COGEAF: 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.
COGEAF
Largest movements
- Cash +€63,710
up €63,710 (+80.4%), from €79,199 to €142,909
mainly Receivables within one year (+€48,378) and Net result for the year (+€24,837)
- Receivables within one year -€48,378
down €48,378 (-8.8%), from €548,910 to €500,532
of which Trade receivables: -€50,318
- Tangible fixed assets +€32,565
up €32,565 (+17.6%), from €185,455 to €218,019
of which Land and buildings: +€39,218
- Profit (loss) carried forward +€24,837
up €24,837 (+4.9%), from €502,749 to €527,586
- Debts after one year +€18,551
up €18,551 (+90.3%), from €20,550 to €39,102
- Current portion of long-term debt +€12,383
up €12,383 (+222.6%), from €5,564 to €17,947
- Trade debts -€11,316
down €11,316 (-14.5%), from €77,926 to €66,611
- Tax, wage and social debts +€9,229
up €9,229 (+30.4%), from €30,349 to €39,577
of which Taxes: +€8,774
- Staff costs -€12,890
down €12,890 (-3.6%), from €356,727 to €343,837
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 | €839,495 | €887,318 | +€47,823 | +5.7% |
| Fixed assets | 21/28 | €208,271 | €240,835 | +€32,565 | +15.6% |
| Tangible fixed assets | 22/27 | €185,455 | €218,019 | +€32,565 | +17.6% |
| Land and buildings | 22 | €155,896 | €195,114 | +€39,218 | +25.2% |
| Furniture and vehicles | 24 | €29,558 | €22,905 | -€6,653 | -22.5% |
| Financial fixed assets | 28 | €22,816 | €22,816 | = | 0.0% |
| Current assets | 29/58 | €631,224 | €646,483 | +€15,258 | +2.4% |
| Amounts receivable within one year | 40/41 | €548,910 | €500,532 | -€48,378 | -8.8% |
| Trade receivables | 40 | €520,086 | €469,769 | -€50,318 | -9.7% |
| Other amounts receivable | 41 | €28,824 | €30,764 | +€1,940 | +6.7% |
| Cash at bank and in hand | 54/58 | €79,199 | €142,909 | +€63,710 | +80.4% |
| Deferred charges and accrued income | 490/1 | €3,115 | €3,042 | -€74 | -2.4% |
| Total equity and liabilities | 10/49 | €839,495 | €887,318 | +€47,823 | +5.7% |
| Equity | 10/15 | €666,464 | €691,301 | +€24,837 | +3.7% |
| Contributions | 10/11 | €148,832 | €148,832 | = | 0.0% |
| Capital | 10 | €148,832 | €148,832 | = | 0.0% |
| Issued capital | 100 | €148,832 | €148,832 | = | 0.0% |
| Reserves | 13 | €14,883 | €14,883 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,883 | €14,883 | = | 0.0% |
| Legal reserve | 130 | €14,883 | €14,883 | = | 0.0% |
| Profit (loss) carried forward | 14 | €502,749 | €527,586 | +€24,837 | +4.9% |
| Amounts payable | 17/49 | €173,031 | €196,017 | +€22,986 | +13.3% |
| Amounts payable after more than one year | 17 | €20,550 | €39,102 | +€18,551 | +90.3% |
| Financial debts | 170/4 | €20,550 | €39,102 | +€18,551 | +90.3% |
| Amounts payable within one year | 42/48 | €152,481 | €156,915 | +€4,435 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €5,564 | €17,947 | +€12,383 | +222.6% |
| Financial debts | 43 | €24,900 | €21,567 | -€3,333 | -13.4% |
| Credit institutions | 430/8 | €24,900 | €21,567 | -€3,333 | -13.4% |
| Trade debts | 44 | €77,926 | €66,611 | -€11,316 | -14.5% |
| Suppliers | 440/4 | €77,926 | €66,611 | -€11,316 | -14.5% |
| Taxes, remuneration and social security | 45 | €30,349 | €39,577 | +€9,229 | +30.4% |
| Taxes | 450/3 | €0 | €8,774 | +€8,774 | |
| Remuneration and social security | 454/9 | €30,349 | €30,804 | +€455 | +1.5% |
| Other amounts payable | 47/48 | €13,742 | €11,213 | -€2,528 | -18.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €356,727 | €343,837 | -€12,890 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,708 | €6,921 | +€3,213 | +86.6% |
| Other operating charges | 640/8 | €18,972 | €16,236 | -€2,737 | -14.4% |
| Gross operating margin | 9900 | €405,727 | €405,279 | -€448 | -0.1% |
| Operating profit (loss) | 9901 | €26,319 | €38,285 | +€11,966 | +45.5% |
| Financial income | 75/76B | €1 | €0 | -€1 | -95.8% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -95.8% |
| Financial charges | 65/66B | €2,920 | €2,779 | -€141 | -4.8% |
| Recurring financial charges | 65 | €2,920 | €2,779 | -€141 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €23,400 | €35,506 | +€12,105 | +51.7% |
| Income taxes | 67/77 | €8,819 | €10,669 | +€1,850 | +21.0% |
| Profit (loss) for the period | 9904 | €14,582 | €24,837 | +€10,256 | +70.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,582 | €24,837 | +€10,256 | +70.3% |
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.