COGEBRU: 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.
COGEBRU
Largest movements
- Financial fixed assets -€6.4m
down €6.4m (-55.4%), from €11.6m to €5.2m
- Receivables within one year -€2.9m
down €2.9m (-66.7%), from €4.3m to €1.4m
of which Trade receivables: -€3.0m
- Tangible fixed assets -€237,632
down €237,632 (-3.7%), from €6.4m to €6.2m
- Reserves -€10.3m
down €10.3m (-99.4%), from €10.4m to €62,965
of which Distributable reserves: -€10.3m
- Other debts +€5.4m
up €5.4m (+276%), from €2.0m to €7.3m
- Debts after one year -€3.9m
down €3.9m (-40.5%), from €9.6m to €5.7m
of which Financial debts: -€2.0m
- Trade debts -€652,685
no longer reported in 2025 (was €652,685)
- Financial income +€7.0m
up €7.0m (+6,473%), from €108,413 to €7.1m
- Gross operating margin -€840,682
down €840,682 (-73.7%), from €1.1m to €299,805
- Financial charges -€135,572
down €135,572 (-39.3%), from €344,920 to €209,348
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,179,206 | €13,695,675 | -€9.5m | -40.9% |
| Fixed assets | 21/28 | €18,001,986 | €11,355,643 | -€6.6m | -36.9% |
| Tangible fixed assets | 22/27 | €6,432,275 | €6,194,643 | -€237,632 | -3.7% |
| Land and buildings | 22 | €6,432,275 | €6,194,643 | -€237,632 | -3.7% |
| Financial fixed assets | 28 | €11,569,711 | €5,161,000 | -€6.4m | -55.4% |
| Current assets | 29/58 | €5,177,220 | €2,340,032 | -€2.8m | -54.8% |
| Amounts receivable within one year | 40/41 | €4,324,695 | €1,441,044 | -€2.9m | -66.7% |
| Trade receivables | 40 | €3,018,785 | €45,946 | -€3.0m | -98.5% |
| Other amounts receivable | 41 | €1,305,910 | €1,395,098 | +€89,188 | +6.8% |
| Current investments | 50/53 | €500,153 | €550,826 | +€50,673 | +10.1% |
| Cash at bank and in hand | 54/58 | €307,114 | €311,312 | +€4,198 | +1.4% |
| Deferred charges and accrued income | 490/1 | €45,258 | €36,850 | -€8,408 | -18.6% |
| Total equity and liabilities | 10/49 | €23,179,206 | €13,695,675 | -€9.5m | -40.9% |
| Equity | 10/15 | €10,739,244 | €404,912 | -€10.3m | -96.2% |
| Contributions | 10/11 | €329,650 | €329,650 | = | 0.0% |
| Capital | 10 | €329,650 | €329,650 | = | 0.0% |
| Issued capital | 100 | €329,650 | €329,650 | = | 0.0% |
| Reserves | 13 | €10,409,594 | €62,965 | -€10.3m | -99.4% |
| Non-distributable reserves | 130/1 | €62,965 | €62,965 | = | 0.0% |
| Legal reserve | 130 | €62,965 | €62,965 | = | 0.0% |
| Distributable reserves | 133 | €10,346,629 | - | -€10.3m | |
| Profit (loss) carried forward | 14 | - | €12,297 | +€12,297 | |
| Amounts payable | 17/49 | €12,439,962 | €13,290,763 | +€850,801 | +6.8% |
| Amounts payable after more than one year | 17 | €9,619,215 | €5,723,514 | -€3.9m | -40.5% |
| Financial debts | 170/4 | €7,714,215 | €5,723,514 | -€2.0m | -25.8% |
| Other amounts payable | 178/9 | €1,905,000 | - | -€1.9m | |
| Amounts payable within one year | 42/48 | €2,634,125 | €7,522,710 | +€4.9m | +186% |
| Current portion of amounts payable after more than one year | 42 | - | €145,519 | +€145,519 | |
| Trade debts | 44 | €652,685 | - | -€652,685 | |
| Suppliers | 440/4 | €652,685 | - | -€652,685 | |
| Taxes, remuneration and social security | 45 | €29,389 | €29,389 | = | 0.0% |
| Taxes | 450/3 | €29,389 | €29,389 | = | 0.0% |
| Other amounts payable | 47/48 | €1,952,051 | €7,347,802 | +€5.4m | +276% |
| Accrued charges and deferred income | 492/3 | €186,622 | €44,539 | -€142,083 | -76.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €237,632 | €237,632 | = | 0.0% |
| Other operating charges | 640/8 | €22,082 | €23,125 | +€1,043 | +4.7% |
| Gross operating margin | 9900 | €1,140,487 | €299,805 | -€840,682 | -73.7% |
| Operating profit (loss) | 9901 | €880,773 | €39,048 | -€841,725 | -95.6% |
| Financial income | 75/76B | €108,413 | €7,126,162 | +€7.0m | +6,473% |
| Recurring financial income | 75 | €108,413 | €7,126,162 | +€7.0m | +6,473% |
| Financial charges | 65/66B | €344,920 | €209,348 | -€135,572 | -39.3% |
| Recurring financial charges | 65 | €344,920 | €209,348 | -€135,572 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €644,266 | €6,955,862 | +€6.3m | +980% |
| Transfer from deferred taxes | 780 | €270,671 | - | -€270,671 | |
| Income taxes | 67/77 | €7,442 | €5,194 | -€2,248 | -30.2% |
| Profit (loss) for the period | 9904 | €907,495 | €6,950,668 | +€6.0m | +666% |
| Transfer from tax-exempt reserves | 789 | €811,648 | - | -€811,648 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,719,143 | €6,950,668 | +€5.2m | +304% |
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 18 October 2026 via checked.be.