COGESFI: 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.
COGESFI
Largest movements
- Tangible fixed assets +€144,000
up €144,000 (+280.3%), from €51,364 to €195,364
of which Land and buildings: +€151,900
- Financial fixed assets -€105,181
no longer reported in 2025 (was €105,181)
- Cash +€60,473
up €60,473 (+58.3%), from €103,680 to €164,153
mainly Net result for the year (+€89,358) and Debts after one year (+€79,799)
- Current investments +€45,216
new in 2025: €45,216
- Receivables within one year +€34,037
up €34,037 (+57.7%), from €59,023 to €93,061
of which Other amounts receivable: +€38,913
- Debts after one year +€79,799
up €79,799 (+402.6%), from €19,821 to €99,620
- Reserves +€72,250
up €72,250 (+28.6%), from €252,450 to €324,700
- Tax, wage and social debts +€9,914
up €9,914 (+86.1%), from €11,519 to €21,433
- Current portion of long-term debt +€7,787
up €7,787 (+81.8%), from €9,519 to €17,306
- Other debts +€6,868
up €6,868 (+40.1%), from €17,125 to €23,993
- Financial income +€50,429
up €50,429 (+20972.8%), from €240 to €50,670
- Gross operating margin +€32,052
up €32,052 (+45.9%), from €69,842 to €101,894
- Depreciation +€24,368
up €24,368 (+303.3%), from €8,035 to €32,403
- Taxes +€7,560
up €7,560 (+48.6%), from €15,569 to €23,129
- Financial charges +€3,437
up €3,437 (+169.2%), from €2,032 to €5,469
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 | €320,796 | €498,712 | +€177,917 | +55.5% |
| Fixed assets | 21/28 | €156,546 | €195,364 | +€38,818 | +24.8% |
| Tangible fixed assets | 22/27 | €51,364 | €195,364 | +€144,000 | +280.3% |
| Land and buildings | 22 | €12,008 | €163,908 | +€151,900 | +1265.0% |
| Plant, machinery and equipment | 23 | €1,719 | €2,016 | +€297 | +17.3% |
| Furniture and vehicles | 24 | €360 | €835 | +€475 | +132.1% |
| Leasing and similar rights | 25 | €37,150 | €28,606 | -€8,544 | -23.0% |
| Other tangible fixed assets | 26 | €128 | - | -€128 | |
| Financial fixed assets | 28 | €105,181 | - | -€105,181 | |
| Current assets | 29/58 | €164,250 | €303,348 | +€139,099 | +84.7% |
| Amounts receivable after more than one year | 29 | €500 | - | -€500 | |
| Other amounts receivable | 291 | €500 | - | -€500 | |
| Amounts receivable within one year | 40/41 | €59,023 | €93,061 | +€34,037 | +57.7% |
| Trade receivables | 40 | €58,213 | €53,337 | -€4,876 | -8.4% |
| Other amounts receivable | 41 | €810 | €39,724 | +€38,913 | +4801.5% |
| Current investments | 50/53 | - | €45,216 | +€45,216 | |
| Cash at bank and in hand | 54/58 | €103,680 | €164,153 | +€60,473 | +58.3% |
| Deferred charges and accrued income | 490/1 | €1,046 | €919 | -€127 | -12.2% |
| Total equity and liabilities | 10/49 | €320,796 | €498,712 | +€177,917 | +55.5% |
| Equity | 10/15 | €260,666 | €332,925 | +€72,258 | +27.7% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €252,450 | €324,700 | +€72,250 | +28.6% |
| Distributable reserves | 133 | €252,450 | €324,700 | +€72,250 | +28.6% |
| Profit (loss) carried forward | 14 | €156 | €165 | +€8 | +5.4% |
| Amounts payable | 17/49 | €60,129 | €165,788 | +€105,658 | +175.7% |
| Amounts payable after more than one year | 17 | €19,821 | €99,620 | +€79,799 | +402.6% |
| Financial debts | 170/4 | €19,821 | €99,620 | +€79,799 | +402.6% |
| Amounts payable within one year | 42/48 | €40,308 | €66,167 | +€25,859 | +64.2% |
| Current portion of amounts payable after more than one year | 42 | €9,519 | €17,306 | +€7,787 | +81.8% |
| Trade debts | 44 | €2,145 | €3,436 | +€1,290 | +60.1% |
| Suppliers | 440/4 | €2,145 | €3,436 | +€1,290 | +60.1% |
| Taxes, remuneration and social security | 45 | €11,519 | €21,433 | +€9,914 | +86.1% |
| Taxes | 450/3 | €11,519 | €21,433 | +€9,914 | +86.1% |
| Other amounts payable | 47/48 | €17,125 | €23,993 | +€6,868 | +40.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,035 | €32,403 | +€24,368 | +303.3% |
| Other operating charges | 640/8 | €3,631 | €2,204 | -€1,428 | -39.3% |
| Gross operating margin | 9900 | €69,842 | €101,894 | +€32,052 | +45.9% |
| Operating profit (loss) | 9901 | €58,175 | €67,287 | +€9,112 | +15.7% |
| Financial income | 75/76B | €240 | €50,670 | +€50,429 | +20972.8% |
| Recurring financial income | 75 | €240 | €50,670 | +€50,429 | +20972.8% |
| Financial charges | 65/66B | €2,032 | €5,469 | +€3,437 | +169.2% |
| Recurring financial charges | 65 | €2,032 | €5,469 | +€3,437 | +169.2% |
| Profit (loss) for the period before taxes | 9903 | €56,384 | €112,488 | +€56,104 | +99.5% |
| Income taxes | 67/77 | €15,569 | €23,129 | +€7,560 | +48.6% |
| Profit (loss) for the period | 9904 | €40,815 | €89,358 | +€48,544 | +118.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,815 | €89,358 | +€48,544 | +118.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.