COTEDEB: what changed
Two fiscal 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.
COTEDEB
Largest movements
- Current investments -€25,418
down €25,418 (-12.2%), from €208,439 to €183,021
- Tangible fixed assets +€25,366
up €25,366 (+20.1%), from €125,889 to €151,255
of which Furniture and vehicles: +€26,309
- Reserves +€38,461
up €38,461 (+13.3%), from €288,838 to €327,299
of which Distributable reserves: +€38,461
- Other debts -€28,408
down €28,408 (-37.0%), from €76,854 to €48,446
- Advances received -€12,269
down €12,269 (-18.6%), from €66,016 to €53,746
- Gross operating margin +€38,777
up €38,777 (+32.2%), from €120,428 to €159,204
- Depreciation +€7,139
up €7,139 (+489.9%), from €1,457 to €8,597
- Staff costs +€4,808
up €4,808 (+11.9%), from €40,552 to €45,361
- Taxes +€4,799
up €4,799 (+15.8%), from €30,431 to €35,230
- Financial income +€3,735
up €3,735 (+447.3%), from €835 to €4,571
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.
Cash bridge derived
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 | €477,425 | €471,555 | -€5,871 | -1.2% |
| Fixed assets | 21/28 | €126,037 | €151,403 | +€25,366 | +20.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €125,889 | €151,255 | +€25,366 | +20.1% |
| Land and buildings | 22 | €123,750 | €123,750 | = | 0.0% |
| Plant, machinery and equipment | 23 | €928 | €455 | -€474 | -51.0% |
| Furniture and vehicles | 24 | €273 | €26,582 | +€26,309 | +9649.4% |
| Other tangible fixed assets | 26 | €938 | €469 | -€469 | -50.0% |
| Financial fixed assets | 28 | €148 | €148 | = | 0.0% |
| Current assets | 29/58 | €351,389 | €320,152 | -€31,237 | -8.9% |
| Amounts receivable within one year | 40/41 | €105,425 | €101,718 | -€3,707 | -3.5% |
| Trade receivables | 40 | €97,333 | €95,553 | -€1,780 | -1.8% |
| Other amounts receivable | 41 | €8,092 | €6,165 | -€1,928 | -23.8% |
| Current investments | 50/53 | €208,439 | €183,021 | -€25,418 | -12.2% |
| Cash at bank and in hand | 54/58 | €37,524 | €33,407 | -€4,117 | -11.0% |
| Deferred charges and accrued income | 490/1 | - | €2,006 | +€2,006 | |
| Total equity and liabilities | 10/49 | €477,425 | €471,555 | -€5,871 | -1.2% |
| Equity | 10/15 | €307,430 | €345,891 | +€38,461 | +12.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €288,838 | €327,299 | +€38,461 | +13.3% |
| Non-distributable reserves | 130/1 | €11,925 | €11,925 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,925 | €11,925 | = | 0.0% |
| Distributable reserves | 133 | €276,913 | €315,374 | +€38,461 | +13.9% |
| Amounts payable | 17/49 | €169,996 | €125,664 | -€44,331 | -26.1% |
| Amounts payable within one year | 42/48 | €169,996 | €125,664 | -€44,331 | -26.1% |
| Trade debts | 44 | €16,375 | €13,091 | -€3,284 | -20.1% |
| Suppliers | 440/4 | €16,375 | €13,091 | -€3,284 | -20.1% |
| Advances received on contracts in progress | 46 | €66,016 | €53,746 | -€12,269 | -18.6% |
| Taxes, remuneration and social security | 45 | €10,751 | €10,381 | -€370 | -3.4% |
| Taxes | 450/3 | €1,923 | €4,401 | +€2,478 | +128.9% |
| Remuneration and social security | 454/9 | €8,828 | €5,980 | -€2,848 | -32.3% |
| Other amounts payable | 47/48 | €76,854 | €48,446 | -€28,408 | -37.0% |
| Remuneration, social security and pensions | 62 | €40,552 | €45,361 | +€4,808 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,457 | €8,597 | +€7,139 | +489.9% |
| Other operating charges | 640/8 | €995 | €2,210 | +€1,215 | +122.2% |
| Gross operating margin | 9900 | €120,428 | €159,204 | +€38,777 | +32.2% |
| Operating profit (loss) | 9901 | €77,423 | €103,037 | +€25,614 | +33.1% |
| Financial income | 75/76B | €835 | €4,571 | +€3,735 | +447.3% |
| Recurring financial income | 75 | €835 | €4,571 | +€3,735 | +447.3% |
| Financial charges | 65/66B | €1,309 | €1,070 | -€238 | -18.2% |
| Recurring financial charges | 65 | €1,309 | €1,070 | -€238 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €76,950 | €106,537 | +€29,587 | +38.4% |
| Income taxes | 67/77 | €30,431 | €35,230 | +€4,799 | +15.8% |
| Profit (loss) for the period | 9904 | €46,519 | €71,307 | +€24,788 | +53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €46,519 | €71,307 | +€24,788 | +53.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.