COBUTRA: 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.
COBUTRA
Largest movements
- Current investments +€550,000
new in 2025: €550,000
- Cash -€468,059
down €468,059 (-80.1%), from €584,249 to €116,189
mainly Current investments (-€550,000) and Investment in fixed assets (net) (-€67,542)
- Tangible fixed assets +€59,932
up €59,932 (+444.2%), from €13,493 to €73,425
of which Furniture and vehicles: +€62,137
- Receivables within one year -€11,374
down €11,374 (-27.3%), from €41,607 to €30,233
of which Trade receivables: -€11,701
- Reserves +€125,906
up €125,906 (+21.9%), from €575,688 to €701,594
- Debts after one year +€41,525
new in 2025: €41,525
- Advances received -€34,266
down €34,266 (-100.0%), from €34,266 to €0
- Other debts -€22,129
down €22,129 (-94.2%), from €23,502 to €1,373
- Current portion of long-term debt +€10,809
new in 2025: €10,809
- Taxes -€6,775
down €6,775 (-11.6%), from €58,341 to €51,566
- Financial income -€6,725
down €6,725 (-38.8%), from €17,350 to €10,625
- Gross operating margin -€4,103
down €4,103 (-2.3%), from €181,749 to €177,647
- Depreciation +€3,725
up €3,725 (+95.9%), from €3,885 to €7,610
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 | €643,890 | €776,013 | +€132,123 | +20.5% |
| Fixed assets | 21/28 | €13,493 | €73,425 | +€59,932 | +444.2% |
| Tangible fixed assets | 22/27 | €13,493 | €73,425 | +€59,932 | +444.2% |
| Furniture and vehicles | 24 | €2,602 | €64,740 | +€62,137 | +2387.6% |
| Other tangible fixed assets | 26 | €10,890 | €8,685 | -€2,205 | -20.3% |
| Current assets | 29/58 | €630,398 | €702,588 | +€72,191 | +11.5% |
| Amounts receivable within one year | 40/41 | €41,607 | €30,233 | -€11,374 | -27.3% |
| Trade receivables | 40 | €34,251 | €22,550 | -€11,701 | -34.2% |
| Other amounts receivable | 41 | €7,356 | €7,683 | +€326 | +4.4% |
| Current investments | 50/53 | - | €550,000 | +€550,000 | |
| Cash at bank and in hand | 54/58 | €584,249 | €116,189 | -€468,059 | -80.1% |
| Deferred charges and accrued income | 490/1 | €4,542 | €6,166 | +€1,624 | +35.8% |
| Total equity and liabilities | 10/49 | €643,890 | €776,013 | +€132,123 | +20.5% |
| Equity | 10/15 | €581,888 | €707,794 | +€125,906 | +21.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €575,688 | €701,594 | +€125,906 | +21.9% |
| Distributable reserves | 133 | €575,688 | €701,594 | +€125,906 | +21.9% |
| Amounts payable | 17/49 | €62,003 | €68,220 | +€6,217 | +10.0% |
| Amounts payable after more than one year | 17 | - | €41,525 | +€41,525 | |
| Financial debts | 170/4 | - | €41,525 | +€41,525 | |
| Amounts payable within one year | 42/48 | €62,003 | €26,694 | -€35,309 | -56.9% |
| Current portion of amounts payable after more than one year | 42 | - | €10,809 | +€10,809 | |
| Financial debts | 43 | - | €9,622 | +€9,622 | |
| Credit institutions | 430/8 | - | €9,622 | +€9,622 | |
| Trade debts | 44 | €4,197 | €4,782 | +€585 | +13.9% |
| Suppliers | 440/4 | €4,197 | €4,782 | +€585 | +13.9% |
| Advances received on contracts in progress | 46 | €34,266 | €0 | -€34,266 | -100.0% |
| Taxes, remuneration and social security | 45 | €37 | €108 | +€71 | +193.4% |
| Taxes | 450/3 | €37 | €108 | +€71 | +193.4% |
| Other amounts payable | 47/48 | €23,502 | €1,373 | -€22,129 | -94.2% |
| Non-recurring operating income | 76A | - | €31,395 | +€31,395 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,885 | €7,610 | +€3,725 | +95.9% |
| Other operating charges | 640/8 | €1,850 | €1,330 | -€520 | -28.1% |
| Gross operating margin | 9900 | €181,749 | €177,647 | -€4,103 | -2.3% |
| Operating profit (loss) | 9901 | €176,014 | €168,706 | -€7,308 | -4.2% |
| Financial income | 75/76B | €17,350 | €10,625 | -€6,725 | -38.8% |
| Recurring financial income | 75 | €17,350 | €10,625 | -€6,725 | -38.8% |
| Financial charges | 65/66B | €1,072 | €1,859 | +€788 | +73.5% |
| Recurring financial charges | 65 | €1,072 | €1,859 | +€788 | +73.5% |
| Profit (loss) for the period before taxes | 9903 | €192,292 | €177,472 | -€14,820 | -7.7% |
| Income taxes | 67/77 | €58,341 | €51,566 | -€6,775 | -11.6% |
| Profit (loss) for the period | 9904 | €133,951 | €125,906 | -€8,045 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €133,951 | €125,906 | -€8,045 | -6.0% |
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.