KO'BALT: 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.
KO'BALT
Largest movements
- Tangible fixed assets +€533,649
up €533,649 (+90.4%), from €590,048 to €1.1m
of which Land and buildings: +€547,157
- Receivables after one year +€80,000
up €80,000 (+133.3%), from €60,000 to €140,000
- Receivables within one year +€33,370
up €33,370 (+274.6%), from €12,152 to €45,522
of which Other amounts receivable: +€24,487
- Cash -€25,464
down €25,464 (-29.2%), from €87,350 to €61,886
mainly Investment in fixed assets (net) (-€647,318) and Receivables after one year (-€80,000)
- Debts after one year +€585,872
up €585,872 (+318.3%), from €184,036 to €769,907
- Other debts +€68,311
up €68,311 (+998.6%), from €6,841 to €75,152
- Current portion of long-term debt -€29,254
down €29,254 (-20.4%), from €143,690 to €114,436
- Reserves -€20,853
down €20,853 (-5.2%), from €404,037 to €383,184
of which Distributable reserves: -€18,035
- Gross operating margin +€33,270
up €33,270 (+12.0%), from €277,854 to €311,124
- Taxes -€14,547
down €14,547 (-36.0%), from €40,459 to €25,913
- Financial charges -€5,078
down €5,078 (-32.8%), from €15,497 to €10,420
- Financial income -€4,062
down €4,062 (-47.6%), from €8,525 to €4,463
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 | €922,187 | €1,540,115 | +€617,928 | +67.0% |
| Fixed assets | 21/28 | €601,768 | €1,135,417 | +€533,649 | +88.7% |
| Tangible fixed assets | 22/27 | €590,048 | €1,123,697 | +€533,649 | +90.4% |
| Land and buildings | 22 | €533,287 | €1,080,444 | +€547,157 | +102.6% |
| Plant, machinery and equipment | 23 | €7,745 | €6,444 | -€1,301 | -16.8% |
| Furniture and vehicles | 24 | €49,017 | €36,809 | -€12,207 | -24.9% |
| Financial fixed assets | 28 | €11,720 | €11,720 | = | 0.0% |
| Current assets | 29/58 | €320,419 | €404,698 | +€84,279 | +26.3% |
| Amounts receivable after more than one year | 29 | €60,000 | €140,000 | +€80,000 | +133.3% |
| Other amounts receivable | 291 | €60,000 | €140,000 | +€80,000 | +133.3% |
| Stocks and contracts in progress | 3 | €157,067 | €157,067 | = | 0.0% |
| Stocks | 30/36 | €157,067 | €157,067 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,152 | €45,522 | +€33,370 | +274.6% |
| Trade receivables | 40 | €12,117 | €21,000 | +€8,883 | +73.3% |
| Other amounts receivable | 41 | €34 | €24,522 | +€24,487 | +71059.8% |
| Cash at bank and in hand | 54/58 | €87,350 | €61,886 | -€25,464 | -29.2% |
| Deferred charges and accrued income | 490/1 | €3,850 | €223 | -€3,627 | -94.2% |
| Total equity and liabilities | 10/49 | €922,187 | €1,540,115 | +€617,928 | +67.0% |
| Equity | 10/15 | €563,859 | €543,006 | -€20,853 | -3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €404,037 | €383,184 | -€20,853 | -5.2% |
| Tax-exempt reserves | 132 | €28,829 | €26,011 | -€2,818 | -9.8% |
| Distributable reserves | 133 | €375,208 | €357,173 | -€18,035 | -4.8% |
| Profit (loss) carried forward | 14 | €141,222 | €141,222 | = | 0.0% |
| Provisions and deferred taxes | 16 | €8,707 | €7,256 | -€1,451 | -16.7% |
| Deferred taxes | 168 | €8,707 | €7,256 | -€1,451 | -16.7% |
| Amounts payable | 17/49 | €349,620 | €989,852 | +€640,232 | +183.1% |
| Amounts payable after more than one year | 17 | €184,036 | €769,907 | +€585,872 | +318.3% |
| Financial debts | 170/4 | €184,036 | €769,907 | +€585,872 | +318.3% |
| Amounts payable within one year | 42/48 | €165,584 | €219,945 | +€54,361 | +32.8% |
| Current portion of amounts payable after more than one year | 42 | €143,690 | €114,436 | -€29,254 | -20.4% |
| Trade debts | 44 | €11,439 | €13,660 | +€2,221 | +19.4% |
| Suppliers | 440/4 | €11,439 | €13,660 | +€2,221 | +19.4% |
| Taxes, remuneration and social security | 45 | €3,614 | €16,697 | +€13,083 | +362.0% |
| Taxes | 450/3 | €3,614 | €16,697 | +€13,083 | +362.0% |
| Other amounts payable | 47/48 | €6,841 | €75,152 | +€68,311 | +998.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,922 | €113,670 | +€2,748 | +2.5% |
| Other operating charges | 640/8 | €18,556 | €18,977 | +€422 | +2.3% |
| Non-recurring operating charges | 66A | €14,938 | €91,721 | +€76,782 | +514.0% |
| Gross operating margin | 9900 | €277,854 | €311,124 | +€33,270 | +12.0% |
| Operating profit (loss) | 9901 | €133,439 | €86,757 | -€46,682 | -35.0% |
| Financial income | 75/76B | €8,525 | €4,463 | -€4,062 | -47.6% |
| Recurring financial income | 75 | €8,525 | €4,463 | -€4,062 | -47.6% |
| Financial charges | 65/66B | €15,497 | €10,420 | -€5,078 | -32.8% |
| Recurring financial charges | 65 | €15,497 | €10,420 | -€5,078 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €126,466 | €80,800 | -€45,666 | -36.1% |
| Transfer from deferred taxes | 780 | €1,451 | €1,451 | = | 0.0% |
| Income taxes | 67/77 | €40,459 | €25,913 | -€14,547 | -36.0% |
| Profit (loss) for the period | 9904 | €87,458 | €56,339 | -€31,119 | -35.6% |
| Transfer from tax-exempt reserves | 789 | €2,818 | €2,818 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,276 | €59,157 | -€31,119 | -34.5% |
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 4 October 2026 via checked.be.