COGENERYS: 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.
COGENERYS
Largest movements
- Current investments -€250,000
no longer reported in 2025 (was €250,000)
- Tangible fixed assets -€131,580
down €131,580 (-11.2%), from €1.2m to €1.0m
- Receivables within one year +€92,042
up €92,042 (+346.1%), from €26,595 to €118,637
of which Trade receivables: +€87,221
- Cash +€39,925
up €39,925 (+54.5%), from €73,268 to €113,193
mainly Current investments (+€250,000) and Depreciation (+€132,496)
- Debts after one year -€116,549
down €116,549 (-13.0%), from €897,367 to €780,818
- Other debts -€71,943
down €71,943 (-59.7%), from €120,540 to €48,597
- Trade debts -€39,245
down €39,245 (-49.2%), from €79,836 to €40,591
- Investment grants -€23,817
down €23,817 (-11.2%), from €211,915 to €188,098
- Gross operating margin -€67,087
down €67,087 (-27.7%), from €242,546 to €175,459
- Financial income -€7,098
down €7,098 (-21.9%), from €32,481 to €25,383
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 | €1,532,621 | €1,282,162 | -€250,460 | -16.3% |
| Fixed assets | 21/28 | €1,180,633 | €1,048,137 | -€132,496 | -11.2% |
| Intangible fixed assets | 21 | €8,255 | €7,339 | -€916 | -11.1% |
| Tangible fixed assets | 22/27 | €1,172,378 | €1,040,798 | -€131,580 | -11.2% |
| Plant, machinery and equipment | 23 | €1,172,378 | €1,040,798 | -€131,580 | -11.2% |
| Current assets | 29/58 | €351,988 | €234,024 | -€117,964 | -33.5% |
| Amounts receivable within one year | 40/41 | €26,595 | €118,637 | +€92,042 | +346.1% |
| Trade receivables | 40 | €23,222 | €110,444 | +€87,221 | +375.6% |
| Other amounts receivable | 41 | €3,372 | €8,193 | +€4,821 | +142.9% |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €73,268 | €113,193 | +€39,925 | +54.5% |
| Deferred charges and accrued income | 490/1 | €2,125 | €2,195 | +€70 | +3.3% |
| Total equity and liabilities | 10/49 | €1,532,621 | €1,282,162 | -€250,460 | -16.3% |
| Equity | 10/15 | €345,356 | €321,539 | -€23,817 | -6.9% |
| Contributions | 10/11 | €131,200 | €131,200 | = | 0.0% |
| Reserves | 13 | €2,241 | €2,241 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,241 | €2,241 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,241 | €2,241 | = | 0.0% |
| Investment grants | 15 | €211,915 | €188,098 | -€23,817 | -11.2% |
| Amounts payable | 17/49 | €1,187,265 | €960,622 | -€226,643 | -19.1% |
| Amounts payable after more than one year | 17 | €897,367 | €780,818 | -€116,549 | -13.0% |
| Financial debts | 170/4 | €897,367 | €780,818 | -€116,549 | -13.0% |
| Amounts payable within one year | 42/48 | €289,899 | €179,805 | -€110,094 | -38.0% |
| Current portion of amounts payable after more than one year | 42 | €88,914 | €90,616 | +€1,702 | +1.9% |
| Trade debts | 44 | €79,836 | €40,591 | -€39,245 | -49.2% |
| Suppliers | 440/4 | €79,836 | €40,591 | -€39,245 | -49.2% |
| Taxes, remuneration and social security | 45 | €608 | - | -€608 | |
| Taxes | 450/3 | €608 | - | -€608 | |
| Other amounts payable | 47/48 | €120,540 | €48,597 | -€71,943 | -59.7% |
| Non-recurring operating income | 76A | €1,425 | - | -€1,425 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,496 | €132,496 | +€0 | 0.0% |
| Other operating charges | 640/8 | €998 | €602 | -€396 | -39.7% |
| Gross operating margin | 9900 | €242,546 | €175,459 | -€67,087 | -27.7% |
| Operating profit (loss) | 9901 | €109,053 | €42,362 | -€66,691 | -61.2% |
| Financial income | 75/76B | €32,481 | €25,383 | -€7,098 | -21.9% |
| Recurring financial income | 75 | €32,481 | €25,383 | -€7,098 | -21.9% |
| Financial charges | 65/66B | €20,993 | €19,148 | -€1,845 | -8.8% |
| Recurring financial charges | 65 | €20,993 | €19,148 | -€1,845 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €120,540 | €48,597 | -€71,943 | -59.7% |
| Profit (loss) for the period | 9904 | €120,540 | €48,597 | -€71,943 | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €120,540 | €48,597 | -€71,943 | -59.7% |
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 10 October 2026 via checked.be.