FERNANDEZ -NAVARRO -COCO: 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.
FERNANDEZ -NAVARRO -COCO
Largest movements
- Receivables within one year +€193,755
up €193,755 (+89.8%), from €215,847 to €409,603
- Tangible fixed assets -€153,900
down €153,900 (-100%), from €153,900 to €0
- Cash +€4,218
up €4,218, from €0 to €4,218
mainly Contributions, distributions and other (+€316,100) and Investment in fixed assets (net) (+€153,900)
- Reserves +€316,100
up €316,100 (+729%), from €43,335 to €359,435
of which Tax-exempt reserves: +€316,100
- Debts after one year -€106,856
down €106,856 (-100%), from €106,856 to €0
- Tax, wage and social debts -€80,167
down €80,167 (-100%), from €80,167 to €0
- Short-term financial debts -€45,562
down €45,562 (-100%), from €45,562 to €0
- Current portion of long-term debt -€21,278
down €21,278 (-100%), from €21,278 to €0
- Gross operating margin +€299,908
up €299,908 (+1,849%), from €16,220 to €316,128
- Financial charges +€29,451
up €29,451 (+15,138%), from €195 to €29,646
- Depreciation -€16,150
no longer reported in 2025 (was €16,150)
- Financial income +€7,147
up €7,147 (+60.5%), from €11,806 to €18,953
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 | €369,747 | €413,820 | +€44,073 | +11.9% |
| Fixed assets | 21/28 | €153,900 | €0 | -€153,900 | -100% |
| Tangible fixed assets | 22/27 | €153,900 | €0 | -€153,900 | -100% |
| Land and buildings | 22 | €153,900 | €0 | -€153,900 | -100% |
| Current assets | 29/58 | €215,847 | €413,820 | +€197,973 | +91.7% |
| Amounts receivable within one year | 40/41 | €215,847 | €409,603 | +€193,755 | +89.8% |
| Other amounts receivable | 41 | €215,847 | €409,603 | +€193,755 | +89.8% |
| Cash at bank and in hand | 54/58 | €0 | €4,218 | +€4,218 | |
| Total equity and liabilities | 10/49 | €369,747 | €413,820 | +€44,073 | +11.9% |
| Equity | 10/15 | €110,058 | €413,820 | +€303,762 | +276% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €43,335 | €359,435 | +€316,100 | +729% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,335 | €354,435 | +€316,100 | +825% |
| Profit (loss) carried forward | 14 | €16,723 | €4,385 | -€12,338 | -73.8% |
| Amounts payable | 17/49 | €259,689 | €0 | -€259,689 | -100% |
| Amounts payable after more than one year | 17 | €106,856 | €0 | -€106,856 | -100% |
| Financial debts | 170/4 | €106,856 | €0 | -€106,856 | -100% |
| Amounts payable within one year | 42/48 | €151,717 | €0 | -€151,717 | -100% |
| Current portion of amounts payable after more than one year | 42 | €21,278 | €0 | -€21,278 | -100% |
| Financial debts | 43 | €45,562 | €0 | -€45,562 | -100% |
| Credit institutions | 430/8 | €45,562 | €0 | -€45,562 | -100% |
| Trade debts | 44 | €4,711 | €0 | -€4,711 | -100% |
| Suppliers | 440/4 | €4,711 | €0 | -€4,711 | -100% |
| Taxes, remuneration and social security | 45 | €80,167 | €0 | -€80,167 | -100% |
| Taxes | 450/3 | €80,167 | €0 | -€80,167 | -100% |
| Accrued charges and deferred income | 492/3 | €1,116 | €0 | -€1,116 | -100% |
| Turnover | 70 | €54 | €28 | -€26 | -48.6% |
| Non-recurring operating income | 76A | - | €316,100 | +€316,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,150 | - | -€16,150 | |
| Other operating charges | 640/8 | €3,653 | €1,673 | -€1,980 | -54.2% |
| Gross operating margin | 9900 | €16,220 | €316,128 | +€299,908 | +1,849% |
| Operating profit (loss) | 9901 | -€3,584 | €314,455 | +€318,038 | |
| Financial income | 75/76B | €11,806 | €18,953 | +€7,147 | +60.5% |
| Recurring financial income | 75 | €11,806 | €18,953 | +€7,147 | +60.5% |
| Financial charges | 65/66B | €195 | €29,646 | +€29,451 | +15,138% |
| Recurring financial charges | 65 | €195 | €29,646 | +€29,451 | +15,138% |
| Profit (loss) for the period before taxes | 9903 | €8,028 | €303,762 | +€295,734 | +3,684% |
| Transfer to deferred taxes | 680 | - | €316,100 | +€316,100 | |
| Income taxes | 67/77 | €2,233 | - | -€2,233 | |
| Profit (loss) for the period | 9904 | €5,795 | -€12,338 | -€18,133 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,795 | -€12,338 | -€18,133 |
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 21 October 2026 via checked.be.