COZELO: 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.
COZELO
Largest movements
- Tangible fixed assets +€56,001
up €56,001 (+215.9%), from €25,941 to €81,943
of which Furniture and vehicles: +€48,041
- Receivables within one year -€31,543
down €31,543 (-64.7%), from €48,751 to €17,208
of which Trade receivables: -€24,681
- Cash -€23,972
down €23,972 (-28.9%), from €83,022 to €59,051
mainly Investment in fixed assets (net) (-€60,641) and Contributions, distributions and other (-€27,750)
- Current investments +€21,055
up €21,055 (+110.3%), from €19,088 to €40,143
- Debts after one year +€16,595
up €16,595 (+212.9%), from €7,795 to €24,390
- Current portion of long-term debt +€8,216
new in 2026: €8,216
- Tax, wage and social debts -€8,091
down €8,091 (-82.7%), from €9,781 to €1,689
- Other debts +€2,445
up €2,445 (+37.3%), from €6,549 to €8,993
- Gross operating margin -€11,359
down €11,359 (-19.1%), from €59,433 to €48,074
- Depreciation -€7,959
down €7,959 (-63.2%), from €12,598 to €4,640
- Financial income +€985
up €985 (+407.6%), from €242 to €1,226
- Taxes -€933
down €933 (-6.3%), from €14,896 to €13,962
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €177,783 | €199,181 | +€21,398 | +12.0% |
| Fixed assets | 21/28 | €25,941 | €81,943 | +€56,001 | +215.9% |
| Tangible fixed assets | 22/27 | €25,941 | €81,943 | +€56,001 | +215.9% |
| Plant, machinery and equipment | 23 | €1,949 | €9,910 | +€7,960 | +408.4% |
| Furniture and vehicles | 24 | €23,992 | €72,033 | +€48,041 | +200.2% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €151,842 | €117,238 | -€34,603 | -22.8% |
| Amounts receivable within one year | 40/41 | €48,751 | €17,208 | -€31,543 | -64.7% |
| Trade receivables | 40 | €40,484 | €15,803 | -€24,681 | -61.0% |
| Other amounts receivable | 41 | €8,267 | €1,405 | -€6,861 | -83.0% |
| Current investments | 50/53 | €19,088 | €40,143 | +€21,055 | +110.3% |
| Cash at bank and in hand | 54/58 | €83,022 | €59,051 | -€23,972 | -28.9% |
| Deferred charges and accrued income | 490/1 | €981 | €836 | -€144 | -14.7% |
| Total equity and liabilities | 10/49 | €177,783 | €199,181 | +€21,398 | +12.0% |
| Equity | 10/15 | €153,607 | €154,462 | +€855 | +0.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €147,407 | €148,262 | +€855 | +0.6% |
| Distributable reserves | 133 | €147,407 | €148,262 | +€855 | +0.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €24,176 | €44,719 | +€20,543 | +85.0% |
| Amounts payable after more than one year | 17 | €7,795 | €24,390 | +€16,595 | +212.9% |
| Financial debts | 170/4 | €7,795 | €24,390 | +€16,595 | +212.9% |
| Amounts payable within one year | 42/48 | €16,381 | €20,329 | +€3,948 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | - | €8,216 | +€8,216 | |
| Trade debts | 44 | €51 | €1,431 | +€1,380 | +2705.3% |
| Suppliers | 440/4 | €51 | €1,431 | +€1,380 | +2705.3% |
| Taxes, remuneration and social security | 45 | €9,781 | €1,689 | -€8,091 | -82.7% |
| Taxes | 450/3 | €9,781 | €1,689 | -€8,091 | -82.7% |
| Other amounts payable | 47/48 | €6,549 | €8,993 | +€2,445 | +37.3% |
| Non-recurring operating income | 76A | €3,517 | €0 | -€3,517 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,598 | €4,640 | -€7,959 | -63.2% |
| Other operating charges | 640/8 | €769 | €1,260 | +€490 | +63.7% |
| Gross operating margin | 9900 | €59,433 | €48,074 | -€11,359 | -19.1% |
| Operating profit (loss) | 9901 | €46,066 | €42,174 | -€3,891 | -8.4% |
| Financial income | 75/76B | €242 | €1,226 | +€985 | +407.6% |
| Recurring financial income | 75 | €242 | €1,226 | +€985 | +407.6% |
| Financial charges | 65/66B | €446 | €833 | +€388 | +86.9% |
| Recurring financial charges | 65 | €446 | €833 | +€388 | +86.9% |
| Profit (loss) for the period before taxes | 9903 | €45,861 | €42,567 | -€3,294 | -7.2% |
| Income taxes | 67/77 | €14,896 | €13,962 | -€933 | -6.3% |
| Profit (loss) for the period | 9904 | €30,965 | €28,605 | -€2,361 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €30,965 | €28,605 | -€2,361 | -7.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.