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COBE: 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

COBE

BE 0473.442.746
NACE 25.639, Manufacture of fabricated metal products, except machinery and equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€43,089
2024 · €37,501+€5,588
Equity
€481,379
2024 · €467,273+€14,106
Cash
€171,911
2024 · €279,280-€107,369
Balance sheet total
€503,386
2024 · €497,773+€5,613

Largest movements

2024 to 2025
Assets
  • Tangible fixed assets +€116,992

    up €116,992 (+65.3%), from €179,213 to €296,205

    of which Furniture and vehicles: +€94,547

  • Cash -€107,369

    down €107,369 (-38.4%), from €279,280 to €171,911

    mainly Investment in fixed assets (net) (-€146,216) and Contributions, distributions and other (-€28,983)

Equity and liabilities
  • Reserves +€14,106

    up €14,106 (+3.1%), from €448,673 to €462,779

    of which Distributable reserves: +€12,246

  • Trade debts -€8,221

    down €8,221 (-34.2%), from €24,022 to €15,801

Income statement
  • Gross operating margin +€19,930

    up €19,930 (+27.6%), from €72,213 to €92,143

  • Depreciation +€16,407

    up €16,407 (+128%), from €12,817 to €29,224

  • Financial income +€2,105

    up €2,105 (+124%), from €1,695 to €3,800

From the 2024 result to the 2025 result

effect on the 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 €37,501
Gross operating margin +€19,930
Depreciation -€16,407
Other operating charges +€332
Financial income +€2,105
Financial charges +€64
Taxes -€436
Result 2025 €43,089
raises the resultlowers the result

Derived cash bridge

cash 2024 to 2025

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 +€67,831
Investment -€146,216
Financing -€28,983
Cash 2024 €279,280
Net result for the year +€43,089
Depreciation +€29,224
Receivables within one year +€4,010
Trade debts -€8,221
Tax, wage and social debts -€2,169
Other debts +€1,897
Investment in fixed assets (net) -€146,216
Contributions, distributions and other -€28,983
Cash 2025 €171,911
brings cash intakes cash out
Every line side by side 38 lines
Line Code 2024 2025 Change %
Total assets 20/58 €497,773 €503,386 +€5,613 +1.1%
Fixed assets 21/28 €179,274 €296,266 +€116,992 +65.3%
Tangible fixed assets 22/27 €179,213 €296,205 +€116,992 +65.3%
Land and buildings 22 €165,026 €184,501 +€19,475 +11.8%
Plant, machinery and equipment 23 €2,246 €5,217 +€2,971 +132%
Furniture and vehicles 24 €11,941 €106,488 +€94,547 +792%
Financial fixed assets 28 €61 €61 -€0 -0.3%
Current assets 29/58 €318,499 €207,120 -€111,379 -35.0%
Amounts receivable within one year 40/41 €39,219 €35,209 -€4,010 -10.2%
Trade receivables 40 €30,922 €25,505 -€5,417 -17.5%
Other amounts receivable 41 €8,297 €9,704 +€1,407 +17.0%
Cash at bank and in hand 54/58 €279,280 €171,911 -€107,369 -38.4%
Total equity and liabilities 10/49 €497,773 €503,386 +€5,613 +1.1%
Equity 10/15 €467,273 €481,379 +€14,106 +3.0%
Contributions 10/11 €18,600 €18,600 = 0.0%
Reserves 13 €448,673 €462,779 +€14,106 +3.1%
Non-distributable reserves 130/1 - €1,860 +€1,860
Reserves not available under the articles 1311 - €1,860 +€1,860
Distributable reserves 133 €448,673 €460,919 +€12,246 +2.7%
Amounts payable 17/49 €30,500 €22,007 -€8,493 -27.8%
Amounts payable within one year 42/48 €30,500 €22,007 -€8,493 -27.8%
Trade debts 44 €24,022 €15,801 -€8,221 -34.2%
Suppliers 440/4 €24,022 €15,801 -€8,221 -34.2%
Taxes, remuneration and social security 45 €6,478 €4,309 -€2,169 -33.5%
Taxes 450/3 €6,478 €4,309 -€2,169 -33.5%
Other amounts payable 47/48 - €1,897 +€1,897
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €12,817 €29,224 +€16,407 +128%
Other operating charges 640/8 €3,085 €2,753 -€332 -10.8%
Gross operating margin 9900 €72,213 €92,143 +€19,930 +27.6%
Operating profit (loss) 9901 €56,311 €60,166 +€3,855 +6.8%
Financial income 75/76B €1,695 €3,800 +€2,105 +124%
Recurring financial income 75 €1,695 €3,800 +€2,105 +124%
Financial charges 65/66B €129 €65 -€64 -49.8%
Recurring financial charges 65 €129 €65 -€64 -49.8%
Profit (loss) for the period before taxes 9903 €57,877 €63,901 +€6,024 +10.4%
Income taxes 67/77 €20,376 €20,812 +€436 +2.1%
Profit (loss) for the period 9904 €37,501 €43,089 +€5,588 +14.9%
Profit (loss) for the period to be appropriated 9905 €37,501 €43,089 +€5,588 +14.9%

Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.