COGEMIN: 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.
COGEMIN
Largest movements
- Cash +€51,648
up €51,648 (+342%), from €15,091 to €66,739
mainly Net result for the year (+€51,809) and Tax, wage and social debts (+€23,982)
- Tangible fixed assets -€13,323
down €13,323 (-35.7%), from €37,296 to €23,973
- Tax, wage and social debts +€23,982
up €23,982 (+164%), from €14,655 to €38,637
- Other debts +€19,879
new in 2025: €19,879
- Debts after one year -€10,681
down €10,681 (-56.7%), from €18,844 to €8,164
- Trade debts +€5,839
new in 2025: €5,839
- Gross operating margin +€27,510
up €27,510 (+30.2%), from €91,080 to €118,590
- Taxes +€7,315
up €7,315 (+97.9%), from €7,471 to €14,786
- Financial charges -€5,769
down €5,769 (-13.2%), from €43,650 to €37,881
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 | €79,786 | €119,035 | +€39,249 | +49.2% |
| Fixed assets | 21/28 | €41,077 | €27,754 | -€13,323 | -32.4% |
| Tangible fixed assets | 22/27 | €37,296 | €23,973 | -€13,323 | -35.7% |
| Furniture and vehicles | 24 | €37,296 | €23,973 | -€13,323 | -35.7% |
| Financial fixed assets | 28 | €3,780 | €3,780 | = | 0.0% |
| Current assets | 29/58 | €38,709 | €91,282 | +€52,572 | +136% |
| Amounts receivable within one year | 40/41 | €21,928 | €22,756 | +€828 | +3.8% |
| Trade receivables | 40 | €2,388 | €19,907 | +€17,519 | +734% |
| Other amounts receivable | 41 | €19,539 | €2,849 | -€16,690 | -85.4% |
| Cash at bank and in hand | 54/58 | €15,091 | €66,739 | +€51,648 | +342% |
| Deferred charges and accrued income | 490/1 | €1,690 | €1,786 | +€96 | +5.7% |
| Total equity and liabilities | 10/49 | €79,786 | €119,035 | +€39,249 | +49.2% |
| Equity | 10/15 | €35,835 | €35,835 | = | 0.0% |
| Contributions | 10/11 | €1,800 | €1,800 | = | 0.0% |
| Reserves | 13 | €34,035 | €34,035 | = | 0.0% |
| Distributable reserves | 133 | €34,035 | €34,035 | = | 0.0% |
| Amounts payable | 17/49 | €43,951 | €83,200 | +€39,249 | +89.3% |
| Amounts payable after more than one year | 17 | €18,844 | €8,164 | -€10,681 | -56.7% |
| Financial debts | 170/4 | €18,844 | €8,164 | -€10,681 | -56.7% |
| Amounts payable within one year | 42/48 | €25,106 | €75,036 | +€49,930 | +199% |
| Current portion of amounts payable after more than one year | 42 | €10,452 | €10,681 | +€229 | +2.2% |
| Trade debts | 44 | - | €5,839 | +€5,839 | |
| Suppliers | 440/4 | - | €5,839 | +€5,839 | |
| Taxes, remuneration and social security | 45 | €14,655 | €38,637 | +€23,982 | +164% |
| Taxes | 450/3 | €14,655 | €38,637 | +€23,982 | +164% |
| Other amounts payable | 47/48 | - | €19,879 | +€19,879 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,651 | €13,611 | -€39 | -0.3% |
| Other operating charges | 640/8 | €387 | €503 | +€115 | +29.8% |
| Gross operating margin | 9900 | €91,080 | €118,590 | +€27,510 | +30.2% |
| Operating profit (loss) | 9901 | €77,042 | €104,476 | +€27,434 | +35.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €43,650 | €37,881 | -€5,769 | -13.2% |
| Recurring financial charges | 65 | €43,650 | €37,881 | -€5,769 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €33,392 | €66,595 | +€33,203 | +99.4% |
| Income taxes | 67/77 | €7,471 | €14,786 | +€7,315 | +97.9% |
| Profit (loss) for the period | 9904 | €25,921 | €51,809 | +€25,888 | +99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,921 | €51,809 | +€25,888 | +99.9% |
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 18 October 2026 via checked.be.