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
- Tangible fixed assets -€43,678
down €43,678 (-22.1%), from €197,850 to €154,172
of which Land and buildings: -€33,709
- Cash -€26,579
down €26,579 (-34.6%), from €76,775 to €50,196
mainly Contributions, distributions and other (-€120,000) and Debts after one year (-€25,258)
- Receivables within one year +€23,757
up €23,757 (+155.8%), from €15,252 to €39,008
of which Other amounts receivable: +€13,084
- Current investments +€10,000
up €10,000 (+10.0%), from €100,000 to €110,000
- Profit (loss) carried forward -€91,750
down €91,750 (-95.2%), from €96,329 to €4,580
- Other debts +€76,500
up €76,500 (+300.0%), from €25,500 to €102,000
- Debts after one year -€25,258
down €25,258 (-20.5%), from €123,395 to €98,137
- Tax, wage and social debts +€7,083
up €7,083 (+13.9%), from €51,014 to €58,097
of which Taxes: +€12,159
- Staff costs +€13,679
up €13,679 (+3.7%), from €365,414 to €379,092
- Depreciation -€5,891
down €5,891 (-11.1%), from €52,969 to €47,078
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 | €405,038 | €372,636 | -€32,402 | -8.0% |
| Fixed assets | 21/28 | €197,850 | €155,672 | -€42,178 | -21.3% |
| Tangible fixed assets | 22/27 | €197,850 | €154,172 | -€43,678 | -22.1% |
| Land and buildings | 22 | €183,425 | €149,716 | -€33,709 | -18.4% |
| Plant, machinery and equipment | 23 | €9,855 | €2,863 | -€6,991 | -70.9% |
| Furniture and vehicles | 24 | €4,570 | €1,592 | -€2,978 | -65.2% |
| Financial fixed assets | 28 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €207,188 | €216,964 | +€9,776 | +4.7% |
| Stocks and contracts in progress | 3 | €15,162 | €17,760 | +€2,598 | +17.1% |
| Stocks | 30/36 | €15,162 | €17,760 | +€2,598 | +17.1% |
| Amounts receivable within one year | 40/41 | €15,252 | €39,008 | +€23,757 | +155.8% |
| Trade receivables | 40 | €1,552 | €12,224 | +€10,673 | +687.9% |
| Other amounts receivable | 41 | €13,700 | €26,784 | +€13,084 | +95.5% |
| Current investments | 50/53 | €100,000 | €110,000 | +€10,000 | +10.0% |
| Cash at bank and in hand | 54/58 | €76,775 | €50,196 | -€26,579 | -34.6% |
| Total equity and liabilities | 10/49 | €405,038 | €372,636 | -€32,402 | -8.0% |
| Equity | 10/15 | €116,329 | €24,580 | -€91,750 | -78.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €96,329 | €4,580 | -€91,750 | -95.2% |
| Amounts payable | 17/49 | €288,709 | €348,056 | +€59,347 | +20.6% |
| Amounts payable after more than one year | 17 | €123,395 | €98,137 | -€25,258 | -20.5% |
| Financial debts | 170/4 | €123,395 | €98,137 | -€25,258 | -20.5% |
| Amounts payable within one year | 42/48 | €165,313 | €249,919 | +€84,605 | +51.2% |
| Current portion of amounts payable after more than one year | 42 | €24,884 | €25,258 | +€373 | +1.5% |
| Trade debts | 44 | €63,915 | €64,564 | +€649 | +1.0% |
| Suppliers | 440/4 | €63,915 | €64,564 | +€649 | +1.0% |
| Taxes, remuneration and social security | 45 | €51,014 | €58,097 | +€7,083 | +13.9% |
| Taxes | 450/3 | €9,144 | €21,303 | +€12,159 | +133.0% |
| Remuneration and social security | 454/9 | €41,869 | €36,794 | -€5,076 | -12.1% |
| Other amounts payable | 47/48 | €25,500 | €102,000 | +€76,500 | +300.0% |
| Non-recurring operating income | 76A | - | €2,298 | +€2,298 | |
| Remuneration, social security and pensions | 62 | €365,414 | €379,092 | +€13,679 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,969 | €47,078 | -€5,891 | -11.1% |
| Other operating charges | 640/8 | €4,686 | €4,833 | +€147 | +3.1% |
| Gross operating margin | 9900 | €475,606 | €474,387 | -€1,220 | -0.3% |
| Operating profit (loss) | 9901 | €52,538 | €43,384 | -€9,155 | -17.4% |
| Financial income | 75/76B | €2,462 | €3,713 | +€1,251 | +50.8% |
| Recurring financial income | 75 | €2,462 | €3,713 | +€1,251 | +50.8% |
| Financial charges | 65/66B | €10,609 | €9,792 | -€817 | -7.7% |
| Recurring financial charges | 65 | €10,609 | €9,792 | -€817 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €44,392 | €37,305 | -€7,087 | -16.0% |
| Income taxes | 67/77 | €10,475 | €9,055 | -€1,420 | -13.6% |
| Profit (loss) for the period | 9904 | €33,917 | €28,250 | -€5,667 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €33,917 | €28,250 | -€5,667 | -16.7% |
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.