COBO: 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.
COBO
Largest movements
- Cash +€359,723
up €359,723 (+72.8%), from €494,256 to €853,980
mainly Net result for the year (+€307,769) and Current investments (+€179,000)
- Current investments -€179,000
down €179,000 (-34.0%), from €526,015 to €347,014
- Receivables within one year +€39,720
up €39,720 (+85.2%), from €46,615 to €86,335
of which Other amounts receivable: +€39,700
- Tangible fixed assets -€20,057
down €20,057 (-28.6%), from €70,063 to €50,006
of which Land and buildings: -€18,058
- Reserves +€193,484
up €193,484 (+20.3%), from €952,899 to €1.1m
of which Tax-exempt reserves: +€105,250
- Other debts +€15,862
up €15,862 (+31.7%), from €50,046 to €65,908
- Trade debts -€15,751
down €15,751 (-55.4%), from €28,426 to €12,675
- Gross operating margin +€173,247
up €173,247 (+46.8%), from €369,976 to €543,222
- Taxes +€37,261
up €37,261 (+40.0%), from €93,109 to €130,369
- Staff costs +€33,230
up €33,230 (+47.3%), from €70,263 to €103,493
- Financial income +€9,359
up €9,359 (+59.9%), from €15,620 to €24,979
- Depreciation -€6,055
down €6,055 (-23.2%), from €26,111 to €20,057
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 | €1,136,948 | €1,337,335 | +€200,387 | +17.6% |
| Fixed assets | 21/28 | €70,063 | €50,006 | -€20,057 | -28.6% |
| Tangible fixed assets | 22/27 | €70,063 | €50,006 | -€20,057 | -28.6% |
| Land and buildings | 22 | €59,208 | €41,150 | -€18,058 | -30.5% |
| Plant, machinery and equipment | 23 | €931 | €149 | -€781 | -83.9% |
| Furniture and vehicles | 24 | €9,244 | €8,196 | -€1,048 | -11.3% |
| Other tangible fixed assets | 26 | €681 | €511 | -€170 | -25.0% |
| Current assets | 29/58 | €1,066,886 | €1,287,329 | +€220,443 | +20.7% |
| Amounts receivable within one year | 40/41 | €46,615 | €86,335 | +€39,720 | +85.2% |
| Trade receivables | 40 | €32,853 | €32,873 | +€20 | +0.1% |
| Other amounts receivable | 41 | €13,762 | €53,462 | +€39,700 | +288.5% |
| Current investments | 50/53 | €526,015 | €347,014 | -€179,000 | -34.0% |
| Cash at bank and in hand | 54/58 | €494,256 | €853,980 | +€359,723 | +72.8% |
| Total equity and liabilities | 10/49 | €1,136,948 | €1,337,335 | +€200,387 | +17.6% |
| Equity | 10/15 | €971,657 | €1,165,141 | +€193,484 | +19.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €952,899 | €1,146,383 | +€193,484 | +20.3% |
| Tax-exempt reserves | 132 | €71,150 | €176,400 | +€105,250 | +147.9% |
| Distributable reserves | 133 | €881,749 | €969,983 | +€88,234 | +10.0% |
| Profit (loss) carried forward | 14 | €158 | €158 | = | 0.0% |
| Amounts payable | 17/49 | €165,292 | €172,194 | +€6,902 | +4.2% |
| Amounts payable within one year | 42/48 | €164,542 | €171,444 | +€6,902 | +4.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €28,426 | €12,675 | -€15,751 | -55.4% |
| Suppliers | 440/4 | €28,426 | €12,675 | -€15,751 | -55.4% |
| Taxes, remuneration and social security | 45 | €86,070 | €92,861 | +€6,791 | +7.9% |
| Taxes | 450/3 | €75,002 | €75,513 | +€510 | +0.7% |
| Remuneration and social security | 454/9 | €11,067 | €17,348 | +€6,281 | +56.8% |
| Other amounts payable | 47/48 | €50,046 | €65,908 | +€15,862 | +31.7% |
| Accrued charges and deferred income | 492/3 | €750 | €750 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €70,263 | €103,493 | +€33,230 | +47.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,111 | €20,057 | -€6,055 | -23.2% |
| Other operating charges | 640/8 | €1,630 | €2,063 | +€433 | +26.5% |
| Gross operating margin | 9900 | €369,976 | €543,222 | +€173,247 | +46.8% |
| Operating profit (loss) | 9901 | €271,972 | €417,610 | +€145,639 | +53.5% |
| Financial income | 75/76B | €15,620 | €24,979 | +€9,359 | +59.9% |
| Recurring financial income | 75 | €15,620 | €24,979 | +€9,359 | +59.9% |
| Financial charges | 65/66B | €3,258 | €4,451 | +€1,193 | +36.6% |
| Recurring financial charges | 65 | €3,258 | €4,451 | +€1,193 | +36.6% |
| Profit (loss) for the period before taxes | 9903 | €284,333 | €438,138 | +€153,805 | +54.1% |
| Income taxes | 67/77 | €93,109 | €130,369 | +€37,261 | +40.0% |
| Profit (loss) for the period | 9904 | €191,224 | €307,769 | +€116,544 | +60.9% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €0 | -€84,200 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €0 | €105,250 | +€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €275,424 | €202,519 | -€72,906 | -26.5% |
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 10 October 2026 via checked.be.