R-COTEC: what changed
Two fiscal 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.
R-COTEC
Largest movements
- Receivables within one year +€25,707
up €25,707 (+6.8%), from €375,454 to €401,161
of which Trade receivables: +€43,312
- Tangible fixed assets +€23,381
up €23,381 (+238.7%), from €9,797 to €33,179
of which Furniture and vehicles: +€22,914
- Cash -€15,218
down €15,218 (-12.8%), from €119,346 to €104,128
mainly Investment in fixed assets (net) (-€39,071) and Receivables within one year (-€25,707)
- Trade debts +€35,572
up €35,572 (+25.4%), from €140,063 to €175,635
- Debts after one year -€25,494
down €25,494 (-45.4%), from €56,137 to €30,642
- Reserves +€17,366
up €17,366 (+5.6%), from €308,766 to €326,132
of which Distributable reserves: +€17,366
- Tax, wage and social debts +€8,007
up €8,007 (+33.4%), from €23,972 to €31,980
of which Taxes: +€10,866
- Gross operating margin +€61,911
up €61,911 (+27.7%), from €223,805 to €285,715
- Staff costs +€17,872
up €17,872 (+11.1%), from €160,552 to €178,425
- Other operating charges +€16,422
up €16,422 (+134.0%), from €12,257 to €28,679
- Financial charges +€8,486
up €8,486 (+41.4%), from €20,481 to €28,966
- Depreciation +€4,140
up €4,140 (+35.9%), from €11,549 to €15,690
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.
Cash bridge derived
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 | €706,110 | €739,839 | +€33,728 | +4.8% |
| Fixed assets | 21/28 | €10,438 | €33,820 | +€23,381 | +224.0% |
| Tangible fixed assets | 22/27 | €9,797 | €33,179 | +€23,381 | +238.7% |
| Plant, machinery and equipment | 23 | €1,584 | €2,052 | +€467 | +29.5% |
| Furniture and vehicles | 24 | €8,213 | €31,127 | +€22,914 | +279.0% |
| Financial fixed assets | 28 | €641 | €641 | = | 0.0% |
| Current assets | 29/58 | €695,672 | €706,019 | +€10,347 | +1.5% |
| Amounts receivable after more than one year | 29 | €106,157 | €100,458 | -€5,699 | -5.4% |
| Other amounts receivable | 291 | €106,157 | €100,458 | -€5,699 | -5.4% |
| Stocks and contracts in progress | 3 | €90,489 | €92,863 | +€2,374 | +2.6% |
| Stocks | 30/36 | €90,489 | €92,863 | +€2,374 | +2.6% |
| Amounts receivable within one year | 40/41 | €375,454 | €401,161 | +€25,707 | +6.8% |
| Trade receivables | 40 | €347,948 | €391,260 | +€43,312 | +12.4% |
| Other amounts receivable | 41 | €27,506 | €9,902 | -€17,605 | -64.0% |
| Cash at bank and in hand | 54/58 | €119,346 | €104,128 | -€15,218 | -12.8% |
| Deferred charges and accrued income | 490/1 | €4,227 | €7,409 | +€3,183 | +75.3% |
| Total equity and liabilities | 10/49 | €706,110 | €739,839 | +€33,728 | +4.8% |
| Equity | 10/15 | €329,866 | €347,232 | +€17,366 | +5.3% |
| Contributions | 10/11 | €21,100 | €21,100 | = | 0.0% |
| Reserves | 13 | €308,766 | €326,132 | +€17,366 | +5.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Tax-exempt reserves | 132 | €375 | €375 | = | 0.0% |
| Distributable reserves | 133 | €308,391 | €325,757 | +€17,366 | +5.6% |
| Amounts payable | 17/49 | €376,244 | €392,606 | +€16,362 | +4.3% |
| Amounts payable after more than one year | 17 | €56,137 | €30,642 | -€25,494 | -45.4% |
| Financial debts | 170/4 | €56,137 | €30,642 | -€25,494 | -45.4% |
| Amounts payable within one year | 42/48 | €320,107 | €361,964 | +€41,857 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €51,072 | €53,620 | +€2,548 | +5.0% |
| Financial debts | 43 | €105,000 | €100,730 | -€4,270 | -4.1% |
| Credit institutions | 430/8 | - | €730 | +€730 | |
| Other loans | 439 | €105,000 | €100,000 | -€5,000 | -4.8% |
| Trade debts | 44 | €140,063 | €175,635 | +€35,572 | +25.4% |
| Suppliers | 440/4 | €140,063 | €175,635 | +€35,572 | +25.4% |
| Taxes, remuneration and social security | 45 | €23,972 | €31,980 | +€8,007 | +33.4% |
| Taxes | 450/3 | €1,591 | €12,457 | +€10,866 | +682.8% |
| Remuneration and social security | 454/9 | €22,381 | €19,522 | -€2,858 | -12.8% |
| Remuneration, social security and pensions | 62 | €160,552 | €178,425 | +€17,872 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,549 | €15,690 | +€4,140 | +35.9% |
| Other operating charges | 640/8 | €12,257 | €28,679 | +€16,422 | +134.0% |
| Non-recurring operating charges | 66A | - | €6,792 | +€6,792 | |
| Gross operating margin | 9900 | €223,805 | €285,715 | +€61,911 | +27.7% |
| Operating profit (loss) | 9901 | €39,446 | €56,130 | +€16,684 | +42.3% |
| Financial income | 75/76B | €3,002 | €2,997 | -€5 | -0.2% |
| Recurring financial income | 75 | €3,002 | €2,997 | -€5 | -0.2% |
| Financial charges | 65/66B | €20,481 | €28,966 | +€8,486 | +41.4% |
| Recurring financial charges | 65 | €20,481 | €28,966 | +€8,486 | +41.4% |
| Profit (loss) for the period before taxes | 9903 | €21,967 | €30,160 | +€8,193 | +37.3% |
| Income taxes | 67/77 | €11,640 | €12,794 | +€1,155 | +9.9% |
| Profit (loss) for the period | 9904 | €10,328 | €17,366 | +€7,038 | +68.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,328 | €17,366 | +€7,038 | +68.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.