COBALT BLUE: 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.
COBALT BLUE
Largest movements
- Cash +€26,814
up €26,814 (+130.0%), from €20,628 to €47,442
mainly Net result for the year (+€37,509) and Current investments (+€26,276)
- Current investments -€26,276
down €26,276 (-10.5%), from €249,253 to €222,977
- Receivables within one year -€6,967
down €6,967 (-20.1%), from €34,667 to €27,700
of which Trade receivables: -€4,406
- Tangible fixed assets -€6,479
down €6,479 (-77.4%), from €8,370 to €1,890
of which Furniture and vehicles: -€5,703
- Reserves -€9,500
down €9,500 (-4.2%), from €226,060 to €216,560
- Gross operating margin -€17,012
down €17,012 (-30.4%), from €55,987 to €38,975
- Financial income +€10,348
up €10,348 (+83.4%), from €12,400 to €22,748
of which Financial income: +€10,253
- Financial charges -€6,531
down €6,531, from €6,055 to -€477
- Taxes -€1,750
down €1,750 (-9.0%), from €19,436 to €17,686
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 | €315,687 | €302,436 | -€13,250 | -4.2% |
| Fixed assets | 21/28 | €8,838 | €2,359 | -€6,478 | -73.3% |
| Tangible fixed assets | 22/27 | €8,370 | €1,890 | -€6,479 | -77.4% |
| Plant, machinery and equipment | 23 | €1,163 | €387 | -€776 | -66.7% |
| Furniture and vehicles | 24 | €7,207 | €1,503 | -€5,703 | -79.1% |
| Financial fixed assets | 28 | €468 | €469 | +€1 | +0.2% |
| Current assets | 29/58 | €306,849 | €300,077 | -€6,772 | -2.2% |
| Amounts receivable within one year | 40/41 | €34,667 | €27,700 | -€6,967 | -20.1% |
| Trade receivables | 40 | €32,106 | €27,700 | -€4,406 | -13.7% |
| Other amounts receivable | 41 | €2,562 | - | -€2,562 | |
| Current investments | 50/53 | €249,253 | €222,977 | -€26,276 | -10.5% |
| Cash at bank and in hand | 54/58 | €20,628 | €47,442 | +€26,814 | +130.0% |
| Deferred charges and accrued income | 490/1 | €2,300 | €1,957 | -€343 | -14.9% |
| Total equity and liabilities | 10/49 | €315,687 | €302,436 | -€13,250 | -4.2% |
| Equity | 10/15 | €294,659 | €285,167 | -€9,491 | -3.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €226,060 | €216,560 | -€9,500 | -4.2% |
| Distributable reserves | 133 | €226,060 | €216,560 | -€9,500 | -4.2% |
| Profit (loss) carried forward | 14 | €56,199 | €56,207 | +€9 | 0.0% |
| Amounts payable | 17/49 | €21,028 | €17,269 | -€3,759 | -17.9% |
| Amounts payable within one year | 42/48 | €21,026 | €17,267 | -€3,759 | -17.9% |
| Trade debts | 44 | €5,160 | €2,146 | -€3,014 | -58.4% |
| Suppliers | 440/4 | €5,160 | €2,146 | -€3,014 | -58.4% |
| Taxes, remuneration and social security | 45 | €15,866 | €12,779 | -€3,087 | -19.5% |
| Taxes | 450/3 | €15,866 | €12,779 | -€3,087 | -19.5% |
| Other amounts payable | 47/48 | - | €2,342 | +€2,342 | |
| Accrued charges and deferred income | 492/3 | €2 | €1 | -€1 | -32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,404 | €6,479 | +€75 | +1.2% |
| Other operating charges | 640/8 | €510 | €526 | +€16 | +3.1% |
| Gross operating margin | 9900 | €55,987 | €38,975 | -€17,012 | -30.4% |
| Operating profit (loss) | 9901 | €49,073 | €31,970 | -€17,103 | -34.9% |
| Financial income | 75/76B | €12,400 | €22,748 | +€10,348 | +83.4% |
| Recurring financial income | 75 | €12,400 | €22,654 | +€10,253 | +82.7% |
| Non-recurring financial income | 76B | - | €94 | +€94 | |
| Financial charges | 65/66B | €6,055 | -€477 | -€6,531 | |
| Recurring financial charges | 65 | €6,055 | -€477 | -€6,531 | |
| Profit (loss) for the period before taxes | 9903 | €55,419 | €55,195 | -€224 | -0.4% |
| Income taxes | 67/77 | €19,436 | €17,686 | -€1,750 | -9.0% |
| Profit (loss) for the period | 9904 | €35,983 | €37,509 | +€1,526 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €35,983 | €37,509 | +€1,526 | +4.2% |
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 10 October 2026 via checked.be.