Delphine Cobbaert: what changed
Delphine Cobbaert
Largest movements
- Tangible fixed assets +€38,499
up €38,499 (+327%), from €11,765 to €50,265
of which Land and buildings: +€40,429
- Receivables within one year +€9,175
up €9,175 (+76.1%), from €12,054 to €21,229
of which Trade receivables: +€10,573
- Cash -€6,700
down €6,700 (-33.1%), from €20,220 to €13,520
mainly Investment in fixed assets (net) (-€42,629) and Receivables within one year (-€9,175)
- Stocks and contracts +€5,607
up €5,607 (+34.3%), from €16,324 to €21,931
- Trade debts +€42,932
up €42,932 (+1,716%), from €2,502 to €45,434
- Other debts +€10,360
up €10,360 (+241%), from €4,291 to €14,652
- Tax, wage and social debts -€6,496
down €6,496 (-54.3%), from €11,974 to €5,478
of which Taxes: -€5,390
- Profit (loss) carried forward -€6,079
down €6,079 (-32.9%), from -€18,466 to -€24,545
- Accrued charges and deferred income +€4,924
up €4,924 (+23.8%), from €20,717 to €25,640
- Gross operating margin +€12,401
up €12,401 (+90.3%), from -€13,730 to -€1,329
- Depreciation +€766
up €766 (+22.8%), from €3,363 to €4,130
- Other operating charges -€733
down €733 (-57.0%), from €1,286 to €552
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €60,591 | €107,183 | +€46,593 | +76.9% |
| Fixed assets | 21/28 | €11,765 | €50,265 | +€38,499 | +327% |
| Tangible fixed assets | 22/27 | €11,765 | €50,265 | +€38,499 | +327% |
| Land and buildings | 22 | - | €40,429 | +€40,429 | |
| Plant, machinery and equipment | 23 | €4,888 | €4,665 | -€223 | -4.6% |
| Furniture and vehicles | 24 | €6,877 | €5,170 | -€1,707 | -24.8% |
| Current assets | 29/58 | €48,826 | €56,919 | +€8,093 | +16.6% |
| Stocks and contracts in progress | 3 | €16,324 | €21,931 | +€5,607 | +34.3% |
| Stocks | 30/36 | €16,324 | €21,931 | +€5,607 | +34.3% |
| Amounts receivable within one year | 40/41 | €12,054 | €21,229 | +€9,175 | +76.1% |
| Trade receivables | 40 | €2,050 | €12,623 | +€10,573 | +516% |
| Other amounts receivable | 41 | €10,004 | €8,606 | -€1,398 | -14.0% |
| Cash at bank and in hand | 54/58 | €20,220 | €13,520 | -€6,700 | -33.1% |
| Deferred charges and accrued income | 490/1 | €228 | €239 | +€11 | +4.9% |
| Total equity and liabilities | 10/49 | €60,591 | €107,183 | +€46,593 | +76.9% |
| Equity | 10/15 | €20,995 | €14,917 | -€6,079 | -29.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €36,461 | €36,461 | = | 0.0% |
| Distributable reserves | 133 | €36,461 | €36,461 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,466 | -€24,545 | -€6,079 | -32.9% |
| Amounts payable | 17/49 | €39,595 | €92,267 | +€52,671 | +133% |
| Amounts payable within one year | 42/48 | €18,879 | €66,626 | +€47,748 | +253% |
| Financial debts | 43 | €112 | €1,063 | +€951 | +849% |
| Credit institutions | 430/8 | €112 | €1,063 | +€951 | +849% |
| Trade debts | 44 | €2,502 | €45,434 | +€42,932 | +1,716% |
| Suppliers | 440/4 | €2,502 | €45,434 | +€42,932 | +1,716% |
| Taxes, remuneration and social security | 45 | €11,974 | €5,478 | -€6,496 | -54.3% |
| Taxes | 450/3 | €8,993 | €3,603 | -€5,390 | -59.9% |
| Remuneration and social security | 454/9 | €2,981 | €1,875 | -€1,106 | -37.1% |
| Other amounts payable | 47/48 | €4,291 | €14,652 | +€10,360 | +241% |
| Accrued charges and deferred income | 492/3 | €20,717 | €25,640 | +€4,924 | +23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,363 | €4,130 | +€766 | +22.8% |
| Other operating charges | 640/8 | €1,286 | €552 | -€733 | -57.0% |
| Gross operating margin | 9900 | -€13,730 | -€1,329 | +€12,401 | +90.3% |
| Operating profit (loss) | 9901 | -€18,379 | -€6,011 | +€12,368 | +67.3% |
| Financial income | 75/76B | €0 | €3 | +€3 | +33,700% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +33,700% |
| Financial charges | 65/66B | €87 | €71 | -€16 | -18.3% |
| Recurring financial charges | 65 | €87 | €71 | -€16 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | -€18,466 | -€6,079 | +€12,387 | +67.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€18,466 | -€6,079 | +€12,387 | +67.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,466 | -€6,079 | +€12,387 | +67.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.