COBRASA: 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.
COBRASA
Largest movements
- Tangible fixed assets -€71,889
down €71,889 (-2.8%), from €2.6m to €2.5m
of which Land and buildings: -€70,334
- Debts after one year -€331,052
down €331,052 (-89.5%), from €370,003 to €38,951
- Other debts +€326,235
up €326,235 (+13.0%), from €2.5m to €2.8m
- Current portion of long-term debt -€73,093
down €73,093 (-84.6%), from €86,367 to €13,274
- Gross operating margin +€25,685
up €25,685 (+22.5%), from €114,325 to €140,011
- Depreciation +€20,577
up €20,577 (+40.1%), from €51,312 to €71,889
- Other operating charges +€3,905
up €3,905 (+19.3%), from €20,204 to €24,109
- Financial charges -€3,372
down €3,372 (-12.0%), from €28,068 to €24,697
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 | €3,091,789 | €3,022,850 | -€68,939 | -2.2% |
| Fixed assets | 21/28 | €2,582,304 | €2,510,415 | -€71,889 | -2.8% |
| Tangible fixed assets | 22/27 | €2,582,304 | €2,510,415 | -€71,889 | -2.8% |
| Land and buildings | 22 | €2,578,539 | €2,508,205 | -€70,334 | -2.7% |
| Furniture and vehicles | 24 | €3,764 | €2,209 | -€1,555 | -41.3% |
| Current assets | 29/58 | €509,485 | €512,436 | +€2,950 | +0.6% |
| Amounts receivable within one year | 40/41 | €506,453 | €506,453 | = | 0.0% |
| Other amounts receivable | 41 | €506,453 | €506,453 | = | 0.0% |
| Current investments | 50/53 | €74 | €74 | +€0 | +0.2% |
| Cash at bank and in hand | 54/58 | €2,957 | €5,908 | +€2,950 | +99.8% |
| Total equity and liabilities | 10/49 | €3,091,789 | €3,022,850 | -€68,939 | -2.2% |
| Equity | 10/15 | €111,968 | €131,284 | +€19,316 | +17.3% |
| Contributions | 10/11 | €652,165 | €652,165 | = | 0.0% |
| Capital | 10 | €652,165 | €652,165 | = | 0.0% |
| Issued capital | 100 | €652,165 | €652,165 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€540,196 | -€520,880 | +€19,316 | +3.6% |
| Amounts payable | 17/49 | €2,979,821 | €2,891,566 | -€88,255 | -3.0% |
| Amounts payable after more than one year | 17 | €370,003 | €38,951 | -€331,052 | -89.5% |
| Financial debts | 170/4 | €370,003 | €38,951 | -€331,052 | -89.5% |
| Amounts payable within one year | 42/48 | €2,609,818 | €2,852,615 | +€242,797 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €86,367 | €13,274 | -€73,093 | -84.6% |
| Financial debts | 43 | €8,714 | - | -€8,714 | |
| Credit institutions | 430/8 | €8,714 | - | -€8,714 | |
| Trade debts | 44 | €3,116 | €1,486 | -€1,630 | -52.3% |
| Suppliers | 440/4 | €3,116 | €1,486 | -€1,630 | -52.3% |
| Other amounts payable | 47/48 | €2,511,620 | €2,837,855 | +€326,235 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,312 | €71,889 | +€20,577 | +40.1% |
| Other operating charges | 640/8 | €20,204 | €24,109 | +€3,905 | +19.3% |
| Gross operating margin | 9900 | €114,325 | €140,011 | +€25,685 | +22.5% |
| Operating profit (loss) | 9901 | €42,810 | €44,012 | +€1,202 | +2.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -56.1% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -56.1% |
| Financial charges | 65/66B | €28,068 | €24,697 | -€3,372 | -12.0% |
| Recurring financial charges | 65 | €28,068 | €24,697 | -€3,372 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €14,742 | €19,316 | +€4,574 | +31.0% |
| Income taxes | 67/77 | €0 | €0 | -€0 | -50.0% |
| Profit (loss) for the period | 9904 | €14,742 | €19,316 | +€4,574 | +31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,742 | €19,316 | +€4,574 | +31.0% |
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 1 October 2026 via checked.be.