COGEBI: 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
COGEBI
NACE 27.900, Manufacture of electrical equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€318,479
2024 · €896,342-€577,863
Equity
€12.3m
2024 · €12.0m+€318,479
Cash
€105,462
2024 · €472,548-€367,086
Balance sheet total
€16.1m
2024 · €15.9m+€230,782
Largest movements
Assets
- Receivables after one year +€2.6m
up €2.6m (+49.9%), from €5.2m to €7.8m
- Receivables within one year -€1.7m
down €1.7m (-20.2%), from €8.5m to €6.8m
of which Trade receivables: -€3.5m
- Cash -€367,086
down €367,086 (-77.7%), from €472,548 to €105,462
mainly Receivables after one year (-€2.6m) and Tax, wage and social debts (-€85,435)
Equity and liabilities
- Profit (loss) carried forward +€318,479
up €318,479 (+15.1%), from -€2.1m to -€1.8m
Income statement
- Gross operating margin -€540,533
down €540,533 (-38.1%), from €1.4m to €879,921
- Other operating charges -€120,638
down €120,638 (-33.0%), from €365,804 to €245,167
- Financial charges +€111,034
up €111,034 (+617%), from €17,999 to €129,033
of which Financial charges: +€95,664
- Write-downs +€50,510
up €50,510 (+70.7%), from -€71,409 to -€20,900
- Financial income -€19,006
down €19,006 (-7.0%), from €271,802 to €252,796
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
€896,342
Gross operating margin
-€540,533
Staff costs
+€14,588
Depreciation
+€16,242
Write-downs
-€50,510
Other operating charges
+€120,638
Financial income
-€19,006
Financial charges
-€111,034
Taxes
-€8,247
Result 2025
€318,479
raises the resultlowers the result
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
-€350,316
Investment
-€16,770
Financing
€0
Cash 2024
€472,548
From operations (derived)
-€350,316
Net result for the year
+€318,479
Depreciation
+€70,043
Receivables after one year
-€2.6m
Stocks and contracts
+€133,293
Receivables within one year
+€1.7m
Deferred charges and accrued income
+€91,758
Trade debts
-€13,457
Tax, wage and social debts
-€85,435
Other debts
+€11,195
Investment (derived)
-€16,770
Investment in fixed assets (net)
-€16,770
Cash 2025
€105,462
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,883,385 | €16,114,168 | +€230,782 | +1.5% |
| Fixed assets | 21/28 | €1,158,433 | €1,105,160 | -€53,273 | -4.6% |
| Intangible fixed assets | 21 | €1,054 | €57 | -€997 | -94.6% |
| Tangible fixed assets | 22/27 | €641,949 | €590,196 | -€51,753 | -8.1% |
| Land and buildings | 22 | €470,799 | €453,117 | -€17,682 | -3.8% |
| Plant, machinery and equipment | 23 | €170,287 | €136,900 | -€33,387 | -19.6% |
| Furniture and vehicles | 24 | €863 | €179 | -€684 | -79.3% |
| Financial fixed assets | 28 | €515,430 | €514,906 | -€524 | -0.1% |
| Current assets | 29/58 | €14,724,953 | €15,009,008 | +€284,055 | +1.9% |
| Amounts receivable after more than one year | 29 | €5,200,000 | €7,797,117 | +€2.6m | +49.9% |
| Other amounts receivable | 291 | €5,200,000 | €7,797,117 | +€2.6m | +49.9% |
| Stocks and contracts in progress | 3 | €408,255 | €274,962 | -€133,293 | -32.6% |
| Stocks | 30/36 | €408,255 | €274,962 | -€133,293 | -32.6% |
| Amounts receivable within one year | 40/41 | €8,510,481 | €6,789,556 | -€1.7m | -20.2% |
| Trade receivables | 40 | €6,603,774 | €3,109,212 | -€3.5m | -52.9% |
| Other amounts receivable | 41 | €1,906,708 | €3,680,345 | +€1.8m | +93.0% |
| Cash at bank and in hand | 54/58 | €472,548 | €105,462 | -€367,086 | -77.7% |
| Deferred charges and accrued income | 490/1 | €133,668 | €41,910 | -€91,758 | -68.6% |
| Total equity and liabilities | 10/49 | €15,883,385 | €16,114,168 | +€230,782 | +1.5% |
| Equity | 10/15 | €12,031,409 | €12,349,888 | +€318,479 | +2.6% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €13,942,248 | €13,942,248 | = | 0.0% |
| Non-distributable reserves | 130/1 | €577,061 | €577,061 | = | 0.0% |
| Legal reserve | 130 | €577,061 | €577,061 | = | 0.0% |
| Tax-exempt reserves | 132 | €70,951 | €70,951 | = | 0.0% |
| Distributable reserves | 133 | €13,294,236 | €13,294,236 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,110,839 | -€1,792,360 | +€318,479 | +15.1% |
| Provisions and deferred taxes | 16 | €571,839 | €571,839 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €571,839 | €571,839 | = | 0.0% |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Environmental obligations | 163 | €571,839 | €571,839 | = | 0.0% |
| Amounts payable | 17/49 | €3,280,137 | €3,192,440 | -€87,697 | -2.7% |
| Amounts payable within one year | 42/48 | €3,101,137 | €3,013,440 | -€87,697 | -2.8% |
| Trade debts | 44 | €2,875,102 | €2,861,645 | -€13,457 | -0.5% |
| Suppliers | 440/4 | €2,875,102 | €2,861,645 | -€13,457 | -0.5% |
| Taxes, remuneration and social security | 45 | €167,290 | €81,855 | -€85,435 | -51.1% |
| Taxes | 450/3 | €148,194 | €29,322 | -€118,871 | -80.2% |
| Remuneration and social security | 454/9 | €19,096 | €52,533 | +€33,436 | +175% |
| Other amounts payable | 47/48 | €58,745 | €69,940 | +€11,195 | +19.1% |
| Accrued charges and deferred income | 492/3 | €179,000 | €179,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €405,482 | €390,894 | -€14,588 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,285 | €70,043 | -€16,242 | -18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€71,409 | -€20,900 | +€50,510 | +70.7% |
| Other operating charges | 640/8 | €365,804 | €245,167 | -€120,638 | -33.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,420,454 | €879,921 | -€540,533 | -38.1% |
| Operating profit (loss) | 9901 | €634,292 | €194,716 | -€439,575 | -69.3% |
| Financial income | 75/76B | €271,802 | €252,796 | -€19,006 | -7.0% |
| Recurring financial income | 75 | €271,802 | €252,796 | -€19,006 | -7.0% |
| Financial charges | 65/66B | €17,999 | €129,033 | +€111,034 | +617% |
| Recurring financial charges | 65 | €33,369 | €129,033 | +€95,664 | +287% |
| Non-recurring financial charges | 66B | -€15,370 | €0 | +€15,370 | |
| Profit (loss) for the period before taxes | 9903 | €888,095 | €318,479 | -€569,616 | -64.1% |
| Income taxes | 67/77 | -€8,247 | €0 | +€8,247 | |
| Profit (loss) for the period | 9904 | €896,342 | €318,479 | -€577,863 | -64.5% |
| Profit (loss) for the period to be appropriated | 9905 | €896,342 | €318,479 | -€577,863 | -64.5% |
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 24 October 2026 via checked.be.