COGEMAX: 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.
COGEMAX
Largest movements
- Financial fixed assets +€52,000
new in 2025: €52,000
- Cash -€39,839
down €39,839 (-70.6%), from €56,432 to €16,593
mainly Investment in fixed assets (net) (-€52,000) and Contributions, distributions and other (-€35,000)
- Receivables within one year +€5,401
up €5,401 (+65.2%), from €8,286 to €13,687
- Deferred charges and accrued income -€3,570
no longer reported in 2025 (was €3,570)
- Profit (loss) carried forward -€35,000
down €35,000 (-72.5%), from €48,249 to €13,249
- Other debts +€28,717
up €28,717 (+2210.2%), from €1,299 to €30,016
- Tax, wage and social debts +€10,496
up €10,496 (+135.6%), from €7,740 to €18,236
- Reserves +€8,716
up €8,716 (+871.6%), from €1,000 to €9,716
of which Distributable reserves: +€8,716
- Trade debts +€1,063
new in 2025: €1,063
- Gross operating margin -€18,195
down €18,195 (-58.5%), from €31,105 to €12,910
- Taxes -€4,010
down €4,010 (-49.6%), from €8,077 to €4,067
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 | €68,288 | €82,280 | +€13,992 | +20.5% |
| Fixed assets | 21/28 | - | €52,000 | +€52,000 | |
| Financial fixed assets | 28 | - | €52,000 | +€52,000 | |
| Current assets | 29/58 | €68,288 | €30,280 | -€38,008 | -55.7% |
| Amounts receivable within one year | 40/41 | €8,286 | €13,687 | +€5,401 | +65.2% |
| Other amounts receivable | 41 | €8,286 | €13,687 | +€5,401 | +65.2% |
| Cash at bank and in hand | 54/58 | €56,432 | €16,593 | -€39,839 | -70.6% |
| Deferred charges and accrued income | 490/1 | €3,570 | - | -€3,570 | |
| Total equity and liabilities | 10/49 | €68,288 | €82,280 | +€13,992 | +20.5% |
| Equity | 10/15 | €59,249 | €32,965 | -€26,284 | -44.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | - | -€10,000 | |
| Issued capital | 100 | €10,000 | - | -€10,000 | |
| Reserves | 13 | €1,000 | €9,716 | +€8,716 | +871.6% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Legal reserve | 130 | €1,000 | - | -€1,000 | |
| Other | 1319 | - | €1,000 | +€1,000 | |
| Distributable reserves | 133 | - | €8,716 | +€8,716 | |
| Profit (loss) carried forward | 14 | €48,249 | €13,249 | -€35,000 | -72.5% |
| Amounts payable | 17/49 | €9,040 | €49,315 | +€40,275 | +445.5% |
| Amounts payable within one year | 42/48 | €9,040 | €49,315 | +€40,275 | +445.5% |
| Trade debts | 44 | - | €1,063 | +€1,063 | |
| Suppliers | 440/4 | - | €1,063 | +€1,063 | |
| Taxes, remuneration and social security | 45 | €7,740 | €18,236 | +€10,496 | +135.6% |
| Taxes | 450/3 | €7,740 | €18,236 | +€10,496 | +135.6% |
| Other amounts payable | 47/48 | €1,299 | €30,016 | +€28,717 | +2210.2% |
| Gross operating margin | 9900 | €31,105 | €12,910 | -€18,195 | -58.5% |
| Operating profit (loss) | 9901 | €31,105 | €12,910 | -€18,195 | -58.5% |
| Financial income | 75/76B | - | €38 | +€38 | |
| Recurring financial income | 75 | - | €38 | +€38 | |
| Non-recurring financial income | 76B | - | €38 | +€38 | |
| Financial charges | 65/66B | €148 | €165 | +€17 | +11.7% |
| Recurring financial charges | 65 | €148 | €165 | +€17 | +11.7% |
| Non-recurring financial charges | 66B | - | €165 | +€165 | |
| Profit (loss) for the period before taxes | 9903 | €30,958 | €12,783 | -€18,175 | -58.7% |
| Income taxes | 67/77 | €8,077 | €4,067 | -€4,010 | -49.6% |
| Profit (loss) for the period | 9904 | €22,881 | €8,716 | -€14,165 | -61.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,881 | €8,716 | -€14,165 | -61.9% |
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 9 October 2026 via checked.be.