COW: 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.
COW
Largest movements
- Receivables within one year +€8,999
up €8,999 (+558%), from €1,614 to €10,613
of which Trade receivables: +€9,610
- Tangible fixed assets +€6,846
up €6,846 (+6.9%), from €99,040 to €105,886
of which Furniture and vehicles: +€6,846
- Other debts +€11,627
up €11,627 (+13.3%), from €87,364 to €98,991
- Trade debts +€10,912
up €10,912 (+451%), from €2,418 to €13,330
- Profit (loss) carried forward -€7,668
down €7,668 (-56.3%), from -€13,622 to -€21,290
- Gross operating margin +€1,864
up €1,864 (+28.2%), from -€6,601 to -€4,738
- Depreciation +€1,456
new in 2025: €1,456
- Financial charges -€91
down €91 (-55.9%), from €163 to €72
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 | €102,463 | €117,757 | +€15,294 | +14.9% |
| Fixed assets | 21/28 | €99,040 | €105,886 | +€6,846 | +6.9% |
| Tangible fixed assets | 22/27 | €99,040 | €105,886 | +€6,846 | +6.9% |
| Furniture and vehicles | 24 | - | €6,846 | +€6,846 | |
| Assets under construction and advance payments | 27 | €99,040 | €99,040 | = | 0.0% |
| Current assets | 29/58 | €3,423 | €11,871 | +€8,448 | +247% |
| Amounts receivable within one year | 40/41 | €1,614 | €10,613 | +€8,999 | +558% |
| Trade receivables | 40 | €908 | €10,517 | +€9,610 | +1,059% |
| Other amounts receivable | 41 | €706 | €96 | -€611 | -86.5% |
| Cash at bank and in hand | 54/58 | €1,208 | €1,012 | -€196 | -16.2% |
| Deferred charges and accrued income | 490/1 | €601 | €246 | -€355 | -59.0% |
| Total equity and liabilities | 10/49 | €102,463 | €117,757 | +€15,294 | +14.9% |
| Equity | 10/15 | €11,378 | €3,710 | -€7,668 | -67.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,622 | -€21,290 | -€7,668 | -56.3% |
| Amounts payable | 17/49 | €91,085 | €114,047 | +€22,962 | +25.2% |
| Amounts payable within one year | 42/48 | €91,085 | €114,047 | +€22,962 | +25.2% |
| Trade debts | 44 | €2,418 | €13,330 | +€10,912 | +451% |
| Suppliers | 440/4 | €2,418 | €13,330 | +€10,912 | +451% |
| Taxes, remuneration and social security | 45 | €1,303 | €1,726 | +€423 | +32.5% |
| Taxes | 450/3 | €1,303 | €1,726 | +€423 | +32.5% |
| Other amounts payable | 47/48 | €87,364 | €98,991 | +€11,627 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,456 | +€1,456 | |
| Other operating charges | 640/8 | €1,356 | €1,403 | +€48 | +3.5% |
| Gross operating margin | 9900 | -€6,601 | -€4,738 | +€1,864 | +28.2% |
| Operating profit (loss) | 9901 | -€7,957 | -€7,597 | +€360 | +4.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €163 | €72 | -€91 | -55.9% |
| Recurring financial charges | 65 | €163 | €72 | -€91 | -55.9% |
| Profit (loss) for the period before taxes | 9903 | -€8,120 | -€7,668 | +€452 | +5.6% |
| Profit (loss) for the period | 9904 | -€8,120 | -€7,668 | +€452 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,120 | -€7,668 | +€452 | +5.6% |
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 15 October 2026 via checked.be.