COGANG: 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.
COGANG
Largest movements
- Deferred charges and accrued income +€631,343
up €631,343 (+294%), from €214,982 to €846,325
- Cash +€258,465
up €258,465 (+70.6%), from €366,122 to €624,587
mainly Net result for the year (+€1.4m) and Other debts (+€836,455)
- Receivables within one year +€116,609
up €116,609 (+13.6%), from €858,359 to €974,968
- Receivables after one year -€88,544
down €88,544 (-4.4%), from €2.0m to €1.9m
- Reserves +€1.4m
up €1.4m (+28.5%), from €4.8m to €6.2m
of which Distributable reserves: +€1.4m
- Debts after one year -€1.3m
down €1.3m (-92.1%), from €1.4m to €110,000
- Other debts +€836,455
new in 2025: €836,455
- Financial charges +€33,680
up €33,680 (+930%), from €3,622 to €37,302
- Financial income +€32,280
up €32,280 (+2.2%), from €1.5m to €1.5m
- Taxes -€7,806
down €7,806 (-5.3%), from €146,561 to €138,755
- Depreciation -€1,837
down €1,837 (-9.4%), from €19,577 to €17,740
- Gross operating margin +€1,682
up €1,682 (+2.9%), from €57,813 to €59,495
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,620,522 | €7,548,813 | +€928,291 | +14.0% |
| Fixed assets | 21/28 | €2,657,519 | €2,650,427 | -€7,092 | -0.3% |
| Intangible fixed assets | 21 | €2,801 | €2,201 | -€600 | -21.4% |
| Tangible fixed assets | 22/27 | €20,332 | €13,840 | -€6,492 | -31.9% |
| Plant, machinery and equipment | 23 | €3,757 | €3,998 | +€241 | +6.4% |
| Furniture and vehicles | 24 | €16,575 | €9,842 | -€6,732 | -40.6% |
| Financial fixed assets | 28 | €2,634,386 | €2,634,386 | = | 0.0% |
| Current assets | 29/58 | €3,963,003 | €4,898,386 | +€935,383 | +23.6% |
| Amounts receivable after more than one year | 29 | €2,023,540 | €1,934,996 | -€88,544 | -4.4% |
| Other amounts receivable | 291 | €2,023,540 | €1,934,996 | -€88,544 | -4.4% |
| Amounts receivable within one year | 40/41 | €858,359 | €974,968 | +€116,609 | +13.6% |
| Other amounts receivable | 41 | €858,359 | €974,968 | +€116,609 | +13.6% |
| Current investments | 50/53 | €500,000 | €517,510 | +€17,510 | +3.5% |
| Cash at bank and in hand | 54/58 | €366,122 | €624,587 | +€258,465 | +70.6% |
| Deferred charges and accrued income | 490/1 | €214,982 | €846,325 | +€631,343 | +294% |
| Total equity and liabilities | 10/49 | €6,620,522 | €7,548,813 | +€928,291 | +14.0% |
| Equity | 10/15 | €5,090,684 | €6,463,856 | +€1.4m | +27.0% |
| Contributions | 10/11 | €232,600 | €232,600 | = | 0.0% |
| Reserves | 13 | €4,820,800 | €6,193,900 | +€1.4m | +28.5% |
| Tax-exempt reserves | 132 | €340 | €340 | = | 0.0% |
| Distributable reserves | 133 | €4,820,460 | €6,193,560 | +€1.4m | +28.5% |
| Profit (loss) carried forward | 14 | €37,284 | €37,356 | +€72 | +0.2% |
| Amounts payable | 17/49 | €1,529,838 | €1,084,957 | -€444,881 | -29.1% |
| Amounts payable after more than one year | 17 | €1,385,000 | €110,000 | -€1.3m | -92.1% |
| Financial debts | 170/4 | €1,385,000 | €110,000 | -€1.3m | -92.1% |
| Amounts payable within one year | 42/48 | €143,190 | €974,301 | +€831,111 | +580% |
| Trade debts | 44 | €273 | €536 | +€262 | +96.0% |
| Suppliers | 440/4 | €273 | €536 | +€262 | +96.0% |
| Taxes, remuneration and social security | 45 | €142,916 | €137,310 | -€5,606 | -3.9% |
| Taxes | 450/3 | €142,916 | €137,310 | -€5,606 | -3.9% |
| Other amounts payable | 47/48 | - | €836,455 | +€836,455 | |
| Accrued charges and deferred income | 492/3 | €1,648 | €656 | -€992 | -60.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,577 | €17,740 | -€1,837 | -9.4% |
| Other operating charges | 640/8 | €1,133 | €1,149 | +€16 | +1.5% |
| Gross operating margin | 9900 | €57,813 | €59,495 | +€1,682 | +2.9% |
| Operating profit (loss) | 9901 | €37,103 | €40,606 | +€3,502 | +9.4% |
| Financial income | 75/76B | €1,476,343 | €1,508,623 | +€32,280 | +2.2% |
| Recurring financial income | 75 | €1,476,343 | €1,508,623 | +€32,280 | +2.2% |
| Financial charges | 65/66B | €3,622 | €37,302 | +€33,680 | +930% |
| Recurring financial charges | 65 | €3,622 | €37,302 | +€33,680 | +930% |
| Profit (loss) for the period before taxes | 9903 | €1,509,825 | €1,511,927 | +€2,102 | +0.1% |
| Income taxes | 67/77 | €146,561 | €138,755 | -€7,806 | -5.3% |
| Profit (loss) for the period | 9904 | €1,363,264 | €1,373,172 | +€9,908 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,363,264 | €1,373,172 | +€9,908 | +0.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.