Cogea: 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.
Cogea
Largest movements
- Tangible fixed assets +€138,387
up €138,387 (+13243.1%), from €1,045 to €139,432
of which Plant, machinery and equipment: +€109,947
- Receivables after one year +€5,135
up €5,135 (+17.5%), from €29,292 to €34,427
- Receivables within one year -€4,810
down €4,810 (-15.2%), from €31,628 to €26,818
- Cash -€4,128
no longer reported in 2026 (was €4,128)
mainly Investment in fixed assets (net) (-€158,234) and Receivables after one year (-€5,135)
- Debts after one year +€67,762
new in 2026: €67,762
- Other debts +€34,570
up €34,570 (+1763.7%), from €1,960 to €36,530
- Trade debts +€24,636
up €24,636 (+566.3%), from €4,351 to €28,986
- Short-term financial debts +€9,804
new in 2026: €9,804
- Profit (loss) carried forward +€5,178
up €5,178 (+746.1%), from €694 to €5,872
- Turnover +€29,294
up €29,294 (+29.9%), from €97,931 to €127,225
- Purchases and services +€24,616
up €24,616 (+37.5%), from €65,671 to €90,287
- Depreciation +€19,436
up €19,436 (+4731.5%), from €411 to €19,847
- Staff costs +€9,138
up €9,138 (+597.1%), from €1,530 to €10,668
- Gross operating margin +€6,377
up €6,377 (+19.8%), from €32,261 to €38,637
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €66,593 | €202,677 | +€136,084 | +204.4% |
| Fixed assets | 21/28 | €1,545 | €139,932 | +€138,387 | +8957.2% |
| Tangible fixed assets | 22/27 | €1,045 | €139,432 | +€138,387 | +13243.1% |
| Plant, machinery and equipment | 23 | €1,045 | €110,992 | +€109,947 | +10521.5% |
| Furniture and vehicles | 24 | - | €28,440 | +€28,440 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €65,048 | €62,745 | -€2,303 | -3.5% |
| Amounts receivable after more than one year | 29 | €29,292 | €34,427 | +€5,135 | +17.5% |
| Other amounts receivable | 291 | €29,292 | €34,427 | +€5,135 | +17.5% |
| Stocks and contracts in progress | 3 | - | €1,500 | +€1,500 | |
| Contracts in progress | 37 | - | €1,500 | +€1,500 | |
| Amounts receivable within one year | 40/41 | €31,628 | €26,818 | -€4,810 | -15.2% |
| Trade receivables | 40 | €31,628 | €26,818 | -€4,810 | -15.2% |
| Cash at bank and in hand | 54/58 | €4,128 | - | -€4,128 | |
| Total equity and liabilities | 10/49 | €66,593 | €202,677 | +€136,084 | +204.4% |
| Equity | 10/15 | €42,794 | €47,972 | +€5,178 | +12.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Capital | 10 | €1,000 | €1,000 | = | 0.0% |
| Issued capital | 100 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €41,100 | €41,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Legal reserve | 130 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €41,000 | €41,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €694 | €5,872 | +€5,178 | +746.1% |
| Amounts payable | 17/49 | €23,799 | €154,705 | +€130,906 | +550.0% |
| Amounts payable after more than one year | 17 | - | €67,762 | +€67,762 | |
| Financial debts | 170/4 | - | €67,762 | +€67,762 | |
| Amounts payable within one year | 42/48 | €18,447 | €84,168 | +€65,722 | +356.3% |
| Financial debts | 43 | - | €9,804 | +€9,804 | |
| Credit institutions | 430/8 | - | €9,804 | +€9,804 | |
| Trade debts | 44 | €4,351 | €28,986 | +€24,636 | +566.3% |
| Suppliers | 440/4 | €4,351 | €28,986 | +€24,636 | +566.3% |
| Taxes, remuneration and social security | 45 | €12,136 | €8,848 | -€3,288 | -27.1% |
| Taxes | 450/3 | €12,136 | €8,848 | -€3,288 | -27.1% |
| Other amounts payable | 47/48 | €1,960 | €36,530 | +€34,570 | +1763.7% |
| Accrued charges and deferred income | 492/3 | €5,352 | €2,774 | -€2,578 | -48.2% |
| Turnover | 70 | €97,931 | €127,225 | +€29,294 | +29.9% |
| Non-recurring operating income | 76A | - | €1,699 | +€1,699 | |
| Goods, raw materials, services and sundry goods | 60/61 | €65,671 | €90,287 | +€24,616 | +37.5% |
| Remuneration, social security and pensions | 62 | €1,530 | €10,668 | +€9,138 | +597.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €411 | €19,847 | +€19,436 | +4731.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,500 | -€1,500 | |
| Other operating charges | 640/8 | €1,270 | €463 | -€807 | -63.5% |
| Gross operating margin | 9900 | €32,261 | €38,637 | +€6,377 | +19.8% |
| Operating profit (loss) | 9901 | €29,049 | €9,159 | -€19,891 | -68.5% |
| Financial income | 75/76B | - | €85 | +€85 | |
| Recurring financial income | 75 | - | €85 | +€85 | |
| Non-recurring financial income | 76B | - | €85 | +€85 | |
| Financial charges | 65/66B | €128 | €1,347 | +€1,219 | +953.3% |
| Recurring financial charges | 65 | €128 | €1,347 | +€1,219 | +953.3% |
| Profit (loss) for the period before taxes | 9903 | €28,921 | €7,896 | -€21,025 | -72.7% |
| Income taxes | 67/77 | €7,881 | €2,718 | -€5,163 | -65.5% |
| Profit (loss) for the period | 9904 | €21,040 | €5,178 | -€15,862 | -75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €21,040 | €5,178 | -€15,862 | -75.4% |
Source: filed annual accounts (NBB), financial years ended 30 April 2025 and 30 April 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.