COBEMAT: 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.
COBEMAT
Largest movements
- Receivables within one year +€312,458
up €312,458 (+34.3%), from €911,889 to €1.2m
of which Other amounts receivable: +€253,352
- Cash +€50,181
up €50,181 (+5.5%), from €911,288 to €961,469
mainly Other debts (+€362,177) and Net result for the year (+€270,558)
- Other debts +€362,177
up €362,177 (+34811.3%), from €1,040 to €363,217
- Profit (loss) carried forward -€92,442
down €92,442 (-8.5%), from €1.1m to €1.0m
- Trade debts +€74,953
up €74,953 (+9.4%), from €796,943 to €871,895
- Tax, wage and social debts +€23,426
up €23,426 (+521.4%), from €4,493 to €27,919
of which Taxes: +€22,311
- Gross operating margin +€117,804
up €117,804 (+47.0%), from €250,737 to €368,541
- Taxes +€35,436
up €35,436 (+61.0%), from €58,090 to €93,526
- Write-downs -€23,752
no longer reported in 2025 (was €23,752)
- Other operating charges -€5,384
down €5,384 (-72.0%), from €7,482 to €2,098
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 | €1,922,866 | €2,288,980 | +€366,113 | +19.0% |
| Fixed assets | 21/28 | €30,645 | €31,550 | +€904 | +3.0% |
| Intangible fixed assets | 21 | €21,229 | €17,207 | -€4,021 | -18.9% |
| Tangible fixed assets | 22/27 | €9,342 | €14,100 | +€4,758 | +50.9% |
| Plant, machinery and equipment | 23 | €8,075 | €7,176 | -€899 | -11.1% |
| Furniture and vehicles | 24 | €1,267 | €6,924 | +€5,657 | +446.3% |
| Financial fixed assets | 28 | €74 | €242 | +€168 | +225.0% |
| Current assets | 29/58 | €1,892,221 | €2,257,430 | +€365,209 | +19.3% |
| Amounts receivable within one year | 40/41 | €911,889 | €1,224,347 | +€312,458 | +34.3% |
| Trade receivables | 40 | €876,936 | €936,042 | +€59,107 | +6.7% |
| Other amounts receivable | 41 | €34,953 | €288,305 | +€253,352 | +724.8% |
| Current investments | 50/53 | €62,208 | €62,789 | +€582 | +0.9% |
| Cash at bank and in hand | 54/58 | €911,288 | €961,469 | +€50,181 | +5.5% |
| Deferred charges and accrued income | 490/1 | €6,837 | €8,825 | +€1,988 | +29.1% |
| Total equity and liabilities | 10/49 | €1,922,866 | €2,288,980 | +€366,113 | +19.0% |
| Equity | 10/15 | €1,120,390 | €1,025,948 | -€94,442 | -8.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,092,490 | €1,000,047 | -€92,442 | -8.5% |
| Investment grants | 15 | €7,496 | €5,496 | -€2,000 | -26.7% |
| Amounts payable | 17/49 | €802,476 | €1,263,032 | +€460,556 | +57.4% |
| Amounts payable within one year | 42/48 | €802,476 | €1,263,032 | +€460,556 | +57.4% |
| Trade debts | 44 | €796,943 | €871,895 | +€74,953 | +9.4% |
| Suppliers | 440/4 | €796,943 | €871,895 | +€74,953 | +9.4% |
| Taxes, remuneration and social security | 45 | €4,493 | €27,919 | +€23,426 | +521.4% |
| Taxes | 450/3 | €3,983 | €26,294 | +€22,311 | +560.1% |
| Remuneration and social security | 454/9 | €510 | €1,625 | +€1,115 | +218.8% |
| Other amounts payable | 47/48 | €1,040 | €363,217 | +€362,177 | +34811.3% |
| Non-recurring operating income | 76A | €1,633 | - | -€1,633 | |
| Remuneration, social security and pensions | 62 | €10,851 | €8,904 | -€1,947 | -17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,029 | €8,879 | +€850 | +10.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,752 | - | -€23,752 | |
| Other operating charges | 640/8 | €7,482 | €2,098 | -€5,384 | -72.0% |
| Non-recurring operating charges | 66A | - | €755 | +€755 | |
| Gross operating margin | 9900 | €250,737 | €368,541 | +€117,804 | +47.0% |
| Operating profit (loss) | 9901 | €200,623 | €347,905 | +€147,282 | +73.4% |
| Financial income | 75/76B | €14,055 | €16,327 | +€2,272 | +16.2% |
| Recurring financial income | 75 | €14,055 | €16,327 | +€2,272 | +16.2% |
| Financial charges | 65/66B | -€1,982 | €149 | +€2,130 | |
| Recurring financial charges | 65 | -€1,982 | €149 | +€2,130 | |
| Profit (loss) for the period before taxes | 9903 | €216,660 | €364,083 | +€147,423 | +68.0% |
| Income taxes | 67/77 | €58,090 | €93,526 | +€35,436 | +61.0% |
| Profit (loss) for the period | 9904 | €158,570 | €270,558 | +€111,988 | +70.6% |
| Profit (loss) for the period to be appropriated | 9905 | €158,570 | €270,558 | +€111,988 | +70.6% |
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 4 October 2026 via checked.be.