CoGe4: 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.
What changed
CoGe4
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5.9m
2024 · €5.3m+€558,915
Equity
€11.5m
2024 · €6.3m+€5.3m
Cash
€355,780
2024 · €3.3m-€2.9m
Balance sheet total
€38.7m
2024 · €31.9m+€6.8m
Largest movements
Assets
- Current investments +€9.4m
up €9.4m (+96.0%), from €9.8m to €19.3m
- Cash -€2.9m
down €2.9m (-89.1%), from €3.3m to €355,780
mainly Current investments (-€9.4m) and Debts after one year (-€1.9m)
Equity and liabilities
- Profit (loss) carried forward +€5.3m
up €5.3m (+85.9%), from €6.2m to €11.4m
- Other debts +€4.2m
up €4.2m (+52.8%), from €8.0m to €12.3m
- Debts after one year -€1.9m
down €1.9m (-13.1%), from €14.6m to €12.7m
- Current portion of long-term debt -€830,000
down €830,000 (-30.6%), from €2.7m to €1.9m
Income statement
- Turnover +€733,191
new in 2025: €733,191
- Services and other goods +€520,267
new in 2025: €520,267
- Other operating income +€431,353
new in 2025: €431,353
- Financial income +€291,004
up €291,004 (+5.0%), from €5.8m to €6.1m
- Gross operating margin -€259,813
no longer reported in 2025 (was €259,813)
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.
Result 2024
€5.3m
Turnover
+€733,191
Other operating income
+€431,353
Services and other goods
-€520,267
Depreciation
-€16,622
Other operating charges
-€2,465
Other operating items
-€258,473
Financial income
+€291,004
Financial charges
-€100,438
Taxes
+€1,632
Result 2025
€5.9m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€10.0m
Investment
-€9.6m
Financing
-€3.3m
Cash 2024
€3.3m
From operations (derived)
+€10.0m
Net result for the year
+€5.9m
Depreciation
+€17,498
Receivables within one year
-€98,538
Smaller working-capital items
-€2,260
Other debts
+€4.2m
Investment (derived)
-€9.6m
Investment in fixed assets (net)
-€167,334
Current investments
-€9.4m
Financing
-€3.3m
Debts after one year
-€1.9m
Current portion of long-term debt
-€830,000
Contributions, distributions and other
-€600,000
Cash 2025
€355,780
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,874,822 | €38,669,491 | +€6.8m | +21.3% |
| Fixed assets | 21/28 | €18,687,869 | €18,837,704 | +€149,836 | +0.8% |
| Tangible fixed assets | 22/27 | €7,869 | €157,704 | +€149,836 | +1,904% |
| Land and buildings | 22 | €7,869 | €6,993 | -€876 | -11.1% |
| Furniture and vehicles | 24 | - | €150,712 | +€150,712 | |
| Financial fixed assets | 28 | €18,680,000 | €18,680,000 | = | 0.0% |
| Affiliated companies | 280/1 | - | €18,680,000 | +€18.7m | |
| Participating interests | 280 | - | €18,680,000 | +€18.7m | |
| Current assets | 29/58 | €13,186,954 | €19,831,787 | +€6.6m | +50.4% |
| Amounts receivable within one year | 40/41 | €98,116 | €196,654 | +€98,538 | +100% |
| Trade receivables | 40 | €79,101 | €152,700 | +€73,599 | +93.0% |
| Other amounts receivable | 41 | €19,015 | €43,954 | +€24,939 | +131% |
| Current investments | 50/53 | €9,832,388 | €19,273,965 | +€9.4m | +96.0% |
| Other investments | 51/53 | - | €19,273,965 | +€19.3m | |
| Cash at bank and in hand | 54/58 | €3,256,450 | €355,780 | -€2.9m | -89.1% |
| Deferred charges and accrued income | 490/1 | - | €5,388 | +€5,388 | |
| Total equity and liabilities | 10/49 | €31,874,822 | €38,669,491 | +€6.8m | +21.3% |
| Equity | 10/15 | €6,260,719 | €11,547,077 | +€5.3m | +84.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,150,719 | €11,437,077 | +€5.3m | +85.9% |
| Amounts payable | 17/49 | €25,614,103 | €27,122,414 | +€1.5m | +5.9% |
| Amounts payable after more than one year | 17 | €14,622,246 | €12,711,828 | -€1.9m | -13.1% |
| Other amounts payable | 178/9 | €14,622,246 | €12,711,828 | -€1.9m | -13.1% |
| Amounts payable within one year | 42/48 | €10,756,399 | €14,188,440 | +€3.4m | +31.9% |
| Current portion of amounts payable after more than one year | 42 | €2,710,418 | €1,880,418 | -€830,000 | -30.6% |
| Trade debts | 44 | €218 | €15,675 | +€15,457 | +7,090% |
| Suppliers | 440/4 | €218 | €15,675 | +€15,457 | +7,090% |
| Taxes, remuneration and social security | 45 | €9,274 | €10,257 | +€984 | +10.6% |
| Taxes | 450/3 | €9,274 | €10,257 | +€984 | +10.6% |
| Other amounts payable | 47/48 | €8,036,489 | €12,282,090 | +€4.2m | +52.8% |
| Accrued charges and deferred income | 492/3 | €235,458 | €222,146 | -€13,312 | -5.7% |
| Operating income | 70/76A | - | €1,165,879 | +€1.2m | |
| Turnover | 70 | - | €733,191 | +€733,191 | |
| Other operating income | 74 | - | €431,353 | +€431,353 | |
| Non-recurring operating income | 76A | €0 | €1,334 | +€1,334 | +3,336,000% |
| Operating charges | 60/66A | - | €545,068 | +€545,068 | |
| Services and other goods | 61 | - | €520,267 | +€520,267 | |
| Remuneration, social security and pensions | 62 | €3,817 | €3,817 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €876 | €17,498 | +€16,622 | +1,897% |
| Other operating charges | 640/8 | €1,021 | €3,485 | +€2,465 | +242% |
| Non-recurring operating charges | 66A | €6 | - | -€6 | |
| Gross operating margin | 9900 | €259,813 | - | -€259,813 | |
| Operating profit (loss) | 9901 | €254,094 | €620,811 | +€366,717 | +144% |
| Financial income | 75/76B | €5,801,125 | €6,092,129 | +€291,004 | +5.0% |
| Recurring financial income | 75 | €5,801,125 | €6,092,129 | +€291,004 | +5.0% |
| Income from financial fixed assets | 750 | - | €5,500,000 | +€5.5m | |
| Income from current assets | 751 | - | €592,129 | +€592,129 | |
| Financial charges | 65/66B | €725,669 | €826,108 | +€100,438 | +13.8% |
| Recurring financial charges | 65 | €725,669 | €826,108 | +€100,438 | +13.8% |
| Debt charges | 650 | - | €816,648 | +€816,648 | |
| Other financial charges | 652/9 | - | €9,460 | +€9,460 | |
| Profit (loss) for the period before taxes | 9903 | €5,329,550 | €5,886,833 | +€557,283 | +10.5% |
| Income taxes | 67/77 | €2,107 | €475 | -€1,632 | -77.5% |
| Taxes | 670/3 | - | €475 | +€475 | |
| Profit (loss) for the period | 9904 | €5,327,443 | €5,886,358 | +€558,915 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,327,443 | €5,886,358 | +€558,915 | +10.5% |
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 29 October 2026 via checked.be.