COTRAP: 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.
COTRAP
Largest movements
- Stocks and contracts -€25,215
down €25,215 (-57.2%), from €44,090 to €18,875
- Tangible fixed assets +€14,979
up €14,979 (+22.1%), from €67,908 to €82,888
of which Furniture and vehicles: +€14,704
- Tax, wage and social debts -€16,103
down €16,103 (-53.8%), from €29,946 to €13,843
of which Taxes: -€18,080
- Debts after one year -€7,457
down €7,457 (-25.8%), from €28,909 to €21,452
- Current portion of long-term debt +€6,654
up €6,654 (+44.7%), from €14,880 to €21,534
- Trade debts +€5,646
up €5,646 (+70.2%), from €8,037 to €13,683
- Accrued charges and deferred income +€3,188
new in 2025: €3,188
- Gross operating margin -€185,228
down €185,228 (-53.9%), from €343,454 to €158,226
- Taxes -€49,400
down €49,400 (-92.5%), from €53,428 to €4,029
- Staff costs -€21,352
down €21,352 (-14.4%), from €148,640 to €127,288
- Depreciation +€8,680
up €8,680 (+66.7%), from €13,012 to €21,692
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 | €281,336 | €272,482 | -€8,853 | -3.1% |
| Fixed assets | 21/28 | €68,428 | €83,408 | +€14,979 | +21.9% |
| Tangible fixed assets | 22/27 | €67,908 | €82,888 | +€14,979 | +22.1% |
| Plant, machinery and equipment | 23 | €2,328 | €2,604 | +€276 | +11.8% |
| Furniture and vehicles | 24 | €65,581 | €80,284 | +€14,704 | +22.4% |
| Financial fixed assets | 28 | €520 | €520 | = | 0.0% |
| Current assets | 29/58 | €212,907 | €189,075 | -€23,833 | -11.2% |
| Stocks and contracts in progress | 3 | €44,090 | €18,875 | -€25,215 | -57.2% |
| Contracts in progress | 37 | €44,090 | €18,875 | -€25,215 | -57.2% |
| Amounts receivable within one year | 40/41 | €50,309 | €51,423 | +€1,115 | +2.2% |
| Trade receivables | 40 | €50,049 | €15,063 | -€34,986 | -69.9% |
| Other amounts receivable | 41 | €260 | €36,360 | +€36,100 | +13,885% |
| Cash at bank and in hand | 54/58 | €114,559 | €112,157 | -€2,402 | -2.1% |
| Deferred charges and accrued income | 490/1 | €3,949 | €6,620 | +€2,670 | +67.6% |
| Total equity and liabilities | 10/49 | €281,336 | €272,482 | -€8,853 | -3.1% |
| Equity | 10/15 | €177,211 | €177,363 | +€152 | +0.1% |
| Contributions | 10/11 | €30,592 | €30,592 | = | 0.0% |
| Reserves | 13 | €126,209 | €126,209 | = | 0.0% |
| Distributable reserves | 133 | €126,209 | €126,209 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,410 | €20,562 | +€152 | +0.7% |
| Amounts payable | 17/49 | €104,124 | €95,119 | -€9,005 | -8.6% |
| Amounts payable after more than one year | 17 | €28,909 | €21,452 | -€7,457 | -25.8% |
| Financial debts | 170/4 | €28,909 | €21,452 | -€7,457 | -25.8% |
| Amounts payable within one year | 42/48 | €75,215 | €70,479 | -€4,736 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €14,880 | €21,534 | +€6,654 | +44.7% |
| Trade debts | 44 | €8,037 | €13,683 | +€5,646 | +70.2% |
| Suppliers | 440/4 | €8,037 | €13,683 | +€5,646 | +70.2% |
| Taxes, remuneration and social security | 45 | €29,946 | €13,843 | -€16,103 | -53.8% |
| Taxes | 450/3 | €28,760 | €10,681 | -€18,080 | -62.9% |
| Remuneration and social security | 454/9 | €1,186 | €3,162 | +€1,977 | +167% |
| Other amounts payable | 47/48 | €22,352 | €21,419 | -€933 | -4.2% |
| Accrued charges and deferred income | 492/3 | - | €3,188 | +€3,188 | |
| Remuneration, social security and pensions | 62 | €148,640 | €127,288 | -€21,352 | -14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,012 | €21,692 | +€8,680 | +66.7% |
| Other operating charges | 640/8 | €3,325 | €2,265 | -€1,059 | -31.9% |
| Gross operating margin | 9900 | €343,454 | €158,226 | -€185,228 | -53.9% |
| Operating profit (loss) | 9901 | €178,477 | €6,981 | -€171,496 | -96.1% |
| Financial income | 75/76B | €91 | - | -€91 | |
| Recurring financial income | 75 | €91 | - | -€91 | |
| Financial charges | 65/66B | €1,991 | €2,800 | +€810 | +40.7% |
| Recurring financial charges | 65 | €1,991 | €2,800 | +€810 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | €176,578 | €4,181 | -€172,397 | -97.6% |
| Income taxes | 67/77 | €53,428 | €4,029 | -€49,400 | -92.5% |
| Profit (loss) for the period | 9904 | €123,150 | €152 | -€122,998 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €123,150 | €152 | -€122,998 | -99.9% |
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 15 October 2026 via checked.be.