COBO-PROJECTS: 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.
COBO-PROJECTS
Largest movements
- Tangible fixed assets -€319,642
down €319,642 (-16.7%), from €1.9m to €1.6m
of which Other tangible fixed assets: -€189,537
- Cash +€111,110
up €111,110, from €0 to €111,110
mainly Investment in fixed assets (net) (+€250,057) and Receivables within one year (+€79,567)
- Receivables within one year -€79,567
down €79,567 (-21.8%), from €365,803 to €286,236
of which Trade receivables: -€101,932
- Debts after one year -€145,001
down €145,001 (-88.0%), from €164,783 to €19,782
- Short-term financial debts -€125,240
down €125,240 (-10.4%), from €1.2m to €1.1m
- Revaluation surpluses -€102,599
down €102,599 (-22.6%), from €454,781 to €352,183
- Provisions +€65,453
up €65,453 (+154.8%), from €42,271 to €107,724
- Reserves +€54,771
up €54,771 (+11.1%), from €491,584 to €546,356
of which Tax-exempt reserves: +€196,360
- Gross operating margin +€260,936
up €260,936 (+883.2%), from €29,545 to €290,481
- Depreciation +€16,750
up €16,750 (+31.7%), from €52,835 to €69,585
- Financial charges +€14,430
up €14,430 (+18.6%), from €77,693 to €92,122
- Taxes -€7,130
down €7,130 (-95.4%), from €7,475 to €345
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 | €2,580,294 | €2,288,485 | -€291,809 | -11.3% |
| Fixed assets | 21/28 | €1,919,413 | €1,599,772 | -€319,642 | -16.7% |
| Tangible fixed assets | 22/27 | €1,919,413 | €1,599,772 | -€319,642 | -16.7% |
| Land and buildings | 22 | €1,697,223 | €1,567,731 | -€129,492 | -7.6% |
| Plant, machinery and equipment | 23 | - | €2,183 | +€2,183 | |
| Furniture and vehicles | 24 | - | €3,878 | +€3,878 | |
| Leasing and similar rights | 25 | €32,653 | €25,980 | -€6,672 | -20.4% |
| Other tangible fixed assets | 26 | €189,537 | €0 | -€189,537 | -100.0% |
| Current assets | 29/58 | €660,881 | €688,713 | +€27,833 | +4.2% |
| Amounts receivable after more than one year | 29 | €274,227 | €274,227 | = | 0.0% |
| Other amounts receivable | 291 | €274,227 | €274,227 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €365,803 | €286,236 | -€79,567 | -21.8% |
| Trade receivables | 40 | €168,159 | €66,227 | -€101,932 | -60.6% |
| Other amounts receivable | 41 | €197,644 | €220,009 | +€22,365 | +11.3% |
| Cash at bank and in hand | 54/58 | €0 | €111,110 | +€111,110 | |
| Deferred charges and accrued income | 490/1 | €20,850 | €17,141 | -€3,710 | -17.8% |
| Total equity and liabilities | 10/49 | €2,580,294 | €2,288,485 | -€291,809 | -11.3% |
| Equity | 10/15 | €964,966 | €917,138 | -€47,827 | -5.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €454,781 | €352,183 | -€102,599 | -22.6% |
| Reserves | 13 | €491,584 | €546,356 | +€54,771 | +11.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €126,813 | €323,173 | +€196,360 | +154.8% |
| Distributable reserves | 133 | €364,771 | €223,183 | -€141,588 | -38.8% |
| Provisions and deferred taxes | 16 | €42,271 | €107,724 | +€65,453 | +154.8% |
| Deferred taxes | 168 | €42,271 | €107,724 | +€65,453 | +154.8% |
| Amounts payable | 17/49 | €1,573,057 | €1,263,622 | -€309,435 | -19.7% |
| Amounts payable after more than one year | 17 | €164,783 | €19,782 | -€145,001 | -88.0% |
| Financial debts | 170/4 | €164,783 | €19,782 | -€145,001 | -88.0% |
| Amounts payable within one year | 42/48 | €1,399,746 | €1,231,159 | -€168,587 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €47,701 | €6,425 | -€41,276 | -86.5% |
| Financial debts | 43 | €1,202,240 | €1,077,000 | -€125,240 | -10.4% |
| Credit institutions | 430/8 | €1,202,240 | €1,077,000 | -€125,240 | -10.4% |
| Trade debts | 44 | €62,351 | €34,224 | -€28,128 | -45.1% |
| Suppliers | 440/4 | €62,351 | €34,224 | -€28,128 | -45.1% |
| Taxes, remuneration and social security | 45 | €87,452 | €82,922 | -€4,531 | -5.2% |
| Taxes | 450/3 | €87,452 | €82,922 | -€4,531 | -5.2% |
| Other amounts payable | 47/48 | - | €30,588 | +€30,588 | |
| Accrued charges and deferred income | 492/3 | €8,529 | €12,681 | +€4,153 | +48.7% |
| Non-recurring operating income | 76A | €0 | €261,813 | +€261,813 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,835 | €69,585 | +€16,750 | +31.7% |
| Other operating charges | 640/8 | €14,156 | €13,242 | -€914 | -6.5% |
| Non-recurring operating charges | 66A | - | €10,590 | +€10,590 | |
| Gross operating margin | 9900 | €29,545 | €290,481 | +€260,936 | +883.2% |
| Operating profit (loss) | 9901 | -€37,446 | €197,064 | +€234,510 | |
| Financial income | 75/76B | €15,231 | €15,628 | +€397 | +2.6% |
| Recurring financial income | 75 | €15,231 | €15,628 | +€397 | +2.6% |
| Financial charges | 65/66B | €77,693 | €92,122 | +€14,430 | +18.6% |
| Recurring financial charges | 65 | €77,693 | €92,122 | +€14,430 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | -€99,907 | €120,570 | +€220,477 | |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Transfer to deferred taxes | 680 | €0 | €65,453 | +€65,453 | |
| Income taxes | 67/77 | €7,475 | €345 | -€7,130 | -95.4% |
| Profit (loss) for the period | 9904 | -€107,382 | €54,771 | +€162,153 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €0 | €196,360 | +€196,360 | |
| Profit (loss) for the period to be appropriated | 9905 | -€107,382 | -€141,588 | -€34,206 | -31.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.