COGESPAR: 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.
COGESPAR
Largest movements
- Current investments +€4.3m
up €4.3m (+57.7%), from €7.5m to €11.9m
- Financial fixed assets -€3.0m
down €3.0m (-98.3%), from €3.0m to €51,300
- Cash -€843,764
down €843,764 (-36.3%), from €2.3m to €1.5m
mainly Current investments (-€4.3m) and Other debts (-€94,687)
- Reserves +€330,000
up €330,000 (+35.6%), from €927,252 to €1.3m
of which Distributable reserves: +€330,000
- Financial income +€420,469
up €420,469 (+96.4%), from €436,193 to €856,662
of which Financial income: +€451,047
- Financial charges +€39,549
up €39,549 (+28.5%), from €138,579 to €178,127
- Taxes +€33,000
new in 2025: €33,000
- Depreciation +€17,083
up €17,083 (+10.0%), from €171,674 to €188,757
- Other operating charges +€10,943
up €10,943 (+102%), from €10,726 to €21,669
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,504,875 | €19,772,105 | +€267,230 | +1.4% |
| Fixed assets | 21/28 | €9,351,171 | €6,260,663 | -€3.1m | -33.0% |
| Tangible fixed assets | 22/27 | €6,306,930 | €6,209,363 | -€97,567 | -1.5% |
| Land and buildings | 22 | €6,090,157 | €5,952,948 | -€137,209 | -2.3% |
| Plant, machinery and equipment | 23 | €4,537 | €9,577 | +€5,040 | +111% |
| Furniture and vehicles | 24 | €212,235 | €246,838 | +€34,603 | +16.3% |
| Financial fixed assets | 28 | €3,044,241 | €51,300 | -€3.0m | -98.3% |
| Current assets | 29/58 | €10,153,705 | €13,511,442 | +€3.4m | +33.1% |
| Amounts receivable after more than one year | 29 | €57,167 | €57,167 | = | 0.0% |
| Other amounts receivable | 291 | €57,167 | €57,167 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €249,148 | €110,179 | -€138,969 | -55.8% |
| Trade receivables | 40 | €20,831 | €38,458 | +€17,628 | +84.6% |
| Other amounts receivable | 41 | €228,318 | €71,721 | -€156,597 | -68.6% |
| Current investments | 50/53 | €7,523,725 | €11,864,196 | +€4.3m | +57.7% |
| Cash at bank and in hand | 54/58 | €2,323,665 | €1,479,900 | -€843,764 | -36.3% |
| Total equity and liabilities | 10/49 | €19,504,875 | €19,772,105 | +€267,230 | +1.4% |
| Equity | 10/15 | €15,727,058 | €16,059,347 | +€332,290 | +2.1% |
| Contributions | 10/11 | €9,272,520 | €9,272,520 | = | 0.0% |
| Capital | 10 | €9,272,520 | €9,272,520 | = | 0.0% |
| Issued capital | 100 | €9,272,520 | €9,272,520 | = | 0.0% |
| Reserves | 13 | €927,252 | €1,257,252 | +€330,000 | +35.6% |
| Non-distributable reserves | 130/1 | €927,252 | €927,252 | = | 0.0% |
| Legal reserve | 130 | €927,252 | €927,252 | = | 0.0% |
| Distributable reserves | 133 | - | €330,000 | +€330,000 | |
| Profit (loss) carried forward | 14 | €5,527,286 | €5,529,575 | +€2,290 | 0.0% |
| Amounts payable | 17/49 | €3,777,818 | €3,712,758 | -€65,060 | -1.7% |
| Amounts payable after more than one year | 17 | €3,031,112 | €3,031,112 | = | 0.0% |
| Financial debts | 170/4 | €3,026,912 | €3,026,912 | = | 0.0% |
| Other amounts payable | 178/9 | €4,200 | €4,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €731,705 | €666,646 | -€65,060 | -8.9% |
| Financial debts | 43 | €630,000 | €630,000 | = | 0.0% |
| Credit institutions | 430/8 | €630,000 | €630,000 | = | 0.0% |
| Trade debts | 44 | €7,019 | €3,305 | -€3,714 | -52.9% |
| Suppliers | 440/4 | €7,019 | €3,305 | -€3,714 | -52.9% |
| Taxes, remuneration and social security | 45 | - | €33,341 | +€33,341 | |
| Taxes | 450/3 | - | €33,341 | +€33,341 | |
| Other amounts payable | 47/48 | €94,687 | - | -€94,687 | |
| Accrued charges and deferred income | 492/3 | €15,000 | €15,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €171,674 | €188,757 | +€17,083 | +10.0% |
| Other operating charges | 640/8 | €10,726 | €21,669 | +€10,943 | +102% |
| Gross operating margin | 9900 | -€110,076 | -€102,819 | +€7,257 | +6.6% |
| Operating profit (loss) | 9901 | -€292,476 | -€313,245 | -€20,769 | -7.1% |
| Financial income | 75/76B | €436,193 | €856,662 | +€420,469 | +96.4% |
| Recurring financial income | 75 | €405,615 | €856,662 | +€451,047 | +111% |
| Non-recurring financial income | 76B | €30,578 | - | -€30,578 | |
| Financial charges | 65/66B | €138,579 | €178,127 | +€39,549 | +28.5% |
| Recurring financial charges | 65 | €138,579 | €178,127 | +€39,549 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €5,138 | €365,290 | +€360,151 | +7,009% |
| Income taxes | 67/77 | - | €33,000 | +€33,000 | |
| Profit (loss) for the period | 9904 | €5,138 | €332,290 | +€327,151 | +6,367% |
| Profit (loss) for the period to be appropriated | 9905 | €5,138 | €332,290 | +€327,151 | +6,367% |
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.