COGENFIN: 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.
COGENFIN
Largest movements
- Receivables within one year +€588,297
up €588,297 (+27.4%), from €2.1m to €2.7m
of which Trade receivables: +€595,646
- Cash -€577,742
down €577,742 (-79.5%), from €726,932 to €149,189
mainly Investment in fixed assets (net) (-€1.1m) and Debts after one year (-€690,269)
- Deferred charges and accrued income -€315,691
down €315,691 (-99.1%), from €318,531 to €2,839
- Tangible fixed assets -€213,317
down €213,317 (-1.8%), from €12.2m to €12.0m
of which Assets under construction and advance payments: -€2.5m
- Debts after one year -€690,269
down €690,269 (-5.3%), from €13.0m to €12.3m
of which Financial debts: -€388,440
- Current portion of long-term debt +€338,142
up €338,142 (+29.3%), from €1.2m to €1.5m
- Trade debts -€182,109
down €182,109 (-29.1%), from €624,798 to €442,688
- Purchases and services +€2.2m
new in 2025: €2.2m
- Turnover +€534,884
up €534,884 (+14.9%), from €3.6m to €4.1m
- Gross operating margin +€497,256
up €497,256 (+34.7%), from €1.4m to €1.9m
- Depreciation +€272,312
up €272,312 (+26.1%), from €1.0m to €1.3m
- Financial charges +€189,417
up €189,417 (+55.2%), from €343,352 to €532,769
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 | €15,355,760 | €14,837,307 | -€518,453 | -3.4% |
| Fixed assets | 21/28 | €12,166,919 | €11,953,602 | -€213,317 | -1.8% |
| Tangible fixed assets | 22/27 | €12,166,919 | €11,953,602 | -€213,317 | -1.8% |
| Plant, machinery and equipment | 23 | €9,469,451 | €11,747,564 | +€2.3m | +24.1% |
| Furniture and vehicles | 24 | €1,550 | €737 | -€813 | -52.5% |
| Assets under construction and advance payments | 27 | €2,695,918 | €205,301 | -€2.5m | -92.4% |
| Current assets | 29/58 | €3,188,841 | €2,883,705 | -€305,137 | -9.6% |
| Amounts receivable within one year | 40/41 | €2,143,379 | €2,731,676 | +€588,297 | +27.4% |
| Trade receivables | 40 | €2,130,906 | €2,726,552 | +€595,646 | +28.0% |
| Other amounts receivable | 41 | €12,473 | €5,124 | -€7,348 | -58.9% |
| Cash at bank and in hand | 54/58 | €726,932 | €149,189 | -€577,742 | -79.5% |
| Deferred charges and accrued income | 490/1 | €318,531 | €2,839 | -€315,691 | -99.1% |
| Total equity and liabilities | 10/49 | €15,355,760 | €14,837,307 | -€518,453 | -3.4% |
| Equity | 10/15 | €134,073 | €216,175 | +€82,102 | +61.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,613 | €195,715 | +€82,102 | +72.3% |
| Amounts payable | 17/49 | €15,221,688 | €14,621,132 | -€600,555 | -3.9% |
| Amounts payable after more than one year | 17 | €12,968,653 | €12,278,385 | -€690,269 | -5.3% |
| Financial debts | 170/4 | €9,950,034 | €9,561,594 | -€388,440 | -3.9% |
| Other amounts payable | 178/9 | €3,018,620 | €2,716,791 | -€301,829 | -10.0% |
| Amounts payable within one year | 42/48 | €1,934,504 | €2,017,422 | +€82,919 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €1,152,500 | €1,490,642 | +€338,142 | +29.3% |
| Trade debts | 44 | €624,798 | €442,688 | -€182,109 | -29.1% |
| Suppliers | 440/4 | €624,798 | €442,688 | -€182,109 | -29.1% |
| Taxes, remuneration and social security | 45 | €157,206 | €84,092 | -€73,114 | -46.5% |
| Taxes | 450/3 | €157,206 | €84,092 | -€73,114 | -46.5% |
| Accrued charges and deferred income | 492/3 | €318,531 | €325,325 | +€6,794 | +2.1% |
| Turnover | 70 | €3,597,610 | €4,132,494 | +€534,884 | +14.9% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €2,215,276 | +€2.2m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,043,207 | €1,315,519 | +€272,312 | +26.1% |
| Other operating charges | 640/8 | €960 | €1,006 | +€45 | +4.7% |
| Non-recurring operating charges | 66A | €1,256 | €19 | -€1,236 | -98.5% |
| Gross operating margin | 9900 | €1,434,157 | €1,931,414 | +€497,256 | +34.7% |
| Operating profit (loss) | 9901 | €388,734 | €614,870 | +€226,135 | +58.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €343,352 | €532,769 | +€189,417 | +55.2% |
| Recurring financial charges | 65 | €343,352 | €532,769 | +€189,417 | +55.2% |
| Profit (loss) for the period before taxes | 9903 | €45,382 | €82,102 | +€36,720 | +80.9% |
| Profit (loss) for the period | 9904 | €45,382 | €82,102 | +€36,720 | +80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,382 | €82,102 | +€36,720 | +80.9% |
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 14 October 2026 via checked.be.