COX 1: 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 1
Largest movements
- Receivables within one year +€97,955
up €97,955 (+31.8%), from €307,798 to €405,753
of which Other amounts receivable: +€97,144
- Current investments +€23,860
up €23,860 (+671.5%), from €3,554 to €27,414
- Cash -€5,512
down €5,512 (-6.9%), from €79,515 to €74,002
mainly Receivables within one year (-€97,955) and Current investments (-€23,860)
- Other debts +€101,834
new in 2025: €101,834
- Profit (loss) carried forward +€11,965
up €11,965 (+5.4%), from -€222,749 to -€210,783
- Financial charges +€3,493
up €3,493 (+2238.6%), from €156 to €3,649
- Financial income +€1,587
up €1,587 (+7.6%), from €20,906 to €22,493
- Gross operating margin +€1,290
up €1,290 (+18.0%), from -€7,179 to -€5,888
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 | €398,269 | €514,283 | +€116,015 | +29.1% |
| Fixed assets | 21/28 | €7,403 | €7,115 | -€288 | -3.9% |
| Tangible fixed assets | 22/27 | €7,403 | €7,115 | -€288 | -3.9% |
| Land and buildings | 22 | €7,403 | €7,115 | -€288 | -3.9% |
| Current assets | 29/58 | €390,866 | €507,169 | +€116,303 | +29.8% |
| Amounts receivable within one year | 40/41 | €307,798 | €405,753 | +€97,955 | +31.8% |
| Trade receivables | 40 | - | €811 | +€811 | |
| Other amounts receivable | 41 | €307,798 | €404,942 | +€97,144 | +31.6% |
| Current investments | 50/53 | €3,554 | €27,414 | +€23,860 | +671.5% |
| Cash at bank and in hand | 54/58 | €79,515 | €74,002 | -€5,512 | -6.9% |
| Total equity and liabilities | 10/49 | €398,269 | €514,283 | +€116,015 | +29.1% |
| Equity | 10/15 | €306,015 | €317,981 | +€11,965 | +3.9% |
| Contributions | 10/11 | €159,750 | €159,750 | = | 0.0% |
| Outside capital | 11 | - | €159,750 | +€159,750 | |
| Other | 1109/19 | - | €159,750 | +€159,750 | |
| Reserves | 13 | €369,014 | €369,014 | = | 0.0% |
| Tax-exempt reserves | 132 | €369,014 | €369,014 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€222,749 | -€210,783 | +€11,965 | +5.4% |
| Provisions and deferred taxes | 16 | €92,254 | €92,254 | = | 0.0% |
| Deferred taxes | 168 | €92,254 | €92,254 | = | 0.0% |
| Amounts payable | 17/49 | - | €104,049 | +€104,049 | |
| Amounts payable within one year | 42/48 | - | €104,049 | +€104,049 | |
| Trade debts | 44 | - | €2,215 | +€2,215 | |
| Suppliers | 440/4 | - | €2,215 | +€2,215 | |
| Other amounts payable | 47/48 | - | €101,834 | +€101,834 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €288 | €288 | +€0 | 0.0% |
| Other operating charges | 640/8 | €681 | €702 | +€21 | +3.2% |
| Gross operating margin | 9900 | -€7,179 | -€5,888 | +€1,290 | +18.0% |
| Operating profit (loss) | 9901 | -€8,148 | -€6,879 | +€1,269 | +15.6% |
| Financial income | 75/76B | €20,906 | €22,493 | +€1,587 | +7.6% |
| Recurring financial income | 75 | €20,906 | €22,493 | +€1,587 | +7.6% |
| Financial charges | 65/66B | €156 | €3,649 | +€3,493 | +2238.6% |
| Recurring financial charges | 65 | €156 | €3,649 | +€3,493 | +2238.6% |
| Profit (loss) for the period before taxes | 9903 | €12,602 | €11,965 | -€637 | -5.1% |
| Profit (loss) for the period | 9904 | €12,602 | €11,965 | -€637 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,602 | €11,965 | -€637 | -5.1% |
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 4 October 2026 via checked.be.