COBANE: 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.
COBANE
Largest movements
- Tangible fixed assets +€5.8m
up €5.8m (+188%), from €3.1m to €8.8m
of which Land and buildings: +€5.8m
- Stocks and contracts -€2.0m
down €2.0m (-41.6%), from €4.8m to €2.8m
- Receivables within one year -€599,266
down €599,266 (-60.8%), from €985,439 to €386,173
of which Other amounts receivable: -€398,186
- Debts after one year +€3.2m
up €3.2m (+59.0%), from €5.5m to €8.7m
- Other debts +€886,795
up €886,795 (+60.2%), from €1.5m to €2.4m
- Short-term financial debts -€608,000
no longer reported in 2025 (was €608,000)
- Profit (loss) carried forward -€301,356
down €301,356 (-43.1%), from -€699,606 to -€1.0m
- Trade debts -€137,193
down €137,193 (-46.8%), from €293,421 to €156,228
- Financial charges +€220,282
up €220,282 (+79.9%), from €275,653 to €495,935
- Gross operating margin +€115,554
up €115,554 (+45.1%), from €256,286 to €371,840
- Other operating charges +€32,549
up €32,549 (+164%), from €19,861 to €52,411
- Financial income +€11,457
up €11,457 (+37,527%), from €31 to €11,487
- Staff costs +€10,545
up €10,545 (+12.9%), from €81,856 to €92,401
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 | €8,949,707 | €12,204,438 | +€3.3m | +36.4% |
| Fixed assets | 21/28 | €3,073,665 | €8,821,219 | +€5.7m | +187% |
| Intangible fixed assets | 21 | €12,460 | €8,349 | -€4,112 | -33.0% |
| Tangible fixed assets | 22/27 | €3,061,204 | €8,812,870 | +€5.8m | +188% |
| Land and buildings | 22 | €3,054,987 | €8,807,251 | +€5.8m | +188% |
| Plant, machinery and equipment | 23 | €279 | €1,794 | +€1,515 | +543% |
| Furniture and vehicles | 24 | €5,938 | €3,824 | -€2,114 | -35.6% |
| Current assets | 29/58 | €5,876,042 | €3,383,219 | -€2.5m | -42.4% |
| Stocks and contracts in progress | 3 | €4,798,253 | €2,804,538 | -€2.0m | -41.6% |
| Stocks | 30/36 | €4,798,253 | €2,804,538 | -€2.0m | -41.6% |
| Amounts receivable within one year | 40/41 | €985,439 | €386,173 | -€599,266 | -60.8% |
| Trade receivables | 40 | €295,454 | €94,374 | -€201,080 | -68.1% |
| Other amounts receivable | 41 | €689,985 | €291,799 | -€398,186 | -57.7% |
| Current investments | 50/53 | €83,858 | €127,608 | +€43,750 | +52.2% |
| Cash at bank and in hand | 54/58 | €4,961 | €54,833 | +€49,872 | +1,005% |
| Deferred charges and accrued income | 490/1 | €3,532 | €10,068 | +€6,536 | +185% |
| Total equity and liabilities | 10/49 | €8,949,707 | €12,204,438 | +€3.3m | +36.4% |
| Equity | 10/15 | €926,394 | €625,037 | -€301,356 | -32.5% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,126,000 | €1,126,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€699,606 | -€1,000,963 | -€301,356 | -43.1% |
| Amounts payable | 17/49 | €8,023,313 | €11,579,400 | +€3.6m | +44.3% |
| Amounts payable after more than one year | 17 | €5,454,378 | €8,673,677 | +€3.2m | +59.0% |
| Financial debts | 170/4 | €5,454,378 | €8,673,677 | +€3.2m | +59.0% |
| Amounts payable within one year | 42/48 | €2,568,935 | €2,904,164 | +€335,229 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €149,631 | €269,599 | +€119,968 | +80.2% |
| Financial debts | 43 | €608,000 | - | -€608,000 | |
| Credit institutions | 430/8 | €608,000 | - | -€608,000 | |
| Trade debts | 44 | €293,421 | €156,228 | -€137,193 | -46.8% |
| Suppliers | 440/4 | €293,421 | €156,228 | -€137,193 | -46.8% |
| Taxes, remuneration and social security | 45 | €45,593 | €119,252 | +€73,659 | +162% |
| Taxes | 450/3 | €30,681 | €109,943 | +€79,262 | +258% |
| Remuneration and social security | 454/9 | €14,912 | €9,308 | -€5,603 | -37.6% |
| Other amounts payable | 47/48 | €1,472,290 | €2,359,085 | +€886,795 | +60.2% |
| Accrued charges and deferred income | 492/3 | - | €1,560 | +€1,560 | |
| Remuneration, social security and pensions | 62 | €81,856 | €92,401 | +€10,545 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,744 | €6,558 | +€1,815 | +38.3% |
| Other operating charges | 640/8 | €19,861 | €52,411 | +€32,549 | +164% |
| Non-recurring operating charges | 66A | - | €37,238 | +€37,238 | |
| Gross operating margin | 9900 | €256,286 | €371,840 | +€115,554 | +45.1% |
| Operating profit (loss) | 9901 | €149,825 | €183,232 | +€33,407 | +22.3% |
| Financial income | 75/76B | €31 | €11,487 | +€11,457 | +37,527% |
| Recurring financial income | 75 | €31 | €11,487 | +€11,457 | +37,527% |
| Financial charges | 65/66B | €275,653 | €495,935 | +€220,282 | +79.9% |
| Recurring financial charges | 65 | €275,653 | €495,935 | +€220,282 | +79.9% |
| Profit (loss) for the period before taxes | 9903 | -€125,797 | -€301,215 | -€175,418 | -139% |
| Income taxes | 67/77 | €128 | €141 | +€13 | +10.1% |
| Profit (loss) for the period | 9904 | -€125,925 | -€301,356 | -€175,431 | -139% |
| Profit (loss) for the period to be appropriated | 9905 | -€125,925 | -€301,356 | -€175,431 | -139% |
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 20 October 2026 via checked.be.