COBRATA MANAGEMENT: 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.
COBRATA MANAGEMENT
Largest movements
- Receivables within one year +€200,857
up €200,857 (+171%), from €117,741 to €318,598
of which Trade receivables: +€109,165
- Cash -€129,294
down €129,294 (-85.6%), from €151,065 to €21,771
mainly Receivables within one year (-€200,857) and Deferred charges and accrued income (-€61,480)
- Deferred charges and accrued income +€61,480
up €61,480 (+123%), from €50,000 to €111,480
- Tangible fixed assets -€7,717
down €7,717 (-20.9%), from €36,839 to €29,121
- Reserves +€105,380
up €105,380 (+49.6%), from €212,288 to €317,668
- Tax, wage and social debts +€30,211
up €30,211 (+40.8%), from €73,971 to €104,182
of which Taxes: +€38,621
- Debts after one year -€8,597
down €8,597 (-32.0%), from €26,833 to €18,236
- Gross operating margin +€22,078
up €22,078 (+15.3%), from €144,171 to €166,249
- Taxes +€6,574
up €6,574 (+17.0%), from €38,583 to €45,157
- Depreciation +€3,680
up €3,680 (+72.4%), from €5,080 to €8,760
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 | €355,644 | €480,970 | +€125,326 | +35.2% |
| Fixed assets | 21/28 | €36,839 | €29,121 | -€7,717 | -20.9% |
| Tangible fixed assets | 22/27 | €36,839 | €29,121 | -€7,717 | -20.9% |
| Furniture and vehicles | 24 | €36,839 | €29,121 | -€7,717 | -20.9% |
| Current assets | 29/58 | €318,806 | €451,849 | +€133,044 | +41.7% |
| Amounts receivable within one year | 40/41 | €117,741 | €318,598 | +€200,857 | +171% |
| Trade receivables | 40 | €117,741 | €226,906 | +€109,165 | +92.7% |
| Other amounts receivable | 41 | - | €91,692 | +€91,692 | |
| Cash at bank and in hand | 54/58 | €151,065 | €21,771 | -€129,294 | -85.6% |
| Deferred charges and accrued income | 490/1 | €50,000 | €111,480 | +€61,480 | +123% |
| Total equity and liabilities | 10/49 | €355,644 | €480,970 | +€125,326 | +35.2% |
| Equity | 10/15 | €216,288 | €321,668 | +€105,380 | +48.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €212,288 | €317,668 | +€105,380 | +49.6% |
| Distributable reserves | 133 | €212,288 | €317,668 | +€105,380 | +49.6% |
| Amounts payable | 17/49 | €139,356 | €159,302 | +€19,946 | +14.3% |
| Amounts payable after more than one year | 17 | €26,833 | €18,236 | -€8,597 | -32.0% |
| Financial debts | 170/4 | €26,833 | €18,236 | -€8,597 | -32.0% |
| Amounts payable within one year | 42/48 | €112,523 | €141,066 | +€28,543 | +25.4% |
| Current portion of amounts payable after more than one year | 42 | €8,143 | €8,597 | +€453 | +5.6% |
| Trade debts | 44 | €3,077 | €5,370 | +€2,292 | +74.5% |
| Suppliers | 440/4 | €3,077 | €5,370 | +€2,292 | +74.5% |
| Taxes, remuneration and social security | 45 | €73,971 | €104,182 | +€30,211 | +40.8% |
| Taxes | 450/3 | €65,561 | €104,182 | +€38,621 | +58.9% |
| Remuneration and social security | 454/9 | €8,410 | - | -€8,410 | |
| Other amounts payable | 47/48 | €27,331 | €22,918 | -€4,413 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,080 | €8,760 | +€3,680 | +72.4% |
| Other operating charges | 640/8 | €2,737 | €3,288 | +€550 | +20.1% |
| Gross operating margin | 9900 | €144,171 | €166,249 | +€22,078 | +15.3% |
| Operating profit (loss) | 9901 | €136,353 | €154,201 | +€17,848 | +13.1% |
| Financial charges | 65/66B | €2,225 | €3,663 | +€1,438 | +64.6% |
| Recurring financial charges | 65 | €2,225 | €3,663 | +€1,438 | +64.6% |
| Profit (loss) for the period before taxes | 9903 | €134,128 | €150,537 | +€16,410 | +12.2% |
| Income taxes | 67/77 | €38,583 | €45,157 | +€6,574 | +17.0% |
| Profit (loss) for the period | 9904 | €95,545 | €105,380 | +€9,835 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €95,545 | €105,380 | +€9,835 | +10.3% |
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 25 October 2026 via checked.be.