Rik Cobbaert: what changed
What changed
Rik Cobbaert
NACE 46.610, Wholesale trade
filed annual accounts (NBB)
Net result for the year
€210,176
2024 · €215,481-€5,305
Equity
€1.2m
2024 · €1.4m-€172,324
Cash
€264,822
2024 · €499,490-€234,668
Balance sheet total
€2.7m
2024 · €2.8m-€128,253
Largest movements
Assets
- Cash -€234,668
down €234,668 (-47.0%), from €499,490 to €264,822
mainly Contributions, distributions and other (-€382,500) and Receivables within one year (-€176,052)
- Receivables within one year +€176,052
up €176,052 (+46.0%), from €382,997 to €559,049
of which Trade receivables: +€176,029
- Stocks and contracts -€44,009
down €44,009 (-4.0%), from €1.1m to €1.1m
Equity and liabilities
- Reserves -€172,500
down €172,500 (-12.9%), from €1.3m to €1.2m
of which Distributable reserves: -€172,500
- Short-term financial debts +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Other debts -€68,074
down €68,074 (-13.3%), from €510,635 to €442,561
- Trade debts +€57,943
up €57,943 (+95.9%), from €60,411 to €118,354
- Debts after one year -€55,534
down €55,534 (-9.4%), from €588,496 to €532,961
Income statement
- Staff costs +€19,637
up €19,637 (+17.6%), from €111,610 to €131,247
- Other operating charges -€10,805
down €10,805 (-43.9%), from €24,629 to €13,824
- Write-downs +€7,973
up €7,973, from -€7,131 to €842
- Financial charges -€7,183
down €7,183 (-47.8%), from €15,019 to €7,836
- Gross operating margin +€5,433
up €5,433 (+1.4%), from €401,550 to €406,983
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.
Result 2024
€215,481
Gross operating margin
+€5,433
Staff costs
-€19,637
Depreciation
-€138
Write-downs
-€7,973
Other operating charges
+€10,805
Other operating items
+€638
Financial income
-€3,232
Financial charges
+€7,183
Taxes
+€1,617
Result 2025
€210,176
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€113,394
Investment
-€10,524
Financing
-€337,538
Cash 2024
€499,490
From operations (derived)
+€113,394
Net result for the year
+€210,176
Depreciation
+€34,730
Stocks and contracts
+€44,009
Receivables within one year
-€176,052
Deferred charges and accrued income
+€1,423
Trade debts
+€57,943
Tax, wage and social debts
+€9,340
Other debts
-€68,074
Accrued charges and deferred income
-€99
Investment (derived)
-€10,524
Investment in fixed assets (net)
-€10,524
Financing
-€337,538
Debts after one year
-€55,534
Current portion of long-term debt
+€496
Short-term financial debts
+€100,000
Contributions, distributions and other
-€382,500
Cash 2025
€264,822
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,832,585 | €2,704,332 | -€128,253 | -4.5% |
| Fixed assets | 21/28 | €833,623 | €809,417 | -€24,206 | -2.9% |
| Intangible fixed assets | 21 | €3,823 | €2,457 | -€1,366 | -35.7% |
| Tangible fixed assets | 22/27 | €829,799 | €806,960 | -€22,840 | -2.8% |
| Land and buildings | 22 | €821,515 | €799,257 | -€22,258 | -2.7% |
| Plant, machinery and equipment | 23 | €2,150 | €236 | -€1,914 | -89.0% |
| Furniture and vehicles | 24 | €6,134 | €7,467 | +€1,333 | +21.7% |
| Current assets | 29/58 | €1,998,962 | €1,894,915 | -€104,048 | -5.2% |
| Stocks and contracts in progress | 3 | €1,104,810 | €1,060,801 | -€44,009 | -4.0% |
| Stocks | 30/36 | €1,104,810 | €1,060,801 | -€44,009 | -4.0% |
| Amounts receivable within one year | 40/41 | €382,997 | €559,049 | +€176,052 | +46.0% |
| Trade receivables | 40 | €382,997 | €559,026 | +€176,029 | +46.0% |
| Other amounts receivable | 41 | - | €23 | +€23 | |
| Cash at bank and in hand | 54/58 | €499,490 | €264,822 | -€234,668 | -47.0% |
| Deferred charges and accrued income | 490/1 | €11,665 | €10,243 | -€1,423 | -12.2% |
| Total equity and liabilities | 10/49 | €2,832,585 | €2,704,332 | -€128,253 | -4.5% |
| Equity | 10/15 | €1,393,030 | €1,220,706 | -€172,324 | -12.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,342,225 | €1,169,725 | -€172,500 | -12.9% |
| Tax-exempt reserves | 132 | €6,875 | €6,875 | = | 0.0% |
| Distributable reserves | 133 | €1,335,350 | €1,162,850 | -€172,500 | -12.9% |
| Profit (loss) carried forward | 14 | €805 | €981 | +€176 | +21.8% |
| Amounts payable | 17/49 | €1,439,555 | €1,483,626 | +€44,071 | +3.1% |
| Amounts payable after more than one year | 17 | €588,496 | €532,961 | -€55,534 | -9.4% |
| Financial debts | 170/4 | €588,496 | €532,961 | -€55,534 | -9.4% |
| Amounts payable within one year | 42/48 | €850,960 | €950,665 | +€99,704 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €55,038 | €55,534 | +€496 | +0.9% |
| Financial debts | 43 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Credit institutions | 430/8 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Trade debts | 44 | €60,411 | €118,354 | +€57,943 | +95.9% |
| Suppliers | 440/4 | €60,411 | €118,354 | +€57,943 | +95.9% |
| Taxes, remuneration and social security | 45 | €24,876 | €34,216 | +€9,340 | +37.5% |
| Taxes | 450/3 | €12,010 | €18,278 | +€6,267 | +52.2% |
| Remuneration and social security | 454/9 | €12,866 | €15,938 | +€3,072 | +23.9% |
| Other amounts payable | 47/48 | €510,635 | €442,561 | -€68,074 | -13.3% |
| Accrued charges and deferred income | 492/3 | €99 | €0 | -€99 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €111,610 | €131,247 | +€19,637 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,592 | €34,730 | +€138 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,131 | €842 | +€7,973 | |
| Other operating charges | 640/8 | €24,629 | €13,824 | -€10,805 | -43.9% |
| Non-recurring operating charges | 66A | €869 | €231 | -€638 | -73.5% |
| Gross operating margin | 9900 | €401,550 | €406,983 | +€5,433 | +1.4% |
| Operating profit (loss) | 9901 | €236,983 | €226,109 | -€10,873 | -4.6% |
| Financial income | 75/76B | €22,689 | €19,458 | -€3,232 | -14.2% |
| Recurring financial income | 75 | €22,689 | €19,458 | -€3,232 | -14.2% |
| Financial charges | 65/66B | €15,019 | €7,836 | -€7,183 | -47.8% |
| Recurring financial charges | 65 | €15,019 | €7,836 | -€7,183 | -47.8% |
| Profit (loss) for the period before taxes | 9903 | €244,653 | €237,731 | -€6,922 | -2.8% |
| Income taxes | 67/77 | €29,172 | €27,555 | -€1,617 | -5.5% |
| Profit (loss) for the period | 9904 | €215,481 | €210,176 | -€5,305 | -2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €215,481 | €210,176 | -€5,305 | -2.5% |
Next steps
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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.