COBREW: 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.
What changed
COBREW
NACE 70.100, Activities of head offices
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.3m
2024 · €14.5m-€11.2m
Equity
€199.6m
2024 · €199.6m
Cash
€2.89bn
2024 · €2.50bn+€387.2m
Balance sheet total
€11.93bn
2024 · €7.53bn+€4.39bn
Largest movements
Assets
- Receivables within one year +€2.15bn
up €2.15bn (+53.7%), from €4.01bn to €6.16bn
of which Other amounts receivable: +€2.16bn
- Current investments +€1.85bn
up €1.85bn (+183.5%), from €1.01bn to €2.87bn
- Cash +€387.2m
up €387.2m (+15.5%), from €2.50bn to €2.89bn
mainly Other debts (+€4.25bn) and Short-term financial debts (+€153.7m)
Equity and liabilities
- Other debts +€4.25bn
up €4.25bn (+63.7%), from €6.67bn to €10.92bn
- Short-term financial debts +€153.7m
up €153.7m (+23.7%), from €647.4m to €801.1m
Income statement
- Financial income -€471.0m
down €471.0m (-40.7%), from €1.16bn to €687.5m
- Financial charges -€459.8m
down €459.8m (-40.1%), from €1.15bn to €686.9m
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.
Result 2024
€14.5m
Staff costs
+€587,164
Other operating items
-€675,621
Financial income
-€471.0m
Financial charges
+€459.8m
Taxes
+€91,097
Result 2025
€3.3m
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.
From operations
+€2.09bn
Investment
-€1.85bn
Financing
+€150.4m
Cash 2024
€2.50bn
From operations (derived)
+€2.09bn
Net result for the year
+€3.3m
Receivables within one year
-€2.15bn
Smaller working-capital items
-€9.5m
Other debts
+€4.25bn
Investment (derived)
-€1.85bn
Current investments
-€1.85bn
Financing
+€150.4m
Short-term financial debts
+€153.7m
Contributions, distributions and other
-€3.3m
Cash 2025
€2.89bn
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,533,496,302 | €11,925,669,393 | +€4.39bn | +58.3% |
| Current assets | 29/58 | €7,533,496,302 | €11,925,669,393 | +€4.39bn | +58.3% |
| Amounts receivable within one year | 40/41 | €4,008,573,431 | €6,161,625,429 | +€2.15bn | +53.7% |
| Trade receivables | 40 | €6,896,853 | €3,961,314 | -€2.9m | -42.6% |
| Other amounts receivable | 41 | €4,001,676,578 | €6,157,664,115 | +€2.16bn | +53.9% |
| Current investments | 50/53 | €1,010,688,000 | €2,865,471,000 | +€1.85bn | +183.5% |
| Other investments | 51/53 | €1,010,688,000 | €2,865,471,000 | +€1.85bn | +183.5% |
| Cash at bank and in hand | 54/58 | €2,499,378,195 | €2,886,555,589 | +€387.2m | +15.5% |
| Deferred charges and accrued income | 490/1 | €14,856,676 | €12,017,375 | -€2.8m | -19.1% |
| Total equity and liabilities | 10/49 | €7,533,496,302 | €11,925,669,393 | +€4.39bn | +58.3% |
| Equity | 10/15 | €199,596,686 | €199,596,686 | = | 0.0% |
| Contributions | 10/11 | €181,451,533 | €181,451,533 | = | 0.0% |
| Capital | 10 | €181,451,533 | €181,451,533 | = | 0.0% |
| Issued capital | 100 | €181,451,533 | €181,451,533 | = | 0.0% |
| Reserves | 13 | €18,145,153 | €18,145,153 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,145,153 | €18,145,153 | = | 0.0% |
| Legal reserve | 130 | €18,145,153 | €18,145,153 | = | 0.0% |
| Amounts payable | 17/49 | €7,333,899,616 | €11,726,072,707 | +€4.39bn | +59.9% |
| Amounts payable within one year | 42/48 | €7,323,653,103 | €11,724,560,562 | +€4.40bn | +60.1% |
| Financial debts | 43 | €647,390,618 | €801,062,510 | +€153.7m | +23.7% |
| Credit institutions | 430/8 | €647,390,618 | €801,062,510 | +€153.7m | +23.7% |
| Trade debts | 44 | €111,344 | €196,802 | +€85,458 | +76.8% |
| Suppliers | 440/4 | €111,344 | €196,802 | +€85,458 | +76.8% |
| Taxes, remuneration and social security | 45 | €4,697,624 | €1,028,738 | -€3.7m | -78.1% |
| Taxes | 450/3 | €3,018,390 | €348,436 | -€2.7m | -88.5% |
| Remuneration and social security | 454/9 | €1,679,234 | €680,302 | -€998,932 | -59.5% |
| Other amounts payable | 47/48 | €6,671,453,517 | €10,922,272,512 | +€4.25bn | +63.7% |
| Accrued charges and deferred income | 492/3 | €10,246,513 | €1,512,145 | -€8.7m | -85.2% |
| Operating income | 70/76A | €7,332,444 | €6,758,084 | -€574,360 | -7.8% |
| Other operating income | 74 | €7,332,444 | €6,758,084 | -€574,360 | -7.8% |
| Operating charges | 60/66A | €2,317,240 | €1,831,337 | -€485,903 | -21.0% |
| Services and other goods | 61 | €203,502 | €304,763 | +€101,261 | +49.8% |
| Remuneration, social security and pensions | 62 | €2,113,738 | €1,526,574 | -€587,164 | -27.8% |
| Operating profit (loss) | 9901 | €5,015,204 | €4,926,747 | -€88,457 | -1.8% |
| Financial income | 75/76B | €1,158,493,926 | €687,534,632 | -€471.0m | -40.7% |
| Recurring financial income | 75 | €1,158,493,926 | €687,534,632 | -€471.0m | -40.7% |
| Income from current assets | 751 | €1,158,208,065 | €686,385,553 | -€471.8m | -40.7% |
| Other financial income | 752/9 | €285,861 | €1,149,079 | +€863,218 | +302.0% |
| Financial charges | 65/66B | €1,146,684,691 | €686,912,644 | -€459.8m | -40.1% |
| Recurring financial charges | 65 | €1,146,684,691 | €686,912,644 | -€459.8m | -40.1% |
| Debt charges | 650 | €1,146,204,304 | €684,807,910 | -€461.4m | -40.3% |
| Other financial charges | 652/9 | €480,387 | €2,104,734 | +€1.6m | +338.1% |
| Profit (loss) for the period before taxes | 9903 | €16,824,439 | €5,548,735 | -€11.3m | -67.0% |
| Income taxes | 67/77 | €2,333,923 | €2,242,826 | -€91,097 | -3.9% |
| Taxes | 670/3 | €2,333,923 | €2,242,826 | -€91,097 | -3.9% |
| Profit (loss) for the period | 9904 | €14,490,516 | €3,305,909 | -€11.2m | -77.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,490,516 | €3,305,909 | -€11.2m | -77.2% |
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 29 September 2026 via checked.be.