COBEL: 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
COBEL
NACE 46.231, Wholesale of live animals
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€229,195
2024 · €168,984+€60,211
Equity
€2.1m
2024 · €1.8m+€225,619
Cash
€210,803
2024 · €123,822+€86,981
Balance sheet total
€3.9m
2024 · €3.1m+€806,953
Largest movements
Assets
- Tangible fixed assets +€584,983
up €584,983 (+24.6%), from €2.4m to €3.0m
of which Plant, machinery and equipment: +€416,833
- Receivables within one year +€99,892
up €99,892 (+41.8%), from €239,070 to €338,961
of which Other amounts receivable: +€62,174
- Cash +€86,981
up €86,981 (+70.2%), from €123,822 to €210,803
mainly Depreciation (+€621,885) and Trade debts (+€495,940)
Equity and liabilities
- Trade debts +€495,940
up €495,940 (+267.5%), from €185,392 to €681,332
- Reserves +€229,195
up €229,195 (+13.3%), from €1.7m to €2.0m
of which Distributable reserves: +€197,860
- Current portion of long-term debt +€51,680
up €51,680 (+13.8%), from €373,439 to €425,119
Income statement
- Gross operating margin +€234,958
up €234,958 (+25.3%), from €928,341 to €1.2m
- Depreciation +€102,465
up €102,465 (+19.7%), from €519,421 to €621,885
- Staff costs +€27,733
up €27,733 (+20.7%), from €134,222 to €161,955
- Taxes +€15,241
up €15,241 (+34.0%), from €44,841 to €60,083
- Write-downs +€12,819
up €12,819 (+420.0%), from €3,052 to €15,871
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
€168,984
Gross operating margin
+€234,958
Staff costs
-€27,733
Depreciation
-€102,465
Write-downs
-€12,819
Other operating charges
+€2,627
Other operating items
-€2,906
Financial income
-€2,703
Financial charges
-€6,303
Taxes
-€15,241
Deferred taxes and other
-€7,204
Result 2025
€229,195
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
+€1.2m
Investment
-€1.2m
Financing
+€100,468
Cash 2024
€123,822
From operations (derived)
+€1.2m
Net result for the year
+€229,195
Depreciation
+€621,885
Stocks and contracts
-€8,531
Receivables within one year
-€99,892
Deferred charges and accrued income
-€26,566
Provisions
+€10,445
Trade debts
+€495,940
Tax, wage and social debts
-€34,042
Other debts
+€666
Accrued charges and deferred income
+€4,281
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€100,468
Debts after one year
+€35,910
Current portion of long-term debt
+€51,680
Short-term financial debts
+€16,454
Contributions, distributions and other
-€3,576
Cash 2025
€210,803
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,142,693 | €3,949,646 | +€806,953 | +25.7% |
| Fixed assets | 21/28 | €2,382,854 | €2,967,836 | +€584,983 | +24.5% |
| Tangible fixed assets | 22/27 | €2,381,543 | €2,966,526 | +€584,983 | +24.6% |
| Land and buildings | 22 | €886,277 | €842,097 | -€44,180 | -5.0% |
| Plant, machinery and equipment | 23 | €961,778 | €1,378,611 | +€416,833 | +43.3% |
| Furniture and vehicles | 24 | €20,861 | €12,050 | -€8,812 | -42.2% |
| Leasing and similar rights | 25 | €441,614 | €676,387 | +€234,773 | +53.2% |
| Other tangible fixed assets | 26 | €71,012 | €57,380 | -€13,632 | -19.2% |
| Financial fixed assets | 28 | €1,311 | €1,311 | = | 0.0% |
| Current assets | 29/58 | €759,840 | €981,810 | +€221,970 | +29.2% |
| Stocks and contracts in progress | 3 | €378,681 | €387,212 | +€8,531 | +2.3% |
| Stocks | 30/36 | €378,681 | €387,212 | +€8,531 | +2.3% |
| Amounts receivable within one year | 40/41 | €239,070 | €338,961 | +€99,892 | +41.8% |
| Trade receivables | 40 | €233,971 | €271,689 | +€37,718 | +16.1% |
| Other amounts receivable | 41 | €5,099 | €67,272 | +€62,174 | +1219.5% |
| Cash at bank and in hand | 54/58 | €123,822 | €210,803 | +€86,981 | +70.2% |
| Deferred charges and accrued income | 490/1 | €18,267 | €44,833 | +€26,566 | +145.4% |
| Total equity and liabilities | 10/49 | €3,142,693 | €3,949,646 | +€806,953 | +25.7% |
| Equity | 10/15 | €1,838,638 | €2,064,256 | +€225,619 | +12.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,723,191 | €1,952,385 | +€229,195 | +13.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €159,688 | €191,022 | +€31,335 | +19.6% |
| Distributable reserves | 133 | €1,557,303 | €1,755,163 | +€197,860 | +12.7% |
| Investment grants | 15 | €53,447 | €49,871 | -€3,576 | -6.7% |
| Provisions and deferred taxes | 16 | €52,238 | €62,683 | +€10,445 | +20.0% |
| Deferred taxes | 168 | €52,238 | €62,683 | +€10,445 | +20.0% |
| Amounts payable | 17/49 | €1,251,818 | €1,822,707 | +€570,889 | +45.6% |
| Amounts payable after more than one year | 17 | €616,510 | €652,420 | +€35,910 | +5.8% |
| Financial debts | 170/4 | €557,113 | €590,875 | +€33,762 | +6.1% |
| Other amounts payable | 178/9 | €59,398 | €61,546 | +€2,148 | +3.6% |
| Amounts payable within one year | 42/48 | €624,763 | €1,155,461 | +€530,698 | +84.9% |
| Current portion of amounts payable after more than one year | 42 | €373,439 | €425,119 | +€51,680 | +13.8% |
| Financial debts | 43 | €6,838 | €23,291 | +€16,454 | +240.6% |
| Credit institutions | 430/8 | €6,838 | €23,291 | +€16,454 | +240.6% |
| Trade debts | 44 | €185,392 | €681,332 | +€495,940 | +267.5% |
| Suppliers | 440/4 | €185,392 | €681,332 | +€495,940 | +267.5% |
| Taxes, remuneration and social security | 45 | €59,094 | €25,053 | -€34,042 | -57.6% |
| Taxes | 450/3 | €38,715 | €5,525 | -€33,190 | -85.7% |
| Remuneration and social security | 454/9 | €20,379 | €19,528 | -€851 | -4.2% |
| Other amounts payable | 47/48 | - | €666 | +€666 | |
| Accrued charges and deferred income | 492/3 | €10,545 | €14,826 | +€4,281 | +40.6% |
| Non-recurring operating income | 76A | €122,617 | €211,414 | +€88,797 | +72.4% |
| Remuneration, social security and pensions | 62 | €134,222 | €161,955 | +€27,733 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €519,421 | €621,885 | +€102,465 | +19.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,052 | €15,871 | +€12,819 | +420.0% |
| Other operating charges | 640/8 | €18,512 | €15,885 | -€2,627 | -14.2% |
| Non-recurring operating charges | 66A | - | €2,906 | +€2,906 | |
| Gross operating margin | 9900 | €928,341 | €1,163,300 | +€234,958 | +25.3% |
| Operating profit (loss) | 9901 | €253,135 | €344,798 | +€91,662 | +36.2% |
| Financial income | 75/76B | €8,281 | €5,578 | -€2,703 | -32.6% |
| Recurring financial income | 75 | €8,281 | €4,698 | -€3,582 | -43.3% |
| Non-recurring financial income | 76B | - | €880 | +€880 | |
| Financial charges | 65/66B | €44,350 | €50,654 | +€6,303 | +14.2% |
| Recurring financial charges | 65 | €41,875 | €50,654 | +€8,778 | +21.0% |
| Non-recurring financial charges | 66B | €2,475 | - | -€2,475 | |
| Profit (loss) for the period before taxes | 9903 | €217,066 | €299,722 | +€82,657 | +38.1% |
| Transfer from deferred taxes | 780 | €22,009 | €26,980 | +€4,971 | +22.6% |
| Transfer to deferred taxes | 680 | €25,250 | €37,425 | +€12,175 | +48.2% |
| Income taxes | 67/77 | €44,841 | €60,083 | +€15,241 | +34.0% |
| Profit (loss) for the period | 9904 | €168,984 | €229,195 | +€60,211 | +35.6% |
| Transfer from tax-exempt reserves | 789 | €64,471 | €80,940 | +€16,469 | +25.5% |
| Transfer to tax-exempt reserves | 689 | €75,750 | €112,275 | +€36,525 | +48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €157,704 | €197,860 | +€40,156 | +25.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.