COBBLES: 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.
COBBLES
Largest movements
- Tangible fixed assets -€256,811
down €256,811 (-64.9%), from €395,411 to €138,600
of which Land and buildings: -€237,893
- Cash -€23,889
down €23,889 (-96.6%), from €24,742 to €853
mainly Debts after one year (-€229,878) and Other debts (-€49,214)
- Stocks and contracts -€5,064
down €5,064 (-22.0%), from €23,039 to €17,975
- Debts after one year -€229,878
down €229,878 (-68.0%), from €337,986 to €108,108
- Other debts -€49,214
down €49,214 (-54.8%), from €89,787 to €40,573
- Profit (loss) carried forward +€21,032
up €21,032 (+55.8%), from -€37,669 to -€16,637
- Current portion of long-term debt -€19,160
down €19,160 (-68.9%), from €27,809 to €8,648
- Gross operating margin -€37,736
down €37,736 (-38.0%), from €99,233 to €61,497
- Depreciation -€21,361
down €21,361 (-47.0%), from €45,466 to €24,106
- Taxes +€1,498
up €1,498 (+337.8%), from €443 to €1,941
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 | €452,885 | €169,072 | -€283,813 | -62.7% |
| Fixed assets | 21/28 | €395,461 | €138,600 | -€256,861 | -65.0% |
| Tangible fixed assets | 22/27 | €395,411 | €138,600 | -€256,811 | -64.9% |
| Land and buildings | 22 | €341,511 | €103,617 | -€237,893 | -69.7% |
| Plant, machinery and equipment | 23 | €26,331 | €12,886 | -€13,444 | -51.1% |
| Furniture and vehicles | 24 | €27,569 | €22,097 | -€5,473 | -19.9% |
| Financial fixed assets | 28 | €50 | - | -€50 | |
| Current assets | 29/58 | €57,425 | €30,472 | -€26,953 | -46.9% |
| Stocks and contracts in progress | 3 | €23,039 | €17,975 | -€5,064 | -22.0% |
| Stocks | 30/36 | €23,039 | €17,975 | -€5,064 | -22.0% |
| Amounts receivable within one year | 40/41 | €7,277 | €8,454 | +€1,178 | +16.2% |
| Trade receivables | 40 | €7,141 | €8,454 | +€1,313 | +18.4% |
| Other amounts receivable | 41 | €135 | - | -€135 | |
| Cash at bank and in hand | 54/58 | €24,742 | €853 | -€23,889 | -96.6% |
| Deferred charges and accrued income | 490/1 | €2,367 | €3,190 | +€823 | +34.8% |
| Total equity and liabilities | 10/49 | €452,885 | €169,072 | -€283,813 | -62.7% |
| Equity | 10/15 | -€14,112 | €6,920 | +€21,032 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,957 | €4,957 | = | 0.0% |
| Distributable reserves | 133 | €4,957 | €4,957 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,669 | -€16,637 | +€21,032 | +55.8% |
| Amounts payable | 17/49 | €466,997 | €162,152 | -€304,845 | -65.3% |
| Amounts payable after more than one year | 17 | €337,986 | €108,108 | -€229,878 | -68.0% |
| Financial debts | 170/4 | €337,986 | €108,108 | -€229,878 | -68.0% |
| Amounts payable within one year | 42/48 | €126,533 | €54,030 | -€72,503 | -57.3% |
| Current portion of amounts payable after more than one year | 42 | €27,809 | €8,648 | -€19,160 | -68.9% |
| Trade debts | 44 | €1,702 | €731 | -€972 | -57.1% |
| Suppliers | 440/4 | €1,702 | €731 | -€972 | -57.1% |
| Taxes, remuneration and social security | 45 | €7,235 | €4,078 | -€3,157 | -43.6% |
| Taxes | 450/3 | €2,478 | €4,078 | +€1,600 | +64.5% |
| Remuneration and social security | 454/9 | €4,756 | - | -€4,756 | |
| Other amounts payable | 47/48 | €89,787 | €40,573 | -€49,214 | -54.8% |
| Accrued charges and deferred income | 492/3 | €2,477 | €14 | -€2,463 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,466 | €24,106 | -€21,361 | -47.0% |
| Other operating charges | 640/8 | €4,418 | €4,557 | +€140 | +3.2% |
| Gross operating margin | 9900 | €99,233 | €61,497 | -€37,736 | -38.0% |
| Operating profit (loss) | 9901 | €49,349 | €32,834 | -€16,515 | -33.5% |
| Financial income | 75/76B | €116 | €20 | -€96 | -82.9% |
| Recurring financial income | 75 | €116 | €20 | -€96 | -82.9% |
| Financial charges | 65/66B | €7,591 | €8,215 | +€625 | +8.2% |
| Recurring financial charges | 65 | €7,591 | €8,215 | +€625 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €41,874 | €24,638 | -€17,235 | -41.2% |
| Income taxes | 67/77 | €443 | €1,941 | +€1,498 | +337.8% |
| Profit (loss) for the period | 9904 | €41,430 | €22,698 | -€18,733 | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €41,430 | €22,698 | -€18,733 | -45.2% |
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 9 October 2026 via checked.be.