Evolution of structure and local magnetic fields in (Fe1-xCox)76Mo8Cu1B15 (HITPERM) metallic glass ribbons with various amounts of Co (x = 0, 0.25, 0.5) were studied in situ using diffraction and nuclear forward scattering of synchrotron radiation. It was found that crystallization for all three glasses proceeds in two stages. In the first stage, bcc (Fe,Co) nanocrystals are formed, while in the second stage additional crystalline phases evolve. For all three glasses, the crystallization temperatures at the wheel side were found to be lower than at the air side of the ribbon. The crystallization temperatures were found to decrease with increasing Co content. The lattice parameters of the bcc nanocrystals decrease up to about 550 °C and then increase pointing to squeezing Mo atoms out of the nanograins or to interface effects between the nanocrystals and the glassy matrix. Nuclear forward scattering enabled separate evaluation of the contributions that stem from structurally different regions within the investigated samples including the newly formed nanocrystals and the residual amorphous matrix. Even minor Co content (x = 0.25) has a substantial effect not only upon the magnetic behaviour of the alloy but also upon its structure. Making use of hyperfine magnetic fields, it was possible to unveil structurally diverse positions of Fe atoms that reside in a nanocrystalline lattice with different number of Co nearest neighbours.