COGEFA: 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.
COGEFA
Largest movements
- Receivables within one year -€49,580
down €49,580 (-44.4%), from €111,646 to €62,066
of which Other amounts receivable: -€33,040
- Stocks and contracts -€9,230
no longer reported in 2025 (was €9,230)
of which Contracts in progress: -€8,500
- Profit (loss) carried forward -€87,179
down €87,179 (-2215.9%), from -€3,934 to -€91,113
- Tax, wage and social debts +€26,585
up €26,585 (+423.3%), from €6,280 to €32,865
- Other debts +€15,000
up €15,000 (+25.4%), from €59,150 to €74,150
- Short-term financial debts -€6,844
down €6,844 (-36.9%), from €18,526 to €11,682
- Trade debts -€6,372
down €6,372 (-47.0%), from €13,545 to €7,173
- Staff costs +€30,003
up €30,003 (+114.9%), from €26,117 to €56,121
- Gross operating margin -€25,355
down €25,355 (-83.8%), from €30,267 to €4,913
- Financial charges +€2,601
up €2,601 (+71.8%), from €3,621 to €6,222
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 | €121,067 | €62,257 | -€58,810 | -48.6% |
| Fixed assets | 21/28 | €166 | €166 | = | 0.0% |
| Financial fixed assets | 28 | €166 | €166 | = | 0.0% |
| Current assets | 29/58 | €120,901 | €62,091 | -€58,810 | -48.6% |
| Stocks and contracts in progress | 3 | €9,230 | - | -€9,230 | |
| Stocks | 30/36 | €730 | - | -€730 | |
| Contracts in progress | 37 | €8,500 | - | -€8,500 | |
| Amounts receivable within one year | 40/41 | €111,646 | €62,066 | -€49,580 | -44.4% |
| Trade receivables | 40 | €50,328 | €33,788 | -€16,540 | -32.9% |
| Other amounts receivable | 41 | €61,318 | €28,278 | -€33,040 | -53.9% |
| Cash at bank and in hand | 54/58 | €25 | €25 | = | 0.0% |
| Total equity and liabilities | 10/49 | €121,067 | €62,257 | -€58,810 | -48.6% |
| Equity | 10/15 | €23,566 | -€63,613 | -€87,179 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Capital | 10 | €25,000 | €25,000 | = | 0.0% |
| Issued capital | 100 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Legal reserve | 130 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,934 | -€91,113 | -€87,179 | -2215.9% |
| Amounts payable | 17/49 | €97,501 | €125,870 | +€28,369 | +29.1% |
| Amounts payable within one year | 42/48 | €97,501 | €125,870 | +€28,369 | +29.1% |
| Financial debts | 43 | €18,526 | €11,682 | -€6,844 | -36.9% |
| Credit institutions | 430/8 | €18,526 | €11,682 | -€6,844 | -36.9% |
| Trade debts | 44 | €13,545 | €7,173 | -€6,372 | -47.0% |
| Suppliers | 440/4 | €13,545 | €7,173 | -€6,372 | -47.0% |
| Taxes, remuneration and social security | 45 | €6,280 | €32,865 | +€26,585 | +423.3% |
| Remuneration and social security | 454/9 | €6,280 | €32,865 | +€26,585 | +423.3% |
| Other amounts payable | 47/48 | €59,150 | €74,150 | +€15,000 | +25.4% |
| Remuneration, social security and pensions | 62 | €26,117 | €56,121 | +€30,003 | +114.9% |
| Other operating charges | 640/8 | - | €259 | +€259 | |
| Non-recurring operating charges | 66A | - | €29,310 | +€29,310 | |
| Gross operating margin | 9900 | €30,267 | €4,913 | -€25,355 | -83.8% |
| Operating profit (loss) | 9901 | €4,150 | -€80,777 | -€84,927 | |
| Financial charges | 65/66B | €3,621 | €6,222 | +€2,601 | +71.8% |
| Recurring financial charges | 65 | €3,621 | €6,222 | +€2,601 | +71.8% |
| Profit (loss) for the period before taxes | 9903 | €529 | -€86,998 | -€87,527 | |
| Income taxes | 67/77 | €378 | €181 | -€197 | -52.1% |
| Profit (loss) for the period | 9904 | €151 | -€87,179 | -€87,330 | |
| Profit (loss) for the period to be appropriated | 9905 | €151 | -€87,179 | -€87,330 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.