Cotrain: 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.
Cotrain
Largest movements
- Tangible fixed assets -€28,629
down €28,629 (-13.0%), from €219,891 to €191,261
of which Land and buildings: -€22,771
- Cash -€18,510
no longer reported in 2025 (was €18,510)
mainly Net result for the year (-€39,177) and Current portion of long-term debt (-€28,119)
- Receivables within one year -€16,023
down €16,023 (-16.4%), from €97,644 to €81,620
of which Trade receivables: -€26,716
- Stocks and contracts -€8,027
down €8,027 (-14.8%), from €54,108 to €46,082
- Receivables after one year +€5,706
up €5,706 (+30.6%), from €18,668 to €24,375
- Profit (loss) carried forward -€39,177
new in 2025: -€39,177
- Tax, wage and social debts +€34,195
up €34,195 (+88.7%), from €38,549 to €72,744
of which Taxes: +€22,055
- Current portion of long-term debt -€28,119
down €28,119 (-57.5%), from €48,902 to €20,784
- Debts after one year -€18,739
down €18,739 (-10.5%), from €178,098 to €159,359
- Trade debts -€14,184
down €14,184 (-23.2%), from €61,127 to €46,943
- Gross operating margin -€57,076
down €57,076 (-28.8%), from €197,980 to €140,905
- Taxes -€9,987
down €9,987 (-95.5%), from €10,454 to €467
- Staff costs +€9,178
up €9,178 (+8.0%), from €114,310 to €123,488
- Financial charges +€8,703
up €8,703 (+79.0%), from €11,017 to €19,720
of which Financial charges: +€9,058
- Depreciation -€6,507
down €6,507 (-17.9%), from €36,393 to €29,886
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 | €414,746 | €351,658 | -€63,088 | -15.2% |
| Fixed assets | 21/28 | €219,891 | €195,767 | -€24,123 | -11.0% |
| Intangible fixed assets | 21 | - | €4,506 | +€4,506 | |
| Tangible fixed assets | 22/27 | €219,891 | €191,261 | -€28,629 | -13.0% |
| Land and buildings | 22 | €204,935 | €182,165 | -€22,771 | -11.1% |
| Plant, machinery and equipment | 23 | €6,687 | €4,555 | -€2,132 | -31.9% |
| Furniture and vehicles | 24 | €8,268 | €4,542 | -€3,726 | -45.1% |
| Current assets | 29/58 | €194,856 | €155,891 | -€38,965 | -20.0% |
| Amounts receivable after more than one year | 29 | €18,668 | €24,375 | +€5,706 | +30.6% |
| Other amounts receivable | 291 | €18,668 | €24,375 | +€5,706 | +30.6% |
| Stocks and contracts in progress | 3 | €54,108 | €46,082 | -€8,027 | -14.8% |
| Stocks | 30/36 | €54,108 | €46,082 | -€8,027 | -14.8% |
| Amounts receivable within one year | 40/41 | €97,644 | €81,620 | -€16,023 | -16.4% |
| Trade receivables | 40 | €78,070 | €51,354 | -€26,716 | -34.2% |
| Other amounts receivable | 41 | €19,574 | €30,267 | +€10,693 | +54.6% |
| Cash at bank and in hand | 54/58 | €18,510 | - | -€18,510 | |
| Deferred charges and accrued income | 490/1 | €5,925 | €3,814 | -€2,111 | -35.6% |
| Total equity and liabilities | 10/49 | €414,746 | €351,658 | -€63,088 | -15.2% |
| Equity | 10/15 | €69,228 | €30,051 | -€39,177 | -56.6% |
| Contributions | 10/11 | €9,296 | €9,296 | = | 0.0% |
| Reserves | 13 | €59,932 | €59,932 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,750 | €23,750 | = | 0.0% |
| Distributable reserves | 133 | €36,182 | €36,182 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€39,177 | -€39,177 | |
| Amounts payable | 17/49 | €345,519 | €321,607 | -€23,911 | -6.9% |
| Amounts payable after more than one year | 17 | €178,098 | €159,359 | -€18,739 | -10.5% |
| Financial debts | 170/4 | €178,098 | €159,359 | -€18,739 | -10.5% |
| Amounts payable within one year | 42/48 | €167,420 | €162,248 | -€5,172 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €48,902 | €20,784 | -€28,119 | -57.5% |
| Financial debts | 43 | €18,842 | €21,778 | +€2,936 | +15.6% |
| Credit institutions | 430/8 | €18,842 | €21,778 | +€2,936 | +15.6% |
| Trade debts | 44 | €61,127 | €46,943 | -€14,184 | -23.2% |
| Suppliers | 440/4 | €61,127 | €46,943 | -€14,184 | -23.2% |
| Taxes, remuneration and social security | 45 | €38,549 | €72,744 | +€34,195 | +88.7% |
| Taxes | 450/3 | €18,007 | €40,062 | +€22,055 | +122.5% |
| Remuneration and social security | 454/9 | €20,543 | €32,683 | +€12,140 | +59.1% |
| Remuneration, social security and pensions | 62 | €114,310 | €123,488 | +€9,178 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,393 | €29,886 | -€6,507 | -17.9% |
| Other operating charges | 640/8 | €3,504 | €7,548 | +€4,043 | +115.4% |
| Gross operating margin | 9900 | €197,980 | €140,905 | -€57,076 | -28.8% |
| Operating profit (loss) | 9901 | €43,774 | -€20,017 | -€63,791 | |
| Financial income | 75/76B | €1 | €1,026 | +€1,026 | +138593.2% |
| Recurring financial income | 75 | €1 | €1,026 | +€1,026 | +138593.2% |
| Financial charges | 65/66B | €11,017 | €19,720 | +€8,703 | +79.0% |
| Recurring financial charges | 65 | €10,662 | €19,720 | +€9,058 | +85.0% |
| Non-recurring financial charges | 66B | €355 | - | -€355 | |
| Profit (loss) for the period before taxes | 9903 | €32,757 | -€38,710 | -€71,468 | |
| Income taxes | 67/77 | €10,454 | €467 | -€9,987 | -95.5% |
| Profit (loss) for the period | 9904 | €22,304 | -€39,177 | -€61,481 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,304 | -€39,177 | -€61,481 |
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 5 October 2026 via checked.be.