COGEPA: 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.
COGEPA
Largest movements
- Receivables after one year -€408,085
down €408,085 (-43.4%), from €939,539 to €531,454
- Receivables within one year +€92,464
up €92,464 (+23.9%), from €386,173 to €478,637
of which Trade receivables: +€90,505
- Trade debts -€154,330
down €154,330 (-48.4%), from €318,636 to €164,306
- Accrued charges and deferred income -€142,781
down €142,781 (-99.2%), from €144,000 to €1,219
- Debts after one year -€24,744
down €24,744 (-4.9%), from €507,766 to €483,022
- Short-term financial debts +€15,575
up €15,575 (+2.1%), from €743,808 to €759,383
- Write-downs +€24,071
new in 2025: €24,071
- Financial charges -€15,697
down €15,697 (-27.9%), from €56,355 to €40,658
- Gross operating margin +€15,154
up €15,154 (+37.6%), from €40,313 to €55,467
- Financial income -€7,451
down €7,451 (-20.7%), from €36,022 to €28,571
- Depreciation -€4,919
down €4,919 (-42.6%), from €11,533 to €6,615
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 | €1,383,092 | €1,064,315 | -€318,776 | -23.0% |
| Fixed assets | 21/28 | €41,104 | €35,534 | -€5,570 | -13.6% |
| Intangible fixed assets | 21 | €2,676 | €1,879 | -€797 | -29.8% |
| Tangible fixed assets | 22/27 | €15,428 | €10,655 | -€4,773 | -30.9% |
| Furniture and vehicles | 24 | €5,537 | €3,356 | -€2,181 | -39.4% |
| Other tangible fixed assets | 26 | €9,891 | €7,299 | -€2,592 | -26.2% |
| Financial fixed assets | 28 | €23,000 | €23,000 | = | 0.0% |
| Current assets | 29/58 | €1,341,988 | €1,028,781 | -€313,206 | -23.3% |
| Amounts receivable after more than one year | 29 | €939,539 | €531,454 | -€408,085 | -43.4% |
| Other amounts receivable | 291 | €939,539 | €531,454 | -€408,085 | -43.4% |
| Amounts receivable within one year | 40/41 | €386,173 | €478,637 | +€92,464 | +23.9% |
| Trade receivables | 40 | €385,557 | €476,062 | +€90,505 | +23.5% |
| Other amounts receivable | 41 | €616 | €2,576 | +€1,959 | +318% |
| Cash at bank and in hand | 54/58 | €533 | €2,033 | +€1,500 | +281% |
| Deferred charges and accrued income | 490/1 | €15,743 | €16,657 | +€914 | +5.8% |
| Total equity and liabilities | 10/49 | €1,383,092 | €1,064,315 | -€318,776 | -23.0% |
| Equity | 10/15 | -€354,959 | -€344,735 | +€10,225 | +2.9% |
| Contributions | 10/11 | €148,800 | €148,800 | = | 0.0% |
| Capital | 10 | €148,800 | €148,800 | = | 0.0% |
| Issued capital | 100 | €148,800 | €148,800 | = | 0.0% |
| Reserves | 13 | €28,867 | €28,867 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,880 | €14,880 | = | 0.0% |
| Legal reserve | 130 | €14,880 | €14,880 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,987 | €13,987 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€532,626 | -€522,402 | +€10,225 | +1.9% |
| Amounts payable | 17/49 | €1,738,051 | €1,409,050 | -€329,001 | -18.9% |
| Amounts payable after more than one year | 17 | €507,766 | €483,022 | -€24,744 | -4.9% |
| Other amounts payable | 178/9 | €507,766 | €483,022 | -€24,744 | -4.9% |
| Amounts payable within one year | 42/48 | €1,086,285 | €924,809 | -€161,476 | -14.9% |
| Financial debts | 43 | €743,808 | €759,383 | +€15,575 | +2.1% |
| Credit institutions | 430/8 | €743,808 | €759,383 | +€15,575 | +2.1% |
| Trade debts | 44 | €318,636 | €164,306 | -€154,330 | -48.4% |
| Suppliers | 440/4 | €318,636 | €164,306 | -€154,330 | -48.4% |
| Taxes, remuneration and social security | 45 | €12,298 | €1,120 | -€11,178 | -90.9% |
| Taxes | 450/3 | €12,298 | €1,120 | -€11,178 | -90.9% |
| Other amounts payable | 47/48 | €11,543 | - | -€11,543 | |
| Accrued charges and deferred income | 492/3 | €144,000 | €1,219 | -€142,781 | -99.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,533 | €6,615 | -€4,919 | -42.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €24,071 | +€24,071 | |
| Other operating charges | 640/8 | €1,086 | €1,868 | +€782 | +72.1% |
| Gross operating margin | 9900 | €40,313 | €55,467 | +€15,154 | +37.6% |
| Operating profit (loss) | 9901 | €27,694 | €22,913 | -€4,781 | -17.3% |
| Financial income | 75/76B | €36,022 | €28,571 | -€7,451 | -20.7% |
| Recurring financial income | 75 | €36,022 | €28,571 | -€7,451 | -20.7% |
| Financial charges | 65/66B | €56,355 | €40,658 | -€15,697 | -27.9% |
| Recurring financial charges | 65 | €56,355 | €40,658 | -€15,697 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €7,361 | €10,826 | +€3,466 | +47.1% |
| Income taxes | 67/77 | €485 | €602 | +€117 | +24.1% |
| Profit (loss) for the period | 9904 | €6,876 | €10,225 | +€3,349 | +48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,876 | €10,225 | +€3,349 | +48.7% |
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 25 October 2026 via checked.be.