COBEFA: what changed
Two fiscal 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
COBEFA
NACE 23.610, Manufacture of other non-metallic mineral products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €1.8m-€730,643
Equity
€12.1m
2024 · €11.2m+€872,265
Cash
€1.3m
2024 · €1.2m+€49,908
Balance sheet total
€32.0m
2024 · €27.7m+€4.2m
Largest movements
Assets
- Tangible fixed assets +€3.5m
up €3.5m (+26.3%), from €13.4m to €16.9m
of which Leasing and similar rights: +€2.8m
- Stocks and contracts +€740,943
up €740,943 (+22.9%), from €3.2m to €4.0m
- Receivables within one year -€466,770
down €466,770 (-4.9%), from €9.4m to €9.0m
of which Other amounts receivable: -€271,955
Equity and liabilities
- Debts after one year +€2.4m
up €2.4m (+32.2%), from €7.5m to €9.9m
- Reserves +€840,272
up €840,272 (+7.9%), from €10.7m to €11.5m
of which Distributable reserves: +€1.9m
- Trade debts +€715,174
up €715,174 (+13.9%), from €5.1m to €5.9m
- Current portion of long-term debt +€596,268
up €596,268 (+27.1%), from €2.2m to €2.8m
- Short-term financial debts -€441,928
down €441,928 (-58.1%), from €760,201 to €318,273
Income statement
- Turnover +€6.0m
up €6.0m (+21.2%), from €28.1m to €34.1m
- Services and other goods +€3.3m
up €3.3m (+31.5%), from €10.3m to €13.6m
- Goods and materials +€2.3m
up €2.3m (+20.4%), from €11.2m to €13.5m
of which Purchases: +€2.2m
- Depreciation +€770,501
up €770,501 (+30.9%), from €2.5m to €3.3m
- Staff costs +€572,630
up €572,630 (+22.4%), from €2.6m to €3.1m
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
€1.8m
Turnover
+€6.0m
Other operating income
+€74,094
Goods and materials
-€2.3m
Services and other goods
-€3.3m
Staff costs
-€572,630
Depreciation
-€770,501
Write-downs
+€187,958
Other operating charges
-€42,763
Other operating items
-€28,186
Financial income
+€1,944
Financial charges
-€245,430
Taxes
+€235,150
Result 2025
€1.0m
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.
From operations
+€4.6m
Investment
-€7.0m
Financing
+€2.4m
Cash 2024
€1.2m
From operations (derived)
+€4.6m
Net result for the year
+€1.0m
Depreciation
+€3.3m
Stocks and contracts
-€740,943
Receivables within one year
+€466,770
Deferred charges and accrued income
-€211,584
Trade debts
+€715,174
Tax, wage and social debts
+€90,128
Smaller working-capital items
-€5,253
Investment (derived)
-€7.0m
Investment in fixed assets (net)
-€7.0m
Financing
+€2.4m
Debts after one year
+€2.4m
Current portion of long-term debt
+€596,268
Short-term financial debts
-€441,928
Contributions, distributions and other
-€168,006
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,722,933 | €31,959,705 | +€4.2m | +15.3% |
| Fixed assets | 21/28 | €13,620,811 | €17,321,918 | +€3.7m | +27.2% |
| Intangible fixed assets | 21 | €235,065 | €419,479 | +€184,415 | +78.5% |
| Tangible fixed assets | 22/27 | €13,385,747 | €16,902,439 | +€3.5m | +26.3% |
| Land and buildings | 22 | €4,489,855 | €4,369,850 | -€120,005 | -2.7% |
| Plant, machinery and equipment | 23 | €1,187,533 | €1,900,572 | +€713,039 | +60.0% |
| Furniture and vehicles | 24 | €461,899 | €499,774 | +€37,876 | +8.2% |
| Leasing and similar rights | 25 | €6,813,226 | €9,597,042 | +€2.8m | +40.9% |
| Other tangible fixed assets | 26 | €433,234 | €535,201 | +€101,967 | +23.5% |
| Current assets | 29/58 | €14,102,121 | €14,637,787 | +€535,666 | +3.8% |
| Stocks and contracts in progress | 3 | €3,238,539 | €3,979,482 | +€740,943 | +22.9% |
| Stocks | 30/36 | €3,238,539 | €3,979,482 | +€740,943 | +22.9% |
| Raw materials and consumables | 30/31 | €371,898 | €467,436 | +€95,539 | +25.7% |
| Finished goods | 33 | €2,866,641 | €3,512,046 | +€645,404 | +22.5% |
| Amounts receivable within one year | 40/41 | €9,438,093 | €8,971,323 | -€466,770 | -4.9% |
| Trade receivables | 40 | €7,660,947 | €7,466,132 | -€194,815 | -2.5% |
| Other amounts receivable | 41 | €1,777,146 | €1,505,191 | -€271,955 | -15.3% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,206,494 | €1,256,402 | +€49,908 | +4.1% |
| Deferred charges and accrued income | 490/1 | €218,996 | €430,580 | +€211,584 | +96.6% |
| Total equity and liabilities | 10/49 | €27,722,933 | €31,959,705 | +€4.2m | +15.3% |
| Equity | 10/15 | €11,230,831 | €12,103,096 | +€872,265 | +7.8% |
| Contributions | 10/11 | €74,400 | €74,400 | = | 0.0% |
| Reserves | 13 | €10,654,570 | €11,494,842 | +€840,272 | +7.9% |
| Non-distributable reserves | 130/1 | €7,440 | €7,440 | = | 0.0% |
| Other | 1319 | €7,440 | €7,440 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,648,220 | €599,930 | -€1.0m | -63.6% |
| Distributable reserves | 133 | €8,998,910 | €10,887,472 | +€1.9m | +21.0% |
| Investment grants | 15 | €501,860 | €533,854 | +€31,994 | +6.4% |
| Provisions and deferred taxes | 16 | €35,181 | €35,181 | = | 0.0% |
| Deferred taxes | 168 | €35,181 | €35,181 | = | 0.0% |
| Amounts payable | 17/49 | €16,456,921 | €19,821,428 | +€3.4m | +20.4% |
| Amounts payable after more than one year | 17 | €7,473,379 | €9,883,496 | +€2.4m | +32.2% |
| Financial debts | 170/4 | €7,473,379 | €9,883,496 | +€2.4m | +32.2% |
| Leasing and similar obligations | 172 | €5,248,864 | €7,447,038 | +€2.2m | +41.9% |
| Credit institutions | 173 | €2,224,515 | €2,436,458 | +€211,942 | +9.5% |
| Amounts payable within one year | 42/48 | €8,927,058 | €9,886,567 | +€959,510 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €2,203,035 | €2,799,304 | +€596,268 | +27.1% |
| Financial debts | 43 | €760,201 | €318,273 | -€441,928 | -58.1% |
| Credit institutions | 430/8 | €760,201 | €318,273 | -€441,928 | -58.1% |
| Trade debts | 44 | €5,141,652 | €5,856,826 | +€715,174 | +13.9% |
| Suppliers | 440/4 | €5,141,652 | €5,856,826 | +€715,174 | +13.9% |
| Taxes, remuneration and social security | 45 | €422,170 | €512,298 | +€90,128 | +21.3% |
| Taxes | 450/3 | €13,252 | €10,379 | -€2,873 | -21.7% |
| Remuneration and social security | 454/9 | €408,917 | €501,919 | +€93,001 | +22.7% |
| Other amounts payable | 47/48 | €400,000 | €399,867 | -€133 | 0.0% |
| Accrued charges and deferred income | 492/3 | €56,484 | €51,365 | -€5,120 | -9.1% |
| Operating income | 70/76A | €29,325,656 | €35,277,004 | +€6.0m | +20.3% |
| Turnover | 70 | €28,106,561 | €34,071,912 | +€6.0m | +21.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €930,653 | €645,404 | -€285,248 | -30.7% |
| Own construction capitalised | 72 | - | €122,150 | +€122,150 | |
| Other operating income | 74 | €288,443 | €362,537 | +€74,094 | +25.7% |
| Non-recurring operating income | 76A | €0 | €75,000 | +€75,000 | |
| Operating charges | 60/66A | €26,897,374 | €33,571,029 | +€6.7m | +24.8% |
| Goods for resale, raw materials and consumables | 60 | €11,187,100 | €13,470,984 | +€2.3m | +20.4% |
| Purchases | 600/8 | €11,413,384 | €13,566,523 | +€2.2m | +18.9% |
| Change in stocks: decrease (increase) | 609 | -€226,285 | -€95,539 | +€130,746 | +57.8% |
| Services and other goods | 61 | €10,314,455 | €13,566,201 | +€3.3m | +31.5% |
| Remuneration, social security and pensions | 62 | €2,561,053 | €3,133,683 | +€572,630 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,489,631 | €3,260,132 | +€770,501 | +30.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €122,229 | -€65,729 | -€187,958 | |
| Other operating charges | 640/8 | €160,966 | €203,729 | +€42,763 | +26.6% |
| Non-recurring operating charges | 66A | €61,942 | €2,029 | -€59,912 | -96.7% |
| Operating profit (loss) | 9901 | €2,428,282 | €1,705,975 | -€722,307 | -29.7% |
| Financial income | 75/76B | €177,170 | €179,114 | +€1,944 | +1.1% |
| Recurring financial income | 75 | €177,170 | €179,114 | +€1,944 | +1.1% |
| Income from current assets | 751 | €10,029 | €16,530 | +€6,501 | +64.8% |
| Other financial income | 752/9 | €167,141 | €162,584 | -€4,557 | -2.7% |
| Financial charges | 65/66B | €299,463 | €544,893 | +€245,430 | +82.0% |
| Recurring financial charges | 65 | €299,463 | €544,893 | +€245,430 | +82.0% |
| Debt charges | 650 | €243,891 | €394,796 | +€150,904 | +61.9% |
| Other financial charges | 652/9 | €55,572 | €150,098 | +€94,526 | +170.1% |
| Profit (loss) for the period before taxes | 9903 | €2,305,989 | €1,340,196 | -€965,793 | -41.9% |
| Income taxes | 67/77 | €535,075 | €299,925 | -€235,150 | -43.9% |
| Taxes | 670/3 | €535,075 | €299,925 | -€235,150 | -43.9% |
| Profit (loss) for the period | 9904 | €1,770,914 | €1,040,272 | -€730,643 | -41.3% |
| Transfer from tax-exempt reserves | 789 | - | €1,048,290 | +€1.0m | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,770,914 | €2,088,562 | +€317,647 | +17.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.