COWADIS: 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.
COWADIS
Largest movements
- Receivables after one year +€65,000
new in 2025: €65,000
- Current investments -€59,906
down €59,906 (-74.8%), from €80,110 to €20,204
- Cash +€22,462
up €22,462 (+130%), from €17,312 to €39,774
mainly Current investments (+€59,906) and Net result for the year (+€27,955)
- Stocks and contracts +€6,063
up €6,063 (+9.0%), from €67,717 to €73,780
- Reserves +€27,955
up €27,955 (+30.1%), from €92,999 to €120,954
of which Distributable reserves: +€27,955
- Tax, wage and social debts +€11,617
up €11,617 (+70.2%), from €16,559 to €28,176
- Debts after one year -€8,498
down €8,498 (-66.0%), from €12,877 to €4,379
- Trade debts +€2,801
up €2,801 (+96.9%), from €2,891 to €5,692
- Taxes +€8,403
up €8,403 (+169%), from €4,985 to €13,388
- Gross operating margin -€8,011
down €8,011 (-13.1%), from €61,342 to €53,331
- Depreciation +€4,604
up €4,604 (+105%), from €4,406 to €9,010
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 | €203,573 | €237,700 | +€34,127 | +16.8% |
| Fixed assets | 21/28 | €32,841 | €33,310 | +€469 | +1.4% |
| Tangible fixed assets | 22/27 | €31,595 | €32,064 | +€469 | +1.5% |
| Plant, machinery and equipment | 23 | €2,868 | €9,928 | +€7,060 | +246% |
| Furniture and vehicles | 24 | €28,727 | €22,137 | -€6,591 | -22.9% |
| Financial fixed assets | 28 | €1,246 | €1,246 | = | 0.0% |
| Current assets | 29/58 | €170,732 | €204,390 | +€33,658 | +19.7% |
| Amounts receivable after more than one year | 29 | - | €65,000 | +€65,000 | |
| Other amounts receivable | 291 | - | €65,000 | +€65,000 | |
| Stocks and contracts in progress | 3 | €67,717 | €73,780 | +€6,063 | +9.0% |
| Stocks | 30/36 | €67,717 | €73,780 | +€6,063 | +9.0% |
| Amounts receivable within one year | 40/41 | €5,492 | €5,528 | +€36 | +0.7% |
| Trade receivables | 40 | €5,141 | €5,528 | +€386 | +7.5% |
| Other amounts receivable | 41 | €351 | - | -€351 | |
| Current investments | 50/53 | €80,110 | €20,204 | -€59,906 | -74.8% |
| Cash at bank and in hand | 54/58 | €17,312 | €39,774 | +€22,462 | +130% |
| Deferred charges and accrued income | 490/1 | €101 | €104 | +€3 | +3.4% |
| Total equity and liabilities | 10/49 | €203,573 | €237,700 | +€34,127 | +16.8% |
| Equity | 10/15 | €159,491 | €187,446 | +€27,955 | +17.5% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €92,999 | €120,954 | +€27,955 | +30.1% |
| Tax-exempt reserves | 132 | €36,500 | €36,500 | = | 0.0% |
| Distributable reserves | 133 | €56,499 | €84,454 | +€27,955 | +49.5% |
| Profit (loss) carried forward | 14 | €29,308 | €29,308 | = | 0.0% |
| Amounts payable | 17/49 | €44,082 | €50,254 | +€6,173 | +14.0% |
| Amounts payable after more than one year | 17 | €12,877 | €4,379 | -€8,498 | -66.0% |
| Financial debts | 170/4 | €12,877 | €4,379 | -€8,498 | -66.0% |
| Amounts payable within one year | 42/48 | €31,204 | €45,875 | +€14,671 | +47.0% |
| Current portion of amounts payable after more than one year | 42 | €8,163 | €8,498 | +€336 | +4.1% |
| Trade debts | 44 | €2,891 | €5,692 | +€2,801 | +96.9% |
| Suppliers | 440/4 | €2,891 | €5,692 | +€2,801 | +96.9% |
| Taxes, remuneration and social security | 45 | €16,559 | €28,176 | +€11,617 | +70.2% |
| Taxes | 450/3 | €16,559 | €28,176 | +€11,617 | +70.2% |
| Other amounts payable | 47/48 | €3,592 | €3,509 | -€83 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,406 | €9,010 | +€4,604 | +105% |
| Other operating charges | 640/8 | €1,242 | €1,206 | -€36 | -2.9% |
| Gross operating margin | 9900 | €61,342 | €53,331 | -€8,011 | -13.1% |
| Operating profit (loss) | 9901 | €55,694 | €43,114 | -€12,580 | -22.6% |
| Financial income | 75/76B | €92 | €275 | +€183 | +200% |
| Recurring financial income | 75 | €92 | €275 | +€183 | +200% |
| Financial charges | 65/66B | €1,643 | €2,046 | +€404 | +24.6% |
| Recurring financial charges | 65 | €1,643 | €2,046 | +€404 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €54,143 | €41,343 | -€12,801 | -23.6% |
| Income taxes | 67/77 | €4,985 | €13,388 | +€8,403 | +169% |
| Profit (loss) for the period | 9904 | €49,158 | €27,955 | -€21,203 | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,158 | €27,955 | -€21,203 | -43.1% |
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 27 October 2026 via checked.be.