COGEFIS: 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.
COGEFIS
Largest movements
- Receivables within one year -€93,245
down €93,245 (-22.7%), from €410,955 to €317,710
of which Trade receivables: -€90,155
- Tangible fixed assets -€16,931
down €16,931 (-19.2%), from €88,181 to €71,250
of which Other tangible fixed assets: -€21,878
- Trade debts -€89,976
down €89,976 (-48.1%), from €186,956 to €96,980
- Debts after one year -€24,689
down €24,689 (-47.0%), from €52,562 to €27,873
- Revaluation surpluses +€11,000
new in 2025: €11,000
- Short-term financial debts -€10,000
down €10,000 (-16.7%), from €60,000 to €50,000
- Gross operating margin +€37,862
up €37,862 (+21.1%), from €179,611 to €217,472
- Write-downs +€27,331
up €27,331 (+288.5%), from €9,475 to €36,806
- Staff costs +€8,846
up €8,846 (+8.4%), from €104,690 to €113,535
- Other operating charges +€6,678
up €6,678 (+39.2%), from €17,058 to €23,736
- Depreciation -€5,636
down €5,636 (-16.8%), from €33,567 to €27,931
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 | €615,448 | €503,348 | -€112,100 | -18.2% |
| Fixed assets | 21/28 | €88,431 | €71,250 | -€17,181 | -19.4% |
| Tangible fixed assets | 22/27 | €88,181 | €71,250 | -€16,931 | -19.2% |
| Plant, machinery and equipment | 23 | €7,959 | €5,102 | -€2,857 | -35.9% |
| Furniture and vehicles | 24 | €4,751 | €12,556 | +€7,805 | +164.3% |
| Other tangible fixed assets | 26 | €75,470 | €53,592 | -€21,878 | -29.0% |
| Financial fixed assets | 28 | €250 | - | -€250 | |
| Current assets | 29/58 | €527,018 | €432,098 | -€94,920 | -18.0% |
| Amounts receivable within one year | 40/41 | €410,955 | €317,710 | -€93,245 | -22.7% |
| Trade receivables | 40 | €405,668 | €315,513 | -€90,155 | -22.2% |
| Other amounts receivable | 41 | €5,287 | €2,197 | -€3,090 | -58.4% |
| Cash at bank and in hand | 54/58 | €110,983 | €112,272 | +€1,289 | +1.2% |
| Deferred charges and accrued income | 490/1 | €5,080 | €2,116 | -€2,964 | -58.3% |
| Total equity and liabilities | 10/49 | €615,448 | €503,348 | -€112,100 | -18.2% |
| Equity | 10/15 | €258,359 | €272,565 | +€14,205 | +5.5% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €11,000 | +€11,000 | |
| Reserves | 13 | €2,100 | €2,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,100 | €2,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,100 | €2,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €235,259 | €238,465 | +€3,205 | +1.4% |
| Amounts payable | 17/49 | €357,089 | €230,783 | -€126,306 | -35.4% |
| Amounts payable after more than one year | 17 | €52,562 | €27,873 | -€24,689 | -47.0% |
| Financial debts | 170/4 | €52,562 | €27,873 | -€24,689 | -47.0% |
| Amounts payable within one year | 42/48 | €304,527 | €202,911 | -€101,617 | -33.4% |
| Current portion of amounts payable after more than one year | 42 | €24,901 | €24,689 | -€212 | -0.9% |
| Financial debts | 43 | €60,000 | €50,000 | -€10,000 | -16.7% |
| Credit institutions | 430/8 | €60,000 | €50,000 | -€10,000 | -16.7% |
| Trade debts | 44 | €186,956 | €96,980 | -€89,976 | -48.1% |
| Suppliers | 440/4 | €186,956 | €96,980 | -€89,976 | -48.1% |
| Taxes, remuneration and social security | 45 | €32,670 | €31,241 | -€1,429 | -4.4% |
| Taxes | 450/3 | €10,354 | €14,071 | +€3,717 | +35.9% |
| Remuneration and social security | 454/9 | €22,316 | €17,170 | -€5,146 | -23.1% |
| Remuneration, social security and pensions | 62 | €104,690 | €113,535 | +€8,846 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,567 | €27,931 | -€5,636 | -16.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,475 | €36,806 | +€27,331 | +288.5% |
| Other operating charges | 640/8 | €17,058 | €23,736 | +€6,678 | +39.2% |
| Gross operating margin | 9900 | €179,611 | €217,472 | +€37,862 | +21.1% |
| Operating profit (loss) | 9901 | €14,822 | €15,464 | +€643 | +4.3% |
| Financial income | 75/76B | €351 | €394 | +€42 | +12.1% |
| Recurring financial income | 75 | €351 | €394 | +€42 | +12.1% |
| Financial charges | 65/66B | €6,684 | €8,554 | +€1,870 | +28.0% |
| Recurring financial charges | 65 | €6,684 | €8,554 | +€1,870 | +28.0% |
| Profit (loss) for the period before taxes | 9903 | €8,489 | €7,304 | -€1,185 | -14.0% |
| Income taxes | 67/77 | €4,797 | €4,099 | -€698 | -14.6% |
| Profit (loss) for the period | 9904 | €3,692 | €3,205 | -€486 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,692 | €3,205 | -€486 | -13.2% |
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 10 October 2026 via checked.be.