COBEHOLD: 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
COBEHOLD
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€95.4m
2024 · €91.3m+€4.2m
Equity
€1.32bn
2024 · €1.04bn+€272.0m
Cash
€143,890
2024 · €221,500-€77,610
Balance sheet total
€1.39bn
2024 · €1.11bn+€278.0m
Largest movements
Assets
- Financial fixed assets +€237.3m
up €237.3m (+22.0%), from €1.08bn to €1.31bn
of which Affiliated companies: +€237.3m
- Current investments +€34.0m
up €34.0m (+98.6%), from €34.5m to €68.5m
Equity and liabilities
- Contributions +€250.0m
up €250.0m (+26.7%), from €935.7m to €1.19bn
- Profit (loss) carried forward +€17.3m
up €17.3m (+24.5%), from €70.6m to €87.8m
Income statement
No income-statement line moved by more than 1% of the activity.
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
€91.3m
Other operating charges
-€31
Other operating items
-€75,681
Financial income
+€4.7m
Financial charges
-€84,815
Taxes
-€422,393
Result 2025
€95.4m
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
+€94.8m
Investment
-€271.3m
Financing
+€176.5m
Cash 2024
€221,500
From operations (derived)
+€94.8m
Net result for the year
+€95.4m
Receivables within one year
-€5.7m
Deferred charges and accrued income
-€1.0m
Smaller working-capital items
-€3,009
Other debts
+€6.0m
Investment (derived)
-€271.3m
Investment in fixed assets (net)
-€237.3m
Current investments
-€34.0m
Financing
+€176.5m
Short-term financial debts
-€105,691
Contributions, distributions and other
+€176.6m
Cash 2025
€143,890
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,113,884,680 | €1,391,849,351 | +€278.0m | +25.0% |
| Fixed assets | 21/28 | €1,076,670,499 | €1,314,012,934 | +€237.3m | +22.0% |
| Financial fixed assets | 28 | €1,076,670,499 | €1,314,012,934 | +€237.3m | +22.0% |
| Affiliated companies | 280/1 | €1,076,670,219 | €1,314,012,654 | +€237.3m | +22.0% |
| Participating interests | 280 | €974,263,854 | €1,150,255,194 | +€176.0m | +18.1% |
| Amounts receivable | 281 | €102,406,365 | €163,757,459 | +€61.4m | +59.9% |
| Other financial fixed assets | 284/8 | €280 | €280 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €280 | €280 | = | 0.0% |
| Current assets | 29/58 | €37,214,181 | €77,836,417 | +€40.6m | +109.2% |
| Amounts receivable within one year | 40/41 | €554,533 | €6,252,296 | +€5.7m | +1027.5% |
| Other amounts receivable | 41 | €554,533 | €6,252,296 | +€5.7m | +1027.5% |
| Current investments | 50/53 | €34,500,000 | €68,500,000 | +€34.0m | +98.6% |
| Other investments | 51/53 | €34,500,000 | €68,500,000 | +€34.0m | +98.6% |
| Cash at bank and in hand | 54/58 | €221,500 | €143,890 | -€77,610 | -35.0% |
| Deferred charges and accrued income | 490/1 | €1,938,148 | €2,940,231 | +€1.0m | +51.7% |
| Total equity and liabilities | 10/49 | €1,113,884,680 | €1,391,849,351 | +€278.0m | +25.0% |
| Equity | 10/15 | €1,044,993,566 | €1,317,021,958 | +€272.0m | +26.0% |
| Contributions | 10/11 | €935,736,024 | €1,185,736,135 | +€250.0m | +26.7% |
| Capital | 10 | €935,736,024 | €1,185,736,135 | +€250.0m | +26.7% |
| Issued capital | 100 | €935,736,024 | €1,435,736,245 | +€500.0m | +53.4% |
| Uncalled capital | 101 | - | €250,000,110 | +€250.0m | |
| Reserves | 13 | €38,685,683 | €43,456,586 | +€4.8m | +12.3% |
| Non-distributable reserves | 130/1 | €38,685,683 | €43,456,586 | +€4.8m | +12.3% |
| Legal reserve | 130 | €38,685,683 | €43,456,586 | +€4.8m | +12.3% |
| Profit (loss) carried forward | 14 | €70,571,859 | €87,829,238 | +€17.3m | +24.5% |
| Amounts payable | 17/49 | €68,891,114 | €74,827,392 | +€5.9m | +8.6% |
| Amounts payable within one year | 42/48 | €68,843,568 | €74,818,299 | +€6.0m | +8.7% |
| Financial debts | 43 | €105,691 | - | -€105,691 | |
| Other loans | 439 | €105,691 | - | -€105,691 | |
| Trade debts | 44 | €26,221 | €36,326 | +€10,105 | +38.5% |
| Suppliers | 440/4 | €26,221 | €36,326 | +€10,105 | +38.5% |
| Taxes, remuneration and social security | 45 | €1,366,861 | €1,392,200 | +€25,339 | +1.9% |
| Taxes | 450/3 | €541,861 | €572,900 | +€31,039 | +5.7% |
| Remuneration and social security | 454/9 | €825,000 | €819,300 | -€5,700 | -0.7% |
| Other amounts payable | 47/48 | €67,344,795 | €73,389,773 | +€6.0m | +9.0% |
| Accrued charges and deferred income | 492/3 | €47,546 | €9,093 | -€38,453 | -80.9% |
| Operating charges | 60/66A | €1,095,734 | €1,171,447 | +€75,712 | +6.9% |
| Services and other goods | 61 | €1,094,767 | €1,170,448 | +€75,681 | +6.9% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Operating profit (loss) | 9901 | -€1,095,734 | -€1,171,447 | -€75,712 | -6.9% |
| Financial income | 75/76B | €93,296,062 | €98,039,953 | +€4.7m | +5.1% |
| Recurring financial income | 75 | €81,105,220 | €88,311,022 | +€7.2m | +8.9% |
| Income from financial fixed assets | 750 | €79,687,630 | €86,034,242 | +€6.3m | +8.0% |
| Income from current assets | 751 | €1,417,590 | €2,276,759 | +€859,169 | +60.6% |
| Other financial income | 752/9 | - | €21 | +€21 | |
| Non-recurring financial income | 76B | €12,190,842 | €9,728,931 | -€2.5m | -20.2% |
| Financial charges | 65/66B | €187,150 | €271,965 | +€84,815 | +45.3% |
| Recurring financial charges | 65 | €187,150 | €187,672 | +€522 | +0.3% |
| Debt charges | 650 | - | €183,855 | +€183,855 | |
| Other financial charges | 652/9 | - | €3,817 | +€3,817 | |
| Non-recurring financial charges | 66B | €187,150 | €84,293 | -€102,857 | -55.0% |
| Profit (loss) for the period before taxes | 9903 | €92,013,178 | €96,596,541 | +€4.6m | +5.0% |
| Income taxes | 67/77 | €756,093 | €1,178,486 | +€422,393 | +55.9% |
| Taxes | 670/3 | €756,093 | €1,178,486 | +€422,393 | +55.9% |
| Profit (loss) for the period | 9904 | €91,257,085 | €95,418,055 | +€4.2m | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €91,257,085 | €95,418,055 | +€4.2m | +4.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.