COBALT B2B: 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 B2B
Largest movements
- Cash -€174,560
down €174,560 (-79.0%), from €220,986 to €46,426
mainly Short-term financial debts (-€200,000) and Net result for the year (-€177,635)
- Stocks and contracts -€120,602
down €120,602 (-33.9%), from €355,962 to €235,360
- Receivables within one year +€60,599
up €60,599 (+43.5%), from €139,334 to €199,933
of which Trade receivables: +€32,716
- Tangible fixed assets +€7,486
up €7,486 (+67.4%), from €11,114 to €18,600
of which Land and buildings: +€9,252
- Short-term financial debts -€200,000
down €200,000 (-50.0%), from €400,000 to €200,000
- Profit (loss) carried forward -€177,635
down €177,635 (-79.0%), from €224,987 to €47,352
- Trade debts +€107,436
up €107,436 (+1615.4%), from €6,651 to €114,087
- Advances received +€44,450
up €44,450, from €0 to €44,450
- Tax, wage and social debts -€14,685
down €14,685 (-81.0%), from €18,122 to €3,437
- Gross operating margin +€84,437
up €84,437 (+39.5%), from -€213,878 to -€129,440
- Financial charges -€9,744
down €9,744 (-24.6%), from €39,595 to €29,852
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 | €730,009 | €502,404 | -€227,605 | -31.2% |
| Fixed assets | 21/28 | €12,330 | €18,807 | +€6,477 | +52.5% |
| Intangible fixed assets | 21 | €1,217 | €207 | -€1,010 | -83.0% |
| Tangible fixed assets | 22/27 | €11,114 | €18,600 | +€7,486 | +67.4% |
| Land and buildings | 22 | - | €9,252 | +€9,252 | |
| Plant, machinery and equipment | 23 | €1,224 | €740 | -€484 | -39.5% |
| Furniture and vehicles | 24 | €2,091 | €2,052 | -€39 | -1.9% |
| Other tangible fixed assets | 26 | €7,799 | €6,556 | -€1,242 | -15.9% |
| Current assets | 29/58 | €717,679 | €483,597 | -€234,082 | -32.6% |
| Stocks and contracts in progress | 3 | €355,962 | €235,360 | -€120,602 | -33.9% |
| Stocks | 30/36 | €355,962 | €235,360 | -€120,602 | -33.9% |
| Amounts receivable within one year | 40/41 | €139,334 | €199,933 | +€60,599 | +43.5% |
| Trade receivables | 40 | €15,328 | €48,044 | +€32,716 | +213.4% |
| Other amounts receivable | 41 | €124,006 | €151,889 | +€27,883 | +22.5% |
| Cash at bank and in hand | 54/58 | €220,986 | €46,426 | -€174,560 | -79.0% |
| Deferred charges and accrued income | 490/1 | €1,397 | €1,878 | +€481 | +34.5% |
| Total equity and liabilities | 10/49 | €730,009 | €502,404 | -€227,605 | -31.2% |
| Equity | 10/15 | €305,237 | €127,602 | -€177,635 | -58.2% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €250 | €250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €250 | €0 | -€250 | -100.0% |
| Reserves not available under the articles | 1311 | €250 | €0 | -€250 | -100.0% |
| Distributable reserves | 133 | - | €250 | +€250 | |
| Profit (loss) carried forward | 14 | €224,987 | €47,352 | -€177,635 | -79.0% |
| Amounts payable | 17/49 | €424,772 | €374,802 | -€49,970 | -11.8% |
| Amounts payable within one year | 42/48 | €424,772 | €370,729 | -€54,043 | -12.7% |
| Financial debts | 43 | €400,000 | €200,000 | -€200,000 | -50.0% |
| Credit institutions | 430/8 | €400,000 | €200,000 | -€200,000 | -50.0% |
| Trade debts | 44 | €6,651 | €114,087 | +€107,436 | +1615.4% |
| Suppliers | 440/4 | €6,651 | €114,087 | +€107,436 | +1615.4% |
| Advances received on contracts in progress | 46 | €0 | €44,450 | +€44,450 | |
| Taxes, remuneration and social security | 45 | €18,122 | €3,437 | -€14,685 | -81.0% |
| Taxes | 450/3 | €18,122 | €3,437 | -€14,685 | -81.0% |
| Other amounts payable | 47/48 | €0 | €8,756 | +€8,756 | |
| Accrued charges and deferred income | 492/3 | €0 | €4,073 | +€4,073 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,316 | €4,746 | +€431 | +10.0% |
| Other operating charges | 640/8 | €3,085 | €3,747 | +€662 | +21.5% |
| Non-recurring operating charges | 66A | €8,900 | €10,858 | +€1,958 | +22.0% |
| Gross operating margin | 9900 | -€213,878 | -€129,440 | +€84,437 | +39.5% |
| Operating profit (loss) | 9901 | -€230,179 | -€148,792 | +€81,387 | +35.4% |
| Financial income | 75/76B | €3,375 | €1,364 | -€2,011 | -59.6% |
| Recurring financial income | 75 | €3,375 | €1,364 | -€2,011 | -59.6% |
| Financial charges | 65/66B | €39,595 | €29,852 | -€9,744 | -24.6% |
| Recurring financial charges | 65 | €39,595 | €29,852 | -€9,744 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | -€266,399 | -€177,280 | +€89,119 | +33.5% |
| Income taxes | 67/77 | €528 | €355 | -€173 | -32.7% |
| Profit (loss) for the period | 9904 | -€266,927 | -€177,635 | +€89,292 | +33.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€266,927 | -€177,635 | +€89,292 | +33.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.