COBALD: 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.
COBALD
Largest movements
- Cash +€53,900
up €53,900 (+16.2%), from €332,123 to €386,023
mainly Other debts (+€150,200) and Net result for the year (+€57,393)
- Other debts +€150,200
new in 2025: €150,200
- Profit (loss) carried forward -€75,997
down €75,997 (-99.1%), from €76,701 to €704
- Reserves -€16,810
down €16,810 (-6.2%), from €271,441 to €254,631
- Current portion of long-term debt -€5,078
no longer reported in 2025 (was €5,078)
- Gross operating margin -€12,590
down €12,590 (-13.4%), from €93,782 to €81,192
- Taxes -€3,494
down €3,494 (-14.5%), from €24,090 to €20,596
- Depreciation -€2,145
down €2,145 (-77.9%), from €2,755 to €610
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €388,485 | €440,769 | +€52,285 | +13.5% |
| Fixed assets | 21/28 | €1,320 | €710 | -€610 | -46.2% |
| Tangible fixed assets | 22/27 | €1,320 | €710 | -€610 | -46.2% |
| Plant, machinery and equipment | 23 | €1,077 | €561 | -€515 | -47.9% |
| Furniture and vehicles | 24 | €243 | €149 | -€94 | -38.8% |
| Current assets | 29/58 | €387,165 | €440,059 | +€52,894 | +13.7% |
| Stocks and contracts in progress | 3 | €375 | - | -€375 | |
| Stocks | 30/36 | €375 | - | -€375 | |
| Amounts receivable within one year | 40/41 | €52,282 | €51,098 | -€1,184 | -2.3% |
| Trade receivables | 40 | €47,623 | €49,929 | +€2,305 | +4.8% |
| Other amounts receivable | 41 | €4,659 | €1,169 | -€3,489 | -74.9% |
| Cash at bank and in hand | 54/58 | €332,123 | €386,023 | +€53,900 | +16.2% |
| Deferred charges and accrued income | 490/1 | €2,385 | €2,938 | +€553 | +23.2% |
| Total equity and liabilities | 10/49 | €388,485 | €440,769 | +€52,285 | +13.5% |
| Equity | 10/15 | €368,593 | €275,786 | -€92,807 | -25.2% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €271,441 | €254,631 | -€16,810 | -6.2% |
| Distributable reserves | 133 | €271,441 | €254,631 | -€16,810 | -6.2% |
| Profit (loss) carried forward | 14 | €76,701 | €704 | -€75,997 | -99.1% |
| Amounts payable | 17/49 | €19,892 | €164,984 | +€145,092 | +729.4% |
| Amounts payable within one year | 42/48 | €19,892 | €164,984 | +€145,092 | +729.4% |
| Current portion of amounts payable after more than one year | 42 | €5,078 | - | -€5,078 | |
| Trade debts | 44 | €5,564 | €5,310 | -€254 | -4.6% |
| Suppliers | 440/4 | €5,564 | €5,310 | -€254 | -4.6% |
| Taxes, remuneration and social security | 45 | €9,250 | €9,473 | +€223 | +2.4% |
| Taxes | 450/3 | €9,250 | €6,505 | -€2,745 | -29.7% |
| Remuneration and social security | 454/9 | - | €2,968 | +€2,968 | |
| Other amounts payable | 47/48 | - | €150,200 | +€150,200 | |
| Non-recurring operating income | 76A | €7,043 | - | -€7,043 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,755 | €610 | -€2,145 | -77.9% |
| Other operating charges | 640/8 | €975 | €797 | -€178 | -18.2% |
| Gross operating margin | 9900 | €93,782 | €81,192 | -€12,590 | -13.4% |
| Operating profit (loss) | 9901 | €90,052 | €79,785 | -€10,267 | -11.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,402 | €1,796 | +€393 | +28.1% |
| Recurring financial charges | 65 | €1,402 | €1,796 | +€393 | +28.1% |
| Profit (loss) for the period before taxes | 9903 | €88,650 | €77,990 | -€10,660 | -12.0% |
| Income taxes | 67/77 | €24,090 | €20,596 | -€3,494 | -14.5% |
| Profit (loss) for the period | 9904 | €64,559 | €57,393 | -€7,166 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €64,559 | €57,393 | -€7,166 | -11.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.