COBA: 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.
What changed
COBA
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€197,193
2024 · €655,150-€457,957
Equity
€4.1m
2024 · €3.9m+€197,193
Cash
€100,318
2024 · €146,299-€45,981
Balance sheet total
€4.7m
2024 · €4.5m+€208,581
Largest movements
Assets
- Current investments +€467,265
up €467,265 (+25.7%), from €1.8m to €2.3m
- Tangible fixed assets -€223,951
down €223,951 (-8.8%), from €2.5m to €2.3m
of which Land and buildings: -€217,151
Equity and liabilities
- Reserves +€197,193
up €197,193 (+7.0%), from €2.8m to €3.0m
of which Distributable reserves: +€229,285
Income statement
- Gross operating margin -€477,878
down €477,878 (-54.3%), from €880,505 to €402,627
- Financial income -€47,073
down €47,073 (-35.4%), from €132,795 to €85,722
- Financial charges +€28,247
up €28,247 (+432.5%), from €6,531 to €34,778
- Depreciation +€21,721
up €21,721 (+17.1%), from €126,975 to €148,695
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.
Result 2024
€655,150
Gross operating margin
-€477,878
Depreciation
-€21,721
Other operating charges
+€1,626
Other operating items
+€1,528
Financial income
-€47,073
Financial charges
-€28,247
Taxes
+€6,673
Deferred taxes and other
+€107,136
Result 2025
€197,193
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.
From operations
+€348,428
Investment
-€394,409
Financing
€0
Cash 2024
€146,299
From operations (derived)
+€348,428
Net result for the year
+€197,193
Depreciation
+€148,695
Receivables within one year
-€8,848
Provisions
-€16,698
Trade debts
+€40,441
Tax, wage and social debts
-€14,500
Other debts
-€2,541
Accrued charges and deferred income
+€4,686
Investment (derived)
-€394,409
Investment in fixed assets (net)
+€72,856
Current investments
-€467,265
Cash 2025
€100,318
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,531,618 | €4,740,199 | +€208,581 | +4.6% |
| Fixed assets | 21/28 | €2,546,767 | €2,325,216 | -€221,551 | -8.7% |
| Tangible fixed assets | 22/27 | €2,545,967 | €2,322,016 | -€223,951 | -8.8% |
| Land and buildings | 22 | €2,502,709 | €2,285,558 | -€217,151 | -8.7% |
| Furniture and vehicles | 24 | €13,358 | €6,558 | -€6,800 | -50.9% |
| Other tangible fixed assets | 26 | €29,900 | €29,900 | = | 0.0% |
| Financial fixed assets | 28 | €800 | €3,200 | +€2,400 | +300.0% |
| Current assets | 29/58 | €1,984,851 | €2,414,983 | +€430,132 | +21.7% |
| Amounts receivable within one year | 40/41 | €17,850 | €26,698 | +€8,848 | +49.6% |
| Trade receivables | 40 | €3,230 | €21,882 | +€18,652 | +577.5% |
| Other amounts receivable | 41 | €14,620 | €4,816 | -€9,804 | -67.1% |
| Current investments | 50/53 | €1,820,702 | €2,287,967 | +€467,265 | +25.7% |
| Cash at bank and in hand | 54/58 | €146,299 | €100,318 | -€45,981 | -31.4% |
| Total equity and liabilities | 10/49 | €4,531,618 | €4,740,199 | +€208,581 | +4.6% |
| Equity | 10/15 | €3,937,385 | €4,134,578 | +€197,193 | +5.0% |
| Contributions | 10/11 | €1,120,000 | €1,120,000 | = | 0.0% |
| Capital | 10 | €1,120,000 | €1,120,000 | = | 0.0% |
| Issued capital | 100 | €1,120,000 | €1,120,000 | = | 0.0% |
| Reserves | 13 | €2,817,385 | €3,014,578 | +€197,193 | +7.0% |
| Non-distributable reserves | 130/1 | €112,000 | €112,000 | = | 0.0% |
| Legal reserve | 130 | €112,000 | €112,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,229,536 | €1,197,443 | -€32,092 | -2.6% |
| Distributable reserves | 133 | €1,475,850 | €1,705,135 | +€229,285 | +15.5% |
| Provisions and deferred taxes | 16 | €494,425 | €477,727 | -€16,698 | -3.4% |
| Deferred taxes | 168 | €494,425 | €477,727 | -€16,698 | -3.4% |
| Amounts payable | 17/49 | €99,808 | €127,894 | +€28,086 | +28.1% |
| Amounts payable within one year | 42/48 | €75,808 | €99,208 | +€23,400 | +30.9% |
| Trade debts | 44 | €3,112 | €43,553 | +€40,441 | +1299.6% |
| Suppliers | 440/4 | €3,112 | €43,553 | +€40,441 | +1299.6% |
| Taxes, remuneration and social security | 45 | €31,700 | €17,200 | -€14,500 | -45.7% |
| Taxes | 450/3 | €31,700 | €17,200 | -€14,500 | -45.7% |
| Other amounts payable | 47/48 | €40,996 | €38,455 | -€2,541 | -6.2% |
| Accrued charges and deferred income | 492/3 | €24,000 | €28,686 | +€4,686 | +19.5% |
| Non-recurring operating income | 76A | €562,625 | €52,638 | -€509,987 | -90.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,975 | €148,695 | +€21,721 | +17.1% |
| Other operating charges | 640/8 | €43,190 | €41,564 | -€1,626 | -3.8% |
| Non-recurring operating charges | 66A | €1,528 | - | -€1,528 | |
| Gross operating margin | 9900 | €880,505 | €402,627 | -€477,878 | -54.3% |
| Operating profit (loss) | 9901 | €708,813 | €212,368 | -€496,445 | -70.0% |
| Financial income | 75/76B | €132,795 | €85,722 | -€47,073 | -35.4% |
| Recurring financial income | 75 | €132,795 | €85,722 | -€47,073 | -35.4% |
| Financial charges | 65/66B | €6,531 | €34,778 | +€28,247 | +432.5% |
| Recurring financial charges | 65 | €6,531 | €34,778 | +€28,247 | +432.5% |
| Profit (loss) for the period before taxes | 9903 | €835,077 | €263,311 | -€571,766 | -68.5% |
| Transfer from deferred taxes | 780 | €50,219 | €29,777 | -€20,441 | -40.7% |
| Transfer to deferred taxes | 680 | €140,656 | €13,079 | -€127,577 | -90.7% |
| Income taxes | 67/77 | €89,489 | €82,817 | -€6,673 | -7.5% |
| Profit (loss) for the period | 9904 | €655,150 | €197,193 | -€457,957 | -69.9% |
| Transfer from tax-exempt reserves | 789 | €131,809 | €71,330 | -€60,479 | -45.9% |
| Transfer to tax-exempt reserves | 689 | €421,969 | €39,238 | -€382,731 | -90.7% |
| Profit (loss) for the period to be appropriated | 9905 | €364,990 | €229,285 | -€135,705 | -37.2% |
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 6 October 2026 via checked.be.