COX: 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.
COX
Largest movements
- Cash +€60,129
up €60,129 (+34.4%), from €174,761 to €234,890
mainly Net result for the year (+€85,004) and Depreciation (+€46,781)
- Stocks and contracts +€23,397
up €23,397 (+15.0%), from €156,318 to €179,715
- Tangible fixed assets -€9,430
down €9,430 (-3.2%), from €291,417 to €281,987
of which Plant, machinery and equipment: -€33,261
- Reserves +€31,528
up €31,528 (+4.6%), from €692,312 to €723,839
of which Distributable reserves: +€31,528
- Tax, wage and social debts +€21,427
up €21,427 (+51.3%), from €41,759 to €63,186
of which Taxes: +€16,942
- Trade debts +€9,924
up €9,924 (+10.9%), from €91,238 to €101,162
- Staff costs +€20,484
up €20,484 (+13.0%), from €157,854 to €178,338
- Gross operating margin +€12,965
up €12,965 (+3.6%), from €361,150 to €374,115
- Financial charges +€12,029
up €12,029 (+322.0%), from €3,736 to €15,764
- Depreciation +€9,756
up €9,756 (+26.3%), from €37,025 to €46,781
- Taxes -€6,664
down €6,664 (-12.6%), from €52,877 to €46,213
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 | €854,045 | €917,941 | +€63,897 | +7.5% |
| Fixed assets | 21/28 | €291,417 | €281,987 | -€9,430 | -3.2% |
| Tangible fixed assets | 22/27 | €291,417 | €281,987 | -€9,430 | -3.2% |
| Land and buildings | 22 | €42,205 | €40,478 | -€1,728 | -4.1% |
| Plant, machinery and equipment | 23 | €246,749 | €213,489 | -€33,261 | -13.5% |
| Furniture and vehicles | 24 | €2,462 | €28,021 | +€25,559 | +1038.0% |
| Current assets | 29/58 | €562,628 | €635,954 | +€73,327 | +13.0% |
| Stocks and contracts in progress | 3 | €156,318 | €179,715 | +€23,397 | +15.0% |
| Stocks | 30/36 | €156,318 | €179,715 | +€23,397 | +15.0% |
| Amounts receivable within one year | 40/41 | €150,705 | €144,870 | -€5,834 | -3.9% |
| Trade receivables | 40 | €129,394 | €144,870 | +€15,477 | +12.0% |
| Other amounts receivable | 41 | €21,311 | €0 | -€21,311 | -100.0% |
| Current investments | 50/53 | €64,369 | €64,369 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €174,761 | €234,890 | +€60,129 | +34.4% |
| Deferred charges and accrued income | 490/1 | €16,474 | €12,109 | -€4,365 | -26.5% |
| Total equity and liabilities | 10/49 | €854,045 | €917,941 | +€63,897 | +7.5% |
| Equity | 10/15 | €710,904 | €742,431 | +€31,528 | +4.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €692,312 | €723,839 | +€31,528 | +4.6% |
| Tax-exempt reserves | 132 | €35,558 | €35,558 | = | 0.0% |
| Distributable reserves | 133 | €656,754 | €688,282 | +€31,528 | +4.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €143,141 | €175,510 | +€32,369 | +22.6% |
| Amounts payable within one year | 42/48 | €139,372 | €165,220 | +€25,848 | +18.5% |
| Trade debts | 44 | €91,238 | €101,162 | +€9,924 | +10.9% |
| Suppliers | 440/4 | €91,238 | €101,162 | +€9,924 | +10.9% |
| Taxes, remuneration and social security | 45 | €41,759 | €63,186 | +€21,427 | +51.3% |
| Taxes | 450/3 | €15,071 | €32,013 | +€16,942 | +112.4% |
| Remuneration and social security | 454/9 | €26,688 | €31,173 | +€4,485 | +16.8% |
| Other amounts payable | 47/48 | €6,375 | €872 | -€5,503 | -86.3% |
| Accrued charges and deferred income | 492/3 | €3,769 | €10,290 | +€6,521 | +173.0% |
| Non-recurring operating income | 76A | - | €8,300 | +€8,300 | |
| Remuneration, social security and pensions | 62 | €157,854 | €178,338 | +€20,484 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,025 | €46,781 | +€9,756 | +26.3% |
| Other operating charges | 640/8 | €3,810 | €5,088 | +€1,278 | +33.6% |
| Gross operating margin | 9900 | €361,150 | €374,115 | +€12,965 | +3.6% |
| Operating profit (loss) | 9901 | €162,461 | €143,908 | -€18,553 | -11.4% |
| Financial income | 75/76B | €3,832 | €3,073 | -€759 | -19.8% |
| Recurring financial income | 75 | €3,832 | €3,073 | -€759 | -19.8% |
| Financial charges | 65/66B | €3,736 | €15,764 | +€12,029 | +322.0% |
| Recurring financial charges | 65 | €3,736 | €15,764 | +€12,029 | +322.0% |
| Profit (loss) for the period before taxes | 9903 | €162,558 | €131,217 | -€31,341 | -19.3% |
| Income taxes | 67/77 | €52,877 | €46,213 | -€6,664 | -12.6% |
| Profit (loss) for the period | 9904 | €109,680 | €85,004 | -€24,677 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €109,680 | €85,004 | -€24,677 | -22.5% |
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 3 October 2026 via checked.be.