COBEFI: 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
COBEFI
NACE 38.320, Waste collection, recovery and disposal activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6,635
2024 · €5,640+€995
Equity
€2.5m
2024 · €2.4m+€6,635
Cash
€30,594
2024 · €25,207+€5,387
Balance sheet total
€6.0m
2024 · €6.1m-€80,242
Largest movements
Assets
- Tangible fixed assets -€110,369
down €110,369 (-6.1%), from €1.8m to €1.7m
of which Land and buildings: -€74,199
Equity and liabilities
- Other debts -€136,613
down €136,613 (-11.1%), from €1.2m to €1.1m
- Debts after one year +€86,367
up €86,367 (+4.6%), from €1.9m to €2.0m
of which Other amounts payable: +€177,098
Income statement
- Financial charges +€36,990
up €36,990 (+31.0%), from €119,183 to €156,173
- Depreciation -€19,468
down €19,468 (-14.6%), from €133,476 to €114,007
- Gross operating margin +€16,868
up €16,868 (+4.3%), from €393,718 to €410,586
- Taxes -€5,376
down €5,376 (-33.7%), from €15,969 to €10,593
- Staff costs +€4,286
up €4,286 (+4.1%), from €105,325 to €109,611
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
€5,640
Gross operating margin
+€16,868
Staff costs
-€4,286
Depreciation
+€19,468
Other operating charges
+€563
Financial income
-€130
Financial charges
-€36,990
Taxes
+€5,376
Deferred taxes and other
+€127
Result 2025
€6,635
raises the resultlowers the resultnot broken down further in the accounts
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
-€75,668
Investment
-€3,639
Financing
+€84,694
Cash 2024
€25,207
From operations (derived)
-€75,668
Net result for the year
+€6,635
Depreciation
+€114,007
Receivables within one year
-€26,951
Deferred charges and accrued income
+€2,212
Provisions
-€1,772
Trade debts
-€21,107
Tax, wage and social debts
-€12,079
Other debts
-€136,613
Investment (derived)
-€3,639
Investment in fixed assets (net)
-€3,639
Financing
+€84,694
Debts after one year
+€86,367
Current portion of long-term debt
-€1,673
Cash 2025
€30,594
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,088,513 | €6,008,271 | -€80,242 | -1.3% |
| Fixed assets | 21/28 | €5,887,509 | €5,777,141 | -€110,369 | -1.9% |
| Tangible fixed assets | 22/27 | €1,799,134 | €1,688,766 | -€110,369 | -6.1% |
| Land and buildings | 22 | €1,677,626 | €1,603,427 | -€74,199 | -4.4% |
| Furniture and vehicles | 24 | €121,508 | €85,338 | -€36,170 | -29.8% |
| Financial fixed assets | 28 | €4,088,375 | €4,088,375 | = | 0.0% |
| Current assets | 29/58 | €201,004 | €231,130 | +€30,126 | +15.0% |
| Stocks and contracts in progress | 3 | €82,350 | €82,350 | = | 0.0% |
| Stocks | 30/36 | €82,350 | €82,350 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €86,635 | €113,587 | +€26,951 | +31.1% |
| Trade receivables | 40 | €76,635 | €92,400 | +€15,765 | +20.6% |
| Other amounts receivable | 41 | €10,000 | €21,187 | +€11,187 | +112% |
| Cash at bank and in hand | 54/58 | €25,207 | €30,594 | +€5,387 | +21.4% |
| Deferred charges and accrued income | 490/1 | €6,811 | €4,599 | -€2,212 | -32.5% |
| Total equity and liabilities | 10/49 | €6,088,513 | €6,008,271 | -€80,242 | -1.3% |
| Equity | 10/15 | €2,444,007 | €2,450,642 | +€6,635 | +0.3% |
| Contributions | 10/11 | €1,381,939 | €1,381,939 | = | 0.0% |
| Reserves | 13 | €1,062,069 | €1,068,704 | +€6,635 | +0.6% |
| Tax-exempt reserves | 132 | €25,542 | €20,225 | -€5,316 | -20.8% |
| Distributable reserves | 133 | €1,036,527 | €1,048,478 | +€11,951 | +1.2% |
| Provisions and deferred taxes | 16 | €338,514 | €336,742 | -€1,772 | -0.5% |
| Provisions for liabilities and charges | 160/5 | €330,000 | €330,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €330,000 | €330,000 | = | 0.0% |
| Deferred taxes | 168 | €8,514 | €6,742 | -€1,772 | -20.8% |
| Amounts payable | 17/49 | €3,305,992 | €3,220,887 | -€85,105 | -2.6% |
| Amounts payable after more than one year | 17 | €1,876,754 | €1,963,120 | +€86,367 | +4.6% |
| Financial debts | 170/4 | €143,228 | €52,497 | -€90,731 | -63.3% |
| Other amounts payable | 178/9 | €1,733,526 | €1,910,624 | +€177,098 | +10.2% |
| Amounts payable within one year | 42/48 | €1,429,238 | €1,257,766 | -€171,472 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €92,405 | €90,731 | -€1,673 | -1.8% |
| Trade debts | 44 | €35,181 | €14,074 | -€21,107 | -60.0% |
| Suppliers | 440/4 | €35,181 | €14,074 | -€21,107 | -60.0% |
| Taxes, remuneration and social security | 45 | €65,888 | €53,810 | -€12,079 | -18.3% |
| Taxes | 450/3 | €48,776 | €37,781 | -€10,996 | -22.5% |
| Remuneration and social security | 454/9 | €17,112 | €16,029 | -€1,083 | -6.3% |
| Other amounts payable | 47/48 | €1,235,764 | €1,099,151 | -€136,613 | -11.1% |
| Non-recurring operating income | 76A | €272 | €0 | -€272 | -100% |
| Remuneration, social security and pensions | 62 | €105,325 | €109,611 | +€4,286 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,476 | €114,007 | -€19,468 | -14.6% |
| Other operating charges | 640/8 | €15,902 | €15,339 | -€563 | -3.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €393,718 | €410,586 | +€16,868 | +4.3% |
| Operating profit (loss) | 9901 | €139,016 | €171,629 | +€32,612 | +23.5% |
| Financial income | 75/76B | €130 | €0 | -€130 | -100% |
| Recurring financial income | 75 | €130 | €0 | -€130 | -100% |
| Financial charges | 65/66B | €119,183 | €156,173 | +€36,990 | +31.0% |
| Recurring financial charges | 65 | €119,183 | €156,173 | +€36,990 | +31.0% |
| Profit (loss) for the period before taxes | 9903 | €19,964 | €15,456 | -€4,508 | -22.6% |
| Transfer from deferred taxes | 780 | €1,645 | €1,772 | +€127 | +7.7% |
| Income taxes | 67/77 | €15,969 | €10,593 | -€5,376 | -33.7% |
| Profit (loss) for the period | 9904 | €5,640 | €6,635 | +€995 | +17.6% |
| Transfer from tax-exempt reserves | 789 | €4,935 | €5,316 | +€381 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,575 | €11,951 | +€1,376 | +13.0% |
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 13 October 2026 via checked.be.