Cogefimo: 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.
Cogefimo
Largest movements
- Current investments -€467,767
down €467,767 (-11.4%), from €4.1m to €3.6m
- Cash -€104,669
down €104,669 (-66.4%), from €157,528 to €52,858
mainly Contributions, distributions and other (-€660,000) and Other debts (-€75,220)
- Receivables within one year +€46,276
up €46,276 (+372.6%), from €12,419 to €58,695
of which Other amounts receivable: +€37,531
- Reserves -€474,100
down €474,100 (-17.5%), from €2.7m to €2.2m
of which Distributable reserves: -€474,100
- Other debts -€75,220
down €75,220 (-41.0%), from €183,682 to €108,462
- Financial charges +€178,675
up €178,675, from -€178,388 to €288
- Financial income +€93,316
up €93,316 (+69.3%), from €134,595 to €227,911
- Gross operating margin -€52,879
down €52,879 (-56.5%), from €93,665 to €40,786
- Depreciation -€25,538
down €25,538 (-32.3%), from €79,006 to €53,468
- Taxes -€10,238
down €10,238 (-35.2%), from €29,114 to €18,877
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 | €4,373,927 | €3,816,330 | -€557,596 | -12.7% |
| Fixed assets | 21/28 | €99,474 | €62,965 | -€36,510 | -36.7% |
| Tangible fixed assets | 22/27 | €99,236 | €62,726 | -€36,510 | -36.8% |
| Land and buildings | 22 | €60,964 | €50,705 | -€10,260 | -16.8% |
| Plant, machinery and equipment | 23 | €20,746 | €14 | -€20,732 | -99.9% |
| Furniture and vehicles | 24 | €17,526 | €12,008 | -€5,518 | -31.5% |
| Financial fixed assets | 28 | €238 | €238 | = | 0.0% |
| Current assets | 29/58 | €4,274,452 | €3,753,366 | -€521,087 | -12.2% |
| Stocks and contracts in progress | 3 | €462 | - | -€462 | |
| Stocks | 30/36 | €462 | - | -€462 | |
| Amounts receivable within one year | 40/41 | €12,419 | €58,695 | +€46,276 | +372.6% |
| Trade receivables | 40 | €538 | €9,284 | +€8,746 | +1624.3% |
| Other amounts receivable | 41 | €11,880 | €49,411 | +€37,531 | +315.9% |
| Current investments | 50/53 | €4,104,044 | €3,636,277 | -€467,767 | -11.4% |
| Cash at bank and in hand | 54/58 | €157,528 | €52,858 | -€104,669 | -66.4% |
| Deferred charges and accrued income | 490/1 | - | €5,535 | +€5,535 | |
| Total equity and liabilities | 10/49 | €4,373,927 | €3,816,330 | -€557,596 | -12.7% |
| Equity | 10/15 | €4,178,713 | €3,704,678 | -€474,035 | -11.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €2,704,400 | €2,230,300 | -€474,100 | -17.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €2,698,250 | €2,224,150 | -€474,100 | -17.6% |
| Profit (loss) carried forward | 14 | €1,412,813 | €1,412,878 | +€65 | 0.0% |
| Amounts payable | 17/49 | €195,214 | €111,652 | -€83,561 | -42.8% |
| Amounts payable within one year | 42/48 | €195,214 | €111,652 | -€83,561 | -42.8% |
| Trade debts | 44 | €11,531 | €1,102 | -€10,430 | -90.4% |
| Suppliers | 440/4 | €11,531 | €1,102 | -€10,430 | -90.4% |
| Taxes, remuneration and social security | 45 | - | €2,088 | +€2,088 | |
| Taxes | 450/3 | - | €2,088 | +€2,088 | |
| Other amounts payable | 47/48 | €183,682 | €108,462 | -€75,220 | -41.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,006 | €53,468 | -€25,538 | -32.3% |
| Other operating charges | 640/8 | €10,335 | €10,099 | -€235 | -2.3% |
| Gross operating margin | 9900 | €93,665 | €40,786 | -€52,879 | -56.5% |
| Operating profit (loss) | 9901 | €4,324 | -€22,781 | -€27,105 | |
| Financial income | 75/76B | €134,595 | €227,911 | +€93,316 | +69.3% |
| Recurring financial income | 75 | €134,595 | €227,911 | +€93,316 | +69.3% |
| Financial charges | 65/66B | -€178,388 | €288 | +€178,675 | |
| Recurring financial charges | 65 | -€178,388 | €288 | +€178,675 | |
| Profit (loss) for the period before taxes | 9903 | €317,307 | €204,842 | -€112,465 | -35.4% |
| Income taxes | 67/77 | €29,114 | €18,877 | -€10,238 | -35.2% |
| Profit (loss) for the period | 9904 | €288,192 | €185,965 | -€102,227 | -35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €288,192 | €185,965 | -€102,227 | -35.5% |
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 3 October 2026 via checked.be.