COGECODE: 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.
COGECODE
Largest movements
- Tangible fixed assets +€52,491
up €52,491 (+80.1%), from €65,510 to €118,001
of which Furniture and vehicles: +€61,359
- Cash -€50,791
down €50,791 (-41.2%), from €123,209 to €72,417
mainly Contributions, distributions and other (-€86,400) and Investment in fixed assets (net) (-€74,697)
- Receivables within one year +€25,375
up €25,375 (+130%), from €19,548 to €44,923
of which Trade receivables: +€32,565
- Other debts +€67,384
up €67,384 (+1,123%), from €6,000 to €73,384
- Reserves -€36,700
down €36,700 (-23.0%), from €159,700 to €123,000
- Tax, wage and social debts -€4,789
down €4,789 (-22.2%), from €21,599 to €16,811
of which Remuneration and social security: -€8,042
- Gross operating margin +€12,509
up €12,509 (+15.6%), from €79,968 to €92,477
- Depreciation +€6,669
up €6,669 (+42.9%), from €15,537 to €22,205
- Taxes +€1,496
up €1,496 (+8.0%), from €18,674 to €20,171
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 | €208,267 | €235,341 | +€27,075 | +13.0% |
| Fixed assets | 21/28 | €65,510 | €118,001 | +€52,491 | +80.1% |
| Tangible fixed assets | 22/27 | €65,510 | €118,001 | +€52,491 | +80.1% |
| Land and buildings | 22 | €45,366 | €38,380 | -€6,986 | -15.4% |
| Plant, machinery and equipment | 23 | €20,143 | €18,262 | -€1,881 | -9.3% |
| Furniture and vehicles | 24 | - | €61,359 | +€61,359 | |
| Current assets | 29/58 | €142,757 | €117,340 | -€25,417 | -17.8% |
| Amounts receivable within one year | 40/41 | €19,548 | €44,923 | +€25,375 | +130% |
| Trade receivables | 40 | €12,358 | €44,923 | +€32,565 | +264% |
| Other amounts receivable | 41 | €7,190 | - | -€7,190 | |
| Cash at bank and in hand | 54/58 | €123,209 | €72,417 | -€50,791 | -41.2% |
| Total equity and liabilities | 10/49 | €208,267 | €235,341 | +€27,075 | +13.0% |
| Equity | 10/15 | €180,644 | €143,972 | -€36,672 | -20.3% |
| Contributions | 10/11 | €14,796 | €14,796 | = | 0.0% |
| Reserves | 13 | €159,700 | €123,000 | -€36,700 | -23.0% |
| Distributable reserves | 133 | €159,700 | €123,000 | -€36,700 | -23.0% |
| Profit (loss) carried forward | 14 | €6,148 | €6,176 | +€28 | +0.5% |
| Amounts payable | 17/49 | €27,623 | €91,370 | +€63,747 | +231% |
| Amounts payable within one year | 42/48 | €27,623 | €91,370 | +€63,747 | +231% |
| Trade debts | 44 | €24 | €1,175 | +€1,152 | +4,851% |
| Suppliers | 440/4 | €24 | €1,175 | +€1,152 | +4,851% |
| Taxes, remuneration and social security | 45 | €21,599 | €16,811 | -€4,789 | -22.2% |
| Taxes | 450/3 | €13,557 | €16,811 | +€3,253 | +24.0% |
| Remuneration and social security | 454/9 | €8,042 | - | -€8,042 | |
| Other amounts payable | 47/48 | €6,000 | €73,384 | +€67,384 | +1,123% |
| Remuneration, social security and pensions | 62 | €1,519 | €1,527 | +€8 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,537 | €22,205 | +€6,669 | +42.9% |
| Other operating charges | 640/8 | €1,509 | €1,641 | +€132 | +8.7% |
| Gross operating margin | 9900 | €79,968 | €92,477 | +€12,509 | +15.6% |
| Operating profit (loss) | 9901 | €61,403 | €67,104 | +€5,701 | +9.3% |
| Financial income | 75/76B | €2,727 | €2,979 | +€251 | +9.2% |
| Recurring financial income | 75 | €2,727 | €2,979 | +€251 | +9.2% |
| Financial charges | 65/66B | €248 | €183 | -€65 | -26.1% |
| Recurring financial charges | 65 | €248 | €183 | -€65 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €63,882 | €69,899 | +€6,017 | +9.4% |
| Income taxes | 67/77 | €18,674 | €20,171 | +€1,496 | +8.0% |
| Profit (loss) for the period | 9904 | €45,208 | €49,728 | +€4,520 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,208 | €49,728 | +€4,520 | +10.0% |
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.