COBALT BOX: 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 BOX
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+10.9%), from €11.4m to €12.6m
of which Land and buildings: +€1.2m
- Receivables within one year +€224,889
up €224,889 (+233%), from €96,354 to €321,244
of which Other amounts receivable: +€227,630
- Cash +€144,118
up €144,118 (+32.2%), from €447,073 to €591,191
mainly Contributions, distributions and other (+€1.0m) and Depreciation (+€422,896)
- Contributions +€1.0m
up €1.0m (+20.2%), from €5.2m to €6.2m
- Trade debts +€385,794
up €385,794 (+1,950%), from €19,785 to €405,579
- Other debts +€233,345
up €233,345 (+131%), from €178,591 to €411,936
- Debts after one year -€171,246
down €171,246 (-2.3%), from €7.5m to €7.3m
- Gross operating margin -€190,158
down €190,158 (-17.6%), from €1.1m to €889,542
- Financial charges -€96,530
down €96,530 (-28.7%), from €335,904 to €239,374
- Other operating charges +€56,689
up €56,689 (+52.3%), from €108,411 to €165,100
- Staff costs -€52,792
down €52,792 (-40.3%), from €130,901 to €78,109
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.
Derived cash bridge
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 | €12,324,006 | €13,912,284 | +€1.6m | +12.9% |
| Fixed assets | 21/28 | €11,771,021 | €12,958,413 | +€1.2m | +10.1% |
| Intangible fixed assets | 21 | €396,472 | €346,214 | -€50,258 | -12.7% |
| Tangible fixed assets | 22/27 | €11,362,949 | €12,600,599 | +€1.2m | +10.9% |
| Land and buildings | 22 | €10,638,283 | €11,843,979 | +€1.2m | +11.3% |
| Plant, machinery and equipment | 23 | €508,120 | €560,300 | +€52,180 | +10.3% |
| Furniture and vehicles | 24 | €1,265 | €488 | -€778 | -61.5% |
| Other tangible fixed assets | 26 | €215,280 | €195,832 | -€19,448 | -9.0% |
| Financial fixed assets | 28 | €11,600 | €11,600 | = | 0.0% |
| Current assets | 29/58 | €552,984 | €953,872 | +€400,887 | +72.5% |
| Amounts receivable within one year | 40/41 | €96,354 | €321,244 | +€224,889 | +233% |
| Trade receivables | 40 | €96,354 | €93,614 | -€2,740 | -2.8% |
| Other amounts receivable | 41 | - | €227,630 | +€227,630 | |
| Cash at bank and in hand | 54/58 | €447,073 | €591,191 | +€144,118 | +32.2% |
| Deferred charges and accrued income | 490/1 | €9,557 | €41,437 | +€31,880 | +334% |
| Total equity and liabilities | 10/49 | €12,324,006 | €13,912,284 | +€1.6m | +12.9% |
| Equity | 10/15 | €4,307,193 | €5,335,432 | +€1.0m | +23.9% |
| Contributions | 10/11 | €5,188,485 | €6,238,156 | +€1.0m | +20.2% |
| Capital | 10 | €5,188,485 | €6,238,156 | +€1.0m | +20.2% |
| Issued capital | 100 | €6,238,141 | €6,238,156 | +€15 | 0.0% |
| Uncalled capital | 101 | €1,049,656 | €0 | -€1.0m | -100% |
| Profit (loss) carried forward | 14 | -€881,293 | -€902,724 | -€21,432 | -2.4% |
| Amounts payable | 17/49 | €8,016,813 | €8,576,853 | +€560,040 | +7.0% |
| Amounts payable after more than one year | 17 | €7,461,113 | €7,289,867 | -€171,246 | -2.3% |
| Financial debts | 170/4 | €7,461,113 | €7,289,867 | -€171,246 | -2.3% |
| Amounts payable within one year | 42/48 | €555,700 | €1,274,232 | +€718,532 | +129% |
| Current portion of amounts payable after more than one year | 42 | €319,372 | €438,775 | +€119,402 | +37.4% |
| Trade debts | 44 | €19,785 | €405,579 | +€385,794 | +1,950% |
| Suppliers | 440/4 | €19,785 | €405,579 | +€385,794 | +1,950% |
| Taxes, remuneration and social security | 45 | €37,953 | €17,943 | -€20,010 | -52.7% |
| Taxes | 450/3 | €24,973 | €8,129 | -€16,844 | -67.4% |
| Remuneration and social security | 454/9 | €12,979 | €9,814 | -€3,166 | -24.4% |
| Other amounts payable | 47/48 | €178,591 | €411,936 | +€233,345 | +131% |
| Accrued charges and deferred income | 492/3 | - | €12,754 | +€12,754 | |
| Non-recurring operating income | 76A | €21 | €6,062 | +€6,041 | +29,283% |
| Remuneration, social security and pensions | 62 | €130,901 | €78,109 | -€52,792 | -40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €412,820 | €422,896 | +€10,076 | +2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,487 | +€10,487 | |
| Other operating charges | 640/8 | €108,411 | €165,100 | +€56,689 | +52.3% |
| Non-recurring operating charges | 66A | €5,447 | €1,000 | -€4,447 | -81.6% |
| Gross operating margin | 9900 | €1,079,700 | €889,542 | -€190,158 | -17.6% |
| Operating profit (loss) | 9901 | €422,121 | €211,948 | -€210,172 | -49.8% |
| Financial income | 75/76B | €5,041 | €6,014 | +€973 | +19.3% |
| Recurring financial income | 75 | €5,041 | €5,772 | +€731 | +14.5% |
| Non-recurring financial income | 76B | - | €242 | +€242 | |
| Financial charges | 65/66B | €335,904 | €239,374 | -€96,530 | -28.7% |
| Recurring financial charges | 65 | €335,904 | €239,374 | -€96,530 | -28.7% |
| Profit (loss) for the period before taxes | 9903 | €91,258 | -€21,411 | -€112,669 | |
| Income taxes | 67/77 | €160 | €20 | -€140 | -87.3% |
| Profit (loss) for the period | 9904 | €91,098 | -€21,432 | -€112,530 | |
| Profit (loss) for the period to be appropriated | 9905 | €91,098 | -€21,432 | -€112,530 |
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 27 October 2026 via checked.be.