COGEZAF: 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
COGEZAF
NACE 46.460, Wholesale of pharmaceutical and medical goods
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€385,596
2024 · €525,455-€139,859
Equity
€4.1m
2024 · €4.1m
Cash
€781,384
2024 · €1.8m-€975,445
Balance sheet total
€6.7m
2024 · €5.9m+€801,266
Largest movements
Assets
- Receivables within one year +€2.3m
up €2.3m (+116%), from €2.0m to €4.4m
of which Trade receivables: +€2.4m
- Cash -€975,445
down €975,445 (-55.5%), from €1.8m to €781,384
mainly Receivables within one year (-€2.3m) and Contributions, distributions and other (-€385,596)
- Stocks and contracts -€688,952
down €688,952 (-49.3%), from €1.4m to €709,048
- Tangible fixed assets +€133,683
up €133,683 (+18.3%), from €730,348 to €864,031
of which Assets under construction and advance payments: +€161,221
Equity and liabilities
- Trade debts +€513,622
up €513,622 (+75.3%), from €682,301 to €1.2m
- Short-term financial debts +€500,000
new in 2025: €500,000
- Other debts -€139,859
down €139,859 (-26.6%), from €525,455 to €385,596
- Debts after one year -€71,760
down €71,760 (-15.9%), from €450,275 to €378,515
Income statement
- Turnover -€403,686
down €403,686 (-3.3%), from €12.2m to €11.8m
- Goods and materials -€281,244
down €281,244 (-2.6%), from €10.7m to €10.4m
of which Purchases: -€1.1m
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
€525,455
Turnover
-€403,686
Other operating income
+€296
Goods and materials
+€281,244
Services and other goods
+€55,583
Staff costs
-€105,382
Depreciation
-€9,855
Other operating charges
+€10,064
Financial income
-€22,778
Financial charges
+€13,915
Taxes
+€40,740
Result 2025
€385,596
raises the resultlowers the result
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.
From operations
-€763,282
Investment
-€257,347
Financing
+€45,184
Cash 2024
€1.8m
From operations (derived)
-€763,282
Net result for the year
+€385,596
Depreciation
+€123,664
Stocks and contracts
+€688,952
Receivables within one year
-€2.3m
Deferred charges and accrued income
+€12,530
Trade debts
+€513,622
Tax, wage and social debts
-€3,276
Other debts
-€139,859
Investment (derived)
-€257,347
Investment in fixed assets (net)
-€257,347
Financing
+€45,184
Debts after one year
-€71,760
Current portion of long-term debt
+€2,540
Short-term financial debts
+€500,000
Contributions, distributions and other
-€385,596
Cash 2025
€781,384
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,917,437 | €6,718,703 | +€801,266 | +13.5% |
| Fixed assets | 21/28 | €730,348 | €864,031 | +€133,683 | +18.3% |
| Tangible fixed assets | 22/27 | €730,348 | €864,031 | +€133,683 | +18.3% |
| Land and buildings | 22 | €722,070 | €696,268 | -€25,801 | -3.6% |
| Furniture and vehicles | 24 | €8,278 | €6,542 | -€1,736 | -21.0% |
| Assets under construction and advance payments | 27 | - | €161,221 | +€161,221 | |
| Current assets | 29/58 | €5,187,089 | €5,854,672 | +€667,583 | +12.9% |
| Stocks and contracts in progress | 3 | €1,398,000 | €709,048 | -€688,952 | -49.3% |
| Stocks | 30/36 | €1,398,000 | €709,048 | -€688,952 | -49.3% |
| Goods purchased for resale | 34 | €1,398,000 | €709,048 | -€688,952 | -49.3% |
| Amounts receivable within one year | 40/41 | €2,019,730 | €4,364,240 | +€2.3m | +116% |
| Trade receivables | 40 | €1,929,065 | €4,282,227 | +€2.4m | +122% |
| Other amounts receivable | 41 | €90,665 | €82,013 | -€8,652 | -9.5% |
| Cash at bank and in hand | 54/58 | €1,756,829 | €781,384 | -€975,445 | -55.5% |
| Deferred charges and accrued income | 490/1 | €12,530 | - | -€12,530 | |
| Total equity and liabilities | 10/49 | €5,917,437 | €6,718,703 | +€801,266 | +13.5% |
| Equity | 10/15 | €4,126,616 | €4,126,616 | = | 0.0% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,057,866 | €4,057,866 | = | 0.0% |
| Amounts payable | 17/49 | €1,790,820 | €2,592,087 | +€801,266 | +44.7% |
| Amounts payable after more than one year | 17 | €450,275 | €378,515 | -€71,760 | -15.9% |
| Financial debts | 170/4 | €450,275 | €378,515 | -€71,760 | -15.9% |
| Credit institutions | 173 | €450,275 | €378,515 | -€71,760 | -15.9% |
| Amounts payable within one year | 42/48 | €1,340,545 | €2,213,572 | +€873,027 | +65.1% |
| Current portion of amounts payable after more than one year | 42 | €69,220 | €71,760 | +€2,540 | +3.7% |
| Financial debts | 43 | - | €500,000 | +€500,000 | |
| Credit institutions | 430/8 | - | €500,000 | +€500,000 | |
| Trade debts | 44 | €682,301 | €1,195,923 | +€513,622 | +75.3% |
| Suppliers | 440/4 | €682,301 | €1,195,923 | +€513,622 | +75.3% |
| Taxes, remuneration and social security | 45 | €63,569 | €60,292 | -€3,276 | -5.2% |
| Taxes | 450/3 | €11,670 | €12,276 | +€606 | +5.2% |
| Remuneration and social security | 454/9 | €51,899 | €48,016 | -€3,883 | -7.5% |
| Other amounts payable | 47/48 | €525,455 | €385,596 | -€139,859 | -26.6% |
| Operating income | 70/76A | €12,206,008 | €11,802,618 | -€403,390 | -3.3% |
| Turnover | 70 | €12,186,946 | €11,783,261 | -€403,686 | -3.3% |
| Other operating income | 74 | €19,062 | €19,358 | +€296 | +1.6% |
| Operating charges | 60/66A | €11,514,756 | €11,283,102 | -€231,654 | -2.0% |
| Goods for resale, raw materials and consumables | 60 | €10,688,997 | €10,407,753 | -€281,244 | -2.6% |
| Purchases | 600/8 | €10,849,914 | €9,718,801 | -€1.1m | -10.4% |
| Change in stocks: decrease (increase) | 609 | -€160,918 | €688,952 | +€849,870 | |
| Services and other goods | 61 | €365,898 | €310,314 | -€55,583 | -15.2% |
| Remuneration, social security and pensions | 62 | €323,699 | €429,081 | +€105,382 | +32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,809 | €123,664 | +€9,855 | +8.7% |
| Other operating charges | 640/8 | €22,354 | €12,289 | -€10,064 | -45.0% |
| Operating profit (loss) | 9901 | €691,252 | €519,517 | -€171,735 | -24.8% |
| Financial income | 75/76B | €73,209 | €50,430 | -€22,778 | -31.1% |
| Recurring financial income | 75 | €73,209 | €50,430 | -€22,778 | -31.1% |
| Income from current assets | 751 | €7,568 | €857 | -€6,710 | -88.7% |
| Other financial income | 752/9 | €65,641 | €49,573 | -€16,068 | -24.5% |
| Financial charges | 65/66B | €60,591 | €46,676 | -€13,915 | -23.0% |
| Recurring financial charges | 65 | €60,591 | €46,676 | -€13,915 | -23.0% |
| Debt charges | 650 | €9,541 | €10,315 | +€775 | +8.1% |
| Other financial charges | 652/9 | €51,051 | €36,361 | -€14,690 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €703,870 | €523,271 | -€180,599 | -25.7% |
| Income taxes | 67/77 | €178,414 | €137,675 | -€40,740 | -22.8% |
| Taxes | 670/3 | €178,414 | €137,675 | -€40,740 | -22.8% |
| Profit (loss) for the period | 9904 | €525,455 | €385,596 | -€139,859 | -26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €525,455 | €385,596 | -€139,859 | -26.6% |
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.