COGENGREEN: 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.
What changed
COGENGREEN
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1.0m
2024 · -€1.2m+€126,099
Equity
-€1.1m
2024 · -€24,252-€1.1m
Cash
€158,718
2024 · €605,209-€446,491
Balance sheet total
€1.4m
2024 · €3.0m-€1.5m
Largest movements
Assets
- Receivables within one year -€627,004
down €627,004 (-33.9%), from €1.9m to €1.2m
of which Trade receivables: -€528,437
- Cash -€446,491
down €446,491 (-73.8%), from €605,209 to €158,718
mainly Net result for the year (-€1.0m) and Accrued charges and deferred income (-€643,387)
- Stocks and contracts -€371,550
down €371,550 (-91.4%), from €406,550 to €35,000
- Tangible fixed assets -€53,011
down €53,011 (-92.4%), from €57,399 to €4,388
of which Plant, machinery and equipment: -€33,341
Equity and liabilities
- Profit (loss) carried forward -€1.0m
down €1.0m (-807%), from -€128,735 to -€1.2m
- Other debts +€654,790
up €654,790 (+8,283%), from €7,905 to €662,695
- Accrued charges and deferred income -€643,387
down €643,387 (-59.2%), from €1.1m to €443,182
- Short-term financial debts -€550,000
no longer reported in 2025 (was €550,000)
- Trade debts +€55,228
up €55,228 (+6.6%), from €835,884 to €891,112
Income statement
- Turnover -€5.0m
down €5.0m (-61.9%), from €8.0m to €3.0m
- Purchases and services +€1.9m
up €1.9m (+256%), from €753,992 to €2.7m
- Staff costs -€403,485
down €403,485 (-32.4%), from €1.2m to €841,930
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.
Result 2024
-€1.2m
Gross operating margin
+€45,003
Staff costs
+€403,485
Depreciation
+€23,890
Write-downs
-€28,860
Other operating charges
+€2,908
Other operating items
-€342,106
Financial income
-€1,311
Financial charges
+€21,117
Taxes
+€1,972
Result 2025
-€1.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€105,098
Investment
+€32,126
Financing
-€583,715
Cash 2024
€605,209
From operations (derived)
+€105,098
Net result for the year
-€1.0m
Depreciation
+€52,445
Stocks and contracts
+€371,550
Receivables within one year
+€627,004
Deferred charges and accrued income
+€6,348
Provisions
+€50,362
Trade debts
+€55,228
Tax, wage and social debts
-€30,938
Other debts
+€654,790
Accrued charges and deferred income
-€643,387
Investment (derived)
+€32,126
Investment in fixed assets (net)
+€32,126
Financing
-€583,715
Debts after one year
-€4,762
Current portion of long-term debt
-€10,873
Short-term financial debts
-€550,000
Contributions, distributions and other
-€18,080
Cash 2025
€158,718
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,959,525 | €1,423,561 | -€1.5m | -51.9% |
| Fixed assets | 21/28 | €88,959 | €4,388 | -€84,571 | -95.1% |
| Intangible fixed assets | 21 | €12,094 | - | -€12,094 | |
| Tangible fixed assets | 22/27 | €57,399 | €4,388 | -€53,011 | -92.4% |
| Plant, machinery and equipment | 23 | €33,341 | - | -€33,341 | |
| Furniture and vehicles | 24 | €24,058 | €4,388 | -€19,670 | -81.8% |
| Financial fixed assets | 28 | €19,466 | - | -€19,466 | |
| Current assets | 29/58 | €2,870,565 | €1,419,173 | -€1.5m | -50.6% |
| Stocks and contracts in progress | 3 | €406,550 | €35,000 | -€371,550 | -91.4% |
| Stocks | 30/36 | €406,550 | €35,000 | -€371,550 | -91.4% |
| Amounts receivable within one year | 40/41 | €1,852,190 | €1,225,186 | -€627,004 | -33.9% |
| Trade receivables | 40 | €1,740,308 | €1,211,870 | -€528,437 | -30.4% |
| Other amounts receivable | 41 | €111,882 | €13,315 | -€98,567 | -88.1% |
| Cash at bank and in hand | 54/58 | €605,209 | €158,718 | -€446,491 | -73.8% |
| Deferred charges and accrued income | 490/1 | €6,617 | €269 | -€6,348 | -95.9% |
| Total equity and liabilities | 10/49 | €2,959,525 | €1,423,561 | -€1.5m | -51.9% |
| Equity | 10/15 | -€24,252 | -€1,080,637 | -€1.1m | -4,356% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €7,210 | €7,210 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,000 | €7,000 | = | 0.0% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €210 | €210 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€128,735 | -€1,167,040 | -€1.0m | -807% |
| Investment grants | 15 | €27,273 | €9,193 | -€18,080 | -66.3% |
| Provisions and deferred taxes | 16 | €289,647 | €340,009 | +€50,362 | +17.4% |
| Provisions for liabilities and charges | 160/5 | €289,647 | €340,009 | +€50,362 | +17.4% |
| Major repairs and maintenance | 162 | €129,147 | €129,147 | = | 0.0% |
| Other liabilities and charges | 164/5 | €160,500 | €210,862 | +€50,362 | +31.4% |
| Amounts payable | 17/49 | €2,694,130 | €2,164,189 | -€529,941 | -19.7% |
| Amounts payable after more than one year | 17 | €7,222 | €2,459 | -€4,762 | -65.9% |
| Financial debts | 170/4 | €7,222 | €2,459 | -€4,762 | -65.9% |
| Amounts payable within one year | 42/48 | €1,600,339 | €1,718,547 | +€118,208 | +7.4% |
| Current portion of amounts payable after more than one year | 42 | €98,969 | €88,097 | -€10,873 | -11.0% |
| Financial debts | 43 | €550,000 | - | -€550,000 | |
| Credit institutions | 430/8 | €550,000 | - | -€550,000 | |
| Trade debts | 44 | €835,884 | €891,112 | +€55,228 | +6.6% |
| Suppliers | 440/4 | €835,884 | €891,112 | +€55,228 | +6.6% |
| Taxes, remuneration and social security | 45 | €107,581 | €76,643 | -€30,938 | -28.8% |
| Taxes | 450/3 | €24,250 | €21,571 | -€2,679 | -11.0% |
| Remuneration and social security | 454/9 | €83,331 | €55,072 | -€28,259 | -33.9% |
| Other amounts payable | 47/48 | €7,905 | €662,695 | +€654,790 | +8,283% |
| Accrued charges and deferred income | 492/3 | €1,086,569 | €443,182 | -€643,387 | -59.2% |
| Turnover | 70 | €8,008,545 | €3,049,366 | -€5.0m | -61.9% |
| Non-recurring operating income | 76A | - | €144,869 | +€144,869 | |
| Goods, raw materials, services and sundry goods | 60/61 | €753,992 | €2,680,610 | +€1.9m | +256% |
| Remuneration, social security and pensions | 62 | €1,245,415 | €841,930 | -€403,485 | -32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,335 | €52,445 | -€23,890 | -31.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €55,909 | €84,770 | +€28,860 | +51.6% |
| Other operating charges | 640/8 | €18,863 | €15,955 | -€2,908 | -15.4% |
| Non-recurring operating charges | 66A | €160,500 | €502,606 | +€342,106 | +213% |
| Gross operating margin | 9900 | €468,623 | €513,626 | +€45,003 | +9.6% |
| Operating profit (loss) | 9901 | -€1,088,399 | -€984,079 | +€104,320 | +9.6% |
| Financial income | 75/76B | €2,490 | €1,178 | -€1,311 | -52.7% |
| Recurring financial income | 75 | €2,490 | €1,178 | -€1,311 | -52.7% |
| Financial charges | 65/66B | €76,930 | €55,812 | -€21,117 | -27.5% |
| Recurring financial charges | 65 | €76,930 | €55,812 | -€21,117 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,162,839 | -€1,038,713 | +€124,126 | +10.7% |
| Income taxes | 67/77 | €1,564 | -€408 | -€1,972 | |
| Profit (loss) for the period | 9904 | -€1,164,404 | -€1,038,305 | +€126,099 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,164,404 | -€1,038,305 | +€126,099 | +10.8% |
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 13 October 2026 via checked.be.