DE COCK: 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.
DE COCK
Largest movements
- Tangible fixed assets +€119,458
up €119,458 (+33.5%), from €356,813 to €476,271
of which Leasing and similar rights: +€101,211
- Cash +€35,648
up €35,648 (+62.8%), from €56,740 to €92,388
mainly Debts after one year (+€89,569) and Other debts (+€70,930)
- Debts after one year +€89,569
up €89,569 (+72.3%), from €123,947 to €213,516
of which Financial debts: +€89,569
- Other debts +€70,930
up €70,930 (+10.4%), from €683,282 to €754,212
- Profit (loss) carried forward -€39,938
down €39,938 (-5.7%), from -€706,768 to -€746,705
- Trade debts +€22,643
up €22,643 (+510%), from €4,440 to €27,083
- Depreciation -€38,604
down €38,604 (-47.7%), from €80,884 to €42,280
- Financial charges +€19,814
up €19,814 (+534%), from €3,711 to €23,525
- Gross operating margin +€10,120
up €10,120 (+25.1%), from €40,336 to €50,456
- Other operating charges +€3,332
up €3,332 (+15.7%), from €21,272 to €24,604
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 | €534,544 | €683,281 | +€148,736 | +27.8% |
| Fixed assets | 21/28 | €356,948 | €476,406 | +€119,458 | +33.5% |
| Tangible fixed assets | 22/27 | €356,813 | €476,271 | +€119,458 | +33.5% |
| Land and buildings | 22 | €13,243 | €11,482 | -€1,761 | -13.3% |
| Plant, machinery and equipment | 23 | €134,638 | €155,256 | +€20,618 | +15.3% |
| Furniture and vehicles | 24 | €1,220 | €610 | -€610 | -50.0% |
| Leasing and similar rights | 25 | €207,712 | €308,923 | +€101,211 | +48.7% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €177,596 | €206,875 | +€29,279 | +16.5% |
| Stocks and contracts in progress | 3 | €109,524 | €107,566 | -€1,958 | -1.8% |
| Stocks | 30/36 | €109,524 | €107,566 | -€1,958 | -1.8% |
| Amounts receivable within one year | 40/41 | €10,094 | €5,506 | -€4,588 | -45.5% |
| Trade receivables | 40 | €2,525 | €1,900 | -€625 | -24.8% |
| Other amounts receivable | 41 | €7,569 | €3,606 | -€3,963 | -52.4% |
| Cash at bank and in hand | 54/58 | €56,740 | €92,388 | +€35,648 | +62.8% |
| Deferred charges and accrued income | 490/1 | €1,238 | €1,414 | +€176 | +14.2% |
| Total equity and liabilities | 10/49 | €534,544 | €683,281 | +€148,736 | +27.8% |
| Equity | 10/15 | -€308,480 | -€348,417 | -€39,938 | -12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €379,688 | €379,688 | = | 0.0% |
| Distributable reserves | 133 | €379,688 | €379,688 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€706,768 | -€746,705 | -€39,938 | -5.7% |
| Amounts payable | 17/49 | €843,024 | €1,031,698 | +€188,674 | +22.4% |
| Amounts payable after more than one year | 17 | €123,947 | €213,516 | +€89,569 | +72.3% |
| Financial debts | 170/4 | €0 | €89,569 | +€89,569 | |
| Other amounts payable | 178/9 | €123,947 | €123,947 | = | 0.0% |
| Amounts payable within one year | 42/48 | €697,379 | €794,134 | +€96,754 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €9,657 | €12,839 | +€3,181 | +32.9% |
| Trade debts | 44 | €4,440 | €27,083 | +€22,643 | +510% |
| Suppliers | 440/4 | €4,440 | €27,083 | +€22,643 | +510% |
| Other amounts payable | 47/48 | €683,282 | €754,212 | +€70,930 | +10.4% |
| Accrued charges and deferred income | 492/3 | €21,698 | €24,048 | +€2,351 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,884 | €42,280 | -€38,604 | -47.7% |
| Other operating charges | 640/8 | €21,272 | €24,604 | +€3,332 | +15.7% |
| Gross operating margin | 9900 | €40,336 | €50,456 | +€10,120 | +25.1% |
| Operating profit (loss) | 9901 | -€61,820 | -€16,428 | +€45,393 | +73.4% |
| Financial income | 75/76B | €38 | €15 | -€23 | -60.3% |
| Recurring financial income | 75 | €38 | €15 | -€23 | -60.3% |
| Financial charges | 65/66B | €3,711 | €23,525 | +€19,814 | +534% |
| Recurring financial charges | 65 | €3,711 | €23,525 | +€19,814 | +534% |
| Profit (loss) for the period before taxes | 9903 | -€65,493 | -€39,938 | +€25,556 | +39.0% |
| Profit (loss) for the period | 9904 | -€65,493 | -€39,938 | +€25,556 | +39.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,493 | -€39,938 | +€25,556 | +39.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.