COTTAGE GROUP: 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.
COTTAGE GROUP
Largest movements
- Tangible fixed assets -€59,354
down €59,354 (-3.7%), from €1.6m to €1.6m
of which Land and buildings: -€61,026
- Profit (loss) carried forward -€91,457
down €91,457 (-26.4%), from €345,954 to €254,497
- Other debts +€57,281
up €57,281 (+4.5%), from €1.3m to €1.3m
- Debts after one year -€26,925
down €26,925 (-24.3%), from €110,775 to €83,850
of which Financial debts: -€26,925
- Gross operating margin -€36,401
down €36,401 (-88.7%), from €41,019 to €4,619
- Depreciation +€4,619
up €4,619 (+6.1%), from €75,312 to €79,930
- Financial charges -€1,325
down €1,325 (-15.6%), from €8,508 to €7,182
- Other operating charges -€777
down €777 (-8.1%), from €9,610 to €8,833
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 | €1,813,477 | €1,754,061 | -€59,416 | -3.3% |
| Fixed assets | 21/28 | €1,618,591 | €1,559,237 | -€59,354 | -3.7% |
| Tangible fixed assets | 22/27 | €1,618,591 | €1,559,237 | -€59,354 | -3.7% |
| Land and buildings | 22 | €1,555,260 | €1,494,234 | -€61,026 | -3.9% |
| Plant, machinery and equipment | 23 | €13,346 | €13,109 | -€237 | -1.8% |
| Furniture and vehicles | 24 | €33,495 | €25,624 | -€7,870 | -23.5% |
| Other tangible fixed assets | 26 | €16,490 | €26,269 | +€9,779 | +59.3% |
| Current assets | 29/58 | €194,886 | €194,824 | -€62 | 0.0% |
| Amounts receivable within one year | 40/41 | €190,987 | €190,987 | = | 0.0% |
| Other amounts receivable | 41 | €190,987 | €190,987 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,181 | €3,463 | +€1,282 | +58.8% |
| Deferred charges and accrued income | 490/1 | €1,717 | €373 | -€1,344 | -78.3% |
| Total equity and liabilities | 10/49 | €1,813,477 | €1,754,061 | -€59,416 | -3.3% |
| Equity | 10/15 | €389,534 | €298,077 | -€91,457 | -23.5% |
| Contributions | 10/11 | €29,000 | €29,000 | = | 0.0% |
| Reserves | 13 | €14,580 | €14,580 | = | 0.0% |
| Tax-exempt reserves | 132 | €80 | €80 | = | 0.0% |
| Distributable reserves | 133 | €14,500 | €14,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €345,954 | €254,497 | -€91,457 | -26.4% |
| Amounts payable | 17/49 | €1,423,943 | €1,455,984 | +€32,041 | +2.3% |
| Amounts payable after more than one year | 17 | €110,775 | €83,850 | -€26,925 | -24.3% |
| Financial debts | 170/4 | €100,775 | €73,850 | -€26,925 | -26.7% |
| Other amounts payable | 178/9 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,313,168 | €1,372,134 | +€58,967 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €25,546 | €28,807 | +€3,262 | +12.8% |
| Trade debts | 44 | €3,923 | €2,218 | -€1,706 | -43.5% |
| Suppliers | 440/4 | €3,923 | €2,218 | -€1,706 | -43.5% |
| Taxes, remuneration and social security | 45 | - | €130 | +€130 | |
| Taxes | 450/3 | - | €130 | +€130 | |
| Other amounts payable | 47/48 | €1,283,699 | €1,340,980 | +€57,281 | +4.5% |
| Non-recurring operating income | 76A | - | €19 | +€19 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,312 | €79,930 | +€4,619 | +6.1% |
| Other operating charges | 640/8 | €9,610 | €8,833 | -€777 | -8.1% |
| Gross operating margin | 9900 | €41,019 | €4,619 | -€36,401 | -88.7% |
| Operating profit (loss) | 9901 | -€43,903 | -€84,145 | -€40,242 | -91.7% |
| Financial charges | 65/66B | €8,508 | €7,182 | -€1,325 | -15.6% |
| Recurring financial charges | 65 | €8,508 | €7,182 | -€1,325 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | -€52,410 | -€91,327 | -€38,917 | -74.3% |
| Income taxes | 67/77 | - | €130 | +€130 | |
| Profit (loss) for the period | 9904 | -€52,410 | -€91,457 | -€39,047 | -74.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,410 | -€91,457 | -€39,047 | -74.5% |
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 19 October 2026 via checked.be.