COTELFAX: 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.
COTELFAX
Largest movements
- Tangible fixed assets -€76,802
down €76,802 (-31.1%), from €246,778 to €169,976
of which Land and buildings: -€76,320
- Cash +€22,829
up €22,829 (+269.5%), from €8,471 to €31,301
mainly Investment in fixed assets (net) (+€60,729) and Receivables within one year (+€21,442)
- Receivables within one year -€21,442
down €21,442 (-54.4%), from €39,381 to €17,939
of which Trade receivables: -€27,292
- Stocks and contracts +€9,533
up €9,533 (+96.8%), from €9,846 to €19,379
- Short-term financial debts -€90,860
down €90,860 (-99.4%), from €91,380 to €520
- Other debts +€13,000
new in 2025: €13,000
- Tax, wage and social debts +€7,942
up €7,942 (+55.1%), from €14,423 to €22,365
- Debts after one year -€3,376
down €3,376 (-3.4%), from €99,201 to €95,825
- Depreciation -€9,994
down €9,994 (-38.3%), from €26,067 to €16,073
- Gross operating margin +€5,605
up €5,605 (+13.9%), from €40,246 to €45,851
- Financial charges -€3,826
down €3,826 (-30.7%), from €12,462 to €8,636
- Financial income -€3,272
down €3,272 (-48.1%), from €6,797 to €3,524
- Taxes +€2,398
up €2,398 (+59.9%), from €4,004 to €6,401
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 | €305,975 | €238,594 | -€67,381 | -22.0% |
| Fixed assets | 21/28 | €246,778 | €169,976 | -€76,802 | -31.1% |
| Tangible fixed assets | 22/27 | €246,778 | €169,976 | -€76,802 | -31.1% |
| Land and buildings | 22 | €236,197 | €159,877 | -€76,320 | -32.3% |
| Furniture and vehicles | 24 | €10,581 | €10,099 | -€482 | -4.6% |
| Current assets | 29/58 | €59,197 | €68,619 | +€9,421 | +15.9% |
| Stocks and contracts in progress | 3 | €9,846 | €19,379 | +€9,533 | +96.8% |
| Stocks | 30/36 | €9,846 | €19,379 | +€9,533 | +96.8% |
| Amounts receivable within one year | 40/41 | €39,381 | €17,939 | -€21,442 | -54.4% |
| Trade receivables | 40 | €33,777 | €6,485 | -€27,292 | -80.8% |
| Other amounts receivable | 41 | €5,604 | €11,454 | +€5,850 | +104.4% |
| Cash at bank and in hand | 54/58 | €8,471 | €31,301 | +€22,829 | +269.5% |
| Deferred charges and accrued income | 490/1 | €1,499 | €0 | -€1,499 | -100.0% |
| Total equity and liabilities | 10/49 | €305,975 | €238,594 | -€67,381 | -22.0% |
| Equity | 10/15 | €35,680 | €37,091 | +€1,411 | +4.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,229 | €16,640 | +€1,411 | +9.3% |
| Amounts payable | 17/49 | €270,296 | €201,503 | -€68,792 | -25.5% |
| Amounts payable after more than one year | 17 | €99,201 | €95,825 | -€3,376 | -3.4% |
| Financial debts | 170/4 | €99,201 | €95,825 | -€3,376 | -3.4% |
| Amounts payable within one year | 42/48 | €171,095 | €105,678 | -€65,417 | -38.2% |
| Current portion of amounts payable after more than one year | 42 | €28,658 | €30,814 | +€2,157 | +7.5% |
| Financial debts | 43 | €91,380 | €520 | -€90,860 | -99.4% |
| Credit institutions | 430/8 | €91,380 | €520 | -€90,860 | -99.4% |
| Trade debts | 44 | €36,634 | €38,978 | +€2,344 | +6.4% |
| Suppliers | 440/4 | €36,634 | €38,978 | +€2,344 | +6.4% |
| Taxes, remuneration and social security | 45 | €14,423 | €22,365 | +€7,942 | +55.1% |
| Taxes | 450/3 | €14,423 | €22,365 | +€7,942 | +55.1% |
| Other amounts payable | 47/48 | - | €13,000 | +€13,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,067 | €16,073 | -€9,994 | -38.3% |
| Other operating charges | 640/8 | €4,040 | €3,853 | -€186 | -4.6% |
| Gross operating margin | 9900 | €40,246 | €45,851 | +€5,605 | +13.9% |
| Operating profit (loss) | 9901 | €10,139 | €25,924 | +€15,785 | +155.7% |
| Financial income | 75/76B | €6,797 | €3,524 | -€3,272 | -48.1% |
| Recurring financial income | 75 | €6,797 | €3,524 | -€3,272 | -48.1% |
| Financial charges | 65/66B | €12,462 | €8,636 | -€3,826 | -30.7% |
| Recurring financial charges | 65 | €12,462 | €8,636 | -€3,826 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €4,474 | €20,813 | +€16,339 | +365.2% |
| Income taxes | 67/77 | €4,004 | €6,401 | +€2,398 | +59.9% |
| Profit (loss) for the period | 9904 | €470 | €14,411 | +€13,941 | +2966.3% |
| Profit (loss) for the period to be appropriated | 9905 | €470 | €14,411 | +€13,941 | +2966.3% |
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 2 October 2026 via checked.be.