COGEBAT: what changed
Two fiscal 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.
COGEBAT
Largest movements
- Receivables within one year -€54,628
down €54,628 (-4.8%), from €1.1m to €1.1m
of which Other amounts receivable: -€69,398
- Cash +€24,928
up €24,928 (+101.5%), from €24,568 to €49,496
mainly Tax, wage and social debts (+€68,126) and Receivables within one year (+€54,628)
- Other debts -€104,119
no longer reported in 2025 (was €104,119)
- Tax, wage and social debts +€68,126
up €68,126 (+28.8%), from €236,956 to €305,082
of which Remuneration and social security: +€59,889
- Reserves +€35,208
up €35,208 (+161.6%), from €21,792 to €57,000
of which Distributable reserves: +€35,208
- Profit (loss) carried forward -€17,750
down €17,750 (-95.1%), from €18,663 to €913
- Staff costs +€134,724
up €134,724 (+27.2%), from €495,986 to €630,710
- Gross operating margin -€31,478
down €31,478 (-4.3%), from €733,761 to €702,283
- Taxes +€10,500
new in 2025: €10,500
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 | €1,225,615 | €1,193,597 | -€32,019 | -2.6% |
| Fixed assets | 21/28 | €28,899 | €23,892 | -€5,007 | -17.3% |
| Tangible fixed assets | 22/27 | €15,009 | €9,502 | -€5,507 | -36.7% |
| Plant, machinery and equipment | 23 | €977 | €644 | -€333 | -34.1% |
| Furniture and vehicles | 24 | €14,031 | €8,858 | -€5,173 | -36.9% |
| Financial fixed assets | 28 | €13,890 | €14,390 | +€500 | +3.6% |
| Current assets | 29/58 | €1,196,717 | €1,169,704 | -€27,012 | -2.3% |
| Stocks and contracts in progress | 3 | €32,864 | €32,315 | -€550 | -1.7% |
| Stocks | 30/36 | €32,864 | €32,315 | -€550 | -1.7% |
| Amounts receivable within one year | 40/41 | €1,127,487 | €1,072,860 | -€54,628 | -4.8% |
| Trade receivables | 40 | €610,780 | €625,551 | +€14,770 | +2.4% |
| Other amounts receivable | 41 | €516,707 | €447,309 | -€69,398 | -13.4% |
| Cash at bank and in hand | 54/58 | €24,568 | €49,496 | +€24,928 | +101.5% |
| Deferred charges and accrued income | 490/1 | €11,797 | €15,034 | +€3,237 | +27.4% |
| Total equity and liabilities | 10/49 | €1,225,615 | €1,193,597 | -€32,019 | -2.6% |
| Equity | 10/15 | €59,047 | €76,505 | +€17,458 | +29.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €21,792 | €57,000 | +€35,208 | +161.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €19,792 | €55,000 | +€35,208 | +177.9% |
| Profit (loss) carried forward | 14 | €18,663 | €913 | -€17,750 | -95.1% |
| Amounts payable | 17/49 | €1,166,568 | €1,117,092 | -€49,476 | -4.2% |
| Amounts payable after more than one year | 17 | €1,930 | - | -€1,930 | |
| Financial debts | 170/4 | €1,930 | - | -€1,930 | |
| Amounts payable within one year | 42/48 | €1,164,638 | €1,117,092 | -€47,546 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €3,790 | €1,930 | -€1,860 | -49.1% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €619,772 | €610,079 | -€9,693 | -1.6% |
| Suppliers | 440/4 | €619,772 | €610,079 | -€9,693 | -1.6% |
| Taxes, remuneration and social security | 45 | €236,956 | €305,082 | +€68,126 | +28.8% |
| Taxes | 450/3 | €4,272 | €12,509 | +€8,237 | +192.8% |
| Remuneration and social security | 454/9 | €232,685 | €292,574 | +€59,889 | +25.7% |
| Other amounts payable | 47/48 | €104,119 | - | -€104,119 | |
| Non-recurring operating income | 76A | €70,773 | €15,607 | -€55,166 | -77.9% |
| Remuneration, social security and pensions | 62 | €495,986 | €630,710 | +€134,724 | +27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,295 | €5,507 | +€212 | +4.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,843 | €15,628 | +€2,785 | +21.7% |
| Other operating charges | 640/8 | €1,049 | €4,785 | +€3,736 | +356.2% |
| Non-recurring operating charges | 66A | €115,570 | €3,807 | -€111,762 | -96.7% |
| Gross operating margin | 9900 | €733,761 | €702,283 | -€31,478 | -4.3% |
| Operating profit (loss) | 9901 | €103,018 | €41,846 | -€61,172 | -59.4% |
| Financial income | 75/76B | €924 | €3,069 | +€2,145 | +232.2% |
| Recurring financial income | 75 | €924 | €3,069 | +€2,145 | +232.2% |
| Financial charges | 65/66B | €19,783 | €16,957 | -€2,826 | -14.3% |
| Recurring financial charges | 65 | €19,783 | €16,957 | -€2,826 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €84,159 | €27,958 | -€56,201 | -66.8% |
| Income taxes | 67/77 | - | €10,500 | +€10,500 | |
| Profit (loss) for the period | 9904 | €84,159 | €17,458 | -€66,701 | -79.3% |
| Profit (loss) for the period to be appropriated | 9905 | €84,159 | €17,458 | -€66,701 | -79.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.