COTMAN & CAENEN: 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.
COTMAN & CAENEN
Largest movements
- Cash +€20,380
up €20,380 (+28.5%), from €71,601 to €91,981
mainly Net result for the year (+€84,324) and Depreciation (+€19,185)
- Tangible fixed assets -€17,057
down €17,057 (-27.2%), from €62,640 to €45,582
of which Furniture and vehicles: -€11,502
- Receivables within one year -€6,269
down €6,269 (-5.9%), from €106,573 to €100,304
of which Other amounts receivable: -€29,704
- Tax, wage and social debts -€13,651
down €13,651 (-28.3%), from €48,260 to €34,609
of which Remuneration and social security: -€8,094
- Trade debts +€8,851
up €8,851 (+86.9%), from €10,187 to €19,038
- Debts after one year -€6,470
down €6,470 (-100%), from €6,470 to €0
- Gross operating margin +€36,881
up €36,881 (+41.2%), from €89,425 to €126,306
- Financial income -€22,011
down €22,011 (-18.2%), from €121,030 to €99,019
- Staff costs -€15,173
down €15,173 (-12.9%), from €117,370 to €102,197
- Other operating charges -€5,616
down €5,616 (-28.0%), from €20,039 to €14,423
- Write-downs +€2,022
new in 2025: €2,022
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 | €461,304 | €454,668 | -€6,636 | -1.4% |
| Fixed assets | 21/28 | €276,960 | €259,902 | -€17,057 | -6.2% |
| Tangible fixed assets | 22/27 | €62,640 | €45,582 | -€17,057 | -27.2% |
| Furniture and vehicles | 24 | €41,947 | €30,446 | -€11,502 | -27.4% |
| Leasing and similar rights | 25 | €16,942 | €11,386 | -€5,556 | -32.8% |
| Other tangible fixed assets | 26 | €3,751 | €3,751 | = | 0.0% |
| Financial fixed assets | 28 | €214,320 | €214,320 | = | 0.0% |
| Current assets | 29/58 | €184,345 | €194,766 | +€10,422 | +5.7% |
| Amounts receivable within one year | 40/41 | €106,573 | €100,304 | -€6,269 | -5.9% |
| Trade receivables | 40 | €17,067 | €40,503 | +€23,435 | +137% |
| Other amounts receivable | 41 | €89,506 | €59,801 | -€29,704 | -33.2% |
| Cash at bank and in hand | 54/58 | €71,601 | €91,981 | +€20,380 | +28.5% |
| Deferred charges and accrued income | 490/1 | €6,171 | €2,482 | -€3,689 | -59.8% |
| Total equity and liabilities | 10/49 | €461,304 | €454,668 | -€6,636 | -1.4% |
| Equity | 10/15 | €310,228 | €314,551 | +€4,324 | +1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €291,628 | €295,951 | +€4,324 | +1.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €289,768 | €294,091 | +€4,324 | +1.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €151,077 | €140,117 | -€10,959 | -7.3% |
| Amounts payable after more than one year | 17 | €6,470 | €0 | -€6,470 | -100% |
| Financial debts | 170/4 | €6,470 | €0 | -€6,470 | -100% |
| Amounts payable within one year | 42/48 | €144,607 | €140,117 | -€4,489 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €6,160 | €6,470 | +€310 | +5.0% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €10,187 | €19,038 | +€8,851 | +86.9% |
| Suppliers | 440/4 | €10,187 | €19,038 | +€8,851 | +86.9% |
| Taxes, remuneration and social security | 45 | €48,260 | €34,609 | -€13,651 | -28.3% |
| Taxes | 450/3 | €28,155 | €22,599 | -€5,556 | -19.7% |
| Remuneration and social security | 454/9 | €20,105 | €12,010 | -€8,094 | -40.3% |
| Other amounts payable | 47/48 | €80,000 | €80,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €117,370 | €102,197 | -€15,173 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,396 | €19,185 | -€1,211 | -5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,022 | +€2,022 | |
| Other operating charges | 640/8 | €20,039 | €14,423 | -€5,616 | -28.0% |
| Gross operating margin | 9900 | €89,425 | €126,306 | +€36,881 | +41.2% |
| Operating profit (loss) | 9901 | -€68,380 | -€11,520 | +€56,860 | +83.2% |
| Financial income | 75/76B | €121,030 | €99,019 | -€22,011 | -18.2% |
| Recurring financial income | 75 | €121,030 | €99,019 | -€22,011 | -18.2% |
| Financial charges | 65/66B | €2,504 | €2,313 | -€191 | -7.6% |
| Recurring financial charges | 65 | €2,504 | €2,313 | -€191 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €50,145 | €85,185 | +€35,040 | +69.9% |
| Income taxes | 67/77 | €568 | €861 | +€293 | +51.6% |
| Profit (loss) for the period | 9904 | €49,577 | €84,324 | +€34,746 | +70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,577 | €84,324 | +€34,746 | +70.1% |
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 24 October 2026 via checked.be.