COGEMAC: 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.
COGEMAC
Largest movements
- Cash +€22,350
up €22,350 (+55.9%), from €39,949 to €62,299
mainly Net result for the year (+€47,498) and Other debts (+€26,836)
- Receivables within one year +€4,538
up €4,538 (+31.0%), from €14,625 to €19,164
- Tangible fixed assets -€1,143
down €1,143 (-41.8%), from €2,732 to €1,589
- Other debts +€26,836
up €26,836 (+89.5%), from €29,974 to €56,809
- Trade debts -€2,669
no longer reported in 2025 (was €2,669)
- Tax, wage and social debts +€1,411
up €1,411 (+17.1%), from €8,254 to €9,665
- Gross operating margin +€23,990
up €23,990 (+61.1%), from €39,274 to €63,265
- Taxes +€4,801
up €4,801 (+53.8%), from €8,924 to €13,725
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 | €59,561 | €85,141 | +€25,580 | +42.9% |
| Fixed assets | 21/28 | €4,132 | €2,989 | -€1,143 | -27.7% |
| Tangible fixed assets | 22/27 | €2,732 | €1,589 | -€1,143 | -41.8% |
| Furniture and vehicles | 24 | €2,732 | €1,589 | -€1,143 | -41.8% |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €55,429 | €82,152 | +€26,723 | +48.2% |
| Amounts receivable within one year | 40/41 | €14,625 | €19,164 | +€4,538 | +31.0% |
| Trade receivables | 40 | €14,625 | €19,164 | +€4,538 | +31.0% |
| Cash at bank and in hand | 54/58 | €39,949 | €62,299 | +€22,350 | +55.9% |
| Deferred charges and accrued income | 490/1 | €854 | €689 | -€165 | -19.4% |
| Total equity and liabilities | 10/49 | €59,561 | €85,141 | +€25,580 | +42.9% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €40,961 | €66,541 | +€25,580 | +62.5% |
| Amounts payable within one year | 42/48 | €40,897 | €66,474 | +€25,577 | +62.5% |
| Trade debts | 44 | €2,669 | - | -€2,669 | |
| Suppliers | 440/4 | €2,669 | - | -€2,669 | |
| Taxes, remuneration and social security | 45 | €8,254 | €9,665 | +€1,411 | +17.1% |
| Taxes | 450/3 | €8,254 | €9,665 | +€1,411 | +17.1% |
| Other amounts payable | 47/48 | €29,974 | €56,809 | +€26,836 | +89.5% |
| Accrued charges and deferred income | 492/3 | €64 | €67 | +€3 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,474 | €1,143 | -€331 | -22.5% |
| Other operating charges | 640/8 | €813 | €755 | -€58 | -7.1% |
| Gross operating margin | 9900 | €39,274 | €63,265 | +€23,990 | +61.1% |
| Operating profit (loss) | 9901 | €36,988 | €61,367 | +€24,379 | +65.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €143 | €145 | +€2 | +1.0% |
| Recurring financial charges | 65 | €143 | €145 | +€2 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €36,845 | €61,223 | +€24,378 | +66.2% |
| Income taxes | 67/77 | €8,924 | €13,725 | +€4,801 | +53.8% |
| Profit (loss) for the period | 9904 | €27,921 | €47,498 | +€19,577 | +70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,921 | €47,498 | +€19,577 | +70.1% |
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 4 October 2026 via checked.be.