COBOR: 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.
COBOR
Largest movements
- Tangible fixed assets -€19,452
down €19,452 (-1.9%), from €1.0m to €1.0m
of which Land and buildings: -€21,533
- Cash -€11,259
down €11,259 (-84.5%), from €13,325 to €2,067
mainly Debts after one year (-€47,379) and Investment in fixed assets (net) (-€10,568)
- Debts after one year -€47,379
down €47,379 (-5.5%), from €865,091 to €817,712
- Gross operating margin +€6,548
up €6,548 (+11.0%), from €59,584 to €66,132
- Other operating charges +€2,553
up €2,553 (+235%), from €1,086 to €3,638
- Depreciation +€2,051
up €2,051 (+7.3%), from €27,969 to €30,020
- Financial charges -€1,494
down €1,494 (-8.2%), from €18,328 to €16,834
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.
Derived cash bridge
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 | €1,055,915 | €1,024,566 | -€31,349 | -3.0% |
| Fixed assets | 21/28 | €1,038,175 | €1,018,723 | -€19,452 | -1.9% |
| Tangible fixed assets | 22/27 | €1,038,175 | €1,018,723 | -€19,452 | -1.9% |
| Land and buildings | 22 | €1,037,589 | €1,016,056 | -€21,533 | -2.1% |
| Plant, machinery and equipment | 23 | €586 | €2,668 | +€2,082 | +355% |
| Current assets | 29/58 | €17,740 | €5,842 | -€11,897 | -67.1% |
| Amounts receivable within one year | 40/41 | €4,414 | €2,270 | -€2,145 | -48.6% |
| Trade receivables | 40 | €257 | €1,847 | +€1,590 | +618% |
| Other amounts receivable | 41 | €4,157 | €423 | -€3,735 | -89.8% |
| Cash at bank and in hand | 54/58 | €13,325 | €2,067 | -€11,259 | -84.5% |
| Deferred charges and accrued income | 490/1 | - | €1,506 | +€1,506 | |
| Total equity and liabilities | 10/49 | €1,055,915 | €1,024,566 | -€31,349 | -3.0% |
| Equity | 10/15 | €113,883 | €129,414 | +€15,532 | +13.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €92,769 | €99,985 | +€7,216 | +7.8% |
| Tax-exempt reserves | 132 | €83,769 | €80,985 | -€2,784 | -3.3% |
| Distributable reserves | 133 | €9,000 | €19,000 | +€10,000 | +111% |
| Profit (loss) carried forward | 14 | €1,114 | €9,429 | +€8,315 | +746% |
| Provisions and deferred taxes | 16 | €27,923 | €27,032 | -€891 | -3.2% |
| Deferred taxes | 168 | €27,923 | €27,032 | -€891 | -3.2% |
| Amounts payable | 17/49 | €914,109 | €868,120 | -€45,990 | -5.0% |
| Amounts payable after more than one year | 17 | €865,091 | €817,712 | -€47,379 | -5.5% |
| Financial debts | 170/4 | €865,091 | €817,712 | -€47,379 | -5.5% |
| Amounts payable within one year | 42/48 | €47,568 | €48,958 | +€1,390 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €46,500 | €47,379 | +€880 | +1.9% |
| Trade debts | 44 | €55 | €280 | +€225 | +408% |
| Suppliers | 440/4 | €55 | €280 | +€225 | +408% |
| Taxes, remuneration and social security | 45 | €1,013 | €1,298 | +€285 | +28.2% |
| Taxes | 450/3 | €1,013 | €1,298 | +€285 | +28.2% |
| Accrued charges and deferred income | 492/3 | €1,450 | €1,450 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,969 | €30,020 | +€2,051 | +7.3% |
| Other operating charges | 640/8 | €1,086 | €3,638 | +€2,553 | +235% |
| Gross operating margin | 9900 | €59,584 | €66,132 | +€6,548 | +11.0% |
| Operating profit (loss) | 9901 | €30,530 | €32,474 | +€1,944 | +6.4% |
| Financial income | 75/76B | €157 | €0 | -€157 | -100.0% |
| Recurring financial income | 75 | €157 | €0 | -€157 | -100.0% |
| Financial charges | 65/66B | €18,328 | €16,834 | -€1,494 | -8.2% |
| Recurring financial charges | 65 | €18,328 | €16,834 | -€1,494 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €12,360 | €15,640 | +€3,281 | +26.5% |
| Transfer from deferred taxes | 780 | €891 | €891 | = | 0.0% |
| Income taxes | 67/77 | €900 | €1,000 | +€100 | +11.1% |
| Profit (loss) for the period | 9904 | €12,351 | €15,532 | +€3,181 | +25.8% |
| Transfer from tax-exempt reserves | 789 | €2,673 | €2,784 | +€110 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,024 | €18,315 | +€3,291 | +21.9% |
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 30 October 2026 via checked.be.