Cowap: 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.
Cowap
Largest movements
- Cash -€8,113
down €8,113 (-18.5%), from €43,946 to €35,833
mainly Current investments (-€3,979) and Trade debts (-€2,252)
No liability line moved by more than 1% of the balance sheet total.
- Financial income +€2,784
up €2,784 (+96.0%), from €2,901 to €5,685
- Taxes +€870
new in 2025: €870
- Gross operating margin -€428
down €428 (-7.7%), from -€5,557 to -€5,985
- Provisions +€303
up €303 (+33.3%), from -€908 to -€605
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 | €457,599 | €454,300 | -€3,299 | -0.7% |
| Current assets | 29/58 | €457,599 | €454,300 | -€3,299 | -0.7% |
| Amounts receivable within one year | 40/41 | €870 | €1,706 | +€835 | +96.0% |
| Other amounts receivable | 41 | €870 | €1,706 | +€835 | +96.0% |
| Current investments | 50/53 | €412,783 | €416,761 | +€3,979 | +1.0% |
| Cash at bank and in hand | 54/58 | €43,946 | €35,833 | -€8,113 | -18.5% |
| Total equity and liabilities | 10/49 | €457,599 | €454,300 | -€3,299 | -0.7% |
| Equity | 10/15 | €390,660 | €389,486 | -€1,174 | -0.3% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Uncalled capital | 101 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €330,501 | €330,501 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €318,001 | €318,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,341 | -€3,515 | -€1,174 | -50.2% |
| Provisions and deferred taxes | 16 | €59,093 | €58,488 | -€605 | -1.0% |
| Provisions for liabilities and charges | 160/5 | €59,093 | €58,488 | -€605 | -1.0% |
| Other liabilities and charges | 164/5 | €59,093 | €58,488 | -€605 | -1.0% |
| Amounts payable | 17/49 | €7,846 | €6,326 | -€1,520 | -19.4% |
| Amounts payable within one year | 42/48 | €5,587 | €4,068 | -€1,520 | -27.2% |
| Trade debts | 44 | €2,252 | - | -€2,252 | |
| Suppliers | 440/4 | €2,252 | - | -€2,252 | |
| Other amounts payable | 47/48 | €3,335 | €4,068 | +€732 | +22.0% |
| Accrued charges and deferred income | 492/3 | €2,258 | €2,258 | = | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€908 | -€605 | +€303 | +33.3% |
| Other operating charges | 640/8 | €563 | €579 | +€16 | +2.8% |
| Gross operating margin | 9900 | -€5,557 | -€5,985 | -€428 | -7.7% |
| Operating profit (loss) | 9901 | -€5,212 | -€5,959 | -€747 | -14.3% |
| Financial income | 75/76B | €2,901 | €5,685 | +€2,784 | +96.0% |
| Recurring financial income | 75 | €2,901 | €5,685 | +€2,784 | +96.0% |
| Financial charges | 65/66B | €30 | €30 | = | 0.0% |
| Recurring financial charges | 65 | €30 | €30 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,341 | -€304 | +€2,037 | +87.0% |
| Income taxes | 67/77 | - | €870 | +€870 | |
| Profit (loss) for the period | 9904 | -€2,341 | -€1,174 | +€1,167 | +49.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,341 | -€1,174 | +€1,167 | +49.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.