THE KOTTAGE: 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.
THE KOTTAGE
Largest movements
- Tangible fixed assets -€101,978
down €101,978 (-9.3%), from €1.1m to €990,056
of which Land and buildings: -€99,443
- Cash +€41,058
up €41,058 (+17.9%), from €229,537 to €270,595
mainly Depreciation (+€106,928) and Other debts (+€21,045)
- Debts after one year -€42,779
down €42,779 (-3.6%), from €1.2m to €1.2m
of which Other amounts payable: -€1.2m
- Other debts +€21,045
up €21,045 (+35.9%), from €58,612 to €79,657
- Profit (loss) carried forward -€19,022
down €19,022 (-10.7%), from -€178,475 to -€197,498
- Reserves -€18,545
no longer reported in 2025 (was €18,545)
- Financial charges +€21,871
up €21,871 (+116.6%), from €18,764 to €40,636
- Gross operating margin +€1,841
up €1,841 (+1.8%), from €103,656 to €105,497
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,337,047 | €1,269,178 | -€67,869 | -5.1% |
| Fixed assets | 21/28 | €1,092,034 | €990,056 | -€101,978 | -9.3% |
| Tangible fixed assets | 22/27 | €1,092,034 | €990,056 | -€101,978 | -9.3% |
| Land and buildings | 22 | €1,072,754 | €973,310 | -€99,443 | -9.3% |
| Plant, machinery and equipment | 23 | €13,011 | €11,574 | -€1,437 | -11.0% |
| Other tangible fixed assets | 26 | €6,270 | €5,172 | -€1,098 | -17.5% |
| Current assets | 29/58 | €245,012 | €279,122 | +€34,110 | +13.9% |
| Amounts receivable within one year | 40/41 | €6,800 | €8,527 | +€1,727 | +25.4% |
| Trade receivables | 40 | €6,800 | €8,527 | +€1,727 | +25.4% |
| Cash at bank and in hand | 54/58 | €229,537 | €270,595 | +€41,058 | +17.9% |
| Deferred charges and accrued income | 490/1 | €8,675 | - | -€8,675 | |
| Total equity and liabilities | 10/49 | €1,337,047 | €1,269,178 | -€67,869 | -5.1% |
| Equity | 10/15 | €24,020 | -€18,947 | -€42,967 | |
| Contributions | 10/11 | €173,525 | €173,525 | = | 0.0% |
| Capital | 10 | €173,525 | €173,525 | = | 0.0% |
| Issued capital | 100 | €173,525 | €173,525 | = | 0.0% |
| Reserves | 13 | €18,545 | - | -€18,545 | |
| Tax-exempt reserves | 132 | €18,545 | - | -€18,545 | |
| Profit (loss) carried forward | 14 | -€178,475 | -€197,498 | -€19,022 | -10.7% |
| Investment grants | 15 | €10,425 | €5,025 | -€5,400 | -51.8% |
| Provisions and deferred taxes | 16 | €9,552 | €928 | -€8,625 | -90.3% |
| Deferred taxes | 168 | €9,552 | €928 | -€8,625 | -90.3% |
| Amounts payable | 17/49 | €1,303,474 | €1,287,197 | -€16,277 | -1.2% |
| Amounts payable after more than one year | 17 | €1,193,407 | €1,150,628 | -€42,779 | -3.6% |
| Financial debts | 170/4 | - | €1,150,628 | +€1.2m | |
| Other amounts payable | 178/9 | €1,193,407 | - | -€1.2m | |
| Amounts payable within one year | 42/48 | €110,068 | €133,405 | +€23,337 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €41,593 | €46,609 | +€5,015 | +12.1% |
| Trade debts | 44 | €7,350 | €3,485 | -€3,865 | -52.6% |
| Suppliers | 440/4 | €7,350 | €3,485 | -€3,865 | -52.6% |
| Taxes, remuneration and social security | 45 | €2,512 | €3,654 | +€1,142 | +45.5% |
| Taxes | 450/3 | €2,512 | €3,654 | +€1,142 | +45.5% |
| Other amounts payable | 47/48 | €58,612 | €79,657 | +€21,045 | +35.9% |
| Accrued charges and deferred income | 492/3 | - | €3,165 | +€3,165 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,533 | €106,928 | +€395 | +0.4% |
| Other operating charges | 640/8 | €9,235 | €9,525 | +€290 | +3.1% |
| Gross operating margin | 9900 | €103,656 | €105,497 | +€1,841 | +1.8% |
| Operating profit (loss) | 9901 | -€12,112 | -€10,956 | +€1,156 | +9.5% |
| Financial income | 75/76B | €5,400 | €5,400 | = | 0.0% |
| Recurring financial income | 75 | €5,400 | €5,400 | = | 0.0% |
| Financial charges | 65/66B | €18,764 | €40,636 | +€21,871 | +116.6% |
| Recurring financial charges | 65 | €18,764 | €40,636 | +€21,871 | +116.6% |
| Profit (loss) for the period before taxes | 9903 | -€25,477 | -€46,192 | -€20,715 | -81.3% |
| Transfer from deferred taxes | 780 | €8,625 | €8,625 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€16,852 | -€37,567 | -€20,715 | -122.9% |
| Transfer from tax-exempt reserves | 789 | €16,750 | €18,545 | +€1,795 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€102 | -€19,022 | -€18,921 | -18558.6% |
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.