COGEPRO: what changed
Two fiscal 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.
COGEPRO
Largest movements
- Receivables within one year +€119,295
up €119,295 (+36.3%), from €328,977 to €448,273
of which Trade receivables: +€106,785
- Stocks and contracts -€118,763
down €118,763 (-21.6%), from €550,874 to €432,111
of which Contracts in progress: -€126,500
- Cash +€106,154
up €106,154 (+109.2%), from €97,225 to €203,379
mainly Net result for the year (+€206,543) and Stocks and contracts (+€118,763)
- Tangible fixed assets +€94,338
up €94,338 (+28.4%), from €332,024 to €426,362
of which Plant, machinery and equipment: +€108,694
- Deferred charges and accrued income -€33,372
down €33,372 (-77.0%), from €43,346 to €9,974
- Profit (loss) carried forward +€191,515
up €191,515 (+128.8%), from €148,674 to €340,189
- Trade debts +€110,943
up €110,943 (+38.2%), from €290,549 to €401,492
- Other debts -€92,236
down €92,236 (-83.4%), from €110,655 to €18,419
- Short-term financial debts -€89,835
down €89,835 (-29.4%), from €305,081 to €215,246
- Tax, wage and social debts +€25,746
up €25,746 (+38.6%), from €66,716 to €92,462
of which Remuneration and social security: +€21,957
- Gross operating margin +€448,561
up €448,561 (+45.9%), from €976,312 to €1.4m
- Staff costs +€164,005
up €164,005 (+20.6%), from €796,080 to €960,085
- Taxes +€60,923
up €60,923 (+498.3%), from €12,227 to €73,149
- Financial charges +€46,422
up €46,422 (+129.6%), from €35,828 to €82,250
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 | €1,354,449 | €1,522,129 | +€167,680 | +12.4% |
| Fixed assets | 21/28 | €332,024 | €426,362 | +€94,338 | +28.4% |
| Tangible fixed assets | 22/27 | €332,024 | €426,362 | +€94,338 | +28.4% |
| Land and buildings | 22 | €115,302 | €110,341 | -€4,961 | -4.3% |
| Plant, machinery and equipment | 23 | €85,081 | €193,774 | +€108,694 | +127.8% |
| Furniture and vehicles | 24 | €131,641 | €122,246 | -€9,394 | -7.1% |
| Current assets | 29/58 | €1,022,425 | €1,095,767 | +€73,342 | +7.2% |
| Stocks and contracts in progress | 3 | €550,874 | €432,111 | -€118,763 | -21.6% |
| Stocks | 30/36 | €77,374 | €85,111 | +€7,737 | +10.0% |
| Contracts in progress | 37 | €473,500 | €347,000 | -€126,500 | -26.7% |
| Amounts receivable within one year | 40/41 | €328,977 | €448,273 | +€119,295 | +36.3% |
| Trade receivables | 40 | €312,132 | €418,917 | +€106,785 | +34.2% |
| Other amounts receivable | 41 | €16,846 | €29,356 | +€12,511 | +74.3% |
| Current investments | 50/53 | €2,002 | €2,030 | +€28 | +1.4% |
| Cash at bank and in hand | 54/58 | €97,225 | €203,379 | +€106,154 | +109.2% |
| Deferred charges and accrued income | 490/1 | €43,346 | €9,974 | -€33,372 | -77.0% |
| Total equity and liabilities | 10/49 | €1,354,449 | €1,522,129 | +€167,680 | +12.4% |
| Equity | 10/15 | €336,802 | €528,317 | +€191,515 | +56.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €148,128 | €148,128 | = | 0.0% |
| Distributable reserves | 133 | €148,128 | €148,128 | = | 0.0% |
| Profit (loss) carried forward | 14 | €148,674 | €340,189 | +€191,515 | +128.8% |
| Amounts payable | 17/49 | €1,017,647 | €993,812 | -€23,835 | -2.3% |
| Amounts payable after more than one year | 17 | €165,014 | €177,306 | +€12,292 | +7.4% |
| Financial debts | 170/4 | €165,014 | €177,306 | +€12,292 | +7.4% |
| Amounts payable within one year | 42/48 | €846,126 | €816,348 | -€29,778 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €73,125 | €88,729 | +€15,604 | +21.3% |
| Financial debts | 43 | €305,081 | €215,246 | -€89,835 | -29.4% |
| Credit institutions | 430/8 | €305,081 | €215,246 | -€89,835 | -29.4% |
| Trade debts | 44 | €290,549 | €401,492 | +€110,943 | +38.2% |
| Suppliers | 440/4 | €290,549 | €401,492 | +€110,943 | +38.2% |
| Taxes, remuneration and social security | 45 | €66,716 | €92,462 | +€25,746 | +38.6% |
| Taxes | 450/3 | €4,957 | €8,745 | +€3,788 | +76.4% |
| Remuneration and social security | 454/9 | €61,760 | €83,717 | +€21,957 | +35.6% |
| Other amounts payable | 47/48 | €110,655 | €18,419 | -€92,236 | -83.4% |
| Accrued charges and deferred income | 492/3 | €6,506 | €158 | -€6,348 | -97.6% |
| Remuneration, social security and pensions | 62 | €796,080 | €960,085 | +€164,005 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,016 | €102,447 | +€9,431 | +10.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,134 | -€1,134 | |
| Other operating charges | 640/8 | €11,760 | €7,429 | -€4,332 | -36.8% |
| Gross operating margin | 9900 | €976,312 | €1,424,873 | +€448,561 | +45.9% |
| Operating profit (loss) | 9901 | €75,456 | €356,047 | +€280,591 | +371.9% |
| Financial income | 75/76B | €125 | €5,896 | +€5,771 | +4630.9% |
| Recurring financial income | 75 | €125 | €5,896 | +€5,771 | +4630.9% |
| Financial charges | 65/66B | €35,828 | €82,250 | +€46,422 | +129.6% |
| Recurring financial charges | 65 | €35,828 | €82,250 | +€46,422 | +129.6% |
| Profit (loss) for the period before taxes | 9903 | €39,753 | €279,692 | +€239,940 | +603.6% |
| Income taxes | 67/77 | €12,227 | €73,149 | +€60,923 | +498.3% |
| Profit (loss) for the period | 9904 | €27,526 | €206,543 | +€179,017 | +650.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,526 | €206,543 | +€179,017 | +650.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.