KOBRA: 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.
KOBRA
Largest movements
- Current investments +€75,000
new in 2025: €75,000
- Cash -€69,791
down €69,791 (-66.6%), from €104,832 to €35,041
mainly Current investments (-€75,000) and Contributions, distributions and other (-€4,583)
- Tangible fixed assets -€14,311
down €14,311 (-4.3%), from €331,791 to €317,480
of which Other tangible fixed assets: -€13,247
- Reserves -€6,514
down €6,514 (-2.3%), from €284,422 to €277,908
of which Tax-exempt reserves: -€5,696
- Financial income -€1,383
down €1,383 (-50.1%), from €2,762 to €1,379
- Taxes -€476
down €476 (-17.5%), from €2,712 to €2,236
- Gross operating margin -€211
down €211 (-1.4%), from €14,831 to €14,620
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 | €495,092 | €484,506 | -€10,586 | -2.1% |
| Fixed assets | 21/28 | €331,791 | €317,480 | -€14,311 | -4.3% |
| Tangible fixed assets | 22/27 | €331,791 | €317,480 | -€14,311 | -4.3% |
| Land and buildings | 22 | €71,175 | €68,578 | -€2,596 | -3.6% |
| Furniture and vehicles | 24 | - | €1,533 | +€1,533 | |
| Other tangible fixed assets | 26 | €260,616 | €247,370 | -€13,247 | -5.1% |
| Current assets | 29/58 | €163,301 | €167,025 | +€3,725 | +2.3% |
| Amounts receivable within one year | 40/41 | €56,821 | €55,652 | -€1,169 | -2.1% |
| Other amounts receivable | 41 | €56,821 | €55,652 | -€1,169 | -2.1% |
| Current investments | 50/53 | - | €75,000 | +€75,000 | |
| Cash at bank and in hand | 54/58 | €104,832 | €35,041 | -€69,791 | -66.6% |
| Deferred charges and accrued income | 490/1 | €1,647 | €1,332 | -€315 | -19.1% |
| Total equity and liabilities | 10/49 | €495,092 | €484,506 | -€10,586 | -2.1% |
| Equity | 10/15 | €444,422 | €437,908 | -€6,514 | -1.5% |
| Contributions | 10/11 | €160,000 | €160,000 | = | 0.0% |
| Capital | 10 | €160,000 | €160,000 | = | 0.0% |
| Issued capital | 100 | €160,000 | €160,000 | = | 0.0% |
| Reserves | 13 | €284,422 | €277,908 | -€6,514 | -2.3% |
| Non-distributable reserves | 130/1 | €16,000 | €16,000 | = | 0.0% |
| Legal reserve | 130 | €16,000 | €16,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €103,632 | €97,937 | -€5,696 | -5.5% |
| Distributable reserves | 133 | €164,790 | €163,971 | -€819 | -0.5% |
| Provisions and deferred taxes | 16 | €34,544 | €32,646 | -€1,899 | -5.5% |
| Deferred taxes | 168 | €34,544 | €32,646 | -€1,899 | -5.5% |
| Amounts payable | 17/49 | €16,125 | €13,952 | -€2,173 | -13.5% |
| Amounts payable after more than one year | 17 | €100 | €100 | = | 0.0% |
| Other amounts payable | 178/9 | €100 | €100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €15,915 | €13,852 | -€2,063 | -13.0% |
| Trade debts | 44 | €1,550 | €2,066 | +€516 | +33.3% |
| Suppliers | 440/4 | €1,550 | €2,066 | +€516 | +33.3% |
| Taxes, remuneration and social security | 45 | €2,038 | €2,433 | +€395 | +19.4% |
| Taxes | 450/3 | €2,038 | €2,433 | +€395 | +19.4% |
| Other amounts payable | 47/48 | €12,326 | €9,353 | -€2,973 | -24.1% |
| Accrued charges and deferred income | 492/3 | €111 | - | -€111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,787 | €15,901 | +€114 | +0.7% |
| Other operating charges | 640/8 | €1,128 | €1,163 | +€34 | +3.0% |
| Gross operating margin | 9900 | €14,831 | €14,620 | -€211 | -1.4% |
| Operating profit (loss) | 9901 | -€2,085 | -€2,443 | -€359 | -17.2% |
| Financial income | 75/76B | €2,762 | €1,379 | -€1,383 | -50.1% |
| Recurring financial income | 75 | €2,762 | €1,379 | -€1,383 | -50.1% |
| Financial charges | 65/66B | €643 | €530 | -€114 | -17.7% |
| Recurring financial charges | 65 | €643 | €530 | -€114 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €34 | -€1,594 | -€1,628 | |
| Transfer from deferred taxes | 780 | €1,899 | €1,899 | = | 0.0% |
| Income taxes | 67/77 | €2,712 | €2,236 | -€476 | -17.5% |
| Profit (loss) for the period | 9904 | -€779 | -€1,931 | -€1,152 | -147.9% |
| Transfer from tax-exempt reserves | 789 | €5,696 | €5,696 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,917 | €3,765 | -€1,152 | -23.4% |
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 6 October 2026 via checked.be.