COBATHERM: what changed
COBATHERM
Largest movements
- Receivables within one year -€49,947
down €49,947 (-22.9%), from €218,275 to €168,328
of which Trade receivables: -€58,225
- Tangible fixed assets +€39,047
up €39,047 (+13.8%), from €283,817 to €322,864
of which Land and buildings: +€35,247
- Cash -€13,189
down €13,189 (-11.0%), from €120,313 to €107,124
mainly Contributions, distributions and other (-€94,600) and Investment in fixed assets (net) (-€90,212)
- Profit (loss) carried forward -€94,600
down €94,600 (-100%), from €94,600 to €0
- Other debts +€75,878
up €75,878 (+324%), from €23,403 to €99,281
- Reserves +€17,204
up €17,204 (+8.0%), from €215,169 to €232,373
of which Distributable reserves: +€17,204
- Debts after one year -€13,684
down €13,684 (-6.1%), from €224,127 to €210,443
- Trade debts -€9,077
down €9,077 (-20.2%), from €44,971 to €35,894
- Gross operating margin -€26,127
down €26,127 (-21.6%), from €121,061 to €94,933
- Depreciation +€14,973
up €14,973 (+41.4%), from €36,192 to €51,165
- Taxes -€5,123
down €5,123 (-28.4%), from €18,063 to €12,940
- Other operating charges +€4,473
up €4,473 (+536%), from €834 to €5,308
- Financial charges +€3,040
up €3,040 (+43.9%), from €6,922 to €9,963
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €643,964 | €616,020 | -€27,944 | -4.3% |
| Fixed assets | 21/28 | €283,817 | €322,864 | +€39,047 | +13.8% |
| Tangible fixed assets | 22/27 | €283,817 | €322,864 | +€39,047 | +13.8% |
| Land and buildings | 22 | €216,044 | €251,292 | +€35,247 | +16.3% |
| Plant, machinery and equipment | 23 | €67,773 | €54,414 | -€13,359 | -19.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | - | €17,158 | +€17,158 | |
| Current assets | 29/58 | €360,147 | €293,156 | -€66,991 | -18.6% |
| Stocks and contracts in progress | 3 | €18,645 | €14,645 | -€4,000 | -21.5% |
| Stocks | 30/36 | €18,645 | €14,645 | -€4,000 | -21.5% |
| Amounts receivable within one year | 40/41 | €218,275 | €168,328 | -€49,947 | -22.9% |
| Trade receivables | 40 | €215,699 | €157,473 | -€58,225 | -27.0% |
| Other amounts receivable | 41 | €2,576 | €10,854 | +€8,278 | +321% |
| Cash at bank and in hand | 54/58 | €120,313 | €107,124 | -€13,189 | -11.0% |
| Deferred charges and accrued income | 490/1 | €2,914 | €3,060 | +€146 | +5.0% |
| Total equity and liabilities | 10/49 | €643,964 | €616,020 | -€27,944 | -4.3% |
| Equity | 10/15 | €328,369 | €250,973 | -€77,396 | -23.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €215,169 | €232,373 | +€17,204 | +8.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €213,309 | €230,513 | +€17,204 | +8.1% |
| Profit (loss) carried forward | 14 | €94,600 | €0 | -€94,600 | -100% |
| Amounts payable | 17/49 | €315,595 | €365,048 | +€49,452 | +15.7% |
| Amounts payable after more than one year | 17 | €224,127 | €210,443 | -€13,684 | -6.1% |
| Financial debts | 170/4 | €224,127 | €210,443 | -€13,684 | -6.1% |
| Amounts payable within one year | 42/48 | €91,468 | €154,605 | +€63,137 | +69.0% |
| Current portion of amounts payable after more than one year | 42 | €13,945 | €13,684 | -€261 | -1.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €44,971 | €35,894 | -€9,077 | -20.2% |
| Suppliers | 440/4 | €44,971 | €35,894 | -€9,077 | -20.2% |
| Taxes, remuneration and social security | 45 | €9,149 | €5,745 | -€3,404 | -37.2% |
| Taxes | 450/3 | €6,175 | €5,745 | -€430 | -7.0% |
| Remuneration and social security | 454/9 | €2,974 | €0 | -€2,974 | -100% |
| Other amounts payable | 47/48 | €23,403 | €99,281 | +€75,878 | +324% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,192 | €51,165 | +€14,973 | +41.4% |
| Other operating charges | 640/8 | €834 | €5,308 | +€4,473 | +536% |
| Non-recurring operating charges | 66A | €1,973 | €0 | -€1,973 | -100% |
| Gross operating margin | 9900 | €121,061 | €94,933 | -€26,127 | -21.6% |
| Operating profit (loss) | 9901 | €82,061 | €38,461 | -€43,601 | -53.1% |
| Financial income | 75/76B | €2,148 | €1,646 | -€502 | -23.4% |
| Recurring financial income | 75 | €2,148 | €1,646 | -€502 | -23.4% |
| Financial charges | 65/66B | €6,922 | €9,963 | +€3,040 | +43.9% |
| Recurring financial charges | 65 | €6,922 | €9,963 | +€3,040 | +43.9% |
| Profit (loss) for the period before taxes | 9903 | €77,287 | €30,144 | -€47,143 | -61.0% |
| Income taxes | 67/77 | €18,063 | €12,940 | -€5,123 | -28.4% |
| Profit (loss) for the period | 9904 | €59,224 | €17,204 | -€42,020 | -71.0% |
| Profit (loss) for the period to be appropriated | 9905 | €59,224 | €17,204 | -€42,020 | -71.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.