COUDELBA: 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.
COUDELBA
Largest movements
- Tangible fixed assets +€993,861
up €993,861 (+178.3%), from €557,535 to €1.6m
of which Plant, machinery and equipment: +€651,117
- Receivables within one year -€332,309
down €332,309 (-19.1%), from €1.7m to €1.4m
of which Other amounts receivable: -€413,777
- Stocks and contracts +€75,202
up €75,202 (+27.0%), from €279,014 to €354,216
- Cash +€37,361
up €37,361 (+29.4%), from €127,123 to €164,484
mainly Trade debts (+€394,607) and Receivables within one year (+€332,309)
- Trade debts +€394,607
up €394,607 (+48.7%), from €811,100 to €1.2m
- Debts after one year +€256,041
up €256,041 (+147.3%), from €173,844 to €429,885
- Accrued charges and deferred income +€219,440
up €219,440 (+146.3%), from €150,000 to €369,440
- Tax, wage and social debts -€40,518
down €40,518 (-21.8%), from €186,111 to €145,593
of which Taxes: -€42,454
- Gross operating margin -€108,287
down €108,287 (-13.6%), from €796,511 to €688,224
- Taxes -€48,838
down €48,838 (-97.0%), from €50,343 to €1,504
- Staff costs +€25,626
up €25,626 (+4.8%), from €533,807 to €559,433
- Depreciation +€24,779
up €24,779 (+24.6%), from €100,648 to €125,427
- Financial income -€24,254
down €24,254 (-86.4%), from €28,085 to €3,831
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 | €2,720,910 | €3,493,533 | +€772,622 | +28.4% |
| Fixed assets | 21/28 | €557,605 | €1,551,667 | +€994,062 | +178.3% |
| Tangible fixed assets | 22/27 | €557,535 | €1,551,396 | +€993,861 | +178.3% |
| Plant, machinery and equipment | 23 | €128,590 | €779,708 | +€651,117 | +506.4% |
| Furniture and vehicles | 24 | €48,652 | €434,091 | +€385,439 | +792.2% |
| Other tangible fixed assets | 26 | €380,293 | €337,597 | -€42,695 | -11.2% |
| Financial fixed assets | 28 | €70 | €271 | +€201 | +287.1% |
| Current assets | 29/58 | €2,163,306 | €1,941,865 | -€221,440 | -10.2% |
| Stocks and contracts in progress | 3 | €279,014 | €354,216 | +€75,202 | +27.0% |
| Stocks | 30/36 | €279,014 | €354,216 | +€75,202 | +27.0% |
| Amounts receivable within one year | 40/41 | €1,743,700 | €1,411,391 | -€332,309 | -19.1% |
| Trade receivables | 40 | €154,976 | €236,443 | +€81,468 | +52.6% |
| Other amounts receivable | 41 | €1,588,724 | €1,174,947 | -€413,777 | -26.0% |
| Current investments | 50/53 | €6,600 | €8,000 | +€1,400 | +21.2% |
| Cash at bank and in hand | 54/58 | €127,123 | €164,484 | +€37,361 | +29.4% |
| Deferred charges and accrued income | 490/1 | €6,869 | €3,776 | -€3,093 | -45.0% |
| Total equity and liabilities | 10/49 | €2,720,910 | €3,493,533 | +€772,622 | +28.4% |
| Equity | 10/15 | €1,138,376 | €1,106,246 | -€32,130 | -2.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €232,201 | €212,313 | -€19,888 | -8.6% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,201 | €16,313 | -€19,888 | -54.9% |
| Distributable reserves | 133 | €186,000 | €186,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €806,175 | €793,933 | -€12,242 | -1.5% |
| Provisions and deferred taxes | 16 | €18,067 | €13,438 | -€4,629 | -25.6% |
| Provisions for liabilities and charges | 160/5 | €6,000 | €8,000 | +€2,000 | +33.3% |
| Other liabilities and charges | 164/5 | €6,000 | €8,000 | +€2,000 | +33.3% |
| Deferred taxes | 168 | €12,067 | €5,438 | -€6,629 | -54.9% |
| Amounts payable | 17/49 | €1,564,467 | €2,373,849 | +€809,381 | +51.7% |
| Amounts payable after more than one year | 17 | €173,844 | €429,885 | +€256,041 | +147.3% |
| Financial debts | 170/4 | €173,844 | €429,885 | +€256,041 | +147.3% |
| Amounts payable within one year | 42/48 | €1,240,623 | €1,574,524 | +€333,901 | +26.9% |
| Current portion of amounts payable after more than one year | 42 | €95,219 | €100,781 | +€5,562 | +5.8% |
| Financial debts | 43 | €140,779 | €113,221 | -€27,558 | -19.6% |
| Credit institutions | 430/8 | €140,779 | €113,221 | -€27,558 | -19.6% |
| Trade debts | 44 | €811,100 | €1,205,706 | +€394,607 | +48.7% |
| Suppliers | 440/4 | €811,100 | €1,205,706 | +€394,607 | +48.7% |
| Taxes, remuneration and social security | 45 | €186,111 | €145,593 | -€40,518 | -21.8% |
| Taxes | 450/3 | €68,836 | €26,381 | -€42,454 | -61.7% |
| Remuneration and social security | 454/9 | €117,275 | €119,211 | +€1,936 | +1.7% |
| Other amounts payable | 47/48 | €7,415 | €9,223 | +€1,809 | +24.4% |
| Accrued charges and deferred income | 492/3 | €150,000 | €369,440 | +€219,440 | +146.3% |
| Remuneration, social security and pensions | 62 | €533,807 | €559,433 | +€25,626 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,648 | €125,427 | +€24,779 | +24.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €6,000 | €2,000 | -€4,000 | -66.7% |
| Other operating charges | 640/8 | €14,848 | €14,695 | -€152 | -1.0% |
| Gross operating margin | 9900 | €796,511 | €688,224 | -€108,287 | -13.6% |
| Operating profit (loss) | 9901 | €141,208 | -€13,331 | -€154,539 | |
| Financial income | 75/76B | €28,085 | €3,831 | -€24,254 | -86.4% |
| Recurring financial income | 75 | €28,085 | €3,831 | -€24,254 | -86.4% |
| Financial charges | 65/66B | €29,563 | €27,755 | -€1,808 | -6.1% |
| Recurring financial charges | 65 | €29,563 | €27,755 | -€1,808 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €139,730 | -€37,255 | -€176,985 | |
| Transfer from deferred taxes | 780 | €7,078 | €6,629 | -€449 | -6.3% |
| Income taxes | 67/77 | €50,343 | €1,504 | -€48,838 | -97.0% |
| Profit (loss) for the period | 9904 | €96,466 | -€32,130 | -€128,596 | |
| Transfer from tax-exempt reserves | 789 | €20,924 | €19,888 | -€1,036 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €117,390 | -€12,242 | -€129,632 |
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 12 October 2026 via checked.be.