COBENIFOND: 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.
What changed
COBENIFOND
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€122,446
2024 · €2.5m-€2.3m
Equity
€19.6m
2024 · €19.5m+€104,803
Cash
€2.9m
2024 · €2.6m+€283,713
Balance sheet total
€85.4m
2024 · €80.8m+€4.5m
Largest movements
Assets
- Receivables within one year +€5.2m
up €5.2m (+8.6%), from €60.1m to €65.3m
of which Other amounts receivable: +€4.4m
- Tangible fixed assets -€1.0m
down €1.0m (-5.6%), from €17.7m to €16.7m
of which Plant, machinery and equipment: -€544,524
Equity and liabilities
- Other debts +€5.5m
up €5.5m (+11.7%), from €47.3m to €52.8m
- Accrued charges and deferred income -€2.9m
down €2.9m (-64.4%), from €4.5m to €1.6m
- Short-term financial debts +€2.9m
up €2.9m (+115.2%), from €2.5m to €5.4m
of which Other loans: +€2.3m
Income statement
- Financial income -€1.9m
down €1.9m (-45.1%), from €4.2m to €2.3m
of which Non-recurring financial income: -€2.1m
- Write-downs +€705,248
up €705,248 (+2280.8%), from €30,921 to €736,169
- Taxes -€294,950
down €294,950 (-73.3%), from €402,630 to €107,680
of which Taxes: -€291,712
- Turnover -€226,421
down €226,421 (-3.2%), from €7.0m to €6.8m
- Other operating income +€202,636
up €202,636 (+50.9%), from €398,444 to €601,080
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.
Result 2024
€2.5m
Turnover
-€226,421
Other operating income
+€202,636
Services and other goods
+€65,063
Depreciation
+€168,482
Write-downs
-€705,248
Other operating charges
-€16,137
Other operating items
-€115,824
Financial income
-€1.9m
Financial charges
-€113,606
Taxes
+€294,950
Deferred taxes and other
-€8,628
Result 2025
€122,446
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.
From operations
-€831,663
Investment
-€1.2m
Financing
+€2.3m
Cash 2024
€2.6m
From operations (derived)
-€831,663
Net result for the year
+€122,446
Depreciation
+€2.2m
Receivables within one year
-€5.2m
Deferred charges and accrued income
-€39,742
Provisions
-€71,001
Trade debts
-€325,682
Tax, wage and social debts
-€133,689
Other debts
+€5.5m
Accrued charges and deferred income
-€2.9m
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€2.3m
Debts after one year
-€368,838
Current portion of long-term debt
-€150,225
Short-term financial debts
+€2.9m
Contributions, distributions and other
-€17,643
Cash 2025
€2.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €80,846,402 | €85,370,538 | +€4.5m | +5.6% |
| Fixed assets | 21/28 | €17,950,362 | €16,950,065 | -€1.0m | -5.6% |
| Tangible fixed assets | 22/27 | €17,734,232 | €16,733,934 | -€1.0m | -5.6% |
| Land and buildings | 22 | €11,588,064 | €11,342,269 | -€245,795 | -2.1% |
| Plant, machinery and equipment | 23 | €4,191,522 | €3,646,998 | -€544,524 | -13.0% |
| Furniture and vehicles | 24 | €89,970 | €128,858 | +€38,888 | +43.2% |
| Leasing and similar rights | 25 | €1,776,968 | €1,318,218 | -€458,749 | -25.8% |
| Other tangible fixed assets | 26 | €1,641 | - | -€1,641 | |
| Assets under construction and advance payments | 27 | €86,068 | €297,591 | +€211,523 | +245.8% |
| Financial fixed assets | 28 | €216,130 | €216,130 | = | 0.0% |
| Affiliated companies | 280/1 | €215,630 | €215,630 | = | 0.0% |
| Participating interests | 280 | €215,630 | €215,630 | = | 0.0% |
| Other financial fixed assets | 284/8 | €500 | €500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €62,896,039 | €68,420,474 | +€5.5m | +8.8% |
| Amounts receivable within one year | 40/41 | €60,134,093 | €65,335,072 | +€5.2m | +8.6% |
| Trade receivables | 40 | €1,256,866 | €2,048,596 | +€791,730 | +63.0% |
| Other amounts receivable | 41 | €58,877,227 | €63,286,476 | +€4.4m | +7.5% |
| Cash at bank and in hand | 54/58 | €2,611,054 | €2,894,767 | +€283,713 | +10.9% |
| Deferred charges and accrued income | 490/1 | €150,893 | €190,635 | +€39,742 | +26.3% |
| Total equity and liabilities | 10/49 | €80,846,402 | €85,370,538 | +€4.5m | +5.6% |
| Equity | 10/15 | €19,475,038 | €19,579,840 | +€104,803 | +0.5% |
| Contributions | 10/11 | €9,750,331 | €9,750,331 | = | 0.0% |
| Capital | 10 | €9,750,331 | €9,750,331 | = | 0.0% |
| Issued capital | 100 | €9,750,331 | €9,750,331 | = | 0.0% |
| Reserves | 13 | €1,543,115 | €1,318,897 | -€224,218 | -14.5% |
| Non-distributable reserves | 130/1 | €540,000 | €560,000 | +€20,000 | +3.7% |
| Legal reserve | 130 | €540,000 | €560,000 | +€20,000 | +3.7% |
| Tax-exempt reserves | 132 | €966,656 | €722,438 | -€244,218 | -25.3% |
| Distributable reserves | 133 | €36,459 | €36,459 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,149,480 | €8,496,145 | +€346,664 | +4.3% |
| Investment grants | 15 | €32,112 | €14,468 | -€17,643 | -54.9% |
| Provisions and deferred taxes | 16 | €353,235 | €282,234 | -€71,001 | -20.1% |
| Deferred taxes | 168 | €353,235 | €282,234 | -€71,001 | -20.1% |
| Amounts payable | 17/49 | €61,018,129 | €65,508,465 | +€4.5m | +7.4% |
| Amounts payable after more than one year | 17 | €3,303,119 | €2,934,281 | -€368,838 | -11.2% |
| Financial debts | 170/4 | €3,303,119 | €1,956,274 | -€1.3m | -40.8% |
| Subordinated loans | 170 | €1,290,612 | €1,290,612 | = | 0.0% |
| Leasing and similar obligations | 172 | €1,006,558 | €615,818 | -€390,739 | -38.8% |
| Credit institutions | 173 | - | €49,844 | +€49,844 | |
| Other loans | 174 | €1,005,950 | - | -€1.0m | |
| Other amounts payable | 178/9 | - | €978,006 | +€978,006 | |
| Amounts payable within one year | 42/48 | €53,193,968 | €60,965,301 | +€7.8m | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €670,601 | €520,376 | -€150,225 | -22.4% |
| Financial debts | 43 | €2,494,644 | €5,368,230 | +€2.9m | +115.2% |
| Credit institutions | 430/8 | €1,899,644 | €2,507,751 | +€608,107 | +32.0% |
| Other loans | 439 | €595,000 | €2,860,479 | +€2.3m | +380.8% |
| Trade debts | 44 | €2,644,871 | €2,319,190 | -€325,682 | -12.3% |
| Suppliers | 440/4 | €2,644,871 | €2,319,190 | -€325,682 | -12.3% |
| Taxes, remuneration and social security | 45 | €133,689 | - | -€133,689 | |
| Taxes | 450/3 | €133,689 | - | -€133,689 | |
| Other amounts payable | 47/48 | €47,250,162 | €52,757,505 | +€5.5m | +11.7% |
| Accrued charges and deferred income | 492/3 | €4,521,042 | €1,608,883 | -€2.9m | -64.4% |
| Operating income | 70/76A | €7,509,857 | €7,378,726 | -€131,131 | -1.7% |
| Turnover | 70 | €6,984,067 | €6,757,646 | -€226,421 | -3.2% |
| Other operating income | 74 | €398,444 | €601,080 | +€202,636 | +50.9% |
| Non-recurring operating income | 76A | €127,345 | €20,000 | -€107,345 | -84.3% |
| Operating charges | 60/66A | €7,012,131 | €7,508,451 | +€496,320 | +7.1% |
| Services and other goods | 61 | €4,235,056 | €4,169,993 | -€65,063 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,390,283 | €2,221,801 | -€168,482 | -7.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,921 | €736,169 | +€705,248 | +2280.8% |
| Other operating charges | 640/8 | €347,736 | €363,873 | +€16,137 | +4.6% |
| Non-recurring operating charges | 66A | €8,135 | €16,614 | +€8,479 | +104.2% |
| Operating profit (loss) | 9901 | €497,726 | -€129,725 | -€627,451 | |
| Financial income | 75/76B | €4,179,599 | €2,296,327 | -€1.9m | -45.1% |
| Recurring financial income | 75 | €2,064,648 | €2,239,490 | +€174,842 | +8.5% |
| Income from current assets | 751 | €2,054,594 | €2,231,846 | +€177,252 | +8.6% |
| Other financial income | 752/9 | €10,054 | €7,644 | -€2,410 | -24.0% |
| Non-recurring financial income | 76B | €2,114,951 | €56,837 | -€2.1m | -97.3% |
| Financial charges | 65/66B | €1,893,871 | €2,007,477 | +€113,606 | +6.0% |
| Recurring financial charges | 65 | €1,893,871 | €2,007,477 | +€113,606 | +6.0% |
| Debt charges | 650 | €1,823,652 | €1,990,544 | +€166,892 | +9.2% |
| Other financial charges | 652/9 | €70,219 | €16,933 | -€53,286 | -75.9% |
| Profit (loss) for the period before taxes | 9903 | €2,783,454 | €159,125 | -€2.6m | -94.3% |
| Transfer from deferred taxes | 780 | €79,629 | €71,001 | -€8,628 | -10.8% |
| Income taxes | 67/77 | €402,630 | €107,680 | -€294,950 | -73.3% |
| Taxes | 670/3 | €402,630 | €110,919 | -€291,712 | -72.5% |
| Tax adjustments and reversals of tax provisions | 77 | - | €3,239 | +€3,239 | |
| Profit (loss) for the period | 9904 | €2,460,453 | €122,446 | -€2.3m | -95.0% |
| Transfer from tax-exempt reserves | 789 | €223,846 | €244,218 | +€20,372 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,684,298 | €366,664 | -€2.3m | -86.3% |
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 11 October 2026 via checked.be.