COBELSA: 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.
COBELSA
Largest movements
- Stocks and contracts +€115,315
up €115,315 (+13.3%), from €867,215 to €982,530
- Cash +€44,811
up €44,811 (+464.2%), from €9,654 to €54,465
mainly Net result for the year (+€119,063) and Tax, wage and social debts (+€46,506)
- Profit (loss) carried forward +€119,063
up €119,063 (+21.9%), from €544,458 to €663,521
- Tax, wage and social debts +€46,506
up €46,506 (+1393.6%), from €3,337 to €49,843
- Gross operating margin +€128,199
up €128,199 (+227.8%), from €56,271 to €184,470
- Taxes +€36,327
up €36,327 (+985.5%), from €3,686 to €40,013
- Other operating charges -€20,945
down €20,945 (-91.0%), from €23,028 to €2,083
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 | €1,150,949 | €1,315,336 | +€164,387 | +14.3% |
| Fixed assets | 21/28 | €146,360 | €144,587 | -€1,773 | -1.2% |
| Tangible fixed assets | 22/27 | €146,010 | €144,237 | -€1,773 | -1.2% |
| Land and buildings | 22 | €146,010 | €144,237 | -€1,773 | -1.2% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €1,004,589 | €1,170,749 | +€166,160 | +16.5% |
| Stocks and contracts in progress | 3 | €867,215 | €982,530 | +€115,315 | +13.3% |
| Stocks | 30/36 | €867,215 | €982,530 | +€115,315 | +13.3% |
| Amounts receivable within one year | 40/41 | €127,720 | €133,754 | +€6,034 | +4.7% |
| Trade receivables | 40 | €110,413 | €123,754 | +€13,341 | +12.1% |
| Other amounts receivable | 41 | €17,307 | €10,000 | -€7,307 | -42.2% |
| Cash at bank and in hand | 54/58 | €9,654 | €54,465 | +€44,811 | +464.2% |
| Total equity and liabilities | 10/49 | €1,150,949 | €1,315,336 | +€164,387 | +14.3% |
| Equity | 10/15 | €565,083 | €684,146 | +€119,063 | +21.1% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €1,875 | €1,875 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | €544,458 | €663,521 | +€119,063 | +21.9% |
| Amounts payable | 17/49 | €585,866 | €631,190 | +€45,324 | +7.7% |
| Amounts payable after more than one year | 17 | €429,700 | €429,700 | = | 0.0% |
| Financial debts | 170/4 | €425,000 | €425,000 | = | 0.0% |
| Other amounts payable | 178/9 | €4,700 | €4,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €156,166 | €201,490 | +€45,324 | +29.0% |
| Trade debts | 44 | €152,829 | €151,647 | -€1,182 | -0.8% |
| Suppliers | 440/4 | €152,829 | €151,647 | -€1,182 | -0.8% |
| Taxes, remuneration and social security | 45 | €3,337 | €49,843 | +€46,506 | +1393.6% |
| Taxes | 450/3 | €3,337 | €49,843 | +€46,506 | +1393.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,997 | €10,713 | -€284 | -2.6% |
| Other operating charges | 640/8 | €23,028 | €2,083 | -€20,945 | -91.0% |
| Gross operating margin | 9900 | €56,271 | €184,470 | +€128,199 | +227.8% |
| Operating profit (loss) | 9901 | €22,246 | €171,674 | +€149,428 | +671.7% |
| Financial income | 75/76B | €86 | €11 | -€75 | -87.2% |
| Recurring financial income | 75 | €86 | €11 | -€75 | -87.2% |
| Financial charges | 65/66B | €11,058 | €12,609 | +€1,551 | +14.0% |
| Recurring financial charges | 65 | €11,058 | €12,609 | +€1,551 | +14.0% |
| Profit (loss) for the period before taxes | 9903 | €11,274 | €159,076 | +€147,802 | +1311.0% |
| Income taxes | 67/77 | €3,686 | €40,013 | +€36,327 | +985.5% |
| Profit (loss) for the period | 9904 | €7,588 | €119,063 | +€111,475 | +1469.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,588 | €119,063 | +€111,475 | +1469.1% |
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 5 October 2026 via checked.be.