COBALIN: 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.
COBALIN
Largest movements
- Receivables within one year +€90,716
up €90,716 (+146.0%), from €62,130 to €152,846
of which Trade receivables: +€95,880
- Cash +€78,984
up €78,984 (+16.2%), from €488,675 to €567,659
mainly Other debts (+€400,000) and Net result for the year (+€80,721)
- Tangible fixed assets -€17,728
down €17,728 (-8.2%), from €215,158 to €197,430
of which Plant, machinery and equipment: -€24,098
- Other debts +€400,000
new in 2025: €400,000
- Reserves -€388,350
down €388,350 (-74.9%), from €518,350 to €130,000
- Trade debts +€73,196
up €73,196 (+158.7%), from €46,109 to €119,306
- Profit (loss) carried forward +€69,071
up €69,071 (+43.5%), from €158,896 to €227,967
- Gross operating margin +€190,075
up €190,075 (+681.6%), from €27,886 to €217,961
- Staff costs +€60,123
up €60,123 (+575.6%), from €10,446 to €70,569
- Taxes +€25,995
new in 2025: €25,995
- Depreciation +€18,752
up €18,752 (+118.2%), from €15,870 to €34,621
- Other operating charges +€2,378
up €2,378 (+67.1%), from €3,546 to €5,924
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 | €769,043 | €927,059 | +€158,015 | +20.5% |
| Formation expenses | 20 | €735 | - | -€735 | |
| Fixed assets | 21/28 | €215,158 | €197,430 | -€17,728 | -8.2% |
| Tangible fixed assets | 22/27 | €215,158 | €197,430 | -€17,728 | -8.2% |
| Land and buildings | 22 | €66,962 | €73,331 | +€6,370 | +9.5% |
| Plant, machinery and equipment | 23 | €148,196 | €124,099 | -€24,098 | -16.3% |
| Current assets | 29/58 | €553,150 | €729,628 | +€176,478 | +31.9% |
| Amounts receivable within one year | 40/41 | €62,130 | €152,846 | +€90,716 | +146.0% |
| Trade receivables | 40 | €30,491 | €126,371 | +€95,880 | +314.4% |
| Other amounts receivable | 41 | €31,639 | €26,475 | -€5,164 | -16.3% |
| Cash at bank and in hand | 54/58 | €488,675 | €567,659 | +€78,984 | +16.2% |
| Deferred charges and accrued income | 490/1 | €2,346 | €9,123 | +€6,778 | +289.0% |
| Total equity and liabilities | 10/49 | €769,043 | €927,059 | +€158,015 | +20.5% |
| Equity | 10/15 | €695,838 | €376,559 | -€319,279 | -45.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €518,350 | €130,000 | -€388,350 | -74.9% |
| Distributable reserves | 133 | €518,350 | €130,000 | -€388,350 | -74.9% |
| Profit (loss) carried forward | 14 | €158,896 | €227,967 | +€69,071 | +43.5% |
| Amounts payable | 17/49 | €73,205 | €550,499 | +€477,294 | +652.0% |
| Amounts payable within one year | 42/48 | €73,205 | €550,499 | +€477,294 | +652.0% |
| Trade debts | 44 | €46,109 | €119,306 | +€73,196 | +158.7% |
| Suppliers | 440/4 | €46,109 | €119,306 | +€73,196 | +158.7% |
| Taxes, remuneration and social security | 45 | €27,096 | €31,194 | +€4,098 | +15.1% |
| Taxes | 450/3 | €24,434 | €20,995 | -€3,439 | -14.1% |
| Remuneration and social security | 454/9 | €2,662 | €10,199 | +€7,537 | +283.2% |
| Other amounts payable | 47/48 | - | €400,000 | +€400,000 | |
| Remuneration, social security and pensions | 62 | €10,446 | €70,569 | +€60,123 | +575.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,870 | €34,621 | +€18,752 | +118.2% |
| Other operating charges | 640/8 | €3,546 | €5,924 | +€2,378 | +67.1% |
| Gross operating margin | 9900 | €27,886 | €217,961 | +€190,075 | +681.6% |
| Operating profit (loss) | 9901 | -€1,975 | €106,847 | +€108,822 | |
| Financial income | 75/76B | - | €67 | +€67 | |
| Recurring financial income | 75 | - | €67 | +€67 | |
| Financial charges | 65/66B | €97 | €199 | +€102 | +105.9% |
| Recurring financial charges | 65 | €97 | €199 | +€102 | +105.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,072 | €106,715 | +€108,787 | |
| Income taxes | 67/77 | - | €25,995 | +€25,995 | |
| Profit (loss) for the period | 9904 | -€2,072 | €80,721 | +€82,792 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,072 | €80,721 | +€82,792 |
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 5 October 2026 via checked.be.