COGARD: 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.
COGARD
Largest movements
- Stocks and contracts +€1.7m
up €1.7m (+53.6%), from €3.2m to €4.9m
- Cash +€966,933
up €966,933 (+1660.0%), from €58,250 to €1.0m
mainly Short-term financial debts (+€3.3m) and Receivables within one year (+€126,939)
- Receivables within one year -€126,939
down €126,939 (-5.9%), from €2.1m to €2.0m
of which Other amounts receivable: -€82,209
- Short-term financial debts +€3.3m
up €3.3m (+456.6%), from €718,585 to €4.0m
- Trade debts -€560,011
down €560,011 (-69.0%), from €812,026 to €252,015
- Profit (loss) carried forward -€214,891
down €214,891 (-6.0%), from -€3.6m to -€3.8m
- Financial charges +€84,049
up €84,049 (+130.6%), from €64,374 to €148,424
- Gross operating margin -€36,683
down €36,683 (-42.9%), from €85,473 to €48,790
- Other operating charges +€10,125
up €10,125 (+62.2%), from €16,285 to €26,410
- Financial income -€3,476
down €3,476 (-84.8%), from €4,097 to €621
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 | €6,824,107 | €9,291,178 | +€2.5m | +36.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,417,418 | €1,331,147 | -€86,272 | -6.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,416,618 | €1,330,347 | -€86,272 | -6.1% |
| Land and buildings | 22 | €1,023,584 | €987,189 | -€36,395 | -3.6% |
| Plant, machinery and equipment | 23 | €371,324 | €332,110 | -€39,215 | -10.6% |
| Furniture and vehicles | 24 | €21,710 | €11,048 | -€10,662 | -49.1% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €5,406,689 | €7,960,031 | +€2.6m | +47.2% |
| Stocks and contracts in progress | 3 | €3,194,904 | €4,908,277 | +€1.7m | +53.6% |
| Stocks | 30/36 | €3,194,904 | €4,908,277 | +€1.7m | +53.6% |
| Amounts receivable within one year | 40/41 | €2,149,995 | €2,023,056 | -€126,939 | -5.9% |
| Trade receivables | 40 | €60,706 | €15,975 | -€44,730 | -73.7% |
| Other amounts receivable | 41 | €2,089,289 | €2,007,081 | -€82,209 | -3.9% |
| Cash at bank and in hand | 54/58 | €58,250 | €1,025,183 | +€966,933 | +1660.0% |
| Deferred charges and accrued income | 490/1 | €3,540 | €3,515 | -€25 | -0.7% |
| Total equity and liabilities | 10/49 | €6,824,107 | €9,291,178 | +€2.5m | +36.2% |
| Equity | 10/15 | -€3,552,189 | -€3,767,080 | -€214,891 | -6.0% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,576,189 | -€3,791,080 | -€214,891 | -6.0% |
| Amounts payable | 17/49 | €10,376,296 | €13,058,258 | +€2.7m | +25.8% |
| Amounts payable after more than one year | 17 | €809,995 | €760,820 | -€49,175 | -6.1% |
| Financial debts | 170/4 | €809,995 | €760,820 | -€49,175 | -6.1% |
| Amounts payable within one year | 42/48 | €9,566,301 | €12,297,438 | +€2.7m | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €47,043 | €49,175 | +€2,132 | +4.5% |
| Financial debts | 43 | €718,585 | €4,000,000 | +€3.3m | +456.6% |
| Credit institutions | 430/8 | €718,585 | €4,000,000 | +€3.3m | +456.6% |
| Trade debts | 44 | €812,026 | €252,015 | -€560,011 | -69.0% |
| Suppliers | 440/4 | €812,026 | €252,015 | -€560,011 | -69.0% |
| Taxes, remuneration and social security | 45 | €793 | €2,099 | +€1,306 | +164.8% |
| Taxes | 450/3 | €793 | €2,099 | +€1,306 | +164.8% |
| Other amounts payable | 47/48 | €7,987,854 | €7,994,150 | +€6,295 | +0.1% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,442 | €88,779 | -€663 | -0.7% |
| Other operating charges | 640/8 | €16,285 | €26,410 | +€10,125 | +62.2% |
| Gross operating margin | 9900 | €85,473 | €48,790 | -€36,683 | -42.9% |
| Operating profit (loss) | 9901 | -€20,253 | -€66,399 | -€46,145 | -227.8% |
| Financial income | 75/76B | €4,097 | €621 | -€3,476 | -84.8% |
| Recurring financial income | 75 | €4,097 | €621 | -€3,476 | -84.8% |
| Financial charges | 65/66B | €64,374 | €148,424 | +€84,049 | +130.6% |
| Recurring financial charges | 65 | €64,374 | €148,424 | +€84,049 | +130.6% |
| Profit (loss) for the period before taxes | 9903 | -€80,530 | -€214,201 | -€133,670 | -166.0% |
| Income taxes | 67/77 | €212 | €691 | +€479 | +225.5% |
| Profit (loss) for the period | 9904 | -€80,743 | -€214,891 | -€134,149 | -166.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€80,743 | -€214,891 | -€134,149 | -166.1% |
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 10 October 2026 via checked.be.