COGENGREEN
Dissolution or liquidationThe KBO register records for COGENGREEN the legal situation: dissolution or liquidation; this is today's state according to the register itself, which carries no start date. Dissolved, in liquidation.
Summary
The 2025 annual accounts show negative equity (-€1.1m) and a net result of -€1.0m.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€1.1m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 d early
2024
21 d early
2023
54 d early
2022
126 d late
2021
30 d late
2020
26 d late
2019
31 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 7 days after the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
COGENGREEN was incorporated on 4 April 2005.1 The registered office was moved to Liège in 2026.2 The board currently has 2 members; Sébastien Ugona has served longest, since 2020.2 Revenue fell from EUR 5.3 million in 2018 to EUR 3 million in 2025 and headcount from 13.1 to 12.4 full-time equivalents.3 In 2026 the company was dissolved and put into liquidation.2
Go further with this company
What became of the directors' other companies?Supplier due diligence Who ran this company, and where was it based, on a date before the end?Company as of a date How is the Engineering and related technical consultancy, excluding land surveyors sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
Turnover
€3.0m▼ 61.9%
2024 · €8.0m
EBIT margin
-32.3%▼ 18.7pp
2024 · -13.6%
Net result
-€1.0m▲ 10.8%
2024 · -€1.2m
Working capital
-€299,374
2024 · €1.3m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€9.5m▲ 69.2%€10.8m▲ 12.8%€10.9m▲ 1.2%€8.0m▼ 26.5%€3.0m▼ 61.9%
Operating result€870,939▲ 156%-€527,986€164,782-€1.1m-€984,079▲ 9.6%
Net result€623,013above the sector's middle half▲ 184%-€559,303below the sector's middle half€79,833within the sector's middle half-€1.2mbelow the sector's middle half-€1.0mbelow the sector's middle half▲ 10.8%
EBIT margin9.1%▲ 3.1pp-4.9%▼ 14.0pp1.5%▲ 6.4pp-13.6%▼ 15.1pp-32.3%▼ 18.7pp
Equity€1.7mabove the sector's middle half▲ 59.8%€1.1mabove the sector's middle half▼ 34.5%€1.2mabove the sector's middle half▲ 5.8%-€24,252below the sector's middle half-€1.1mbelow the sector's middle half▼ 4,356%
Total assets€6.1mabove the sector's middle half▲ 65.7%€5.9mabove the sector's middle half▼ 3.6%€5.0mabove the sector's middle half▼ 15.4%€3.0mwithin the sector's middle half▼ 40.9%€1.4mwithin the sector's middle half▼ 51.9%
Debt€4.3m▲ 73.7%€4.6m▲ 8.4%€3.7m▼ 19.4%€2.7m▼ 27.6%€2.2m▼ 19.7%
Working capital€3.1mabove the sector's middle half▲ 174%€2.9mabove the sector's middle half▼ 4.4%€2.1mabove the sector's middle half▼ 29.2%€1.3mabove the sector's middle half▼ 38.7%-€299,374below the sector's middle half
Solvency27.2%within the sector's middle half▼ 1.0pp18.5%within the sector's middle half▼ 8.7pp23.1%within the sector's middle half▲ 4.6pp-0.8%below the sector's middle half▼ 23.9pp-75.9%below the sector's middle half▼ 75.1pp
Current ratio2.24within the sector's middle half▲ 0.682.21within the sector's middle half▼ 0.031.75within the sector's middle half▼ 0.461.79within the sector's middle half▲ 0.040.83below the sector's middle half▼ 0.97
Return on assets (ROA)10.2%within the sector's middle half▲ 4.2pp-9.5%below the sector's middle half▼ 19.6pp1.6%within the sector's middle half▲ 11.1pp-39.3%below the sector's middle half▼ 40.9pp-72.9%below the sector's middle half▼ 33.6pp
Staff (FTE)14.9within the sector's middle half▲ 28.4%21.1within the sector's middle half▲ 41.6%23.1within the sector's middle half▲ 9.5%21.4within the sector's middle half▼ 7.4%12.4within the sector's middle half▼ 42.1%
above
within
below
the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €984,079 in 2025 against €1.1m in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€4,388 ▼ 95.1%
Current assets
€1.4m ▼ 50.6%
Key figures and ratios
EBITDA
-€931,634▲
2024 · -€1.0m
Cash flow
-€985,860▲
2024 · -€1.1m
Quick ratio
0.81▼
2024 · 1.54
Debt to equity
-2.00
Interest coverage
-16.69▼
2024 · -13.16
Debt ≤ 1 year
€1.7m▲
2024 · €1.6m
Debt > 1 year
€2,459▼
2024 · €7,222
Income taxes
-€408▼
2024 · €1,564
Staff costs
€841,930▼
2024 · €1.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €9.7m | €11.0m | €11.4m | - | - | - |
| Turnover70 | €9.5m | €10.8m | €10.9m | €8.0m | €3.0m | ▼ 61.9% |
| Own construction capitalised72 | €42,337 | - | - | - | - | - |
| Other operating income74 | €139,093 | €241,491 | €153,549 | - | - | - |
| Non-recurring operating income76A | €2,284 | €737 | €340,479 | - | €144,869 | - |
| Operating charges60/66A | €8.9m | €11.5m | €11.2m | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €753,992 | €2.7m | ▲ 256% |
| Goods for resale, raw materials and consumables60 | €6.7m | €8.0m | €7.8m | - | - | - |
| Purchases600/8 | €7.2m | €8.8m | €7.1m | - | - | - |
| Change in stocks: decrease (increase)609 | -€495,612 | -€787,167 | €705,811 | - | - | - |
| Services and other goods61 | €1.1m | €1.9m | €1.9m | - | - | - |
| Remuneration, social security and pensions62 | €849,442 | €1.3m | €1.4m | €1.2m | €841,930 | ▼ 32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €99,945 | €114,357 | €112,035 | €76,335 | €52,445 | ▼ 31.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €42,553 | €129,308 | - | €55,909 | €84,770 | ▲ 51.6% |
| Other operating charges640/8 | €10,234 | €10,585 | €8,435 | €18,863 | €15,955 | ▼ 15.4% |
| Non-recurring operating charges66A | €25,971 | €104,526 | - | €160,500 | €502,606 | ▲ 213% |
| Gross operating margin9900 | - | - | - | €468,623 | €513,626 | ▲ 9.6% |
| Operating profit (loss)9901 | €870,939 | -€527,986 | €164,782 | -€1.1m | -€984,079 | ▲ 9.6% |
| Financial income75/76B | €181 | €1,337 | €3,320 | €2,490 | €1,178 | ▼ 52.7% |
| Recurring financial income75 | €181 | €1,337 | €3,320 | €2,490 | €1,178 | ▼ 52.7% |
| Other financial income752/9 | €181 | €1,337 | €3,320 | - | - | - |
| Financial charges65/66B | €37,878 | €30,527 | €66,418 | €76,930 | €55,812 | ▼ 27.5% |
| Recurring financial charges65 | €37,878 | €30,527 | €66,418 | €76,930 | €55,812 | ▼ 27.5% |
| Debt charges650 | €13,716 | €12,392 | €47,244 | - | - | - |
| Other financial charges652/9 | €24,162 | €18,135 | €19,174 | - | - | - |
| Profit (loss) for the period before taxes9903 | €833,241 | -€557,177 | €101,684 | -€1.2m | -€1.0m | ▲ 10.7% |
| Income taxes67/77 | €210,228 | €2,126 | €21,851 | €1,564 | -€408 | ▼ 126% |
| Taxes670/3 | €210,228 | €2,126 | €21,851 | - | - | - |
| Profit (loss) for the period9904 | €623,013 | -€559,303 | €79,833 | -€1.2m | -€1.0m | ▲ 10.8% |
| Profit (loss) for the period to be appropriated9905 | €623,013 | -€559,303 | €79,833 | -€1.2m | -€1.0m | ▲ 10.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.1m | €5.9m | €5.0m | €3.0m | €1.4m | ▼ 51.9% |
| Fixed assets21/28 | €596,049 | €556,440 | €164,535 | €88,959 | €4,388 | ▼ 95.1% |
| Intangible fixed assets21 | €119,291 | €72,959 | €39,162 | €12,094 | - | - |
| Tangible fixed assets22/27 | €453,249 | €459,075 | €105,907 | €57,399 | €4,388 | ▼ 92.4% |
| Land and buildings22 | €387,302 | €370,273 | - | - | - | - |
| Plant, machinery and equipment23 | €3,548 | €6,089 | €45,037 | €33,341 | - | - |
| Furniture and vehicles24 | €54,922 | €82,713 | €60,871 | €24,058 | €4,388 | ▼ 81.8% |
| Leasing and similar rights25 | €7,477 | - | - | - | - | - |
| Financial fixed assets28 | €23,510 | €24,405 | €19,466 | €19,466 | - | - |
| Other financial fixed assets284/8 | €23,510 | €24,405 | €19,466 | - | - | - |
| Amounts receivable and cash guarantees285/8 | €23,510 | €24,405 | €19,466 | - | - | - |
| Current assets29/58 | €5.5m | €5.4m | €4.8m | €2.9m | €1.4m | ▼ 50.6% |
| Stocks and contracts in progress3 | €1.4m | €2.2m | €1.5m | €406,550 | €35,000 | ▼ 91.4% |
| Stocks30/36 | €1.4m | €2.2m | €1.5m | €406,550 | €35,000 | ▼ 91.4% |
| Goods purchased for resale34 | €1.4m | €2.2m | €1.5m | - | - | - |
| Amounts receivable within one year40/41 | €3.8m | €3.0m | €3.2m | €1.9m | €1.2m | ▼ 33.9% |
| Trade receivables40 | €3.7m | €2.8m | €3.1m | €1.7m | €1.2m | ▼ 30.4% |
| Other amounts receivable41 | €104,803 | €236,713 | €150,599 | €111,882 | €13,315 | ▼ 88.1% |
| Cash at bank and in hand54/58 | €351,819 | €154,800 | €118,728 | €605,209 | €158,718 | ▼ 73.8% |
| Deferred charges and accrued income490/1 | €5,338 | €782 | €7,228 | €6,617 | €269 | ▼ 95.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.1m | €5.9m | €5.0m | €3.0m | €1.4m | ▼ 51.9% |
| Equity10/15 | €1.7m | €1.1m | €1.2m | -€24,252 | -€1.1m | ▼ 4,356% |
| Contributions10/11 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Capital10 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Issued capital100 | €70,000 | €70,000 | €70,000 | €70,000 | €70,000 | = |
| Reserves13 | €7,210 | €7,210 | €7,210 | €7,210 | €7,210 | = |
| Non-distributable reserves130/1 | €7,000 | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Legal reserve130 | €7,000 | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Tax-exempt reserves132 | €210 | €210 | €210 | €210 | €210 | = |
| Profit (loss) carried forward14 | €1.5m | €955,836 | €1.0m | -€128,735 | -€1.2m | ▼ 807% |
| Investment grants15 | €77,499 | €60,641 | €43,783 | €27,273 | €9,193 | ▼ 66.3% |
| Provisions and deferred taxes16 | €208,380 | €208,380 | €129,147 | €289,647 | €340,009 | ▲ 17.4% |
| Provisions for liabilities and charges160/5 | €208,380 | €208,380 | €129,147 | €289,647 | €340,009 | ▲ 17.4% |
| Major repairs and maintenance162 | €208,380 | €208,380 | €129,147 | €129,147 | €129,147 | = |
| Other liabilities and charges164/5 | - | - | - | €160,500 | €210,862 | ▲ 31.4% |
| Amounts payable17/49 | €4.3m | €4.6m | €3.7m | €2.7m | €2.2m | ▼ 19.7% |
| Amounts payable after more than one year17 | €304,299 | €351,656 | €106,191 | €7,222 | €2,459 | ▼ 65.9% |
| Financial debts170/4 | €304,299 | €351,656 | €106,191 | €7,222 | €2,459 | ▼ 65.9% |
| Credit institutions173 | €184,444 | €157,777 | - | - | - | - |
| Other loans174 | €119,855 | €193,879 | €106,191 | - | - | - |
| Amounts payable within one year42/48 | €2.5m | €2.4m | €2.8m | €1.6m | €1.7m | ▲ 7.4% |
| Current portion of amounts payable after more than one year42 | €238,438 | €895,881 | €593,173 | €98,969 | €88,097 | ▼ 11.0% |
| Financial debts43 | €739,004 | €204,350 | €799,979 | €550,000 | - | - |
| Credit institutions430/8 | €739,004 | €204,350 | €799,979 | €550,000 | - | - |
| Trade debts44 | €1.2m | €972,321 | €1.2m | €835,884 | €891,112 | ▲ 6.6% |
| Suppliers440/4 | €1.2m | €972,321 | €1.2m | €835,884 | €891,112 | ▲ 6.6% |
| Taxes, remuneration and social security45 | €299,135 | €331,258 | €204,770 | €107,581 | €76,643 | ▼ 28.8% |
| Taxes450/3 | €195,335 | €185,172 | €36,855 | €24,250 | €21,571 | ▼ 11.0% |
| Remuneration and social security454/9 | €103,800 | €146,086 | €167,916 | €83,331 | €55,072 | ▼ 33.9% |
| Other amounts payable47/48 | €24,268 | €25,720 | €6,913 | €7,905 | €662,695 | ▲ 8,283% |
| Accrued charges and deferred income492/3 | €1.5m | €1.8m | €845,655 | €1.1m | €443,182 | ▼ 59.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €623,013 | -€559,303 | €79,833 | -€1.2m | -€1.0m | ▲ 10.8% |
| + Depreciation and write-downs630 | €99,945 | €114,357 | €112,035 | €76,335 | €52,445 | ▼ 31.3% |
| Operating cash flow (approximation) | €722,958 | -€444,945 | €191,868 | -€1.1m | -€985,860 | ▲ 9.4% |
| Investment in fixed assets (approximation) | - | -€74,748 | €279,869 | -€759 | €32,126 | ▲ 4,333% |
| Change in cash | - | -€197,019 | -€36,072 | €486,481 | -€446,491 | ▼ 192% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-07
State Gazette act
Registered office · Resignations & appointments · End & cessation · MiscellaneousAppointments: Sébastien UGONA (manager) and DE VIRON Diane (manager) · Incorporation · Legal-form conversion30 facts ▸
State Gazette act
Registered office · Resignations & appointments · End & cessation · Miscellaneous
Appointments: Sébastien UGONA (manager) and DE VIRON Diane (manager) · Incorporation · Legal-form conversion30 facts ▸
- General meeting, 22-06-2026
- Incorporation, 20-03-2005
- Legal-form conversion, Société anonyme
- Shareholding, 22-06-2026, 700
- Director appointment, Sébastien UGONA (manager)
- Director appointment, DE VIRON Diane (manager)
- Power of attorney, QUETIN Denis
- Other statement, Modification du siège, Rapports
- Board composition, Sébastien UGONA (director)
- Board composition, SEGUINS PAZZIS d'AUBIGNAN Eric (director)
- Other statement, information actionnaires, production de son titre
- Other statement, validité assemblée
- +18 further facts in this act
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€1.2m
Net result drops to -€1.2m, the lowest in the series.
07-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €79,833
Net result €79,833 after one loss-making year.
04-12
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 126 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 30 days late
2021
31-12
Financial
Highest result since 2018net €623,013 ▲184%
Operating result €870,939, net result €623,013, both a record.
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 26 days late
2020
31-12
Financial
Equity above €1mEq €1.0m ▲30.9%
3 profitable years in a row build equity to €1.0m.
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Show earlier events
2019
31-12
Financial
Equity above €500,000Eq €797,964 ▲74.2%
2 profitable years in a row build equity to €797,964.
21-03
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 28 days late
2017
07-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 13 acts read
About the unread acts
Of the 13 Belgian State Gazette acts we know for this company, 1 has been read. The other 12 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors, last change in 2021
Sébastien Ugona
CurrentManager · since 24-06-2020
DE VIRON Diane
CurrentManager · since 03-06-2021
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
12 of this company's 13 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Liège · 1 establishment unit since 2005
Ground area
1,069 m²
Building footprint
237 m²
Volume, LiDAR
1,442 m³
Parcel 62815C0687/04D000, Wallonia · tallest building 9.0 m, ±2 floors. Linked by address, not a title deed.
26
companies at this address
See who is registered here
1 establishment unit
Cogengreen
since 20052.146.660.775
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62815C0687/04D000 | Wallonia | 1,069 m² | 1 · 237 m² | 8.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2020, 2 in office
- Board
| Name | Functions and periods |
|---|---|
| Sébastien Ugona |
|
| DE VIRON Diane |
|
Articles of association
Other statement
Responsabilités de l’organe d’administration, image fidèle
Non-décharge par contrôle commissaire, état résumant situation active et passive
Confirmation nomination liquidateur, soumission au président du tribunal de l’entreprise du siège
Dispense inventaire, livres et écritures comptables société
3 more provisions on this in the deed
Structure & network
Owners and holdings
1 ownerChain of control
- BLUE PEARL ENERGYLU
- COGENGREEN
Highest known parent: BLUE PEARL ENERGY (Luxembourg). The sources do not say who stands above it.
Owners 1
- BLUE PEARL ENERGYLUparentSourceown accounts 2024100%
Holdings 0
The accounts to 31-12-2024 list no holdings, and no other source names one.
According to the 2024 annual accounts of COGENGREEN and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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Click a node to look further, drag to arrange, scroll to zoom.
Capital and shareholders
Shareholders according to the acts
Stated in the act
act of 29-07-2026 ↗
- BLUE PEARL ENERGY 700 shares · 100%
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Recognitions · licences · registrations
Recognised contractor
6 categoriesCOGENGREEN SA30441
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Of 11,577 companies in sector 71121 we hold annual accounts for 6,570. 3,186 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded04-04-2005
Fiscal year end31-12
Activities, NACEBEL 2025
71121Engineering and related technical consultancy, excluding land surveyors
25210Manufacture of fabricated metal products, except machinery and equipment
Contact
Website
www.cogengreen.comNamur
E-mail
info@cogengreen.comNamur
Phone
081/63 56 58Namur
Fax
081/63 58 42Namur
E-invoicing
Reachable via Peppol
Peppol ID
0208:0872940117
Also
9925:BE0872940117
Registered
31-01-2025
The company is no longer active; its Peppol card can remain until its access point withdraws it.
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.