COXYBEL: 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.
COXYBEL
Largest movements
- Current investments -€1.7m
down €1.7m (-46.7%), from €3.6m to €1.9m
- Cash +€1.6m
up €1.6m (+646%), from €249,215 to €1.9m
mainly Current investments (+€1.7m) and Deferred charges and accrued income (+€15,615)
- Reserves -€69,872
down €69,872 (-1.9%), from €3.6m to €3.5m
of which Distributable reserves: -€69,872
- Financial income -€50,982
down €50,982 (-41.9%), from €121,752 to €70,770
- Gross operating margin +€13,572
up €13,572 (+33.0%), from -€41,184 to -€27,612
- Staff costs +€8,655
up €8,655 (+9.2%), from €94,451 to €103,106
- Other operating charges +€5,124
up €5,124 (+205%), from €2,499 to €7,623
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 | €3,951,510 | €3,853,259 | -€98,251 | -2.5% |
| Fixed assets | 21/28 | €5,178 | €2,296 | -€2,882 | -55.7% |
| Tangible fixed assets | 22/27 | €5,178 | €2,296 | -€2,882 | -55.7% |
| Land and buildings | 22 | €2,061 | €0 | -€2,061 | -100% |
| Furniture and vehicles | 24 | €714 | €494 | -€220 | -30.8% |
| Other tangible fixed assets | 26 | €2,403 | €1,802 | -€601 | -25.0% |
| Current assets | 29/58 | €3,946,332 | €3,850,963 | -€95,369 | -2.4% |
| Stocks and contracts in progress | 3 | €3,165 | €3,165 | = | 0.0% |
| Stocks | 30/36 | €3,165 | €3,165 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €71,726 | €62,309 | -€9,417 | -13.1% |
| Trade receivables | 40 | €3,231 | €5,361 | +€2,130 | +65.9% |
| Other amounts receivable | 41 | €68,494 | €56,948 | -€11,547 | -16.9% |
| Current investments | 50/53 | €3,600,000 | €1,920,000 | -€1.7m | -46.7% |
| Cash at bank and in hand | 54/58 | €249,215 | €1,858,877 | +€1.6m | +646% |
| Deferred charges and accrued income | 490/1 | €22,226 | €6,611 | -€15,615 | -70.3% |
| Total equity and liabilities | 10/49 | €3,951,510 | €3,853,259 | -€98,251 | -2.5% |
| Equity | 10/15 | €3,874,659 | €3,804,787 | -€69,872 | -1.8% |
| Contributions | 10/11 | €280,120 | €280,120 | = | 0.0% |
| Capital | 10 | €280,120 | €280,120 | = | 0.0% |
| Issued capital | 100 | €280,120 | €280,120 | = | 0.0% |
| Reserves | 13 | €3,594,539 | €3,524,667 | -€69,872 | -1.9% |
| Non-distributable reserves | 130/1 | €28,012 | €28,012 | = | 0.0% |
| Legal reserve | 130 | €28,012 | €28,012 | = | 0.0% |
| Distributable reserves | 133 | €3,566,527 | €3,496,655 | -€69,872 | -2.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €76,851 | €48,472 | -€28,379 | -36.9% |
| Amounts payable within one year | 42/48 | €76,851 | €48,472 | -€28,379 | -36.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €29,537 | €4,066 | -€25,471 | -86.2% |
| Suppliers | 440/4 | €29,537 | €4,066 | -€25,471 | -86.2% |
| Taxes, remuneration and social security | 45 | €12,101 | €26,868 | +€14,767 | +122% |
| Taxes | 450/3 | - | €4,844 | +€4,844 | |
| Remuneration and social security | 454/9 | €12,101 | €22,024 | +€9,923 | +82.0% |
| Other amounts payable | 47/48 | €35,213 | €17,537 | -€17,675 | -50.2% |
| Remuneration, social security and pensions | 62 | €94,451 | €103,106 | +€8,655 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €888 | €821 | -€67 | -7.6% |
| Other operating charges | 640/8 | €2,499 | €7,623 | +€5,124 | +205% |
| Gross operating margin | 9900 | -€41,184 | -€27,612 | +€13,572 | +33.0% |
| Operating profit (loss) | 9901 | -€139,022 | -€139,161 | -€140 | -0.1% |
| Financial income | 75/76B | €121,752 | €70,770 | -€50,982 | -41.9% |
| Recurring financial income | 75 | €121,752 | €70,770 | -€50,982 | -41.9% |
| Financial charges | 65/66B | €1,016 | €1,066 | +€50 | +4.9% |
| Recurring financial charges | 65 | €1,016 | €1,066 | +€50 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | -€18,286 | -€69,457 | -€51,171 | -280% |
| Income taxes | 67/77 | €392 | €415 | +€23 | +5.9% |
| Profit (loss) for the period | 9904 | -€18,677 | -€69,872 | -€51,195 | -274% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,677 | -€69,872 | -€51,195 | -274% |
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 18 October 2026 via checked.be.