The Cops: 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.
The Cops
Largest movements
- Receivables after one year -€850,000
down €850,000 (-100%), from €850,000 to €0
- Deferred charges and accrued income +€257,296
up €257,296 (+2,035%), from €12,644 to €269,941
- Tangible fixed assets -€252,949
down €252,949 (-11.1%), from €2.3m to €2.0m
of which Land and buildings: -€196,072
- Receivables within one year +€205,238
up €205,238 (+310%), from €66,166 to €271,405
of which Other amounts receivable: +€208,756
- Cash +€151,608
up €151,608 (+657%), from €23,088 to €174,696
mainly Receivables after one year (+€850,000) and Depreciation (+€130,009)
- Reserves -€180,612
down €180,612 (-8.5%), from €2.1m to €1.9m
of which Distributable reserves: -€180,612
- Debts after one year -€89,556
down €89,556 (-10.5%), from €853,939 to €764,384
- Tax, wage and social debts -€79,714
down €79,714 (-78.4%), from €101,697 to €21,983
- Gross operating margin -€1.1m
down €1.1m (-91.3%), from €1.2m to €106,528
- Taxes -€347,669
down €347,669 (-99.8%), from €348,451 to €782
- Financial income +€38,702
up €38,702 (+221%), from €17,532 to €56,234
of which Financial income: +€45,720
- Other operating charges -€12,255
down €12,255 (-50.5%), from €24,286 to €12,031
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 | €3,411,610 | €3,057,630 | -€353,979 | -10.4% |
| Fixed assets | 21/28 | €2,282,256 | €2,023,972 | -€258,284 | -11.3% |
| Intangible fixed assets | 21 | €5,335 | €0 | -€5,335 | -100% |
| Tangible fixed assets | 22/27 | €2,276,851 | €2,023,902 | -€252,949 | -11.1% |
| Land and buildings | 22 | €1,351,115 | €1,155,043 | -€196,072 | -14.5% |
| Plant, machinery and equipment | 23 | €8,492 | €10,420 | +€1,928 | +22.7% |
| Furniture and vehicles | 24 | €183,139 | €174,142 | -€8,997 | -4.9% |
| Other tangible fixed assets | 26 | €734,104 | €684,297 | -€49,808 | -6.8% |
| Financial fixed assets | 28 | €70 | €70 | = | 0.0% |
| Current assets | 29/58 | €1,129,354 | €1,033,659 | -€95,695 | -8.5% |
| Amounts receivable after more than one year | 29 | €850,000 | €0 | -€850,000 | -100% |
| Other amounts receivable | 291 | €850,000 | €0 | -€850,000 | -100% |
| Amounts receivable within one year | 40/41 | €66,166 | €271,405 | +€205,238 | +310% |
| Trade receivables | 40 | €23,519 | €20,002 | -€3,518 | -15.0% |
| Other amounts receivable | 41 | €42,647 | €251,403 | +€208,756 | +489% |
| Current investments | 50/53 | €177,455 | €317,618 | +€140,163 | +79.0% |
| Cash at bank and in hand | 54/58 | €23,088 | €174,696 | +€151,608 | +657% |
| Deferred charges and accrued income | 490/1 | €12,644 | €269,941 | +€257,296 | +2,035% |
| Total equity and liabilities | 10/49 | €3,411,610 | €3,057,630 | -€353,979 | -10.4% |
| Equity | 10/15 | €2,339,235 | €2,158,623 | -€180,612 | -7.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,116,833 | €1,936,222 | -€180,612 | -8.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €80,409 | €80,409 | = | 0.0% |
| Distributable reserves | 133 | €2,034,565 | €1,853,953 | -€180,612 | -8.9% |
| Profit (loss) carried forward | 14 | €203,802 | €203,802 | = | 0.0% |
| Amounts payable | 17/49 | €1,072,375 | €899,007 | -€173,367 | -16.2% |
| Amounts payable after more than one year | 17 | €853,939 | €764,384 | -€89,556 | -10.5% |
| Financial debts | 170/4 | €853,939 | €764,384 | -€89,556 | -10.5% |
| Amounts payable within one year | 42/48 | €218,435 | €134,123 | -€84,312 | -38.6% |
| Current portion of amounts payable after more than one year | 42 | €102,848 | €89,556 | -€13,293 | -12.9% |
| Trade debts | 44 | €13,535 | €22,230 | +€8,695 | +64.2% |
| Suppliers | 440/4 | €13,535 | €22,230 | +€8,695 | +64.2% |
| Taxes, remuneration and social security | 45 | €101,697 | €21,983 | -€79,714 | -78.4% |
| Taxes | 450/3 | €101,697 | €21,983 | -€79,714 | -78.4% |
| Other amounts payable | 47/48 | €355 | €355 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €500 | +€500 | |
| Non-recurring operating income | 76A | €850,000 | €54,390 | -€795,610 | -93.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,543 | €130,009 | +€8,466 | +7.0% |
| Other operating charges | 640/8 | €24,286 | €12,031 | -€12,255 | -50.5% |
| Non-recurring operating charges | 66A | €4,300 | €0 | -€4,300 | -100% |
| Gross operating margin | 9900 | €1,223,604 | €106,528 | -€1.1m | -91.3% |
| Operating profit (loss) | 9901 | €1,073,475 | -€35,512 | -€1.1m | |
| Financial income | 75/76B | €17,532 | €56,234 | +€38,702 | +221% |
| Recurring financial income | 75 | €10,513 | €56,234 | +€45,720 | +435% |
| Non-recurring financial income | 76B | €7,018 | €0 | -€7,018 | -100% |
| Financial charges | 65/66B | €18,107 | €18,066 | -€41 | -0.2% |
| Recurring financial charges | 65 | €18,107 | €18,066 | -€41 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €1,072,900 | €2,656 | -€1.1m | -99.8% |
| Income taxes | 67/77 | €348,451 | €782 | -€347,669 | -99.8% |
| Profit (loss) for the period | 9904 | €724,448 | €1,873 | -€722,575 | -99.7% |
| Profit (loss) for the period to be appropriated | 9905 | €724,448 | €1,873 | -€722,575 | -99.7% |
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 13 October 2026 via checked.be.