COGA: 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.
COGA
Largest movements
- Cash -€17,104
down €17,104 (-21.7%), from €78,665 to €61,561
mainly Other debts (-€35,530) and Investment in fixed assets (net) (-€28,707)
- Receivables within one year +€13,578
up €13,578 (+22.8%), from €59,598 to €73,176
of which Trade receivables: +€29,331
- Tangible fixed assets -€10,156
down €10,156 (-2.6%), from €396,008 to €385,852
of which Land and buildings: -€9,037
- Other debts -€35,530
down €35,530 (-18.1%), from €196,542 to €161,012
- Trade debts +€14,557
up €14,557 (+9.9%), from €146,593 to €161,150
- Reserves +€6,007
up €6,007 (+4.2%), from €143,724 to €149,730
- Staff costs +€18,143
up €18,143 (+7.0%), from €260,856 to €278,999
- Gross operating margin +€13,780
up €13,780 (+4.3%), from €322,268 to €336,048
- Depreciation +€3,892
up €3,892 (+11.1%), from €34,972 to €38,864
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €535,171 | €521,489 | -€13,682 | -2.6% |
| Fixed assets | 21/28 | €396,908 | €386,752 | -€10,156 | -2.6% |
| Tangible fixed assets | 22/27 | €396,008 | €385,852 | -€10,156 | -2.6% |
| Land and buildings | 22 | €367,975 | €358,937 | -€9,037 | -2.5% |
| Plant, machinery and equipment | 23 | €562 | €202 | -€359 | -64.0% |
| Furniture and vehicles | 24 | €812 | €6,865 | +€6,052 | +745.0% |
| Other tangible fixed assets | 26 | €26,659 | €19,847 | -€6,812 | -25.6% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €138,263 | €134,737 | -€3,526 | -2.6% |
| Amounts receivable within one year | 40/41 | €59,598 | €73,176 | +€13,578 | +22.8% |
| Trade receivables | 40 | €38,158 | €67,489 | +€29,331 | +76.9% |
| Other amounts receivable | 41 | €21,440 | €5,687 | -€15,752 | -73.5% |
| Cash at bank and in hand | 54/58 | €78,665 | €61,561 | -€17,104 | -21.7% |
| Total equity and liabilities | 10/49 | €535,171 | €521,489 | -€13,682 | -2.6% |
| Equity | 10/15 | €162,274 | €168,280 | +€6,007 | +3.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €143,724 | €149,730 | +€6,007 | +4.2% |
| Distributable reserves | 133 | €143,724 | €149,730 | +€6,007 | +4.2% |
| Amounts payable | 17/49 | €372,897 | €353,208 | -€19,689 | -5.3% |
| Amounts payable within one year | 42/48 | €372,897 | €353,208 | -€19,689 | -5.3% |
| Trade debts | 44 | €146,593 | €161,150 | +€14,557 | +9.9% |
| Suppliers | 440/4 | €146,593 | €161,150 | +€14,557 | +9.9% |
| Taxes, remuneration and social security | 45 | €29,762 | €31,046 | +€1,284 | +4.3% |
| Remuneration and social security | 454/9 | €29,762 | €31,046 | +€1,284 | +4.3% |
| Other amounts payable | 47/48 | €196,542 | €161,012 | -€35,530 | -18.1% |
| Remuneration, social security and pensions | 62 | €260,856 | €278,999 | +€18,143 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,972 | €38,864 | +€3,892 | +11.1% |
| Other operating charges | 640/8 | €2,236 | €1,399 | -€837 | -37.4% |
| Gross operating margin | 9900 | €322,268 | €336,048 | +€13,780 | +4.3% |
| Operating profit (loss) | 9901 | €24,204 | €16,786 | -€7,418 | -30.6% |
| Financial income | 75/76B | €156 | €278 | +€122 | +78.4% |
| Recurring financial income | 75 | €156 | €278 | +€122 | +78.4% |
| Financial charges | 65/66B | €2,794 | €3,837 | +€1,044 | +37.4% |
| Recurring financial charges | 65 | €2,794 | €3,837 | +€1,044 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | €21,566 | €13,226 | -€8,340 | -38.7% |
| Income taxes | 67/77 | €5,100 | €7,220 | +€2,120 | +41.6% |
| Profit (loss) for the period | 9904 | €16,467 | €6,007 | -€10,460 | -63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,467 | €6,007 | -€10,460 | -63.5% |
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 12 October 2026 via checked.be.