COBEMA: 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.
COBEMA
Largest movements
- Current investments +€300,000
new in 2025: €300,000
- Cash +€81,702
up €81,702 (+2,839%), from €2,878 to €84,580
mainly Net result for the year (+€610,523) and Other debts (+€61,411)
- Receivables within one year +€68,478
up €68,478 (+605%), from €11,323 to €79,801
of which Trade receivables: +€79,769
- Reserves +€608,805
up €608,805 (+78.2%), from €778,873 to €1.4m
of which Distributable reserves: +€566,705
- Debts after one year -€208,870
down €208,870 (-9.1%), from €2.3m to €2.1m
of which Financial debts: -€257,144
- Other debts +€61,411
up €61,411 (+140%), from €43,857 to €105,268
- Short-term financial debts -€50,000
down €50,000 (-100%), from €50,000 to €0
- Gross operating margin +€114,257
up €114,257 (+86.7%), from €131,735 to €245,993
- Financial income -€109,134
down €109,134 (-17.3%), from €630,163 to €521,028
- Financial charges +€74,586
up €74,586 (+184%), from €40,566 to €115,152
- Taxes +€13,529
up €13,529 (+81.0%), from €16,693 to €30,223
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 | €3,557,383 | €3,995,160 | +€437,777 | +12.3% |
| Fixed assets | 21/28 | €3,538,739 | €3,529,236 | -€9,503 | -0.3% |
| Tangible fixed assets | 22/27 | €26,018 | €16,515 | -€9,503 | -36.5% |
| Furniture and vehicles | 24 | €26,018 | €16,515 | -€9,503 | -36.5% |
| Financial fixed assets | 28 | €3,512,721 | €3,512,721 | = | 0.0% |
| Current assets | 29/58 | €18,644 | €465,924 | +€447,280 | +2,399% |
| Amounts receivable within one year | 40/41 | €11,323 | €79,801 | +€68,478 | +605% |
| Trade receivables | 40 | €0 | €79,769 | +€79,769 | |
| Other amounts receivable | 41 | €11,323 | €32 | -€11,291 | -99.7% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €2,878 | €84,580 | +€81,702 | +2,839% |
| Deferred charges and accrued income | 490/1 | €4,444 | €1,544 | -€2,900 | -65.3% |
| Total equity and liabilities | 10/49 | €3,557,383 | €3,995,160 | +€437,777 | +12.3% |
| Equity | 10/15 | €899,014 | €1,507,820 | +€608,805 | +67.7% |
| Contributions | 10/11 | €120,142 | €120,142 | = | 0.0% |
| Reserves | 13 | €778,873 | €1,387,678 | +€608,805 | +78.2% |
| Tax-exempt reserves | 132 | - | €42,100 | +€42,100 | |
| Distributable reserves | 133 | €778,873 | €1,345,578 | +€566,705 | +72.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,658,369 | €2,487,340 | -€171,028 | -6.4% |
| Amounts payable after more than one year | 17 | €2,285,287 | €2,076,417 | -€208,870 | -9.1% |
| Financial debts | 170/4 | €1,414,284 | €1,157,140 | -€257,144 | -18.2% |
| Other amounts payable | 178/9 | €871,003 | €919,277 | +€48,274 | +5.5% |
| Amounts payable within one year | 42/48 | €373,082 | €410,924 | +€37,842 | +10.1% |
| Current portion of amounts payable after more than one year | 42 | €257,144 | €257,144 | = | 0.0% |
| Financial debts | 43 | €50,000 | €0 | -€50,000 | -100% |
| Credit institutions | 430/8 | €50,000 | €0 | -€50,000 | -100% |
| Trade debts | 44 | €4,220 | €2,481 | -€1,739 | -41.2% |
| Suppliers | 440/4 | €4,220 | €2,481 | -€1,739 | -41.2% |
| Taxes, remuneration and social security | 45 | €17,860 | €46,031 | +€28,170 | +158% |
| Taxes | 450/3 | €17,860 | €46,031 | +€28,170 | +158% |
| Other amounts payable | 47/48 | €43,857 | €105,268 | +€61,411 | +140% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,503 | €9,503 | = | 0.0% |
| Other operating charges | 640/8 | €494 | €1,619 | +€1,126 | +228% |
| Gross operating margin | 9900 | €131,735 | €245,993 | +€114,257 | +86.7% |
| Operating profit (loss) | 9901 | €121,738 | €234,870 | +€113,132 | +92.9% |
| Financial income | 75/76B | €630,163 | €521,028 | -€109,134 | -17.3% |
| Recurring financial income | 75 | €630,163 | €521,028 | -€109,134 | -17.3% |
| Financial charges | 65/66B | €40,566 | €115,152 | +€74,586 | +184% |
| Recurring financial charges | 65 | €40,566 | €115,152 | +€74,586 | +184% |
| Profit (loss) for the period before taxes | 9903 | €711,335 | €640,746 | -€70,589 | -9.9% |
| Income taxes | 67/77 | €16,693 | €30,223 | +€13,529 | +81.0% |
| Profit (loss) for the period | 9904 | €694,642 | €610,523 | -€84,118 | -12.1% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €694,642 | €568,423 | -€126,218 | -18.2% |
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 25 October 2026 via checked.be.