COW BRUSSELS: 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 BRUSSELS
Largest movements
- Receivables within one year +€1,415
new in 2025: €1,415
- Cash -€223
down €223 (-94.1%), from €237 to €14
mainly Receivables within one year (-€1,415) and Trade debts (-€211)
- Tangible fixed assets -€146
no longer reported in 2025 (was €146)
- Profit (loss) carried forward +€932
up €932 (+5.0%), from -€18,604 to -€17,672
- Contributions +€488
up €488 (+2.7%), from €18,113 to €18,600
- Trade debts -€211
no longer reported in 2025 (was €211)
- Other debts -€105
down €105 (-17.3%), from €605 to €501
- Tax, wage and social debts -€58
no longer reported in 2025 (was €58)
- Gross operating margin +€813
up €813 (+307%), from €265 to €1,077
- Financial charges -€152
no longer reported in 2025 (was €152)
- Depreciation -€70
no longer reported in 2025 (was €70)
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 | €383 | €1,429 | +€1,046 | +273% |
| Fixed assets | 21/28 | €146 | - | -€146 | |
| Tangible fixed assets | 22/27 | €146 | - | -€146 | |
| Plant, machinery and equipment | 23 | €146 | - | -€146 | |
| Current assets | 29/58 | €237 | €1,429 | +€1,191 | +502% |
| Amounts receivable within one year | 40/41 | - | €1,415 | +€1,415 | |
| Other amounts receivable | 41 | - | €1,415 | +€1,415 | |
| Cash at bank and in hand | 54/58 | €237 | €14 | -€223 | -94.1% |
| Total equity and liabilities | 10/49 | €383 | €1,429 | +€1,046 | +273% |
| Equity | 10/15 | -€491 | €928 | +€1,419 | |
| Contributions | 10/11 | €18,113 | €18,600 | +€488 | +2.7% |
| Profit (loss) carried forward | 14 | -€18,604 | -€17,672 | +€932 | +5.0% |
| Amounts payable | 17/49 | €874 | €501 | -€373 | -42.7% |
| Amounts payable within one year | 42/48 | €874 | €501 | -€373 | -42.7% |
| Trade debts | 44 | €211 | - | -€211 | |
| Suppliers | 440/4 | €211 | - | -€211 | |
| Taxes, remuneration and social security | 45 | €58 | - | -€58 | |
| Taxes | 450/3 | €58 | - | -€58 | |
| Other amounts payable | 47/48 | €605 | €501 | -€105 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70 | - | -€70 | |
| Non-recurring operating charges | 66A | - | €146 | +€146 | |
| Gross operating margin | 9900 | €265 | €1,077 | +€813 | +307% |
| Operating profit (loss) | 9901 | €195 | €932 | +€737 | +378% |
| Financial charges | 65/66B | €152 | - | -€152 | |
| Recurring financial charges | 65 | €152 | - | -€152 | |
| Profit (loss) for the period before taxes | 9903 | €42 | €932 | +€889 | +2,097% |
| Profit (loss) for the period | 9904 | €42 | €932 | +€889 | +2,097% |
| Profit (loss) for the period to be appropriated | 9905 | €42 | €932 | +€889 | +2,097% |
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 16 October 2026 via checked.be.