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
- Tangible fixed assets -€520,689
down €520,689 (-63.7%), from €817,407 to €296,717
of which Land and buildings: -€607,188
- Receivables within one year +€101,474
up €101,474 (+203%), from €50,036 to €151,510
of which Trade receivables: +€82,261
- Cash +€11,968
up €11,968 (+26.8%), from €44,625 to €56,593
mainly Investment in fixed assets (net) (+€498,084) and Net result for the year (+€52,954)
- Other debts -€415,893
down €415,893 (-73.8%), from €563,831 to €147,937
- Reserves +€52,954
up €52,954 (+102%), from €52,001 to €104,955
- Debts after one year -€35,236
down €35,236 (-14.3%), from €246,579 to €211,343
- Trade debts -€12,087
down €12,087 (-66.5%), from €18,176 to €6,089
- Gross operating margin -€69,874
down €69,874 (-36.5%), from €191,496 to €121,622
- Financial income -€40,341
down €40,341 (-84.8%), from €47,569 to €7,227
of which Financial income: -€40,341
- Depreciation -€28,892
down €28,892 (-56.1%), from €51,497 to €22,605
- Other operating charges -€23,315
down €23,315 (-88.7%), from €26,292 to €2,977
- Taxes +€17,755
up €17,755 (+73.4%), from €24,183 to €41,938
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 | €958,013 | €550,269 | -€407,744 | -42.6% |
| Fixed assets | 21/28 | €862,493 | €341,803 | -€520,689 | -60.4% |
| Tangible fixed assets | 22/27 | €817,407 | €296,717 | -€520,689 | -63.7% |
| Land and buildings | 22 | €813,150 | €205,962 | -€607,188 | -74.7% |
| Furniture and vehicles | 24 | €4,256 | €90,755 | +€86,498 | +2,032% |
| Financial fixed assets | 28 | €45,086 | €45,086 | = | 0.0% |
| Current assets | 29/58 | €95,521 | €208,466 | +€112,946 | +118% |
| Amounts receivable within one year | 40/41 | €50,036 | €151,510 | +€101,474 | +203% |
| Trade receivables | 40 | €49,168 | €131,428 | +€82,261 | +167% |
| Other amounts receivable | 41 | €869 | €20,082 | +€19,213 | +2,211% |
| Cash at bank and in hand | 54/58 | €44,625 | €56,593 | +€11,968 | +26.8% |
| Deferred charges and accrued income | 490/1 | €859 | €363 | -€496 | -57.7% |
| Total equity and liabilities | 10/49 | €958,013 | €550,269 | -€407,744 | -42.6% |
| Equity | 10/15 | €70,601 | €123,555 | +€52,954 | +75.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €52,001 | €104,955 | +€52,954 | +102% |
| Distributable reserves | 133 | €52,001 | €104,955 | +€52,954 | +102% |
| Amounts payable | 17/49 | €887,412 | €426,715 | -€460,697 | -51.9% |
| Amounts payable after more than one year | 17 | €246,579 | €211,343 | -€35,236 | -14.3% |
| Financial debts | 170/4 | €246,579 | €211,343 | -€35,236 | -14.3% |
| Amounts payable within one year | 42/48 | €640,809 | €215,372 | -€425,436 | -66.4% |
| Current portion of amounts payable after more than one year | 42 | €42,681 | €40,533 | -€2,148 | -5.0% |
| Trade debts | 44 | €18,176 | €6,089 | -€12,087 | -66.5% |
| Suppliers | 440/4 | €18,176 | €6,089 | -€12,087 | -66.5% |
| Taxes, remuneration and social security | 45 | €16,121 | €20,813 | +€4,692 | +29.1% |
| Taxes | 450/3 | €4,209 | €8,901 | +€4,692 | +111% |
| Remuneration and social security | 454/9 | €11,912 | €11,912 | = | 0.0% |
| Other amounts payable | 47/48 | €563,831 | €147,937 | -€415,893 | -73.8% |
| Accrued charges and deferred income | 492/3 | €25 | - | -€25 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,497 | €22,605 | -€28,892 | -56.1% |
| Other operating charges | 640/8 | €26,292 | €2,977 | -€23,315 | -88.7% |
| Non-recurring operating charges | 66A | - | €126 | +€126 | |
| Gross operating margin | 9900 | €191,496 | €121,622 | -€69,874 | -36.5% |
| Operating profit (loss) | 9901 | €113,707 | €95,914 | -€17,793 | -15.6% |
| Financial income | 75/76B | €47,569 | €7,227 | -€40,341 | -84.8% |
| Recurring financial income | 75 | €47,569 | €7,227 | -€40,341 | -84.8% |
| Non-recurring financial income | 76B | €47,569 | €7,227 | -€40,341 | -84.8% |
| Financial charges | 65/66B | €13,564 | €8,249 | -€5,315 | -39.2% |
| Recurring financial charges | 65 | €13,564 | €8,249 | -€5,315 | -39.2% |
| Profit (loss) for the period before taxes | 9903 | €147,712 | €94,892 | -€52,820 | -35.8% |
| Income taxes | 67/77 | €24,183 | €41,938 | +€17,755 | +73.4% |
| Profit (loss) for the period | 9904 | €123,529 | €52,954 | -€70,575 | -57.1% |
| Profit (loss) for the period to be appropriated | 9905 | €123,529 | €52,954 | -€70,575 | -57.1% |
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 14 October 2026 via checked.be.