COGEFLOR: 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.
COGEFLOR
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Cash -€320,248
down €320,248 (-95.6%), from €334,933 to €14,685
mainly Current investments (-€400,000) and Other debts (-€130,000)
- Receivables within one year -€296,566
down €296,566 (-91.1%), from €325,649 to €29,082
of which Other amounts receivable: -€299,447
- Deferred charges and accrued income +€73,563
up €73,563 (+123.5%), from €59,575 to €133,137
- Tangible fixed assets +€12,861
up €12,861 (+24.5%), from €52,447 to €65,308
- Other debts -€130,000
down €130,000 (-59.1%), from €220,000 to €90,000
- Tax, wage and social debts -€41,616
down €41,616 (-98.3%), from €42,334 to €718
- Trade debts +€38,723
up €38,723 (+328.5%), from €11,790 to €50,512
- Gross operating margin -€247,739
down €247,739 (-70.5%), from €351,195 to €103,456
- Taxes -€42,120
down €42,120 (-93.7%), from €44,946 to €2,825
- Financial income -€9,249
down €9,249 (-54.0%), from €17,129 to €7,880
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 | €772,604 | €642,213 | -€130,391 | -16.9% |
| Fixed assets | 21/28 | €52,447 | €65,308 | +€12,861 | +24.5% |
| Tangible fixed assets | 22/27 | €52,447 | €65,308 | +€12,861 | +24.5% |
| Land and buildings | 22 | €52,447 | €65,308 | +€12,861 | +24.5% |
| Current assets | 29/58 | €720,157 | €576,905 | -€143,252 | -19.9% |
| Amounts receivable within one year | 40/41 | €325,649 | €29,082 | -€296,566 | -91.1% |
| Trade receivables | 40 | €25,649 | €28,529 | +€2,881 | +11.2% |
| Other amounts receivable | 41 | €300,000 | €553 | -€299,447 | -99.8% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €334,933 | €14,685 | -€320,248 | -95.6% |
| Deferred charges and accrued income | 490/1 | €59,575 | €133,137 | +€73,563 | +123.5% |
| Total equity and liabilities | 10/49 | €772,604 | €642,213 | -€130,391 | -16.9% |
| Equity | 10/15 | €491,728 | €497,764 | +€6,035 | +1.2% |
| Contributions | 10/11 | €333,600 | €333,600 | = | 0.0% |
| Capital | 10 | €333,600 | €333,600 | = | 0.0% |
| Issued capital | 100 | €333,600 | €333,600 | = | 0.0% |
| Reserves | 13 | €157,690 | €163,720 | +€6,030 | +3.8% |
| Non-distributable reserves | 130/1 | €33,360 | €33,360 | = | 0.0% |
| Legal reserve | 130 | €33,360 | €33,360 | = | 0.0% |
| Distributable reserves | 133 | €124,330 | €130,360 | +€6,030 | +4.8% |
| Profit (loss) carried forward | 14 | €438 | €444 | +€5 | +1.2% |
| Amounts payable | 17/49 | €280,876 | €144,449 | -€136,427 | -48.6% |
| Amounts payable within one year | 42/48 | €274,124 | €141,230 | -€132,894 | -48.5% |
| Trade debts | 44 | €11,790 | €50,512 | +€38,723 | +328.5% |
| Suppliers | 440/4 | €11,790 | €50,512 | +€38,723 | +328.5% |
| Taxes, remuneration and social security | 45 | €42,334 | €718 | -€41,616 | -98.3% |
| Taxes | 450/3 | €42,334 | €718 | -€41,616 | -98.3% |
| Other amounts payable | 47/48 | €220,000 | €90,000 | -€130,000 | -59.1% |
| Accrued charges and deferred income | 492/3 | €6,752 | €3,219 | -€3,533 | -52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,329 | €8,347 | -€1,982 | -19.2% |
| Other operating charges | 640/8 | €4,573 | €4,087 | -€486 | -10.6% |
| Gross operating margin | 9900 | €351,195 | €103,456 | -€247,739 | -70.5% |
| Operating profit (loss) | 9901 | €336,294 | €91,023 | -€245,271 | -72.9% |
| Financial income | 75/76B | €17,129 | €7,880 | -€9,249 | -54.0% |
| Recurring financial income | 75 | €17,129 | €7,880 | -€9,249 | -54.0% |
| Financial charges | 65/66B | €56 | €42 | -€14 | -24.7% |
| Recurring financial charges | 65 | €56 | €42 | -€14 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €353,367 | €98,861 | -€254,506 | -72.0% |
| Income taxes | 67/77 | €44,946 | €2,825 | -€42,120 | -93.7% |
| Profit (loss) for the period | 9904 | €308,421 | €96,035 | -€212,386 | -68.9% |
| Profit (loss) for the period to be appropriated | 9905 | €308,421 | €96,035 | -€212,386 | -68.9% |
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 6 October 2026 via checked.be.