Cogeaf Group: 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
Cogeaf Group
NACE 46.492, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€122,227
2024 · €66,629+€55,597
Equity
€1.6m
2024 · €1.5m+€123,365
Cash
€215,180
2024 · €313,123-€97,943
Balance sheet total
€3.1m
2024 · €3.2m-€137,100
Largest movements
Assets
- Cash -€97,943
down €97,943 (-31.3%), from €313,123 to €215,180
mainly Debts after one year (-€184,565) and Trade debts (-€31,824)
- Tangible fixed assets -€40,547
down €40,547 (-12.3%), from €329,395 to €288,848
of which Plant, machinery and equipment: -€44,465
Equity and liabilities
- Debts after one year -€184,565
down €184,565 (-34.7%), from €532,498 to €347,933
- Profit (loss) carried forward +€122,227
up €122,227 (+8.3%), from €1.5m to €1.6m
Income statement
- Gross operating margin +€69,905
up €69,905 (+48.1%), from €145,361 to €215,266
- Taxes +€27,195
up €27,195 (+200%), from €13,565 to €40,760
- Provisions -€25,000
new in 2025: -€25,000
- Write-downs +€13,392
up €13,392 (+1,629%), from €822 to €14,214
- Depreciation +€11,043
up €11,043 (+29.5%), from €37,428 to €48,471
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
€66,629
Gross operating margin
+€69,905
Staff costs
-€198
Depreciation
-€11,043
Write-downs
-€13,392
Provisions
+€25,000
Other operating charges
-€2,142
Other operating items
+€11,777
Financial income
+€2,724
Financial charges
+€161
Taxes
-€27,195
Result 2025
€122,227
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
+€115,587
Investment
-€5,714
Financing
-€207,816
Cash 2024
€313,123
From operations (derived)
+€115,587
Net result for the year
+€122,227
Depreciation
+€48,471
Stocks and contracts
+€6,090
Receivables within one year
-€7,131
Deferred charges and accrued income
-€2,559
Provisions
-€25,000
Trade debts
-€31,824
Tax, wage and social debts
-€11,294
Advances received
+€220
Other debts
+€16,387
Investment (derived)
-€5,714
Investment in fixed assets (net)
-€5,714
Financing
-€207,816
Debts after one year
-€184,565
Current portion of long-term debt
-€24,389
Contributions, distributions and other
+€1,138
Cash 2025
€215,180
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,201,739 | €3,064,639 | -€137,100 | -4.3% |
| Fixed assets | 21/28 | €2,182,703 | €2,139,946 | -€42,757 | -2.0% |
| Intangible fixed assets | 21 | €3,101 | €890 | -€2,210 | -71.3% |
| Tangible fixed assets | 22/27 | €329,395 | €288,848 | -€40,547 | -12.3% |
| Plant, machinery and equipment | 23 | €326,128 | €281,662 | -€44,465 | -13.6% |
| Furniture and vehicles | 24 | €3,267 | €1,865 | -€1,402 | -42.9% |
| Other tangible fixed assets | 26 | €0 | €5,321 | +€5,321 | |
| Financial fixed assets | 28 | €1,850,208 | €1,850,208 | = | 0.0% |
| Current assets | 29/58 | €1,019,036 | €924,693 | -€94,343 | -9.3% |
| Stocks and contracts in progress | 3 | €127,477 | €121,387 | -€6,090 | -4.8% |
| Stocks | 30/36 | €127,477 | €121,387 | -€6,090 | -4.8% |
| Amounts receivable within one year | 40/41 | €571,494 | €578,625 | +€7,131 | +1.2% |
| Trade receivables | 40 | €536,318 | €541,737 | +€5,420 | +1.0% |
| Other amounts receivable | 41 | €35,176 | €36,888 | +€1,712 | +4.9% |
| Cash at bank and in hand | 54/58 | €313,123 | €215,180 | -€97,943 | -31.3% |
| Deferred charges and accrued income | 490/1 | €6,941 | €9,500 | +€2,559 | +36.9% |
| Total equity and liabilities | 10/49 | €3,201,739 | €3,064,639 | -€137,100 | -4.3% |
| Equity | 10/15 | €1,488,195 | €1,611,560 | +€123,365 | +8.3% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,475,677 | €1,597,903 | +€122,227 | +8.3% |
| Investment grants | 15 | €2,519 | €3,657 | +€1,138 | +45.2% |
| Provisions and deferred taxes | 16 | €25,000 | €0 | -€25,000 | -100% |
| Provisions for liabilities and charges | 160/5 | €25,000 | €0 | -€25,000 | -100% |
| Other liabilities and charges | 164/5 | €25,000 | €0 | -€25,000 | -100% |
| Amounts payable | 17/49 | €1,688,544 | €1,453,079 | -€235,465 | -13.9% |
| Amounts payable after more than one year | 17 | €532,498 | €347,933 | -€184,565 | -34.7% |
| Financial debts | 170/4 | €532,498 | €347,933 | -€184,565 | -34.7% |
| Amounts payable within one year | 42/48 | €1,156,046 | €1,105,146 | -€50,900 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €216,454 | €192,065 | -€24,389 | -11.3% |
| Trade debts | 44 | €691,733 | €659,909 | -€31,824 | -4.6% |
| Suppliers | 440/4 | €691,733 | €659,909 | -€31,824 | -4.6% |
| Advances received on contracts in progress | 46 | €0 | €220 | +€220 | |
| Taxes, remuneration and social security | 45 | €78,012 | €66,718 | -€11,294 | -14.5% |
| Taxes | 450/3 | €78,012 | €66,718 | -€11,294 | -14.5% |
| Other amounts payable | 47/48 | €169,847 | €186,234 | +€16,387 | +9.6% |
| Non-recurring operating income | 76A | €12,221 | €0 | -€12,221 | -100% |
| Remuneration, social security and pensions | 62 | €211 | €408 | +€198 | +93.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,428 | €48,471 | +€11,043 | +29.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €822 | €14,214 | +€13,392 | +1,629% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€25,000 | -€25,000 | |
| Other operating charges | 640/8 | €650 | €2,792 | +€2,142 | +330% |
| Non-recurring operating charges | 66A | €11,777 | €0 | -€11,777 | -100% |
| Gross operating margin | 9900 | €145,361 | €215,266 | +€69,905 | +48.1% |
| Operating profit (loss) | 9901 | €94,473 | €174,380 | +€79,908 | +84.6% |
| Financial income | 75/76B | €23,400 | €26,124 | +€2,724 | +11.6% |
| Recurring financial income | 75 | €23,400 | €26,124 | +€2,724 | +11.6% |
| Financial charges | 65/66B | €37,678 | €37,517 | -€161 | -0.4% |
| Recurring financial charges | 65 | €37,678 | €37,517 | -€161 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €80,195 | €162,987 | +€82,792 | +103% |
| Income taxes | 67/77 | €13,565 | €40,760 | +€27,195 | +200% |
| Profit (loss) for the period | 9904 | €66,629 | €122,227 | +€55,597 | +83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €66,629 | €122,227 | +€55,597 | +83.4% |
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 21 October 2026 via checked.be.