COBEX: 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.
COBEX
Largest movements
- Tangible fixed assets +€19,698
up €19,698 (+3.1%), from €637,408 to €657,106
of which Land and buildings: +€14,144
- Deferred charges and accrued income +€11,667
up €11,667 (+40.7%), from €28,668 to €40,335
- Current portion of long-term debt +€219,599
up €219,599 (+768.3%), from €28,584 to €248,183
- Debts after one year -€173,457
down €173,457 (-37.4%), from €463,750 to €290,293
- Short-term financial debts -€8,284
down €8,284 (-100.0%), from €8,284 to €0
- Tax, wage and social debts -€8,176
down €8,176 (-50.0%), from €16,339 to €8,162
- Gross operating margin +€11,257
up €11,257 (+20.3%), from €55,366 to €66,623
- Depreciation +€6,566
up €6,566 (+33.1%), from €19,833 to €26,399
- Financial income -€988
down €988 (-81.3%), from €1,216 to €228
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 | €697,956 | €733,895 | +€35,939 | +5.1% |
| Fixed assets | 21/28 | €637,408 | €657,106 | +€19,698 | +3.1% |
| Tangible fixed assets | 22/27 | €637,408 | €657,106 | +€19,698 | +3.1% |
| Land and buildings | 22 | €630,786 | €644,930 | +€14,144 | +2.2% |
| Plant, machinery and equipment | 23 | €2,498 | €5,823 | +€3,325 | +133.1% |
| Furniture and vehicles | 24 | €4,124 | €6,353 | +€2,228 | +54.0% |
| Current assets | 29/58 | €60,547 | €76,788 | +€16,241 | +26.8% |
| Amounts receivable within one year | 40/41 | €31,798 | €34,306 | +€2,508 | +7.9% |
| Trade receivables | 40 | €22,267 | €22,580 | +€313 | +1.4% |
| Other amounts receivable | 41 | €9,531 | €11,726 | +€2,195 | +23.0% |
| Cash at bank and in hand | 54/58 | €82 | €2,148 | +€2,066 | +2527.9% |
| Deferred charges and accrued income | 490/1 | €28,668 | €40,335 | +€11,667 | +40.7% |
| Total equity and liabilities | 10/49 | €697,956 | €733,895 | +€35,939 | +5.1% |
| Equity | 10/15 | €175,423 | €177,474 | +€2,051 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €156,823 | €158,874 | +€2,051 | +1.3% |
| Tax-exempt reserves | 132 | €581 | €581 | = | 0.0% |
| Distributable reserves | 133 | €156,242 | €158,293 | +€2,051 | +1.3% |
| Amounts payable | 17/49 | €522,532 | €556,420 | +€33,888 | +6.5% |
| Amounts payable after more than one year | 17 | €463,750 | €290,293 | -€173,457 | -37.4% |
| Financial debts | 170/4 | €463,750 | €290,293 | -€173,457 | -37.4% |
| Amounts payable within one year | 42/48 | €54,198 | €256,634 | +€202,436 | +373.5% |
| Current portion of amounts payable after more than one year | 42 | €28,584 | €248,183 | +€219,599 | +768.3% |
| Financial debts | 43 | €8,284 | €0 | -€8,284 | -100.0% |
| Credit institutions | 430/8 | €8,284 | €0 | -€8,284 | -100.0% |
| Trade debts | 44 | €991 | €289 | -€702 | -70.8% |
| Suppliers | 440/4 | €991 | €289 | -€702 | -70.8% |
| Taxes, remuneration and social security | 45 | €16,339 | €8,162 | -€8,176 | -50.0% |
| Taxes | 450/3 | €16,339 | €8,162 | -€8,176 | -50.0% |
| Accrued charges and deferred income | 492/3 | €4,584 | €9,493 | +€4,909 | +107.1% |
| Non-recurring operating income | 76A | €108 | €0 | -€108 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,833 | €26,399 | +€6,566 | +33.1% |
| Other operating charges | 640/8 | €6,942 | €6,363 | -€578 | -8.3% |
| Non-recurring operating charges | 66A | €0 | €4,380 | +€4,380 | |
| Gross operating margin | 9900 | €55,366 | €66,623 | +€11,257 | +20.3% |
| Operating profit (loss) | 9901 | €28,590 | €29,480 | +€890 | +3.1% |
| Financial income | 75/76B | €1,216 | €228 | -€988 | -81.3% |
| Recurring financial income | 75 | €1,216 | €228 | -€988 | -81.3% |
| Financial charges | 65/66B | €24,900 | €24,496 | -€404 | -1.6% |
| Recurring financial charges | 65 | €24,900 | €24,496 | -€404 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €4,906 | €5,212 | +€306 | +6.2% |
| Income taxes | 67/77 | €3,417 | €3,160 | -€256 | -7.5% |
| Profit (loss) for the period | 9904 | €1,489 | €2,051 | +€562 | +37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,489 | €2,051 | +€562 | +37.7% |
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 7 October 2026 via checked.be.