COWA: 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.
COWA
Largest movements
- Cash +€47,675
up €47,675 (+36.8%), from €129,665 to €177,340
mainly Other debts (+€229,016) and Net result for the year (+€42,061)
- Tangible fixed assets -€35,033
down €35,033 (-45.8%), from €76,437 to €41,404
of which Furniture and vehicles: -€19,752
- Receivables within one year +€17,939
up €17,939 (+107.5%), from €16,692 to €34,631
of which Trade receivables: +€15,266
- Other debts +€229,016
up €229,016 (+1171.4%), from €19,550 to €248,566
- Reserves -€198,824
down €198,824 (-99.1%), from €200,684 to €1,860
of which Distributable reserves: -€198,824
- Gross operating margin +€2,752
up €2,752 (+3.2%), from €86,902 to €89,654
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 | €248,773 | €279,294 | +€30,521 | +12.3% |
| Fixed assets | 21/28 | €102,357 | €67,324 | -€35,033 | -34.2% |
| Tangible fixed assets | 22/27 | €76,437 | €41,404 | -€35,033 | -45.8% |
| Plant, machinery and equipment | 23 | €390 | €0 | -€390 | -100.0% |
| Furniture and vehicles | 24 | €61,156 | €41,404 | -€19,752 | -32.3% |
| Leasing and similar rights | 25 | €14,891 | €0 | -€14,891 | -100.0% |
| Financial fixed assets | 28 | €25,920 | €25,920 | = | 0.0% |
| Current assets | 29/58 | €146,416 | €211,970 | +€65,554 | +44.8% |
| Amounts receivable within one year | 40/41 | €16,692 | €34,631 | +€17,939 | +107.5% |
| Trade receivables | 40 | €12,752 | €28,018 | +€15,266 | +119.7% |
| Other amounts receivable | 41 | €3,940 | €6,612 | +€2,672 | +67.8% |
| Cash at bank and in hand | 54/58 | €129,665 | €177,340 | +€47,675 | +36.8% |
| Deferred charges and accrued income | 490/1 | €59 | €0 | -€59 | -100.0% |
| Total equity and liabilities | 10/49 | €248,773 | €279,294 | +€30,521 | +12.3% |
| Equity | 10/15 | €219,284 | €20,460 | -€198,824 | -90.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €200,684 | €1,860 | -€198,824 | -99.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €198,824 | €0 | -€198,824 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €29,489 | €258,834 | +€229,345 | +777.7% |
| Amounts payable within one year | 42/48 | €29,489 | €258,834 | +€229,345 | +777.7% |
| Trade debts | 44 | €523 | €352 | -€171 | -32.7% |
| Suppliers | 440/4 | €523 | €352 | -€171 | -32.7% |
| Taxes, remuneration and social security | 45 | €9,416 | €9,916 | +€500 | +5.3% |
| Taxes | 450/3 | €9,416 | €9,916 | +€500 | +5.3% |
| Other amounts payable | 47/48 | €19,550 | €248,566 | +€229,016 | +1171.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,512 | €35,033 | -€479 | -1.3% |
| Other operating charges | 640/8 | €718 | €593 | -€125 | -17.3% |
| Gross operating margin | 9900 | €86,902 | €89,654 | +€2,752 | +3.2% |
| Operating profit (loss) | 9901 | €50,673 | €54,028 | +€3,355 | +6.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,582 | €1,139 | -€443 | -28.0% |
| Recurring financial charges | 65 | €1,582 | €1,139 | -€443 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €49,091 | €52,889 | +€3,798 | +7.7% |
| Income taxes | 67/77 | €10,060 | €10,828 | +€767 | +7.6% |
| Profit (loss) for the period | 9904 | €39,031 | €42,061 | +€3,031 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €39,031 | €42,061 | +€3,031 | +7.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.