COBALT GROUP: 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 GROUP
Largest movements
- Tangible fixed assets -€12,308
down €12,308 (-5.3%), from €230,520 to €218,212
of which Land and buildings: -€6,488
- Cash +€11,410
up €11,410 (+8.8%), from €129,184 to €140,593
mainly Depreciation (+€12,308) and Net result for the year (+€11,726)
- Receivables within one year -€6,681
down €6,681 (-30.5%), from €21,891 to €15,210
of which Other amounts receivable: -€15,195
- Current investments +€5,000
new in 2025: €5,000
- Reserves +€11,726
up €11,726 (+5.8%), from €201,083 to €212,809
- Debts after one year -€9,478
down €9,478 (-6.6%), from €144,595 to €135,117
- Gross operating margin +€14,192
up €14,192 (+83.5%), from €16,991 to €31,183
- Taxes +€4,324
up €4,324, from -€71 to €4,253
- Other operating charges -€2,423
down €2,423 (-62.9%), from €3,853 to €1,430
- Financial income -€1,206
down €1,206 (-29.7%), from €4,055 to €2,849
- Depreciation -€1,086
down €1,086 (-8.1%), from €13,394 to €12,308
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 | €390,941 | €389,506 | -€1,435 | -0.4% |
| Fixed assets | 21/28 | €239,867 | €228,703 | -€11,164 | -4.7% |
| Tangible fixed assets | 22/27 | €230,520 | €218,212 | -€12,308 | -5.3% |
| Land and buildings | 22 | €210,217 | €203,729 | -€6,488 | -3.1% |
| Plant, machinery and equipment | 23 | €20,253 | €14,483 | -€5,770 | -28.5% |
| Furniture and vehicles | 24 | €50 | - | -€50 | |
| Financial fixed assets | 28 | €9,347 | €10,490 | +€1,144 | +12.2% |
| Current assets | 29/58 | €151,074 | €160,803 | +€9,729 | +6.4% |
| Amounts receivable within one year | 40/41 | €21,891 | €15,210 | -€6,681 | -30.5% |
| Trade receivables | 40 | €6,695 | €15,210 | +€8,514 | +127.2% |
| Other amounts receivable | 41 | €15,195 | - | -€15,195 | |
| Current investments | 50/53 | - | €5,000 | +€5,000 | |
| Cash at bank and in hand | 54/58 | €129,184 | €140,593 | +€11,410 | +8.8% |
| Total equity and liabilities | 10/49 | €390,941 | €389,506 | -€1,435 | -0.4% |
| Equity | 10/15 | €209,443 | €221,169 | +€11,726 | +5.6% |
| Contributions | 10/11 | €8,360 | €8,360 | = | 0.0% |
| Reserves | 13 | €201,083 | €212,809 | +€11,726 | +5.8% |
| Distributable reserves | 133 | €201,083 | €212,809 | +€11,726 | +5.8% |
| Amounts payable | 17/49 | €181,498 | €168,337 | -€13,161 | -7.3% |
| Amounts payable after more than one year | 17 | €144,595 | €135,117 | -€9,478 | -6.6% |
| Financial debts | 170/4 | €144,595 | €135,117 | -€9,478 | -6.6% |
| Amounts payable within one year | 42/48 | €34,600 | €30,716 | -€3,884 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €9,336 | €9,478 | +€142 | +1.5% |
| Trade debts | 44 | €78 | €1,103 | +€1,025 | +1307.7% |
| Suppliers | 440/4 | €78 | €1,103 | +€1,025 | +1307.7% |
| Taxes, remuneration and social security | 45 | €3,981 | €2,753 | -€1,228 | -30.9% |
| Taxes | 450/3 | €3,981 | €2,753 | -€1,228 | -30.9% |
| Other amounts payable | 47/48 | €21,204 | €17,383 | -€3,821 | -18.0% |
| Accrued charges and deferred income | 492/3 | €2,304 | €2,504 | +€200 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,394 | €12,308 | -€1,086 | -8.1% |
| Other operating charges | 640/8 | €3,853 | €1,430 | -€2,423 | -62.9% |
| Gross operating margin | 9900 | €16,991 | €31,183 | +€14,192 | +83.5% |
| Operating profit (loss) | 9901 | -€256 | €17,445 | +€17,701 | |
| Financial income | 75/76B | €4,055 | €2,849 | -€1,206 | -29.7% |
| Recurring financial income | 75 | €4,055 | €2,849 | -€1,206 | -29.7% |
| Financial charges | 65/66B | €4,774 | €4,315 | -€459 | -9.6% |
| Recurring financial charges | 65 | €4,774 | €4,315 | -€459 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | -€975 | €15,979 | +€16,954 | |
| Income taxes | 67/77 | -€71 | €4,253 | +€4,324 | |
| Profit (loss) for the period | 9904 | -€904 | €11,726 | +€12,630 | |
| Profit (loss) for the period to be appropriated | 9905 | -€904 | €11,726 | +€12,630 |
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.