COTTON PROJECTS: 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.
COTTON PROJECTS
Largest movements
- Stocks and contracts -€736,753
down €736,753 (-33.9%), from €2.2m to €1.4m
- Cash -€107,320
down €107,320 (-98.1%), from €109,422 to €2,102
mainly Other debts (-€778,000) and Short-term financial debts (-€701,793)
- Receivables within one year +€72,358
up €72,358 (+10.0%), from €722,110 to €794,468
of which Other amounts receivable: +€77,198
- Other debts -€778,000
down €778,000 (-98.4%), from €791,000 to €13,000
- Short-term financial debts -€701,793
down €701,793 (-23.6%), from €3.0m to €2.3m
- Debts after one year +€675,000
new in 2025: €675,000
- Reserves +€76,035
up €76,035 (+14.5%), from €524,021 to €600,056
of which Distributable reserves: +€72,233
- Financial charges -€18,801
down €18,801 (-12.0%), from €157,305 to €138,503
- Gross operating margin -€14,028
down €14,028 (-4.9%), from €288,093 to €274,065
- Financial income +€7,486
up €7,486 (+44.3%), from €16,913 to €24,398
- Other operating charges -€6,361
down €6,361 (-86.3%), from €7,370 to €1,009
- Taxes +€6,245
up €6,245 (+27.8%), from €22,494 to €28,739
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 | €5,831,772 | €5,083,026 | -€748,746 | -12.8% |
| Fixed assets | 21/28 | €2,825,522 | €2,848,448 | +€22,926 | +0.8% |
| Tangible fixed assets | 22/27 | €2,825,522 | €2,848,448 | +€22,926 | +0.8% |
| Land and buildings | 22 | €2,825,381 | €2,848,448 | +€23,067 | +0.8% |
| Plant, machinery and equipment | 23 | €141 | - | -€141 | |
| Current assets | 29/58 | €3,006,250 | €2,234,578 | -€771,672 | -25.7% |
| Stocks and contracts in progress | 3 | €2,173,652 | €1,436,899 | -€736,753 | -33.9% |
| Stocks | 30/36 | €2,173,652 | €1,436,899 | -€736,753 | -33.9% |
| Amounts receivable within one year | 40/41 | €722,110 | €794,468 | +€72,358 | +10.0% |
| Trade receivables | 40 | €4,840 | - | -€4,840 | |
| Other amounts receivable | 41 | €717,270 | €794,468 | +€77,198 | +10.8% |
| Cash at bank and in hand | 54/58 | €109,422 | €2,102 | -€107,320 | -98.1% |
| Deferred charges and accrued income | 490/1 | €1,066 | €1,109 | +€43 | +4.0% |
| Total equity and liabilities | 10/49 | €5,831,772 | €5,083,026 | -€748,746 | -12.8% |
| Equity | 10/15 | €1,961,595 | €2,037,630 | +€76,035 | +3.9% |
| Contributions | 10/11 | €972,702 | €972,702 | = | 0.0% |
| Capital | 10 | €972,702 | €972,702 | = | 0.0% |
| Issued capital | 100 | €972,702 | €972,702 | = | 0.0% |
| Revaluation surpluses | 12 | €464,872 | €464,872 | = | 0.0% |
| Reserves | 13 | €524,021 | €600,056 | +€76,035 | +14.5% |
| Non-distributable reserves | 130/1 | €9,489 | €13,291 | +€3,802 | +40.1% |
| Legal reserve | 130 | €9,489 | €13,291 | +€3,802 | +40.1% |
| Distributable reserves | 133 | €514,532 | €586,765 | +€72,233 | +14.0% |
| Amounts payable | 17/49 | €3,870,177 | €3,045,396 | -€824,781 | -21.3% |
| Amounts payable after more than one year | 17 | - | €675,000 | +€675,000 | |
| Financial debts | 170/4 | - | €675,000 | +€675,000 | |
| Amounts payable within one year | 42/48 | €3,870,177 | €2,368,756 | -€1.5m | -38.8% |
| Financial debts | 43 | €2,971,771 | €2,269,978 | -€701,793 | -23.6% |
| Credit institutions | 430/8 | €2,971,771 | €2,269,978 | -€701,793 | -23.6% |
| Trade debts | 44 | €99,912 | €82,189 | -€17,723 | -17.7% |
| Suppliers | 440/4 | €99,912 | €82,189 | -€17,723 | -17.7% |
| Advances received on contracts in progress | 46 | - | €1,200 | +€1,200 | |
| Taxes, remuneration and social security | 45 | €7,494 | €2,389 | -€5,105 | -68.1% |
| Taxes | 450/3 | €7,494 | €2,389 | -€5,105 | -68.1% |
| Other amounts payable | 47/48 | €791,000 | €13,000 | -€778,000 | -98.4% |
| Accrued charges and deferred income | 492/3 | - | €1,640 | +€1,640 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,054 | €54,178 | +€2,123 | +4.1% |
| Other operating charges | 640/8 | €7,370 | €1,009 | -€6,361 | -86.3% |
| Gross operating margin | 9900 | €288,093 | €274,065 | -€14,028 | -4.9% |
| Operating profit (loss) | 9901 | €228,669 | €218,879 | -€9,790 | -4.3% |
| Financial income | 75/76B | €16,913 | €24,398 | +€7,486 | +44.3% |
| Recurring financial income | 75 | €16,913 | €24,398 | +€7,486 | +44.3% |
| Financial charges | 65/66B | €157,305 | €138,503 | -€18,801 | -12.0% |
| Recurring financial charges | 65 | €157,305 | €138,503 | -€18,801 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €88,277 | €104,774 | +€16,497 | +18.7% |
| Income taxes | 67/77 | €22,494 | €28,739 | +€6,245 | +27.8% |
| Profit (loss) for the period | 9904 | €65,783 | €76,035 | +€10,252 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €65,783 | €76,035 | +€10,252 | +15.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.