COGEX: 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.
COGEX
Largest movements
- Cash +€46,710
up €46,710 (+863%), from €5,414 to €52,125
mainly Receivables within one year (+€22,414) and Depreciation (+€13,436)
- Receivables within one year -€22,414
down €22,414 (-25.6%), from €87,485 to €65,070
of which Trade receivables: -€23,230
- Tangible fixed assets -€11,198
down €11,198 (-19.0%), from €58,903 to €47,705
of which Furniture and vehicles: -€5,726
- Deferred charges and accrued income -€2,374
down €2,374 (-36.7%), from €6,474 to €4,100
- Tax, wage and social debts +€11,481
up €11,481 (+21.1%), from €54,404 to €65,885
of which Taxes: +€8,414
- Current portion of long-term debt -€5,567
down €5,567 (-77.3%), from €7,201 to €1,633
- Profit (loss) carried forward +€4,218
up €4,218 (+8.8%), from €47,725 to €51,942
- Gross operating margin +€14,570
up €14,570 (+4.3%), from €336,743 to €351,313
- Staff costs +€11,716
up €11,716 (+3.8%), from €312,158 to €323,874
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 | €184,036 | €194,996 | +€10,960 | +6.0% |
| Fixed assets | 21/28 | €59,063 | €47,865 | -€11,198 | -19.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €58,903 | €47,705 | -€11,198 | -19.0% |
| Land and buildings | 22 | €45,979 | €40,413 | -€5,565 | -12.1% |
| Plant, machinery and equipment | 23 | €5,450 | €5,543 | +€93 | +1.7% |
| Furniture and vehicles | 24 | €7,474 | €1,749 | -€5,726 | -76.6% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €124,973 | €147,131 | +€22,158 | +17.7% |
| Amounts receivable within one year | 40/41 | €87,485 | €65,070 | -€22,414 | -25.6% |
| Trade receivables | 40 | €86,408 | €63,178 | -€23,230 | -26.9% |
| Other amounts receivable | 41 | €1,077 | €1,892 | +€815 | +75.7% |
| Current investments | 50/53 | €25,600 | €25,837 | +€237 | +0.9% |
| Cash at bank and in hand | 54/58 | €5,414 | €52,125 | +€46,710 | +863% |
| Deferred charges and accrued income | 490/1 | €6,474 | €4,100 | -€2,374 | -36.7% |
| Total equity and liabilities | 10/49 | €184,036 | €194,996 | +€10,960 | +6.0% |
| Equity | 10/15 | €115,925 | €120,142 | +€4,218 | +3.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,725 | €51,942 | +€4,218 | +8.8% |
| Amounts payable | 17/49 | €68,111 | €74,854 | +€6,742 | +9.9% |
| Amounts payable after more than one year | 17 | €1,633 | €0 | -€1,633 | -100% |
| Financial debts | 170/4 | €1,633 | €0 | -€1,633 | -100% |
| Amounts payable within one year | 42/48 | €66,478 | €74,854 | +€8,376 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €7,201 | €1,633 | -€5,567 | -77.3% |
| Trade debts | 44 | €4,873 | €6,725 | +€1,851 | +38.0% |
| Suppliers | 440/4 | €4,873 | €6,725 | +€1,851 | +38.0% |
| Taxes, remuneration and social security | 45 | €54,404 | €65,885 | +€11,481 | +21.1% |
| Taxes | 450/3 | €16,529 | €24,944 | +€8,414 | +50.9% |
| Remuneration and social security | 454/9 | €37,875 | €40,941 | +€3,066 | +8.1% |
| Other amounts payable | 47/48 | €0 | €611 | +€611 | |
| Remuneration, social security and pensions | 62 | €312,158 | €323,874 | +€11,716 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,157 | €13,436 | -€721 | -5.1% |
| Other operating charges | 640/8 | €5,185 | €5,332 | +€147 | +2.8% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €336,743 | €351,313 | +€14,570 | +4.3% |
| Operating profit (loss) | 9901 | €5,243 | €8,671 | +€3,428 | +65.4% |
| Financial income | 75/76B | €858 | €239 | -€618 | -72.1% |
| Recurring financial income | 75 | €858 | €239 | -€618 | -72.1% |
| Financial charges | 65/66B | €677 | €492 | -€185 | -27.3% |
| Recurring financial charges | 65 | €677 | €492 | -€185 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €5,424 | €8,418 | +€2,994 | +55.2% |
| Income taxes | 67/77 | €3,372 | €4,200 | +€828 | +24.5% |
| Profit (loss) for the period | 9904 | €2,052 | €4,218 | +€2,166 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €2,052 | €4,218 | +€2,166 | +106% |
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 25 October 2026 via checked.be.