KOBRE: 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.
What changed
KOBRE
NACE 43.211, General electrical installation work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€295,595
2024 · €750,683-€455,089
Equity
€1.2m
2024 · €1.0m+€130,595
Cash
€459,190
2024 · €428,976+€30,214
Balance sheet total
€3.3m
2024 · €3.2m+€127,031
Largest movements
Assets
- Receivables within one year +€365,852
up €365,852 (+32.3%), from €1.1m to €1.5m
of which Trade receivables: +€546,830
- Stocks and contracts -€358,051
down €358,051 (-28.6%), from €1.3m to €892,590
of which Contracts in progress: -€216,874
- Intangible fixed assets +€99,215
new in 2025: €99,215
Equity and liabilities
- Other debts +€314,382
up €314,382 (+43.0%), from €731,656 to €1.0m
- Trade debts -€290,821
down €290,821 (-25.9%), from €1.1m to €833,636
- Reserves +€130,595
up €130,595 (+12.7%), from €1.0m to €1.2m
of which Distributable reserves: +€130,595
Income statement
- Gross operating margin -€676,749
down €676,749 (-28.2%), from €2.4m to €1.7m
- Staff costs -€161,303
down €161,303 (-11.5%), from €1.4m to €1.2m
- Taxes -€74,799
down €74,799 (-52.1%), from €143,579 to €68,780
- Depreciation +€32,344
up €32,344 (+50.5%), from €64,023 to €96,367
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.
Result 2024
€750,683
Gross operating margin
-€676,749
Staff costs
+€161,303
Depreciation
-€32,344
Other operating charges
-€940
Financial income
+€1,778
Financial charges
+€17,066
Taxes
+€74,799
Result 2025
€295,595
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.
From operations
+€429,206
Investment
-€205,345
Financing
-€193,647
Cash 2024
€428,976
From operations (derived)
+€429,206
Net result for the year
+€295,595
Depreciation
+€96,367
Stocks and contracts
+€358,051
Receivables within one year
-€365,852
Deferred charges and accrued income
+€19,961
Trade debts
-€290,821
Tax, wage and social debts
+€1,522
Other debts
+€314,382
Investment (derived)
-€205,345
Investment in fixed assets (net)
-€205,345
Financing
-€193,647
Debts after one year
-€28,148
Current portion of long-term debt
-€499
Contributions, distributions and other
-€165,000
Cash 2025
€459,190
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,150,752 | €3,277,784 | +€127,031 | +4.0% |
| Fixed assets | 21/28 | €295,847 | €404,824 | +€108,977 | +36.8% |
| Intangible fixed assets | 21 | - | €99,215 | +€99,215 | |
| Tangible fixed assets | 22/27 | €206,582 | €216,344 | +€9,762 | +4.7% |
| Plant, machinery and equipment | 23 | €53,076 | €67,738 | +€14,661 | +27.6% |
| Furniture and vehicles | 24 | €140,109 | €140,871 | +€762 | +0.5% |
| Other tangible fixed assets | 26 | €13,396 | €7,736 | -€5,661 | -42.3% |
| Financial fixed assets | 28 | €89,265 | €89,265 | = | 0.0% |
| Current assets | 29/58 | €2,854,905 | €2,872,959 | +€18,054 | +0.6% |
| Stocks and contracts in progress | 3 | €1,250,642 | €892,590 | -€358,051 | -28.6% |
| Stocks | 30/36 | €899,751 | €758,573 | -€141,177 | -15.7% |
| Contracts in progress | 37 | €350,891 | €134,017 | -€216,874 | -61.8% |
| Amounts receivable within one year | 40/41 | €1,134,391 | €1,500,242 | +€365,852 | +32.3% |
| Trade receivables | 40 | €809,969 | €1,356,799 | +€546,830 | +67.5% |
| Other amounts receivable | 41 | €324,421 | €143,443 | -€180,978 | -55.8% |
| Cash at bank and in hand | 54/58 | €428,976 | €459,190 | +€30,214 | +7.0% |
| Deferred charges and accrued income | 490/1 | €40,897 | €20,937 | -€19,961 | -48.8% |
| Total equity and liabilities | 10/49 | €3,150,752 | €3,277,784 | +€127,031 | +4.0% |
| Equity | 10/15 | €1,049,905 | €1,180,499 | +€130,595 | +12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,031,305 | €1,161,899 | +€130,595 | +12.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,250 | €1,250 | = | 0.0% |
| Distributable reserves | 133 | €1,028,195 | €1,158,789 | +€130,595 | +12.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,100,847 | €2,097,284 | -€3,563 | -0.2% |
| Amounts payable after more than one year | 17 | €52,812 | €24,664 | -€28,148 | -53.3% |
| Financial debts | 170/4 | €33,312 | €24,664 | -€8,648 | -26.0% |
| Other amounts payable | 178/9 | €19,500 | €0 | -€19,500 | -100.0% |
| Amounts payable within one year | 42/48 | €2,048,035 | €2,072,620 | +€24,585 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €9,147 | €8,648 | -€499 | -5.5% |
| Trade debts | 44 | €1,124,457 | €833,636 | -€290,821 | -25.9% |
| Suppliers | 440/4 | €1,124,457 | €833,636 | -€290,821 | -25.9% |
| Taxes, remuneration and social security | 45 | €182,776 | €184,298 | +€1,522 | +0.8% |
| Taxes | 450/3 | €33,126 | €16,984 | -€16,142 | -48.7% |
| Remuneration and social security | 454/9 | €149,650 | €167,314 | +€17,664 | +11.8% |
| Other amounts payable | 47/48 | €731,656 | €1,046,038 | +€314,382 | +43.0% |
| Remuneration, social security and pensions | 62 | €1,407,852 | €1,246,549 | -€161,303 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,023 | €96,367 | +€32,344 | +50.5% |
| Other operating charges | 640/8 | €3,411 | €4,351 | +€940 | +27.6% |
| Gross operating margin | 9900 | €2,396,092 | €1,719,343 | -€676,749 | -28.2% |
| Operating profit (loss) | 9901 | €920,806 | €372,075 | -€548,731 | -59.6% |
| Financial income | 75/76B | €1,732 | €3,510 | +€1,778 | +102.7% |
| Recurring financial income | 75 | €1,732 | €3,510 | +€1,778 | +102.7% |
| Financial charges | 65/66B | €28,276 | €11,210 | -€17,066 | -60.4% |
| Recurring financial charges | 65 | €27,876 | €11,210 | -€16,666 | -59.8% |
| Non-recurring financial charges | 66B | €400 | €0 | -€400 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €894,262 | €364,375 | -€529,887 | -59.3% |
| Income taxes | 67/77 | €143,579 | €68,780 | -€74,799 | -52.1% |
| Profit (loss) for the period | 9904 | €750,683 | €295,595 | -€455,089 | -60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €750,683 | €295,595 | -€455,089 | -60.6% |
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 3 October 2026 via checked.be.