COBRAA: what changed
Two financial 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
COBRAA
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€233,029
2024 · €237,444-€4,415
Equity
€2.1m
2024 · €2.0m+€162,758
Cash
€97
2024 · €3,379-€3,283
Balance sheet total
€2.4m
2024 · €2.2m+€215,666
Largest movements
Assets
- Receivables within one year +€162,696
up €162,696 (+8.1%), from €2.0m to €2.2m
of which Other amounts receivable: +€163,619
- Tangible fixed assets +€57,546
up €57,546 (+44.8%), from €128,348 to €185,893
of which Furniture and vehicles: +€57,150
Equity and liabilities
- Reserves +€162,758
up €162,758 (+12.6%), from €1.3m to €1.5m
of which Tax-exempt reserves: +€101,040
- Other debts +€59,441
up €59,441 (+101%), from €58,904 to €118,346
Income statement
- Financial income +€114,640
up €114,640 (+327%), from €35,017 to €149,657
- Gross operating margin -€108,049
down €108,049 (-31.0%), from €348,705 to €240,656
- Depreciation +€10,029
up €10,029 (+22.8%), from €43,998 to €54,027
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
€237,444
Gross operating margin
-€108,049
Depreciation
-€10,029
Other operating charges
+€401
Financial income
+€114,640
Financial charges
-€110
Taxes
-€1,268
Result 2025
€233,029
raises the resultlowers the result
Derived cash bridge
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
+€178,561
Investment
-€111,572
Financing
-€70,271
Cash 2024
€3,379
From operations (derived)
+€178,561
Net result for the year
+€233,029
Depreciation
+€54,027
Receivables within one year
-€162,696
Deferred charges and accrued income
+€1,294
Trade debts
-€19,585
Tax, wage and social debts
+€12,997
Other debts
+€59,441
Accrued charges and deferred income
+€54
Investment (derived)
-€111,572
Investment in fixed assets (net)
-€111,572
Financing
-€70,271
Contributions, distributions and other
-€70,271
Cash 2025
€97
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,164,756 | €2,380,421 | +€215,666 | +10.0% |
| Fixed assets | 21/28 | €128,648 | €186,193 | +€57,546 | +44.7% |
| Tangible fixed assets | 22/27 | €128,348 | €185,893 | +€57,546 | +44.8% |
| Land and buildings | 22 | €2,453 | €1,945 | -€508 | -20.7% |
| Plant, machinery and equipment | 23 | €2,792 | €3,696 | +€903 | +32.4% |
| Furniture and vehicles | 24 | €123,102 | €180,252 | +€57,150 | +46.4% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €2,036,108 | €2,194,228 | +€158,120 | +7.8% |
| Stocks and contracts in progress | 3 | €14,424 | €14,424 | = | 0.0% |
| Stocks | 30/36 | €14,424 | €14,424 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,016,361 | €2,179,057 | +€162,696 | +8.1% |
| Trade receivables | 40 | €6,448 | €5,525 | -€923 | -14.3% |
| Other amounts receivable | 41 | €2,009,914 | €2,173,532 | +€163,619 | +8.1% |
| Cash at bank and in hand | 54/58 | €3,379 | €97 | -€3,283 | -97.1% |
| Deferred charges and accrued income | 490/1 | €1,943 | €650 | -€1,294 | -66.6% |
| Total equity and liabilities | 10/49 | €2,164,756 | €2,380,421 | +€215,666 | +10.0% |
| Equity | 10/15 | €1,970,157 | €2,132,915 | +€162,758 | +8.3% |
| Contributions | 10/11 | €344,000 | €344,000 | = | 0.0% |
| Reserves | 13 | €1,295,260 | €1,458,018 | +€162,758 | +12.6% |
| Tax-exempt reserves | 132 | €252,600 | €353,640 | +€101,040 | +40.0% |
| Distributable reserves | 133 | €1,042,660 | €1,104,378 | +€61,718 | +5.9% |
| Profit (loss) carried forward | 14 | €330,897 | €330,897 | = | 0.0% |
| Provisions and deferred taxes | 16 | €60,000 | €60,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €60,000 | €60,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable | 17/49 | €134,599 | €187,506 | +€52,907 | +39.3% |
| Amounts payable within one year | 42/48 | €133,364 | €186,217 | +€52,853 | +39.6% |
| Trade debts | 44 | €50,839 | €31,254 | -€19,585 | -38.5% |
| Suppliers | 440/4 | €50,839 | €31,254 | -€19,585 | -38.5% |
| Taxes, remuneration and social security | 45 | €23,620 | €36,617 | +€12,997 | +55.0% |
| Taxes | 450/3 | €23,620 | €36,617 | +€12,997 | +55.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €58,904 | €118,346 | +€59,441 | +101% |
| Accrued charges and deferred income | 492/3 | €1,235 | €1,289 | +€54 | +4.4% |
| Non-recurring operating income | 76A | €5,000 | - | -€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,998 | €54,027 | +€10,029 | +22.8% |
| Other operating charges | 640/8 | €2,667 | €2,266 | -€401 | -15.0% |
| Gross operating margin | 9900 | €348,705 | €240,656 | -€108,049 | -31.0% |
| Operating profit (loss) | 9901 | €302,041 | €184,364 | -€117,677 | -39.0% |
| Financial income | 75/76B | €35,017 | €149,657 | +€114,640 | +327% |
| Recurring financial income | 75 | €35,017 | €149,657 | +€114,640 | +327% |
| Financial charges | 65/66B | €2,042 | €2,151 | +€110 | +5.4% |
| Recurring financial charges | 65 | €2,042 | €2,151 | +€110 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €335,016 | €331,869 | -€3,146 | -0.9% |
| Income taxes | 67/77 | €97,572 | €98,840 | +€1,268 | +1.3% |
| Profit (loss) for the period | 9904 | €237,444 | €233,029 | -€4,415 | -1.9% |
| Transfer from tax-exempt reserves | 789 | €189,450 | - | -€189,450 | |
| Transfer to tax-exempt reserves | 689 | €126,300 | €101,040 | -€25,260 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €300,594 | €131,989 | -€168,605 | -56.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.