COBELUX: 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.
COBELUX
Largest movements
- Receivables within one year -€38,313
down €38,313 (-37.7%), from €101,736 to €63,423
of which Trade receivables: -€37,887
- Cash +€4,713
up €4,713 (+53.3%), from €8,846 to €13,559
mainly Receivables within one year (+€38,313) and Deferred charges and accrued income (+€4,108)
- Deferred charges and accrued income -€4,108
down €4,108 (-60.3%), from €6,809 to €2,701
- Profit (loss) carried forward -€28,706
down €28,706 (-52.4%), from -€54,769 to -€83,475
- Trade debts -€15,196
down €15,196 (-49.2%), from €30,915 to €15,719
- Contributions +€2,509
up €2,509 (+1.9%), from €129,491 to €132,000
- Short-term financial debts +€1,760
up €1,760 (+58,863%), from €3 to €1,763
- Gross operating margin -€19,226
down €19,226, from €2,695 to -€16,531
- Other operating charges +€4,961
up €4,961 (+296%), from €1,673 to €6,635
- Depreciation -€4,731
down €4,731 (-81.1%), from €5,834 to €1,103
- Financial charges +€1,252
up €1,252 (+65.9%), from €1,899 to €3,151
- Taxes +€992
up €992 (+313%), from €317 to €1,309
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €122,791 | €82,387 | -€40,404 | -32.9% |
| Fixed assets | 21/28 | €3,872 | €1,831 | -€2,041 | -52.7% |
| Tangible fixed assets | 22/27 | €1,694 | €591 | -€1,103 | -65.1% |
| Furniture and vehicles | 24 | €1,452 | €591 | -€861 | -59.3% |
| Other tangible fixed assets | 26 | €242 | - | -€242 | |
| Financial fixed assets | 28 | €2,178 | €1,240 | -€937 | -43.0% |
| Current assets | 29/58 | €118,920 | €80,556 | -€38,364 | -32.3% |
| Stocks and contracts in progress | 3 | €1,529 | €873 | -€656 | -42.9% |
| Stocks | 30/36 | €1,529 | €873 | -€656 | -42.9% |
| Amounts receivable within one year | 40/41 | €101,736 | €63,423 | -€38,313 | -37.7% |
| Trade receivables | 40 | €100,695 | €62,808 | -€37,887 | -37.6% |
| Other amounts receivable | 41 | €1,041 | €615 | -€426 | -40.9% |
| Cash at bank and in hand | 54/58 | €8,846 | €13,559 | +€4,713 | +53.3% |
| Deferred charges and accrued income | 490/1 | €6,809 | €2,701 | -€4,108 | -60.3% |
| Total equity and liabilities | 10/49 | €122,791 | €82,387 | -€40,404 | -32.9% |
| Equity | 10/15 | €83,758 | €57,562 | -€26,197 | -31.3% |
| Contributions | 10/11 | €129,491 | €132,000 | +€2,509 | +1.9% |
| Capital | 10 | €129,491 | €132,000 | +€2,509 | +1.9% |
| Issued capital | 100 | €132,000 | €132,000 | = | 0.0% |
| Uncalled capital | 101 | €2,509 | - | -€2,509 | |
| Reserves | 13 | €9,037 | €9,037 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,071 | €4,071 | = | 0.0% |
| Legal reserve | 130 | €4,071 | €4,071 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,607 | €4,607 | = | 0.0% |
| Distributable reserves | 133 | €359 | €359 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,769 | -€83,475 | -€28,706 | -52.4% |
| Amounts payable | 17/49 | €39,033 | €24,826 | -€14,207 | -36.4% |
| Amounts payable within one year | 42/48 | €39,033 | €24,826 | -€14,207 | -36.4% |
| Financial debts | 43 | €3 | €1,763 | +€1,760 | +58,863% |
| Credit institutions | 430/8 | €3 | €1,763 | +€1,760 | +58,863% |
| Trade debts | 44 | €30,915 | €15,719 | -€15,196 | -49.2% |
| Suppliers | 440/4 | €30,915 | €15,719 | -€15,196 | -49.2% |
| Advances received on contracts in progress | 46 | - | €363 | +€363 | |
| Taxes, remuneration and social security | 45 | €1,310 | €655 | -€655 | -50.0% |
| Taxes | 450/3 | €317 | €655 | +€338 | +107% |
| Remuneration and social security | 454/9 | €993 | - | -€993 | |
| Other amounts payable | 47/48 | €6,805 | €6,326 | -€480 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,834 | €1,103 | -€4,731 | -81.1% |
| Other operating charges | 640/8 | €1,673 | €6,635 | +€4,961 | +296% |
| Non-recurring operating charges | 66A | €370 | - | -€370 | |
| Gross operating margin | 9900 | €2,695 | -€16,531 | -€19,226 | |
| Operating profit (loss) | 9901 | -€5,182 | -€24,268 | -€19,086 | -368% |
| Financial income | 75/76B | €9 | €23 | +€14 | +163% |
| Recurring financial income | 75 | €9 | €23 | +€14 | +163% |
| Financial charges | 65/66B | €1,899 | €3,151 | +€1,252 | +65.9% |
| Recurring financial charges | 65 | €1,899 | €3,151 | +€1,252 | +65.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,073 | -€27,397 | -€20,324 | -287% |
| Income taxes | 67/77 | €317 | €1,309 | +€992 | +313% |
| Profit (loss) for the period | 9904 | -€7,389 | -€28,706 | -€21,316 | -288% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,389 | -€28,706 | -€21,316 | -288% |
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 21 October 2026 via checked.be.