Cottage III: 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 III
Largest movements
- Stocks and contracts +€856,076
up €856,076 (+49.4%), from €1.7m to €2.6m
- Cash +€74,783
up €74,783 (+59.1%), from €126,495 to €201,278
mainly Debts after one year (+€576,350) and Short-term financial debts (+€499,745)
- Debts after one year +€576,350
up €576,350 (+120%), from €480,767 to €1.1m
- Short-term financial debts +€499,745
up €499,745 (+43.1%), from €1.2m to €1.7m
- Trade debts -€201,095
down €201,095 (-69.4%), from €289,708 to €88,613
- Accrued charges and deferred income +€94,742
up €94,742 (+592%), from €16,011 to €110,753
- Profit (loss) carried forward -€69,103
down €69,103 (-36.2%), from -€191,051 to -€260,154
- Other operating charges -€11,774
down €11,774 (-20.3%), from €57,899 to €46,125
- Gross operating margin +€3,915
up €3,915 (+14.8%), from -€26,508 to -€22,594
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 | €1,922,987 | €2,823,625 | +€900,638 | +46.8% |
| Current assets | 29/58 | €1,922,987 | €2,823,625 | +€900,638 | +46.8% |
| Stocks and contracts in progress | 3 | €1,733,650 | €2,589,726 | +€856,076 | +49.4% |
| Stocks | 30/36 | €1,733,650 | €2,589,726 | +€856,076 | +49.4% |
| Amounts receivable within one year | 40/41 | €49,041 | €31,367 | -€17,674 | -36.0% |
| Trade receivables | 40 | - | €13,320 | +€13,320 | |
| Other amounts receivable | 41 | €49,041 | €18,047 | -€30,995 | -63.2% |
| Cash at bank and in hand | 54/58 | €126,495 | €201,278 | +€74,783 | +59.1% |
| Deferred charges and accrued income | 490/1 | €13,801 | €1,254 | -€12,546 | -90.9% |
| Total equity and liabilities | 10/49 | €1,922,987 | €2,823,625 | +€900,638 | +46.8% |
| Equity | 10/15 | -€24,051 | -€93,154 | -€69,103 | -287% |
| Contributions | 10/11 | €167,000 | €167,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€191,051 | -€260,154 | -€69,103 | -36.2% |
| Amounts payable | 17/49 | €1,947,038 | €2,916,780 | +€969,741 | +49.8% |
| Amounts payable after more than one year | 17 | €480,767 | €1,057,117 | +€576,350 | +120% |
| Financial debts | 170/4 | €480,767 | €1,057,117 | +€576,350 | +120% |
| Amounts payable within one year | 42/48 | €1,450,260 | €1,748,910 | +€298,649 | +20.6% |
| Financial debts | 43 | €1,160,552 | €1,660,297 | +€499,745 | +43.1% |
| Credit institutions | 430/8 | €1,160,552 | €1,660,297 | +€499,745 | +43.1% |
| Trade debts | 44 | €289,708 | €88,613 | -€201,095 | -69.4% |
| Suppliers | 440/4 | €289,708 | €88,613 | -€201,095 | -69.4% |
| Accrued charges and deferred income | 492/3 | €16,011 | €110,753 | +€94,742 | +592% |
| Other operating charges | 640/8 | €57,899 | €46,125 | -€11,774 | -20.3% |
| Gross operating margin | 9900 | -€26,508 | -€22,594 | +€3,915 | +14.8% |
| Operating profit (loss) | 9901 | -€84,408 | -€68,719 | +€15,689 | +18.6% |
| Financial charges | 65/66B | €596 | €385 | -€212 | -35.5% |
| Recurring financial charges | 65 | €596 | €385 | -€212 | -35.5% |
| Profit (loss) for the period before taxes | 9903 | -€85,004 | -€69,103 | +€15,900 | +18.7% |
| Profit (loss) for the period | 9904 | -€85,004 | -€69,103 | +€15,900 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€85,004 | -€69,103 | +€15,900 | +18.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.