377 | €8,438 | +€61 | +0.7% |
| Other amounts payable | 47/48 | - | €22,139 | +€22,139 | |
| Accrued charges and deferred income | 492/3 | - | €31 | +€31 | |
| Remuneration, social security and pensions | 62 | €58,733 | €59,432 | +€699 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,213 | €29,760 | +€6,546 | +28.2% |
| Other operating charges | 640/8 | €9,613 | €480 | -€9,134 | -95.0% |
| Gross operating margin | 9900 | €205,877 | €145,327 | -€60,550 | -29.4% |
| Operating profit (loss) | 9901 | €114,317 | €55,656 | -€58,661 | -51.3% |
| Financial income | 75/76B | €5,075 | €1,699 | -€3,376 | -66.5% |
| Recurring financial income | 75 | €5,075 | €1,699 | -€3,376 | -66.5% |
| Financial charges | 65/66B | €2,188 | €1,932 | -€257 | -11.7% |
| Recurring financial charges | 65 | €2,188 | €1,932 | -€257 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €117,203 | €55,423 | -€61,780 | -52.7% |
| Income taxes | 67/77 | €25,588 | €19,268 | -€6,320 | -24.7% |
| Profit (loss) for the period | 9904 | €91,615 | €36,156 | -€55,460 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €91,615 | €36,156 | -€55,460 | -60.5% |
Next steps
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 6 November 2026 via checked.be.