COGEFISCO: 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.
COGEFISCO
Largest movements
- Receivables within one year +€92,082
up €92,082 (+173%), from €53,261 to €145,343
of which Other amounts receivable: +€75,004
- Tangible fixed assets -€10,079
down €10,079 (-21.3%), from €47,320 to €37,241
of which Furniture and vehicles: -€10,729
- Other debts +€58,761
up €58,761 (+252%), from €23,322 to €82,083
- Profit (loss) carried forward +€9,404
up €9,404 (+20.2%), from €46,604 to €56,008
- Tax, wage and social debts +€8,896
up €8,896 (+47.1%), from €18,893 to €27,789
of which Taxes: +€8,896
- Gross operating margin +€18,274
up €18,274 (+20.3%), from €90,221 to €108,495
- Depreciation +€3,357
up €3,357 (+46.2%), from €7,262 to €10,619
- Taxes -€1,861
down €1,861 (-10.4%), from €17,921 to €16,059
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 | €469,839 | €551,479 | +€81,640 | +17.4% |
| Fixed assets | 21/28 | €397,320 | €387,241 | -€10,079 | -2.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €47,320 | €37,241 | -€10,079 | -21.3% |
| Land and buildings | 22 | €3,438 | €3,344 | -€95 | -2.7% |
| Plant, machinery and equipment | 23 | - | €744 | +€744 | |
| Furniture and vehicles | 24 | €43,882 | €33,153 | -€10,729 | -24.4% |
| Financial fixed assets | 28 | €350,000 | €350,000 | = | 0.0% |
| Current assets | 29/58 | €72,519 | €164,238 | +€91,719 | +126% |
| Amounts receivable within one year | 40/41 | €53,261 | €145,343 | +€92,082 | +173% |
| Trade receivables | 40 | €34,296 | €51,374 | +€17,077 | +49.8% |
| Other amounts receivable | 41 | €18,965 | €93,969 | +€75,004 | +395% |
| Cash at bank and in hand | 54/58 | €17,782 | €18,338 | +€556 | +3.1% |
| Deferred charges and accrued income | 490/1 | €1,476 | €557 | -€918 | -62.2% |
| Total equity and liabilities | 10/49 | €469,839 | €551,479 | +€81,640 | +17.4% |
| Equity | 10/15 | €234,066 | €248,470 | +€14,404 | +6.2% |
| Contributions | 10/11 | €12,462 | €12,462 | = | 0.0% |
| Reserves | 13 | €175,000 | €180,000 | +€5,000 | +2.9% |
| Distributable reserves | 133 | €175,000 | €180,000 | +€5,000 | +2.9% |
| Profit (loss) carried forward | 14 | €46,604 | €56,008 | +€9,404 | +20.2% |
| Amounts payable | 17/49 | €235,773 | €303,010 | +€67,237 | +28.5% |
| Amounts payable after more than one year | 17 | €192,406 | €192,406 | = | 0.0% |
| Financial debts | 170/4 | €100,000 | €100,000 | = | 0.0% |
| Other amounts payable | 178/9 | €92,406 | €92,406 | = | 0.0% |
| Amounts payable within one year | 42/48 | €43,367 | €110,603 | +€67,237 | +155% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,152 | €732 | -€420 | -36.5% |
| Suppliers | 440/4 | €1,152 | €732 | -€420 | -36.5% |
| Taxes, remuneration and social security | 45 | €18,893 | €27,789 | +€8,896 | +47.1% |
| Taxes | 450/3 | €18,893 | €27,789 | +€8,896 | +47.1% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €23,322 | €82,083 | +€58,761 | +252% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,262 | €10,619 | +€3,357 | +46.2% |
| Other operating charges | 640/8 | €457 | €526 | +€69 | +15.1% |
| Non-recurring operating charges | 66A | - | €327 | +€327 | |
| Gross operating margin | 9900 | €90,221 | €108,495 | +€18,274 | +20.3% |
| Operating profit (loss) | 9901 | €82,502 | €97,023 | +€14,521 | +17.6% |
| Financial income | 75/76B | - | €80 | +€80 | |
| Recurring financial income | 75 | - | €80 | +€80 | |
| Financial charges | 65/66B | €1,764 | €1,639 | -€125 | -7.1% |
| Recurring financial charges | 65 | €1,764 | €1,639 | -€125 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €80,738 | €95,463 | +€14,725 | +18.2% |
| Income taxes | 67/77 | €17,921 | €16,059 | -€1,861 | -10.4% |
| Profit (loss) for the period | 9904 | €62,817 | €79,404 | +€16,586 | +26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €62,817 | €79,404 | +€16,586 | +26.4% |
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 23 October 2026 via checked.be.