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.
COBEL
Largest movements
- Current investments +€212,954
up €212,954 (+5.8%), from €3.6m to €3.9m
- Receivables within one year +€198,825
up €198,825 (+7.8%), from €2.6m to €2.8m
of which Other amounts receivable: +€199,875
- Cash +€111,304
up €111,304 (+96.0%), from €115,939 to €227,243
mainly Net result for the year (+€341,160) and Other debts (+€93,685)
- Reserves +€341,160
up €341,160 (+52.4%), from €650,645 to €991,805
of which Distributable reserves: +€341,160
- Financial income +€404,667
up €404,667 (+184.3%), from €219,571 to €624,238
- Taxes +€75,408
up €75,408 (+584.5%), from €12,901 to €88,310
- Financial charges -€51,854
down €51,854 (-28.3%), from €182,947 to €131,093
- Gross operating margin -€7,903
down €7,903 (-17.8%), from -€44,414 to -€52,318
- Other operating charges +€3,001
up €3,001 (+37.9%), from €7,914 to €10,915
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,514,683 | €11,024,094 | +€509,411 | +4.8% |
| Fixed assets | 21/28 | €4,170,061 | €4,169,618 | -€443 | 0.0% |
| Tangible fixed assets | 22/27 | €75,455 | €75,012 | -€443 | -0.6% |
| Furniture and vehicles | 24 | €455 | €12 | -€443 | -97.3% |
| Other tangible fixed assets | 26 | €75,000 | €75,000 | = | 0.0% |
| Financial fixed assets | 28 | €4,094,606 | €4,094,606 | = | 0.0% |
| Current assets | 29/58 | €6,344,621 | €6,854,476 | +€509,855 | +8.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €2,560,826 | €2,759,650 | +€198,825 | +7.8% |
| Trade receivables | 40 | €1,050 | €0 | -€1,050 | -100.0% |
| Other amounts receivable | 41 | €2,559,776 | €2,759,650 | +€199,875 | +7.8% |
| Current investments | 50/53 | €3,647,838 | €3,860,792 | +€212,954 | +5.8% |
| Cash at bank and in hand | 54/58 | €115,939 | €227,243 | +€111,304 | +96.0% |
| Deferred charges and accrued income | 490/1 | €20,019 | €6,791 | -€13,228 | -66.1% |
| Total equity and liabilities | 10/49 | €10,514,683 | €11,024,094 | +€509,411 | +4.8% |
| Equity | 10/15 | €8,680,277 | €9,021,437 | +€341,160 | +3.9% |
| Contributions | 10/11 | €101,000 | €101,000 | = | 0.0% |
| Capital | 10 | €101,000 | €101,000 | = | 0.0% |
| Issued capital | 100 | €101,000 | €101,000 | = | 0.0% |
| Reserves | 13 | €650,645 | €991,805 | +€341,160 | +52.4% |
| Non-distributable reserves | 130/1 | €248,600 | €248,600 | = | 0.0% |
| Legal reserve | 130 | €248,600 | €248,600 | = | 0.0% |
| Distributable reserves | 133 | €402,045 | €743,205 | +€341,160 | +84.9% |
| Profit (loss) carried forward | 14 | €7,928,632 | €7,928,632 | = | 0.0% |
| Amounts payable | 17/49 | €1,834,405 | €2,002,657 | +€168,252 | +9.2% |
| Amounts payable within one year | 42/48 | €1,834,405 | €2,002,657 | +€168,252 | +9.2% |
| Trade debts | 44 | €201 | €593 | +€392 | +195.4% |
| Suppliers | 440/4 | €201 | €593 | +€392 | +195.4% |
| Taxes, remuneration and social security | 45 | €33,042 | €107,216 | +€74,175 | +224.5% |
| Taxes | 450/3 | €33,042 | €107,216 | +€74,175 | +224.5% |
| Other amounts payable | 47/48 | €1,801,163 | €1,894,847 | +€93,685 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €443 | €443 | = | 0.0% |
| Other operating charges | 640/8 | €7,914 | €10,915 | +€3,001 | +37.9% |
| Gross operating margin | 9900 | -€44,414 | -€52,318 | -€7,903 | -17.8% |
| Operating profit (loss) | 9901 | -€52,772 | -€63,676 | -€10,904 | -20.7% |
| Financial income | 75/76B | €219,571 | €624,238 | +€404,667 | +184.3% |
| Recurring financial income | 75 | €219,571 | €624,238 | +€404,667 | +184.3% |
| Financial charges | 65/66B | €182,947 | €131,093 | -€51,854 | -28.3% |
| Recurring financial charges | 65 | €182,947 | €131,093 | -€51,854 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | -€16,148 | €429,469 | +€445,617 | |
| Income taxes | 67/77 | €12,901 | €88,310 | +€75,408 | +584.5% |
| Profit (loss) for the period | 9904 | -€29,049 | €341,160 | +€370,209 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,049 | €341,160 | +€370,209 |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.