Cottage 23: 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.
Cottage 23
Largest movements
- Tangible fixed assets +€804,094
up €804,094 (+41.8%), from €1.9m to €2.7m
- Receivables within one year +€675,270
new in 2025: €675,270
- Debts after one year +€1.2m
up €1.2m (+53.2%), from €2.3m to €3.5m
- Trade debts +€305,989
up €305,989 (+532339.8%), from €57 to €306,046
- Profit (loss) carried forward -€55,743
down €55,743 (-17.9%), from -€311,726 to -€367,468
- Depreciation +€6,446
up €6,446 (+18.4%), from €35,073 to €41,520
- Gross operating margin -€2,991
down €2,991 (-40.4%), from -€7,411 to -€10,403
- Other operating charges +€110
up €110 (+3.0%), from €3,635 to €3,745
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 | €1,993,332 | €3,467,969 | +€1.5m | +74.0% |
| Fixed assets | 21/28 | €1,922,334 | €2,726,428 | +€804,094 | +41.8% |
| Tangible fixed assets | 22/27 | €1,922,334 | €2,726,428 | +€804,094 | +41.8% |
| Land and buildings | 22 | €1,922,334 | €2,726,428 | +€804,094 | +41.8% |
| Current assets | 29/58 | €70,998 | €741,541 | +€670,544 | +944.5% |
| Amounts receivable within one year | 40/41 | - | €675,270 | +€675,270 | |
| Other amounts receivable | 41 | - | €675,270 | +€675,270 | |
| Cash at bank and in hand | 54/58 | €64,311 | €62,093 | -€2,217 | -3.4% |
| Deferred charges and accrued income | 490/1 | €6,687 | €4,178 | -€2,509 | -37.5% |
| Total equity and liabilities | 10/49 | €1,993,332 | €3,467,969 | +€1.5m | +74.0% |
| Equity | 10/15 | -€306,726 | -€362,468 | -€55,743 | -18.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€311,726 | -€367,468 | -€55,743 | -17.9% |
| Amounts payable | 17/49 | €2,300,057 | €3,830,437 | +€1.5m | +66.5% |
| Amounts payable after more than one year | 17 | €2,300,000 | €3,524,100 | +€1.2m | +53.2% |
| Financial debts | 170/4 | €2,300,000 | €3,524,100 | +€1.2m | +53.2% |
| Amounts payable within one year | 42/48 | €57 | €306,046 | +€305,989 | +532339.8% |
| Trade debts | 44 | €57 | €306,046 | +€305,989 | +532339.8% |
| Suppliers | 440/4 | €57 | €306,046 | +€305,989 | +532339.8% |
| Accrued charges and deferred income | 492/3 | - | €291 | +€291 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,073 | €41,520 | +€6,446 | +18.4% |
| Other operating charges | 640/8 | €3,635 | €3,745 | +€110 | +3.0% |
| Gross operating margin | 9900 | -€7,411 | -€10,403 | -€2,991 | -40.4% |
| Operating profit (loss) | 9901 | -€46,120 | -€55,668 | -€9,548 | -20.7% |
| Financial charges | 65/66B | €74 | €75 | +€2 | +2.0% |
| Recurring financial charges | 65 | €74 | €75 | +€2 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | -€46,193 | -€55,743 | -€9,549 | -20.7% |
| Profit (loss) for the period | 9904 | -€46,193 | -€55,743 | -€9,549 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,193 | -€55,743 | -€9,549 | -20.7% |
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 8 October 2026 via checked.be.