COGEFI N.B.: 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.
COGEFI N.B.
Largest movements
- Receivables within one year +€44,089
up €44,089 (+56.0%), from €78,731 to €122,820
of which Trade receivables: +€44,335
- Cash -€8,489
down €8,489 (-9.5%), from €89,490 to €81,001
mainly Receivables within one year (-€44,089) and Contributions, distributions and other (-€30,000)
- Tangible fixed assets -€6,495
down €6,495 (-29.9%), from €21,758 to €15,263
of which Furniture and vehicles: -€5,247
- Trade debts +€24,958
up €24,958 (+570%), from €4,376 to €29,334
- Tax, wage and social debts +€12,943
up €12,943 (+49.6%), from €26,077 to €39,020
of which Taxes: +€11,877
- Other debts -€8,824
down €8,824 (-22.2%), from €39,725 to €30,902
- Write-downs +€24,425
up €24,425, from -€21,425 to €3,000
- Gross operating margin +€18,362
up €18,362 (+21.4%), from €85,618 to €103,980
- Staff costs -€5,488
down €5,488 (-9.8%), from €56,196 to €50,708
- Taxes -€1,913
down €1,913 (-13.9%), from €13,795 to €11,882
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 | €196,038 | €224,616 | +€28,579 | +14.6% |
| Fixed assets | 21/28 | €22,615 | €15,940 | -€6,675 | -29.5% |
| Intangible fixed assets | 21 | €857 | €677 | -€180 | -21.0% |
| Tangible fixed assets | 22/27 | €21,758 | €15,263 | -€6,495 | -29.9% |
| Furniture and vehicles | 24 | €18,524 | €13,277 | -€5,247 | -28.3% |
| Other tangible fixed assets | 26 | €3,234 | €1,986 | -€1,248 | -38.6% |
| Current assets | 29/58 | €173,423 | €208,676 | +€35,254 | +20.3% |
| Amounts receivable within one year | 40/41 | €78,731 | €122,820 | +€44,089 | +56.0% |
| Trade receivables | 40 | €78,485 | €122,820 | +€44,335 | +56.5% |
| Other amounts receivable | 41 | €246 | - | -€246 | |
| Cash at bank and in hand | 54/58 | €89,490 | €81,001 | -€8,489 | -9.5% |
| Deferred charges and accrued income | 490/1 | €5,202 | €4,855 | -€347 | -6.7% |
| Total equity and liabilities | 10/49 | €196,038 | €224,616 | +€28,579 | +14.6% |
| Equity | 10/15 | €125,691 | €125,360 | -€331 | -0.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €105,240 | €104,909 | -€331 | -0.3% |
| Amounts payable | 17/49 | €70,347 | €99,256 | +€28,909 | +41.1% |
| Amounts payable within one year | 42/48 | €70,179 | €99,256 | +€29,077 | +41.4% |
| Trade debts | 44 | €4,376 | €29,334 | +€24,958 | +570% |
| Suppliers | 440/4 | €4,376 | €29,334 | +€24,958 | +570% |
| Taxes, remuneration and social security | 45 | €26,077 | €39,020 | +€12,943 | +49.6% |
| Taxes | 450/3 | €18,795 | €30,672 | +€11,877 | +63.2% |
| Remuneration and social security | 454/9 | €7,282 | €8,349 | +€1,067 | +14.6% |
| Other amounts payable | 47/48 | €39,725 | €30,902 | -€8,824 | -22.2% |
| Accrued charges and deferred income | 492/3 | €168 | - | -€168 | |
| Remuneration, social security and pensions | 62 | €56,196 | €50,708 | -€5,488 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,402 | €8,410 | +€1,009 | +13.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€21,425 | €3,000 | +€24,425 | |
| Other operating charges | 640/8 | €447 | €543 | +€96 | +21.5% |
| Gross operating margin | 9900 | €85,618 | €103,980 | +€18,362 | +21.4% |
| Operating profit (loss) | 9901 | €42,997 | €41,318 | -€1,679 | -3.9% |
| Financial income | 75/76B | €615 | €518 | -€96 | -15.7% |
| Recurring financial income | 75 | €615 | €518 | -€96 | -15.7% |
| Financial charges | 65/66B | €270 | €285 | +€16 | +5.8% |
| Recurring financial charges | 65 | €270 | €285 | +€16 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €43,342 | €41,551 | -€1,791 | -4.1% |
| Income taxes | 67/77 | €13,795 | €11,882 | -€1,913 | -13.9% |
| Profit (loss) for the period | 9904 | €29,547 | €29,669 | +€122 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,547 | €29,669 | +€122 | +0.4% |
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 1 November 2026 via checked.be.