COBA: 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.
COBA
Largest movements
- Receivables within one year +€181,644
up €181,644 (+37.5%), from €485,004 to €666,648
of which Trade receivables: +€185,387
- Cash +€55,301
up €55,301 (+17.4%), from €318,147 to €373,448
mainly Net result for the year (+€360,530) and Depreciation (+€85,246)
- Stocks and contracts -€37,989
down €37,989 (-17.2%), from €221,294 to €183,305
- Tangible fixed assets -€34,007
down €34,007 (-12.4%), from €273,614 to €239,607
of which Plant, machinery and equipment: -€24,030
- Current investments -€29,563
down €29,563 (-5.1%), from €578,000 to €548,437
- Reserves +€134,554
up €134,554 (+11.4%), from €1.2m to €1.3m
of which Distributable reserves: +€137,455
- Profit (loss) carried forward +€83,431
up €83,431 (+32.9%), from €253,295 to €336,726
- Other debts +€64,325
up €64,325 (+89.5%), from €71,848 to €136,174
- Trade debts -€45,965
down €45,965 (-26.9%), from €170,569 to €124,604
- Debts after one year -€27,472
down €27,472 (-95.2%), from €28,864 to €1,392
- Gross operating margin +€230,597
up €230,597 (+28.3%), from €814,515 to €1.0m
- Taxes +€53,468
up €53,468 (+54.4%), from €98,332 to €151,800
- Staff costs +€46,889
up €46,889 (+11.8%), from €397,436 to €444,325
- Other operating charges -€13,610
down €13,610 (-70.2%), from €19,394 to €5,784
- Provisions +€12,200
up €12,200, from -€12,200 to €0
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 | €1,888,543 | €2,052,175 | +€163,632 | +8.7% |
| Fixed assets | 21/28 | €273,614 | €239,607 | -€34,007 | -12.4% |
| Tangible fixed assets | 22/27 | €273,614 | €239,607 | -€34,007 | -12.4% |
| Land and buildings | 22 | €124,942 | €113,041 | -€11,902 | -9.5% |
| Plant, machinery and equipment | 23 | €44,061 | €20,031 | -€24,030 | -54.5% |
| Furniture and vehicles | 24 | €104,611 | €106,536 | +€1,925 | +1.8% |
| Current assets | 29/58 | €1,614,929 | €1,812,568 | +€197,639 | +12.2% |
| Amounts receivable after more than one year | 29 | - | €21,000 | +€21,000 | |
| Other amounts receivable | 291 | - | €21,000 | +€21,000 | |
| Stocks and contracts in progress | 3 | €221,294 | €183,305 | -€37,989 | -17.2% |
| Stocks | 30/36 | €221,294 | €183,305 | -€37,989 | -17.2% |
| Amounts receivable within one year | 40/41 | €485,004 | €666,648 | +€181,644 | +37.5% |
| Trade receivables | 40 | €432,832 | €618,219 | +€185,387 | +42.8% |
| Other amounts receivable | 41 | €52,172 | €48,429 | -€3,743 | -7.2% |
| Current investments | 50/53 | €578,000 | €548,437 | -€29,563 | -5.1% |
| Cash at bank and in hand | 54/58 | €318,147 | €373,448 | +€55,301 | +17.4% |
| Deferred charges and accrued income | 490/1 | €12,484 | €19,731 | +€7,247 | +58.0% |
| Total equity and liabilities | 10/49 | €1,888,543 | €2,052,175 | +€163,632 | +8.7% |
| Equity | 10/15 | €1,455,711 | €1,671,703 | +€215,991 | +14.8% |
| Contributions | 10/11 | €22,509 | €22,509 | = | 0.0% |
| Reserves | 13 | €1,176,763 | €1,311,316 | +€134,554 | +11.4% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,309 | €17,407 | -€2,901 | -14.3% |
| Distributable reserves | 133 | €1,153,975 | €1,291,430 | +€137,455 | +11.9% |
| Profit (loss) carried forward | 14 | €253,295 | €336,726 | +€83,431 | +32.9% |
| Investment grants | 15 | €3,145 | €1,151 | -€1,994 | -63.4% |
| Provisions and deferred taxes | 16 | €6,770 | €5,802 | -€967 | -14.3% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €6,770 | €5,802 | -€967 | -14.3% |
| Amounts payable | 17/49 | €426,062 | €374,670 | -€51,392 | -12.1% |
| Amounts payable after more than one year | 17 | €28,864 | €1,392 | -€27,472 | -95.2% |
| Financial debts | 170/4 | €28,864 | €1,392 | -€27,472 | -95.2% |
| Amounts payable within one year | 42/48 | €397,192 | €373,273 | -€23,919 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €52,829 | €27,472 | -€25,357 | -48.0% |
| Trade debts | 44 | €170,569 | €124,604 | -€45,965 | -26.9% |
| Suppliers | 440/4 | €170,569 | €124,604 | -€45,965 | -26.9% |
| Taxes, remuneration and social security | 45 | €101,946 | €85,024 | -€16,922 | -16.6% |
| Taxes | 450/3 | €49,649 | €39,359 | -€10,290 | -20.7% |
| Remuneration and social security | 454/9 | €52,297 | €45,665 | -€6,632 | -12.7% |
| Other amounts payable | 47/48 | €71,848 | €136,174 | +€64,325 | +89.5% |
| Accrued charges and deferred income | 492/3 | €7 | €5 | -€2 | -28.0% |
| Remuneration, social security and pensions | 62 | €397,436 | €444,325 | +€46,889 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,170 | €85,246 | -€4,924 | -5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€12,200 | €0 | +€12,200 | |
| Other operating charges | 640/8 | €19,394 | €5,784 | -€13,610 | -70.2% |
| Gross operating margin | 9900 | €814,515 | €1,045,111 | +€230,597 | +28.3% |
| Operating profit (loss) | 9901 | €319,715 | €509,756 | +€190,041 | +59.4% |
| Financial income | 75/76B | €16,544 | €11,978 | -€4,566 | -27.6% |
| Recurring financial income | 75 | €16,544 | €11,978 | -€4,566 | -27.6% |
| Financial charges | 65/66B | €11,138 | €10,371 | -€767 | -6.9% |
| Recurring financial charges | 65 | €11,138 | €10,371 | -€767 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €325,121 | €511,363 | +€186,243 | +57.3% |
| Transfer from deferred taxes | 780 | €967 | €967 | = | 0.0% |
| Income taxes | 67/77 | €98,332 | €151,800 | +€53,468 | +54.4% |
| Profit (loss) for the period | 9904 | €227,755 | €360,530 | +€132,774 | +58.3% |
| Transfer from tax-exempt reserves | 789 | €2,901 | €2,901 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €230,657 | €363,431 | +€132,774 | +57.6% |
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.