COGESA: 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.
COGESA
Largest movements
- Cash +€10,186
up €10,186 (+101.5%), from €10,036 to €20,222
mainly Other debts (+€16,295) and Depreciation (+€11,627)
- Receivables within one year -€9,933
down €9,933 (-24.2%), from €40,992 to €31,059
- Tangible fixed assets -€5,812
down €5,812 (-4.0%), from €144,248 to €138,436
of which Land and buildings: -€9,061
- Other debts +€16,295
up €16,295 (+11.3%), from €144,810 to €161,105
- Profit (loss) carried forward -€9,322
down €9,322 (-65.7%), from €14,185 to €4,863
- Current portion of long-term debt -€5,551
no longer reported in 2025 (was €5,551)
- Tax, wage and social debts -€5,073
down €5,073 (-84.6%), from €5,996 to €923
- Gross operating margin -€17,825
down €17,825 (-69.1%), from €25,790 to €7,964
- Taxes -€2,330
down €2,330 (-68.2%), from €3,417 to €1,087
- Write-downs +€1,412
new in 2025: €1,412
- Depreciation +€883
up €883 (+8.2%), from €10,743 to €11,627
- Financial charges -€582
down €582 (-57.6%), from €1,011 to €429
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 | €196,142 | €191,111 | -€5,031 | -2.6% |
| Fixed assets | 21/28 | €144,248 | €138,436 | -€5,812 | -4.0% |
| Tangible fixed assets | 22/27 | €144,248 | €138,436 | -€5,812 | -4.0% |
| Land and buildings | 22 | €140,268 | €131,207 | -€9,061 | -6.5% |
| Plant, machinery and equipment | 23 | - | €1,515 | +€1,515 | |
| Furniture and vehicles | 24 | €3,980 | €5,714 | +€1,734 | +43.6% |
| Current assets | 29/58 | €51,894 | €52,674 | +€780 | +1.5% |
| Amounts receivable within one year | 40/41 | €40,992 | €31,059 | -€9,933 | -24.2% |
| Trade receivables | 40 | €40,992 | €31,059 | -€9,933 | -24.2% |
| Cash at bank and in hand | 54/58 | €10,036 | €20,222 | +€10,186 | +101.5% |
| Deferred charges and accrued income | 490/1 | €866 | €1,394 | +€528 | +60.9% |
| Total equity and liabilities | 10/49 | €196,142 | €191,111 | -€5,031 | -2.6% |
| Equity | 10/15 | €22,240 | €12,917 | -€9,322 | -41.9% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,857 | €1,857 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,857 | €1,857 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,857 | €1,857 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,185 | €4,863 | -€9,322 | -65.7% |
| Amounts payable | 17/49 | €173,902 | €178,193 | +€4,291 | +2.5% |
| Amounts payable within one year | 42/48 | €169,172 | €174,193 | +€5,021 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €5,551 | - | -€5,551 | |
| Trade debts | 44 | €12,415 | €11,865 | -€550 | -4.4% |
| Suppliers | 440/4 | €12,415 | €11,865 | -€550 | -4.4% |
| Advances received on contracts in progress | 46 | €400 | €300 | -€100 | -25.0% |
| Taxes, remuneration and social security | 45 | €5,996 | €923 | -€5,073 | -84.6% |
| Taxes | 450/3 | €5,996 | €923 | -€5,073 | -84.6% |
| Other amounts payable | 47/48 | €144,810 | €161,105 | +€16,295 | +11.3% |
| Accrued charges and deferred income | 492/3 | €4,730 | €4,000 | -€730 | -15.4% |
| Non-recurring operating income | 76A | €219 | - | -€219 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,743 | €11,627 | +€883 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,412 | +€1,412 | |
| Other operating charges | 640/8 | €2,972 | €2,732 | -€241 | -8.1% |
| Gross operating margin | 9900 | €25,790 | €7,964 | -€17,825 | -69.1% |
| Operating profit (loss) | 9901 | €12,074 | -€7,806 | -€19,880 | |
| Financial charges | 65/66B | €1,011 | €429 | -€582 | -57.6% |
| Recurring financial charges | 65 | €1,011 | €429 | -€582 | -57.6% |
| Profit (loss) for the period before taxes | 9903 | €11,063 | -€8,235 | -€19,298 | |
| Income taxes | 67/77 | €3,417 | €1,087 | -€2,330 | -68.2% |
| Profit (loss) for the period | 9904 | €7,646 | -€9,322 | -€16,969 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,646 | -€9,322 | -€16,969 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.