COBALT: 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.
COBALT
Largest movements
- Receivables within one year -€6,061
down €6,061 (-92.1%), from €6,584 to €523
of which Other amounts receivable: -€6,472
- Tangible fixed assets -€1,906
down €1,906 (-59.8%), from €3,188 to €1,283
- Cash -€1,140
no longer reported in 2025 (was €1,140)
mainly Debts after one year (-€30,083) and Tax, wage and social debts (-€179)
- Debts after one year -€30,083
down €30,083 (-63.5%), from €47,406 to €17,323
- Other debts +€10,646
up €10,646 (+60.8%), from €17,500 to €28,147
- Profit (loss) carried forward +€7,752
up €7,752 (+8.4%), from -€92,224 to -€84,472
- Short-term financial debts +€1,464
new in 2025: €1,464
- Current portion of long-term debt +€1,217
up €1,217 (+3.9%), from €31,035 to €32,251
- Gross operating margin +€39,983
up €39,983, from -€24,052 to €15,931
- Financial charges -€1,771
down €1,771 (-37.3%), from €4,742 to €2,971
- Depreciation -€351
down €351 (-15.6%), from €2,257 to €1,906
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 | €14,824 | €5,768 | -€9,056 | -61.1% |
| Fixed assets | 21/28 | €5,875 | €3,970 | -€1,906 | -32.4% |
| Tangible fixed assets | 22/27 | €3,188 | €1,283 | -€1,906 | -59.8% |
| Land and buildings | 22 | €3,188 | €1,283 | -€1,906 | -59.8% |
| Financial fixed assets | 28 | €2,687 | €2,687 | = | 0.0% |
| Current assets | 29/58 | €8,948 | €1,798 | -€7,150 | -79.9% |
| Amounts receivable within one year | 40/41 | €6,584 | €523 | -€6,061 | -92.1% |
| Trade receivables | 40 | €98 | €508 | +€410 | +418.6% |
| Other amounts receivable | 41 | €6,486 | €14 | -€6,472 | -99.8% |
| Cash at bank and in hand | 54/58 | €1,140 | - | -€1,140 | |
| Deferred charges and accrued income | 490/1 | €1,224 | €1,275 | +€51 | +4.2% |
| Total equity and liabilities | 10/49 | €14,824 | €5,768 | -€9,056 | -61.1% |
| Equity | 10/15 | -€85,709 | -€77,957 | +€7,752 | +9.0% |
| Contributions | 10/11 | €6,515 | €6,515 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€92,224 | -€84,472 | +€7,752 | +8.4% |
| Amounts payable | 17/49 | €100,533 | €83,725 | -€16,808 | -16.7% |
| Amounts payable after more than one year | 17 | €47,406 | €17,323 | -€30,083 | -63.5% |
| Financial debts | 170/4 | €47,406 | €17,323 | -€30,083 | -63.5% |
| Amounts payable within one year | 42/48 | €50,102 | €63,461 | +€13,359 | +26.7% |
| Current portion of amounts payable after more than one year | 42 | €31,035 | €32,251 | +€1,217 | +3.9% |
| Financial debts | 43 | - | €1,464 | +€1,464 | |
| Credit institutions | 430/8 | - | €1,464 | +€1,464 | |
| Trade debts | 44 | €302 | €514 | +€211 | +69.8% |
| Suppliers | 440/4 | €49 | €514 | +€465 | +956.1% |
| Bills of exchange payable | 441 | €254 | - | -€254 | |
| Taxes, remuneration and social security | 45 | €1,264 | €1,086 | -€179 | -14.1% |
| Taxes | 450/3 | €1,264 | €1,086 | -€179 | -14.1% |
| Other amounts payable | 47/48 | €17,500 | €28,147 | +€10,646 | +60.8% |
| Accrued charges and deferred income | 492/3 | €3,025 | €2,941 | -€85 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,257 | €1,906 | -€351 | -15.6% |
| Other operating charges | 640/8 | €3,206 | €3,119 | -€86 | -2.7% |
| Non-recurring operating charges | 66A | €21,000 | - | -€21,000 | |
| Gross operating margin | 9900 | -€24,052 | €15,931 | +€39,983 | |
| Operating profit (loss) | 9901 | -€50,514 | €10,906 | +€61,421 | |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €4,742 | €2,971 | -€1,771 | -37.3% |
| Recurring financial charges | 65 | €4,742 | €2,971 | -€1,771 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | -€55,256 | €7,939 | +€63,195 | |
| Income taxes | 67/77 | €178 | €187 | +€8 | +4.7% |
| Profit (loss) for the period | 9904 | -€55,434 | €7,752 | +€63,187 | |
| Profit (loss) for the period to be appropriated | 9905 | -€55,434 | €7,752 | +€63,187 |
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 4 October 2026 via checked.be.