COBBS BELUX: 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.
What changed
COBBS BELUX
NACE 46.120, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€43.3m
2024 · €4.9m+€38.4m
Equity
€32.4m
2024 · €5.2m+€27.2m
Cash
€38.4m
2024 · €2.3m+€36.1m
Balance sheet total
€118.5m
2024 · €14.5m+€104.0m
Largest movements
Assets
- Receivables within one year +€67.2m
up €67.2m (+621%), from €10.8m to €78.0m
of which Trade receivables: +€66.1m
- Cash +€36.1m
up €36.1m (+1,577%), from €2.3m to €38.4m
mainly Trade debts (+€76.9m) and Net result for the year (+€43.3m)
Equity and liabilities
- Trade debts +€76.9m
up €76.9m (+1,014%), from €7.6m to €84.5m
- Profit (loss) carried forward +€27.2m
up €27.2m (+523%), from €5.2m to €32.4m
- Other debts +€1.5m
up €1.5m (+16,049%), from €9,572 to €1.5m
Income statement
- Turnover +€204.1m
up €204.1m (+991%), from €20.6m to €224.7m
- Goods and materials +€153.5m
up €153.5m (+1,192%), from €12.9m to €166.4m
of which Purchases: +€153.7m
- Taxes +€12.7m
up €12.7m (+728%), from €1.7m to €14.4m
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.
Result 2024
€4.9m
Turnover
+€204.1m
Other operating income
+€5,177
Goods and materials
-€153.5m
Services and other goods
-€520,734
Staff costs
-€126,755
Depreciation
-€160,258
Other operating charges
+€2,242
Financial income
+€1.5m
Financial charges
-€228,743
Taxes
-€12.7m
Result 2025
€43.3m
raises the resultlowers the result
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.
From operations
+€53.8m
Investment
-€602,839
Financing
-€17.1m
Cash 2024
€2.3m
From operations (derived)
+€53.8m
Net result for the year
+€43.3m
Depreciation
+€337,602
Stocks and contracts
-€431,986
Receivables within one year
-€67.2m
Smaller working-capital items
-€9,817
Trade debts
+€76.9m
Tax, wage and social debts
-€605,094
Other debts
+€1.5m
Investment (derived)
-€602,839
Investment in fixed assets (net)
-€602,839
Financing
-€17.1m
Short-term financial debts
-€1.0m
Contributions, distributions and other
-€16.1m
Cash 2025
€38.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,450,117 | €118,483,205 | +€104.0m | +720% |
| Fixed assets | 21/28 | €1,021,102 | €1,286,339 | +€265,237 | +26.0% |
| Tangible fixed assets | 22/27 | €1,018,402 | €1,286,339 | +€267,937 | +26.3% |
| Land and buildings | 22 | €483 | €392 | -€91 | -18.9% |
| Plant, machinery and equipment | 23 | €5,873 | €53,553 | +€47,679 | +812% |
| Furniture and vehicles | 24 | €10,541 | €15,701 | +€5,161 | +49.0% |
| Other tangible fixed assets | 26 | €1,001,505 | €1,216,693 | +€215,188 | +21.5% |
| Financial fixed assets | 28 | €2,700 | €0 | -€2,700 | -100% |
| Other financial fixed assets | 284/8 | €2,700 | €0 | -€2,700 | -100% |
| Amounts receivable and cash guarantees | 285/8 | €2,700 | €0 | -€2,700 | -100% |
| Current assets | 29/58 | €13,429,015 | €117,196,866 | +€103.8m | +773% |
| Stocks and contracts in progress | 3 | €314,347 | €746,333 | +€431,986 | +137% |
| Stocks | 30/36 | €314,347 | €746,333 | +€431,986 | +137% |
| Goods purchased for resale | 34 | €314,347 | €746,333 | +€431,986 | +137% |
| Amounts receivable within one year | 40/41 | €10,820,661 | €78,007,640 | +€67.2m | +621% |
| Trade receivables | 40 | €10,756,272 | €76,905,464 | +€66.1m | +615% |
| Other amounts receivable | 41 | €64,389 | €1,102,176 | +€1.0m | +1,612% |
| Cash at bank and in hand | 54/58 | €2,291,786 | €38,434,698 | +€36.1m | +1,577% |
| Deferred charges and accrued income | 490/1 | €2,221 | €8,194 | +€5,973 | +269% |
| Total equity and liabilities | 10/49 | €14,450,117 | €118,483,205 | +€104.0m | +720% |
| Equity | 10/15 | €5,212,380 | €32,431,323 | +€27.2m | +522% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,202,380 | €32,421,323 | +€27.2m | +523% |
| Amounts payable | 17/49 | €9,237,737 | €86,051,882 | +€76.8m | +832% |
| Amounts payable within one year | 42/48 | €9,233,134 | €86,051,122 | +€76.8m | +832% |
| Financial debts | 43 | €1,000,000 | €0 | -€1.0m | -100% |
| Credit institutions | 430/8 | €1,000,000 | €0 | -€1.0m | -100% |
| Trade debts | 44 | €7,584,305 | €84,471,229 | +€76.9m | +1,014% |
| Suppliers | 440/4 | €7,584,305 | €84,471,229 | +€76.9m | +1,014% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €639,257 | €34,164 | -€605,094 | -94.7% |
| Taxes | 450/3 | €621,262 | €0 | -€621,262 | -100% |
| Remuneration and social security | 454/9 | €17,996 | €34,164 | +€16,168 | +89.8% |
| Other amounts payable | 47/48 | €9,572 | €1,545,729 | +€1.5m | +16,049% |
| Accrued charges and deferred income | 492/3 | €4,604 | €760 | -€3,844 | -83.5% |
| Operating income | 70/76A | €20,594,404 | €224,710,023 | +€204.1m | +991% |
| Turnover | 70 | €20,586,577 | €224,697,019 | +€204.1m | +991% |
| Other operating income | 74 | €7,827 | €13,004 | +€5,177 | +66.1% |
| Operating charges | 60/66A | €13,808,632 | €168,146,944 | +€154.3m | +1,118% |
| Goods for resale, raw materials and consumables | 60 | €12,885,001 | €166,417,808 | +€153.5m | +1,192% |
| Purchases | 600/8 | €13,135,539 | €166,849,794 | +€153.7m | +1,170% |
| Change in stocks: decrease (increase) | 609 | -€250,539 | -€431,986 | -€181,448 | -72.4% |
| Services and other goods | 61 | €524,151 | €1,044,885 | +€520,734 | +99.3% |
| Remuneration, social security and pensions | 62 | €216,652 | €343,407 | +€126,755 | +58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,344 | €337,602 | +€160,258 | +90.4% |
| Other operating charges | 640/8 | €5,484 | €3,242 | -€2,242 | -40.9% |
| Operating profit (loss) | 9901 | €6,785,772 | €56,563,079 | +€49.8m | +734% |
| Financial income | 75/76B | €24,153 | €1,552,409 | +€1.5m | +6,327% |
| Recurring financial income | 75 | €24,153 | €1,552,409 | +€1.5m | +6,327% |
| Income from current assets | 751 | €0 | - | = | |
| Other financial income | 752/9 | €24,153 | €1,552,409 | +€1.5m | +6,327% |
| Financial charges | 65/66B | €175,398 | €404,141 | +€228,743 | +130% |
| Recurring financial charges | 65 | €175,398 | €404,141 | +€228,743 | +130% |
| Debt charges | 650 | €57,217 | €23,534 | -€33,683 | -58.9% |
| Other financial charges | 652/9 | €118,181 | €380,607 | +€262,426 | +222% |
| Profit (loss) for the period before taxes | 9903 | €6,634,527 | €57,711,346 | +€51.1m | +770% |
| Income taxes | 67/77 | €1,741,262 | €14,425,950 | +€12.7m | +728% |
| Taxes | 670/3 | €1,741,262 | €14,425,950 | +€12.7m | +728% |
| Profit (loss) for the period | 9904 | €4,893,266 | €43,285,397 | +€38.4m | +785% |
| Profit (loss) for the period to be appropriated | 9905 | €4,893,266 | €43,285,397 | +€38.4m | +785% |
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 30 October 2026 via checked.be.