COGEXIM: 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.
What changed
COGEXIM
NACE 55.100, Hotels and similar accommodation
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€5,493
2024 · -€17,239+€11,745
Equity
€192,023
2024 · €203,161-€11,138
Cash
€14,972
2024 · €12,428+€2,544
Balance sheet total
€899,724
2024 · €961,444-€61,721
Largest movements
Assets
- Tangible fixed assets -€58,778
down €58,778 (-8.0%), from €738,005 to €679,226
of which Land and buildings: -€59,147
Equity and liabilities
- Trade debts -€40,093
down €40,093 (-84.2%), from €47,592 to €7,499
- Debts after one year -€31,135
down €31,135 (-42.0%), from €74,086 to €42,951
- Other debts +€20,958
up €20,958 (+3.5%), from €604,782 to €625,740
Income statement
- Other operating charges -€6,373
down €6,373 (-30.5%), from €20,870 to €14,497
- Staff costs -€3,034
down €3,034 (-14.4%), from €21,074 to €18,040
- Depreciation -€1,319
down €1,319 (-1.8%), from €73,401 to €72,081
- Financial charges -€1,170
down €1,170 (-26.3%), from €4,446 to €3,276
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.
Result 2024
-€17,239
Gross operating margin
+€340
Staff costs
+€3,034
Depreciation
+€1,319
Other operating charges
+€6,373
Other operating items
-€924
Financial income
-€157
Financial charges
+€1,170
Taxes
+€591
Result 2025
-€5,493
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.
From operations
+€50,796
Investment
-€12,075
Financing
-€36,177
Cash 2024
€12,428
From operations (derived)
+€50,796
Net result for the year
-€5,493
Depreciation
+€72,081
Receivables within one year
+€1,519
Deferred charges and accrued income
+€2,740
Trade debts
-€40,093
Tax, wage and social debts
-€916
Other debts
+€20,958
Investment (derived)
-€12,075
Investment in fixed assets (net)
-€12,075
Financing
-€36,177
Debts after one year
-€31,135
Current portion of long-term debt
+€603
Contributions, distributions and other
-€5,644
Cash 2025
€14,972
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €961,444 | €899,724 | -€61,721 | -6.4% |
| Fixed assets | 21/28 | €741,444 | €681,437 | -€60,006 | -8.1% |
| Intangible fixed assets | 21 | €1,927 | €699 | -€1,228 | -63.7% |
| Tangible fixed assets | 22/27 | €738,005 | €679,226 | -€58,778 | -8.0% |
| Land and buildings | 22 | €700,077 | €640,930 | -€59,147 | -8.4% |
| Plant, machinery and equipment | 23 | €16,235 | €19,814 | +€3,579 | +22.0% |
| Furniture and vehicles | 24 | €21,692 | €15,982 | -€5,710 | -26.3% |
| Assets under construction and advance payments | 27 | - | €2,500 | +€2,500 | |
| Financial fixed assets | 28 | €1,512 | €1,512 | = | 0.0% |
| Current assets | 29/58 | €220,001 | €218,286 | -€1,715 | -0.8% |
| Stocks and contracts in progress | 3 | €11,679 | €11,679 | = | 0.0% |
| Stocks | 30/36 | €11,679 | €11,679 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €193,154 | €191,635 | -€1,519 | -0.8% |
| Trade receivables | 40 | €156 | - | -€156 | |
| Other amounts receivable | 41 | €192,997 | €191,635 | -€1,363 | -0.7% |
| Cash at bank and in hand | 54/58 | €12,428 | €14,972 | +€2,544 | +20.5% |
| Deferred charges and accrued income | 490/1 | €2,740 | €0 | -€2,740 | -100.0% |
| Total equity and liabilities | 10/49 | €961,444 | €899,724 | -€61,721 | -6.4% |
| Equity | 10/15 | €203,161 | €192,023 | -€11,138 | -5.5% |
| Contributions | 10/11 | €31,316 | €31,316 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,011 | €73,518 | -€5,493 | -7.0% |
| Investment grants | 15 | €92,834 | €87,189 | -€5,644 | -6.1% |
| Amounts payable | 17/49 | €758,284 | €707,701 | -€50,583 | -6.7% |
| Amounts payable after more than one year | 17 | €74,086 | €42,951 | -€31,135 | -42.0% |
| Financial debts | 170/4 | €74,086 | €42,951 | -€31,135 | -42.0% |
| Amounts payable within one year | 42/48 | €684,198 | €664,750 | -€19,448 | -2.8% |
| Current portion of amounts payable after more than one year | 42 | €30,532 | €31,135 | +€603 | +2.0% |
| Trade debts | 44 | €47,592 | €7,499 | -€40,093 | -84.2% |
| Suppliers | 440/4 | €47,592 | €7,499 | -€40,093 | -84.2% |
| Taxes, remuneration and social security | 45 | €1,292 | €376 | -€916 | -70.9% |
| Taxes | 450/3 | €301 | - | -€301 | |
| Remuneration and social security | 454/9 | €991 | €376 | -€615 | -62.1% |
| Other amounts payable | 47/48 | €604,782 | €625,740 | +€20,958 | +3.5% |
| Remuneration, social security and pensions | 62 | €21,074 | €18,040 | -€3,034 | -14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,401 | €72,081 | -€1,319 | -1.8% |
| Other operating charges | 640/8 | €20,870 | €14,497 | -€6,373 | -30.5% |
| Non-recurring operating charges | 66A | €6 | €930 | +€924 | +16418.7% |
| Gross operating margin | 9900 | €93,470 | €93,809 | +€340 | +0.4% |
| Operating profit (loss) | 9901 | -€21,881 | -€11,739 | +€10,142 | +46.3% |
| Financial income | 75/76B | €9,685 | €9,528 | -€157 | -1.6% |
| Recurring financial income | 75 | €9,685 | €9,528 | -€157 | -1.6% |
| Financial charges | 65/66B | €4,446 | €3,276 | -€1,170 | -26.3% |
| Recurring financial charges | 65 | €4,446 | €3,276 | -€1,170 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | -€16,642 | -€5,487 | +€11,155 | +67.0% |
| Income taxes | 67/77 | €597 | €6 | -€591 | -98.9% |
| Profit (loss) for the period | 9904 | -€17,239 | -€5,493 | +€11,745 | +68.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,239 | -€5,493 | +€11,745 | +68.1% |
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 12 October 2026 via checked.be.