COBERNA: 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.
What changed
COBERNA
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€281,993
2024 · -€345,319+€63,326
Equity
€99.1m
2024 · €99.4m-€281,993
Cash
€564,907
2024 · €847,027-€282,120
Balance sheet total
€135.5m
2024 · €147.5m-€12.0m
Largest movements
Assets
- Receivables within one year -€11.7m
down €11.7m (-90.0%), from €13.0m to €1.3m
of which Other amounts receivable: -€12.3m
- Receivables after one year +€3.1m
new in 2025: €3.1m
- Tangible fixed assets -€3.0m
down €3.0m (-4.8%), from €61.7m to €58.7m
of which Land and buildings: -€3.0m
Equity and liabilities
- Other debts -€10.3m
down €10.3m (-99.6%), from €10.3m to €39,725
- Profit (loss) carried forward +€9.2m
no longer reported in 2025 (was -€9.2m)
- Reserves -€7.3m
down €7.3m (-77.5%), from €9.4m to €2.1m
of which Distributable reserves: -€7.3m
- Revaluation surpluses -€2.2m
down €2.2m (-4.2%), from €51.2m to €49.0m
Income statement
- Financial income -€1.4m
down €1.4m (-91.3%), from €1.5m to €130,918
- Gross operating margin +€1.2m
up €1.2m (+36.2%), from €3.3m to €4.5m
- Financial charges -€190,803
down €190,803 (-16.0%), from €1.2m to €1.0m
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
-€345,319
Gross operating margin
+€1.2m
Write-downs
-€2,226
Provisions
+€30,990
Other operating charges
-€15,266
Other operating items
+€2,000
Financial income
-€1.4m
Financial charges
+€190,803
Taxes
+€30,100
Result 2025
-€281,993
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
+€720,837
Investment
-€120,000
Financing
-€882,957
Cash 2024
€847,027
From operations (derived)
+€720,837
Net result for the year
-€281,993
Depreciation
+€3.0m
Receivables after one year
-€3.1m
Receivables within one year
+€11.7m
Deferred charges and accrued income
+€268,076
Provisions
-€573,610
Trade debts
-€31,147
Smaller working-capital items
-€20,088
Other debts
-€10.3m
Accrued charges and deferred income
+€116,099
Investment (derived)
-€120,000
Investment in fixed assets (net)
+€0
Current investments
-€120,000
Financing
-€882,957
Debts after one year
-€882,957
Contributions, distributions and other
-€0
Cash 2025
€564,907
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €147,479,945 | €135,509,024 | -€12.0m | -8.1% |
| Fixed assets | 21/28 | €132,943,825 | €129,991,500 | -€3.0m | -2.2% |
| Tangible fixed assets | 22/27 | €61,702,109 | €58,749,784 | -€3.0m | -4.8% |
| Land and buildings | 22 | €61,674,653 | €58,723,654 | -€3.0m | -4.8% |
| Plant, machinery and equipment | 23 | €8,208 | €6,882 | -€1,326 | -16.2% |
| Other tangible fixed assets | 26 | €19,248 | €19,248 | = | 0.0% |
| Financial fixed assets | 28 | €71,241,716 | €71,241,716 | = | 0.0% |
| Current assets | 29/58 | €14,536,120 | €5,517,524 | -€9.0m | -62.0% |
| Amounts receivable after more than one year | 29 | - | €3,133,504 | +€3.1m | |
| Other amounts receivable | 291 | - | €3,133,504 | +€3.1m | |
| Amounts receivable within one year | 40/41 | €13,020,133 | €1,298,229 | -€11.7m | -90.0% |
| Trade receivables | 40 | €741,302 | €1,298,229 | +€556,927 | +75.1% |
| Other amounts receivable | 41 | €12,278,831 | - | -€12.3m | |
| Current investments | 50/53 | €280,000 | €400,000 | +€120,000 | +42.9% |
| Cash at bank and in hand | 54/58 | €847,027 | €564,907 | -€282,120 | -33.3% |
| Deferred charges and accrued income | 490/1 | €388,960 | €120,884 | -€268,076 | -68.9% |
| Total equity and liabilities | 10/49 | €147,479,945 | €135,509,024 | -€12.0m | -8.1% |
| Equity | 10/15 | €99,355,769 | €99,073,775 | -€281,993 | -0.3% |
| Contributions | 10/11 | €47,928,400 | €47,928,400 | = | 0.0% |
| Capital | 10 | €47,928,400 | €47,928,400 | = | 0.0% |
| Issued capital | 100 | €47,928,400 | €47,928,400 | = | 0.0% |
| Revaluation surpluses | 12 | €51,182,467 | €49,031,158 | -€2.2m | -4.2% |
| Reserves | 13 | €9,397,899 | €2,114,218 | -€7.3m | -77.5% |
| Non-distributable reserves | 130/1 | €123,504 | €123,504 | = | 0.0% |
| Legal reserve | 130 | €123,504 | €123,504 | = | 0.0% |
| Distributable reserves | 133 | €9,274,395 | €1,990,714 | -€7.3m | -78.5% |
| Profit (loss) carried forward | 14 | -€9,152,997 | - | +€9.2m | |
| Provisions and deferred taxes | 16 | €1,478,000 | €904,390 | -€573,610 | -38.8% |
| Provisions for liabilities and charges | 160/5 | €1,478,000 | €904,390 | -€573,610 | -38.8% |
| Major repairs and maintenance | 162 | €1,478,000 | €904,390 | -€573,610 | -38.8% |
| Amounts payable | 17/49 | €46,646,177 | €35,530,859 | -€11.1m | -23.8% |
| Amounts payable after more than one year | 17 | €32,917,180 | €32,034,223 | -€882,957 | -2.7% |
| Financial debts | 170/4 | €32,839,221 | €31,995,989 | -€843,232 | -2.6% |
| Other amounts payable | 178/9 | €77,959 | €38,234 | -€39,725 | -51.0% |
| Amounts payable within one year | 42/48 | €12,276,854 | €1,928,395 | -€10.3m | -84.3% |
| Current portion of amounts payable after more than one year | 42 | €843,232 | €843,232 | = | 0.0% |
| Trade debts | 44 | €689,462 | €658,315 | -€31,147 | -4.5% |
| Suppliers | 440/4 | €689,462 | €658,315 | -€31,147 | -4.5% |
| Advances received on contracts in progress | 46 | €311,730 | €312,316 | +€585 | +0.2% |
| Taxes, remuneration and social security | 45 | €95,480 | €74,807 | -€20,673 | -21.7% |
| Taxes | 450/3 | €95,480 | €74,807 | -€20,673 | -21.7% |
| Other amounts payable | 47/48 | €10,336,949 | €39,725 | -€10.3m | -99.6% |
| Accrued charges and deferred income | 492/3 | €1,452,142 | €1,568,241 | +€116,099 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,952,325 | €2,952,325 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,226 | - | +€2,226 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€542,620 | -€573,610 | -€30,990 | -5.7% |
| Other operating charges | 640/8 | €898,109 | €913,376 | +€15,266 | +1.7% |
| Non-recurring operating charges | 66A | €2,000 | - | -€2,000 | |
| Gross operating margin | 9900 | €3,298,323 | €4,490,965 | +€1.2m | +36.2% |
| Operating profit (loss) | 9901 | -€9,266 | €1,198,874 | +€1.2m | |
| Financial income | 75/76B | €1,496,635 | €130,918 | -€1.4m | -91.3% |
| Recurring financial income | 75 | €1,496,635 | €130,918 | -€1.4m | -91.3% |
| Financial charges | 65/66B | €1,195,607 | €1,004,804 | -€190,803 | -16.0% |
| Recurring financial charges | 65 | €1,195,607 | €1,004,804 | -€190,803 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €291,762 | €324,988 | +€33,226 | +11.4% |
| Income taxes | 67/77 | €637,081 | €606,981 | -€30,100 | -4.7% |
| Profit (loss) for the period | 9904 | -€345,319 | -€281,993 | +€63,326 | +18.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€345,319 | -€281,993 | +€63,326 | +18.3% |
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.