COBOVA: 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.
COBOVA
Largest movements
- Cash -€137,052
down €137,052 (-81.2%), from €168,708 to €31,656
mainly Debts after one year (-€96,362) and Trade debts (-€78,487)
- Receivables within one year -€84,154
down €84,154 (-88.5%), from €95,125 to €10,970
of which Trade receivables: -€80,818
- Tangible fixed assets -€14,768
down €14,768 (-2.2%), from €670,331 to €655,563
of which Land and buildings: -€12,076
- Debts after one year -€96,362
down €96,362 (-25.9%), from €372,756 to €276,394
- Trade debts -€78,487
down €78,487 (-71.8%), from €109,348 to €30,861
- Short-term financial debts -€75,000
down €75,000 (-42.9%), from €175,000 to €100,000
- Current portion of long-term debt +€22,906
up €22,906 (+74.9%), from €30,592 to €53,498
- Profit (loss) carried forward -€17,088
down €17,088 (-8.0%), from -€212,728 to -€229,816
- Gross operating margin -€143,702
down €143,702 (-61.4%), from €234,133 to €90,430
- Depreciation -€9,862
down €9,862 (-13.5%), from €73,099 to €63,237
- Financial charges +€6,273
up €6,273 (+29.0%), from €21,625 to €27,898
- Other operating charges +€2,463
up €2,463 (+26.9%), from €9,161 to €11,624
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 | €938,537 | €705,525 | -€233,012 | -24.8% |
| Fixed assets | 21/28 | €670,331 | €657,313 | -€13,018 | -1.9% |
| Tangible fixed assets | 22/27 | €670,331 | €655,563 | -€14,768 | -2.2% |
| Land and buildings | 22 | €610,989 | €598,913 | -€12,076 | -2.0% |
| Plant, machinery and equipment | 23 | €528 | €7,770 | +€7,242 | +1,372% |
| Furniture and vehicles | 24 | €58,815 | €48,881 | -€9,934 | -16.9% |
| Financial fixed assets | 28 | - | €1,750 | +€1,750 | |
| Current assets | 29/58 | €268,206 | €48,212 | -€219,994 | -82.0% |
| Stocks and contracts in progress | 3 | €3,000 | €3,000 | = | 0.0% |
| Stocks | 30/36 | €3,000 | €3,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €95,125 | €10,970 | -€84,154 | -88.5% |
| Trade receivables | 40 | €91,226 | €10,408 | -€80,818 | -88.6% |
| Other amounts receivable | 41 | €3,899 | €562 | -€3,337 | -85.6% |
| Cash at bank and in hand | 54/58 | €168,708 | €31,656 | -€137,052 | -81.2% |
| Deferred charges and accrued income | 490/1 | €1,373 | €2,586 | +€1,212 | +88.3% |
| Total equity and liabilities | 10/49 | €938,537 | €705,525 | -€233,012 | -24.8% |
| Equity | 10/15 | -€37,268 | -€54,356 | -€17,088 | -45.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €156,860 | €156,860 | = | 0.0% |
| Distributable reserves | 133 | €156,860 | €156,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€212,728 | -€229,816 | -€17,088 | -8.0% |
| Amounts payable | 17/49 | €975,805 | €759,881 | -€215,924 | -22.1% |
| Amounts payable after more than one year | 17 | €372,756 | €276,394 | -€96,362 | -25.9% |
| Financial debts | 170/4 | €372,756 | €276,394 | -€96,362 | -25.9% |
| Amounts payable within one year | 42/48 | €603,049 | €483,487 | -€119,562 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €30,592 | €53,498 | +€22,906 | +74.9% |
| Financial debts | 43 | €175,000 | €100,000 | -€75,000 | -42.9% |
| Credit institutions | 430/8 | €175,000 | €100,000 | -€75,000 | -42.9% |
| Trade debts | 44 | €109,348 | €30,861 | -€78,487 | -71.8% |
| Suppliers | 440/4 | €109,348 | €30,861 | -€78,487 | -71.8% |
| Taxes, remuneration and social security | 45 | €877 | €3,117 | +€2,240 | +255% |
| Taxes | 450/3 | €653 | €2,741 | +€2,088 | +320% |
| Remuneration and social security | 454/9 | €224 | €376 | +€152 | +67.5% |
| Other amounts payable | 47/48 | €287,232 | €296,011 | +€8,780 | +3.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €3,983 | €4,648 | +€665 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,099 | €63,237 | -€9,862 | -13.5% |
| Other operating charges | 640/8 | €9,161 | €11,624 | +€2,463 | +26.9% |
| Gross operating margin | 9900 | €234,133 | €90,430 | -€143,702 | -61.4% |
| Operating profit (loss) | 9901 | €147,890 | €10,921 | -€136,969 | -92.6% |
| Financial income | 75/76B | €0 | €119 | +€119 | |
| Recurring financial income | 75 | €0 | €119 | +€119 | |
| Financial charges | 65/66B | €21,625 | €27,898 | +€6,273 | +29.0% |
| Recurring financial charges | 65 | €21,625 | €27,898 | +€6,273 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | €126,265 | -€16,858 | -€143,122 | |
| Income taxes | 67/77 | €251 | €230 | -€20 | -8.2% |
| Profit (loss) for the period | 9904 | €126,014 | -€17,088 | -€143,102 | |
| Profit (loss) for the period to be appropriated | 9905 | €126,014 | -€17,088 | -€143,102 |
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 15 October 2026 via checked.be.