NICOLAS COCHAS: 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.
NICOLAS COCHAS
Largest movements
- Stocks and contracts -€56,161
down €56,161 (-11.8%), from €475,718 to €419,557
- Cash +€11,620
up €11,620 (+35.8%), from €32,484 to €44,104
mainly Stocks and contracts (+€56,161) and Other debts (+€44,184)
- Tangible fixed assets -€6,812
down €6,812 (-24.5%), from €27,809 to €20,997
of which Other tangible fixed assets: -€5,644
- Profit (loss) carried forward -€106,699
down €106,699 (-21.8%), from -€490,448 to -€597,147
- Other debts +€44,184
up €44,184 (+4.4%), from €997,037 to €1.0m
- Trade debts +€7,241
up €7,241 (+89.2%), from €8,117 to €15,358
- Staff costs +€18,322
up €18,322 (+43.8%), from €41,874 to €60,196
- Financial income -€1,846
down €1,846 (-62.2%), from €2,968 to €1,122
- Gross operating margin +€1,749
up €1,749 (+6.8%), from -€25,707 to -€23,958
- Depreciation +€433
up €433 (+6.8%), from €6,379 to €6,812
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 | €538,758 | €487,413 | -€51,345 | -9.5% |
| Fixed assets | 21/28 | €30,309 | €23,497 | -€6,812 | -22.5% |
| Tangible fixed assets | 22/27 | €27,809 | €20,997 | -€6,812 | -24.5% |
| Plant, machinery and equipment | 23 | €2,919 | €1,751 | -€1,168 | -40.0% |
| Other tangible fixed assets | 26 | €24,890 | €19,246 | -€5,644 | -22.7% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €508,449 | €463,916 | -€44,533 | -8.8% |
| Stocks and contracts in progress | 3 | €475,718 | €419,557 | -€56,161 | -11.8% |
| Stocks | 30/36 | €475,718 | €419,557 | -€56,161 | -11.8% |
| Cash at bank and in hand | 54/58 | €32,484 | €44,104 | +€11,620 | +35.8% |
| Deferred charges and accrued income | 490/1 | €247 | €255 | +€8 | +3.2% |
| Total equity and liabilities | 10/49 | €538,758 | €487,413 | -€51,345 | -9.5% |
| Equity | 10/15 | -€482,388 | -€589,087 | -€106,699 | -22.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€490,448 | -€597,147 | -€106,699 | -21.8% |
| Amounts payable | 17/49 | €1,021,146 | €1,076,500 | +€55,354 | +5.4% |
| Amounts payable within one year | 42/48 | €1,021,146 | €1,076,500 | +€55,354 | +5.4% |
| Trade debts | 44 | €8,117 | €15,358 | +€7,241 | +89.2% |
| Suppliers | 440/4 | €8,117 | €15,358 | +€7,241 | +89.2% |
| Taxes, remuneration and social security | 45 | €15,992 | €19,921 | +€3,929 | +24.6% |
| Taxes | 450/3 | €12,454 | €14,832 | +€2,378 | +19.1% |
| Remuneration and social security | 454/9 | €3,538 | €5,089 | +€1,551 | +43.8% |
| Other amounts payable | 47/48 | €997,037 | €1,041,221 | +€44,184 | +4.4% |
| Remuneration, social security and pensions | 62 | €41,874 | €60,196 | +€18,322 | +43.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,379 | €6,812 | +€433 | +6.8% |
| Other operating charges | 640/8 | €1,002 | €1,132 | +€130 | +13.0% |
| Gross operating margin | 9900 | -€25,707 | -€23,958 | +€1,749 | +6.8% |
| Operating profit (loss) | 9901 | -€74,962 | -€92,098 | -€17,136 | -22.9% |
| Financial income | 75/76B | €2,968 | €1,122 | -€1,846 | -62.2% |
| Recurring financial income | 75 | €2,968 | €1,122 | -€1,846 | -62.2% |
| Financial charges | 65/66B | €15,718 | €15,723 | +€5 | 0.0% |
| Recurring financial charges | 65 | €15,718 | €15,723 | +€5 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€87,712 | -€106,699 | -€18,987 | -21.6% |
| Profit (loss) for the period | 9904 | -€87,712 | -€106,699 | -€18,987 | -21.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€87,712 | -€106,699 | -€18,987 | -21.6% |
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 30 October 2026 via checked.be.