COWALEX: 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.
COWALEX
Largest movements
- Receivables within one year -€274,446
down €274,446 (-73.7%), from €372,495 to €98,050
of which Other amounts receivable: -€332,427
- Tangible fixed assets -€34,107
down €34,107 (-4.8%), from €711,902 to €677,795
of which Assets under construction and advance payments: -€258,850
- Cash +€21,856
up €21,856 (+154%), from €14,228 to €36,083
mainly Receivables within one year (+€274,446) and Other debts (+€54,875)
- Trade debts -€287,216
down €287,216 (-73.6%), from €390,251 to €103,035
- Other debts +€54,875
up €54,875 (+18.2%), from €302,156 to €357,031
- Profit (loss) carried forward -€44,856
down €44,856 (-57.5%), from -€78,018 to -€122,874
- Accrued charges and deferred income -€14,033
down €14,033 (-6.3%), from €224,527 to €210,494
- Turnover +€46,738
up €46,738 (+11.7%), from €399,155 to €445,893
- Depreciation +€15,822
up €15,822 (+86.5%), from €18,285 to €34,107
- Financial income +€12,916
up €12,916 (+1,137%), from €1,136 to €14,052
of which Non-recurring financial income: +€13,979
- Goods and materials -€11,276
down €11,276 (-2.9%), from €389,531 to €378,255
- Write-downs +€8,606
up €8,606 (+247%), from €3,478 to €12,084
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 | €1,098,628 | €811,930 | -€286,697 | -26.1% |
| Fixed assets | 21/28 | €711,902 | €677,795 | -€34,107 | -4.8% |
| Tangible fixed assets | 22/27 | €711,902 | €677,795 | -€34,107 | -4.8% |
| Plant, machinery and equipment | 23 | €452,997 | €677,795 | +€224,798 | +49.6% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €55 | - | -€55 | |
| Assets under construction and advance payments | 27 | €258,850 | - | -€258,850 | |
| Current assets | 29/58 | €386,725 | €134,135 | -€252,590 | -65.3% |
| Amounts receivable within one year | 40/41 | €372,495 | €98,050 | -€274,446 | -73.7% |
| Trade receivables | 40 | €40,068 | €98,050 | +€57,982 | +145% |
| Other amounts receivable | 41 | €332,427 | - | -€332,427 | |
| Cash at bank and in hand | 54/58 | €14,228 | €36,083 | +€21,856 | +154% |
| Deferred charges and accrued income | 490/1 | €3 | €3 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,098,628 | €811,930 | -€286,697 | -26.1% |
| Equity | 10/15 | €181,693 | €136,837 | -€44,856 | -24.7% |
| Contributions | 10/11 | €249,500 | €249,500 | = | 0.0% |
| Capital | 10 | €249,500 | €249,500 | = | 0.0% |
| Issued capital | 100 | €249,500 | €249,500 | = | 0.0% |
| Reserves | 13 | €10,211 | €10,211 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,211 | €10,211 | = | 0.0% |
| Legal reserve | 130 | €10,211 | €10,211 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€78,018 | -€122,874 | -€44,856 | -57.5% |
| Amounts payable | 17/49 | €916,935 | €675,094 | -€241,841 | -26.4% |
| Amounts payable within one year | 42/48 | €692,408 | €464,600 | -€227,808 | -32.9% |
| Trade debts | 44 | €390,251 | €103,035 | -€287,216 | -73.6% |
| Suppliers | 440/4 | €390,251 | €103,035 | -€287,216 | -73.6% |
| Taxes, remuneration and social security | 45 | €0 | €4,533 | +€4,533 | +45,332,100% |
| Taxes | 450/3 | €0 | €4,533 | +€4,533 | +45,332,100% |
| Other amounts payable | 47/48 | €302,156 | €357,031 | +€54,875 | +18.2% |
| Accrued charges and deferred income | 492/3 | €224,527 | €210,494 | -€14,033 | -6.3% |
| Operating income | 70/76A | €405,109 | €445,893 | +€40,783 | +10.1% |
| Turnover | 70 | €399,155 | €445,893 | +€46,738 | +11.7% |
| Other operating income | 74 | €5,955 | - | -€5,955 | |
| Operating charges | 60/66A | €466,605 | €484,233 | +€17,627 | +3.8% |
| Goods for resale, raw materials and consumables | 60 | €389,531 | €378,255 | -€11,276 | -2.9% |
| Purchases | 600/8 | €389,531 | €378,255 | -€11,276 | -2.9% |
| Services and other goods | 61 | €54,877 | €53,453 | -€1,424 | -2.6% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,285 | €34,107 | +€15,822 | +86.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,478 | €12,084 | +€8,606 | +247% |
| Other operating charges | 640/8 | €434 | €6,334 | +€5,899 | +1,358% |
| Operating profit (loss) | 9901 | -€61,496 | -€38,340 | +€23,156 | +37.7% |
| Financial income | 75/76B | €1,136 | €14,052 | +€12,916 | +1,137% |
| Recurring financial income | 75 | €1,136 | €73 | -€1,063 | -93.6% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Other financial income | 752/9 | €1,136 | €73 | -€1,063 | -93.6% |
| Non-recurring financial income | 76B | - | €13,979 | +€13,979 | |
| Financial charges | 65/66B | €22,366 | €20,568 | -€1,798 | -8.0% |
| Recurring financial charges | 65 | €22,366 | €20,568 | -€1,798 | -8.0% |
| Debt charges | 650 | €21,701 | €18,999 | -€2,702 | -12.5% |
| Other financial charges | 652/9 | €665 | €1,569 | +€904 | +136% |
| Profit (loss) for the period before taxes | 9903 | -€82,726 | -€44,856 | +€37,870 | +45.8% |
| Income taxes | 67/77 | €1,227 | - | -€1,227 | |
| Taxes | 670/3 | €1,227 | - | -€1,227 | |
| Profit (loss) for the period | 9904 | -€83,953 | -€44,856 | +€39,097 | +46.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€83,953 | -€44,856 | +€39,097 | +46.6% |
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 30 October 2026 via checked.be.