THE COTTON GROUP: what changed
What changed
THE COTTON GROUP
NACE 46.423, Wholesale of clothing, excluding workwear and underwear
filed annual accounts (NBB)
Net result for the year
€16.3m
2024 · €16.8m-€453,472
Equity
€3.4m
2024 · €3.0m+€332,826
Cash
€1.5m
2024 · €5.7m-€4.2m
Balance sheet total
€88.0m
2024 · €99.8m-€11.9m
Largest movements
Assets
- Receivables within one year -€4.2m
down €4.2m (-32.4%), from €13.1m to €8.9m
of which Trade receivables: -€2.5m
- Cash -€4.2m
down €4.2m (-73.0%), from €5.7m to €1.5m
mainly Contributions, distributions and other (-€16.0m) and Short-term financial debts (-€9.7m)
- Stocks and contracts -€3.3m
down €3.3m (-7.3%), from €44.3m to €41.0m
Equity and liabilities
- Short-term financial debts -€9.7m
down €9.7m (-46.7%), from €20.7m to €11.0m
- Trade debts -€2.5m
down €2.5m (-14.1%), from €17.5m to €15.0m
Income statement
- Turnover -€8.2m
down €8.2m (-6.6%), from €123.8m to €115.6m
- Goods and materials -€6.9m
down €6.9m (-9.2%), from €75.2m to €68.3m
of which Change in stocks: decrease (increase): -€12.7m
- Other operating charges +€4.1m
up €4.1m (+4,137%), from €98,397 to €4.2m
- Write-downs -€2.1m
down €2.1m, from €1.8m to -€293,368
- Financial income +€1.4m
up €1.4m (+145%), from €942,250 to €2.3m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€16.8m
Turnover
-€8.2m
Other operating income
+€922,692
Goods and materials
+€6.9m
Services and other goods
+€23,207
Staff costs
+€554,836
Depreciation
-€29,313
Write-downs
+€2.1m
Provisions
+€13,835
Other operating charges
-€4.1m
Other operating items
+€250,771
Financial income
+€1.4m
Financial charges
-€404,854
Taxes
+€130,028
Result 2025
€16.3m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€21.9m
Investment
-€470,569
Financing
-€25.7m
Cash 2024
€5.7m
From operations (derived)
+€21.9m
Net result for the year
+€16.3m
Depreciation
+€620,938
Stocks and contracts
+€3.3m
Receivables within one year
+€4.2m
Smaller working-capital items
+€13,079
Provisions
+€63,572
Trade debts
-€2.5m
Tax, wage and social debts
+€595,240
Other debts
-€700,000
Investment (derived)
-€470,569
Investment in fixed assets (net)
-€470,569
Financing
-€25.7m
Short-term financial debts
-€9.7m
Contributions, distributions and other
-€16.0m
Cash 2025
€1.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €99,835,118 | €87,971,031 | -€11.9m | -11.9% |
| Fixed assets | 21/28 | €36,216,875 | €36,066,506 | -€150,369 | -0.4% |
| Intangible fixed assets | 21 | €812,267 | €481,071 | -€331,196 | -40.8% |
| Tangible fixed assets | 22/27 | €616,027 | €223,451 | -€392,576 | -63.7% |
| Plant, machinery and equipment | 23 | €51,919 | €43,621 | -€8,298 | -16.0% |
| Furniture and vehicles | 24 | €232,161 | €179,830 | -€52,331 | -22.5% |
| Assets under construction and advance payments | 27 | €331,947 | - | -€331,947 | |
| Financial fixed assets | 28 | €34,788,581 | €35,361,984 | +€573,403 | +1.6% |
| Affiliated companies | 280/1 | €34,753,413 | €35,326,816 | +€573,403 | +1.6% |
| Participating interests | 280 | €19,845,042 | €19,845,042 | = | 0.0% |
| Amounts receivable | 281 | €14,908,371 | €15,481,774 | +€573,403 | +3.8% |
| Other financial fixed assets | 284/8 | €35,168 | €35,168 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €35,168 | €35,168 | = | 0.0% |
| Current assets | 29/58 | €63,618,244 | €51,904,525 | -€11.7m | -18.4% |
| Stocks and contracts in progress | 3 | €44,299,319 | €41,043,599 | -€3.3m | -7.3% |
| Stocks | 30/36 | €44,299,319 | €41,043,599 | -€3.3m | -7.3% |
| Goods purchased for resale | 34 | €44,299,319 | €41,043,599 | -€3.3m | -7.3% |
| Amounts receivable within one year | 40/41 | €13,105,790 | €8,862,761 | -€4.2m | -32.4% |
| Trade receivables | 40 | €9,622,758 | €7,105,287 | -€2.5m | -26.2% |
| Other amounts receivable | 41 | €3,483,032 | €1,757,473 | -€1.7m | -49.5% |
| Cash at bank and in hand | 54/58 | €5,726,113 | €1,543,923 | -€4.2m | -73.0% |
| Deferred charges and accrued income | 490/1 | €487,021 | €454,242 | -€32,779 | -6.7% |
| Total equity and liabilities | 10/49 | €99,835,118 | €87,971,031 | -€11.9m | -11.9% |
| Equity | 10/15 | €3,049,866 | €3,382,692 | +€332,826 | +10.9% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Capital | 10 | €2,000,000 | €2,000,000 | = | 0.0% |
| Issued capital | 100 | €2,000,000 | €2,000,000 | = | 0.0% |
| Reserves | 13 | €963,568 | €963,568 | = | 0.0% |
| Non-distributable reserves | 130/1 | €963,568 | €963,568 | = | 0.0% |
| Legal reserve | 130 | €959,000 | €959,000 | = | 0.0% |
| Other | 1319 | €4,568 | €4,568 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,298 | €419,124 | +€332,826 | +386% |
| Provisions and deferred taxes | 16 | €22,473 | €86,045 | +€63,572 | +283% |
| Provisions for liabilities and charges | 160/5 | €22,473 | €86,045 | +€63,572 | +283% |
| Pensions and similar obligations | 160 | €22,473 | €9,045 | -€13,428 | -59.8% |
| Other liabilities and charges | 164/5 | - | €77,000 | +€77,000 | |
| Amounts payable | 17/49 | €96,762,779 | €84,502,295 | -€12.3m | -12.7% |
| Amounts payable after more than one year | 17 | €40,347,000 | €40,347,000 | = | 0.0% |
| Other amounts payable | 178/9 | €40,347,000 | €40,347,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €56,349,453 | €44,108,668 | -€12.2m | -21.7% |
| Financial debts | 43 | €20,677,716 | €11,019,021 | -€9.7m | -46.7% |
| Credit institutions | 430/8 | €20,677,716 | €11,019,021 | -€9.7m | -46.7% |
| Trade debts | 44 | €17,523,554 | €15,046,224 | -€2.5m | -14.1% |
| Suppliers | 440/4 | €17,523,554 | €15,046,224 | -€2.5m | -14.1% |
| Taxes, remuneration and social security | 45 | €1,448,183 | €2,043,423 | +€595,240 | +41.1% |
| Taxes | 450/3 | €484,409 | €809,356 | +€324,946 | +67.1% |
| Remuneration and social security | 454/9 | €963,774 | €1,234,067 | +€270,294 | +28.0% |
| Other amounts payable | 47/48 | €16,700,000 | €16,000,000 | -€700,000 | -4.2% |
| Accrued charges and deferred income | 492/3 | €66,327 | €46,627 | -€19,700 | -29.7% |
| Operating income | 70/76A | €124,386,684 | €117,133,986 | -€7.3m | -5.8% |
| Turnover | 70 | €123,773,573 | €115,598,184 | -€8.2m | -6.6% |
| Other operating income | 74 | €613,110 | €1,535,802 | +€922,692 | +150% |
| Operating charges | 60/66A | €99,286,713 | €93,574,710 | -€5.7m | -5.8% |
| Goods for resale, raw materials and consumables | 60 | €75,179,453 | €68,268,419 | -€6.9m | -9.2% |
| Purchases | 600/8 | €63,195,494 | €68,988,307 | +€5.8m | +9.2% |
| Change in stocks: decrease (increase) | 609 | €11,983,958 | -€719,888 | -€12.7m | |
| Services and other goods | 61 | €15,040,240 | €15,017,032 | -€23,207 | -0.2% |
| Remuneration, social security and pensions | 62 | €5,696,409 | €5,141,573 | -€554,836 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €591,625 | €620,938 | +€29,313 | +5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,765,301 | -€293,368 | -€2.1m | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €14,033 | €198 | -€13,835 | -98.6% |
| Other operating charges | 640/8 | €98,397 | €4,169,434 | +€4.1m | +4,137% |
| Non-recurring operating charges | 66A | €901,256 | €650,485 | -€250,771 | -27.8% |
| Operating profit (loss) | 9901 | €25,099,971 | €23,559,276 | -€1.5m | -6.1% |
| Financial income | 75/76B | €942,250 | €2,304,299 | +€1.4m | +145% |
| Recurring financial income | 75 | €942,250 | €2,304,299 | +€1.4m | +145% |
| Income from current assets | 751 | €193,921 | €844,351 | +€650,430 | +335% |
| Other financial income | 752/9 | €748,330 | €1,459,948 | +€711,619 | +95.1% |
| Financial charges | 65/66B | €3,537,839 | €3,942,693 | +€404,854 | +11.4% |
| Recurring financial charges | 65 | €3,537,839 | €3,942,693 | +€404,854 | +11.4% |
| Debt charges | 650 | €1,180,861 | €2,394,200 | +€1.2m | +103% |
| Other financial charges | 652/9 | €2,356,978 | €1,548,493 | -€808,485 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | €22,504,382 | €21,920,883 | -€583,500 | -2.6% |
| Income taxes | 67/77 | €5,718,085 | €5,588,057 | -€130,028 | -2.3% |
| Taxes | 670/3 | €5,722,371 | €5,588,057 | -€134,314 | -2.3% |
| Tax adjustments and reversals of tax provisions | 77 | €4,286 | - | -€4,286 | |
| Profit (loss) for the period | 9904 | €16,786,298 | €16,332,826 | -€453,472 | -2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,786,298 | €16,332,826 | -€453,472 | -2.7% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.