COGERIMO: 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.
COGERIMO
Largest movements
- Receivables within one year +€1.4m
up €1.4m (+160%), from €866,666 to €2.3m
of which Other amounts receivable: +€1.5m
- Cash +€1.3m
up €1.3m (+512%), from €245,416 to €1.5m
mainly Other debts (+€2.3m) and Current investments (+€500,000)
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Other debts +€2.3m
up €2.3m (+2,147%), from €109,256 to €2.5m
- Profit (loss) carried forward -€280,161
down €280,161 (-81.1%), from €345,296 to €65,135
- Trade debts +€191,694
up €191,694 (+284%), from €67,404 to €259,098
- Tax, wage and social debts -€111,705
down €111,705 (-51.9%), from €215,249 to €103,544
of which Taxes: -€100,122
- Gross operating margin -€126,552
down €126,552 (-20.6%), from €614,413 to €487,861
- Staff costs -€73,723
down €73,723 (-16.8%), from €439,716 to €365,993
- Write-downs +€30,283
no longer reported in 2025 (was -€30,283)
- Other operating charges -€27,663
down €27,663 (-25.8%), from €107,347 to €79,684
- Depreciation -€10,126
down €10,126 (-39.0%), from €25,983 to €15,857
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 | €1,656,304 | €3,811,324 | +€2.2m | +130% |
| Fixed assets | 21/28 | €39,211 | €37,536 | -€1,675 | -4.3% |
| Intangible fixed assets | 21 | €18,193 | €13,435 | -€4,757 | -26.1% |
| Tangible fixed assets | 22/27 | €19,862 | €22,944 | +€3,082 | +15.5% |
| Land and buildings | 22 | €0 | - | -€0 | |
| Plant, machinery and equipment | 23 | €167 | - | -€167 | |
| Furniture and vehicles | 24 | €19,696 | €22,944 | +€3,248 | +16.5% |
| Financial fixed assets | 28 | €1,157 | €1,157 | = | 0.0% |
| Current assets | 29/58 | €1,617,092 | €3,773,788 | +€2.2m | +133% |
| Amounts receivable within one year | 40/41 | €866,666 | €2,252,304 | +€1.4m | +160% |
| Trade receivables | 40 | €789,341 | €713,282 | -€76,059 | -9.6% |
| Other amounts receivable | 41 | €77,326 | €1,539,023 | +€1.5m | +1,890% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €245,416 | €1,501,493 | +€1.3m | +512% |
| Deferred charges and accrued income | 490/1 | €5,010 | €19,991 | +€14,981 | +299% |
| Total equity and liabilities | 10/49 | €1,656,304 | €3,811,324 | +€2.2m | +130% |
| Equity | 10/15 | €1,263,959 | €984,843 | -€279,117 | -22.1% |
| Contributions | 10/11 | €851,559 | €851,559 | = | 0.0% |
| Capital | 10 | €851,559 | €851,559 | = | 0.0% |
| Issued capital | 100 | €851,559 | €851,559 | = | 0.0% |
| Reserves | 13 | €67,104 | €68,148 | +€1,044 | +1.6% |
| Non-distributable reserves | 130/1 | €67,104 | €68,148 | +€1,044 | +1.6% |
| Legal reserve | 130 | €67,104 | €68,148 | +€1,044 | +1.6% |
| Profit (loss) carried forward | 14 | €345,296 | €65,135 | -€280,161 | -81.1% |
| Amounts payable | 17/49 | €392,345 | €2,826,481 | +€2.4m | +620% |
| Amounts payable within one year | 42/48 | €391,909 | €2,820,076 | +€2.4m | +620% |
| Financial debts | 43 | - | €2,073 | +€2,073 | |
| Credit institutions | 430/8 | - | €2,073 | +€2,073 | |
| Trade debts | 44 | €67,404 | €259,098 | +€191,694 | +284% |
| Suppliers | 440/4 | €67,404 | €259,098 | +€191,694 | +284% |
| Taxes, remuneration and social security | 45 | €215,249 | €103,544 | -€111,705 | -51.9% |
| Taxes | 450/3 | €163,769 | €63,648 | -€100,122 | -61.1% |
| Remuneration and social security | 454/9 | €51,480 | €39,897 | -€11,583 | -22.5% |
| Other amounts payable | 47/48 | €109,256 | €2,455,360 | +€2.3m | +2,147% |
| Accrued charges and deferred income | 492/3 | €436 | €6,405 | +€5,969 | +1,370% |
| Non-recurring operating income | 76A | - | €4,387 | +€4,387 | |
| Remuneration, social security and pensions | 62 | €439,716 | €365,993 | -€73,723 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,983 | €15,857 | -€10,126 | -39.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€30,283 | - | +€30,283 | |
| Other operating charges | 640/8 | €107,347 | €79,684 | -€27,663 | -25.8% |
| Gross operating margin | 9900 | €614,413 | €487,861 | -€126,552 | -20.6% |
| Operating profit (loss) | 9901 | €71,649 | €26,327 | -€45,322 | -63.3% |
| Financial income | 75/76B | €10,529 | €12,886 | +€2,356 | +22.4% |
| Recurring financial income | 75 | €10,529 | €12,886 | +€2,356 | +22.4% |
| Financial charges | 65/66B | €2,650 | €7,158 | +€4,508 | +170% |
| Recurring financial charges | 65 | €2,650 | €7,158 | +€4,508 | +170% |
| Profit (loss) for the period before taxes | 9903 | €79,529 | €32,055 | -€47,474 | -59.7% |
| Income taxes | 67/77 | €19,251 | €11,171 | -€8,080 | -42.0% |
| Profit (loss) for the period | 9904 | €60,277 | €20,883 | -€39,394 | -65.4% |
| Profit (loss) for the period to be appropriated | 9905 | €60,277 | €20,883 | -€39,394 | -65.4% |
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 18 October 2026 via checked.be.