COGITA: 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.
COGITA
Largest movements
- Stocks and contracts -€26,590
down €26,590 (-73.0%), from €36,442 to €9,853
- Receivables within one year +€17,166
up €17,166 (+10.4%), from €165,368 to €182,534
of which Trade receivables: +€104,988
- Cash -€13,794
down €13,794 (-64.9%), from €21,264 to €7,470
mainly Other debts (-€43,614) and Receivables within one year (-€17,166)
- Other debts -€43,614
down €43,614 (-32.0%), from €136,500 to €92,886
- Trade debts +€30,109
up €30,109 (+333%), from €9,037 to €39,146
- Tax, wage and social debts -€7,860
down €7,860 (-11.8%), from €66,357 to €58,497
of which Remuneration and social security: -€19,581
- Accrued charges and deferred income -€4,591
no longer reported in 2025 (was €4,591)
- Short-term financial debts +€3,285
new in 2025: €3,285
- Gross operating margin -€134,034
down €134,034 (-47.6%), from €281,348 to €147,314
- Staff costs -€53,706
down €53,706 (-30.7%), from €174,821 to €121,115
- Taxes -€23,388
down €23,388 (-86.6%), from €27,013 to €3,626
- Write-downs +€6,796
new in 2025: €6,796
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 | €235,485 | €212,912 | -€22,573 | -9.6% |
| Fixed assets | 21/28 | €8,704 | €7,861 | -€844 | -9.7% |
| Intangible fixed assets | 21 | €332 | €128 | -€204 | -61.4% |
| Tangible fixed assets | 22/27 | €872 | €233 | -€640 | -73.3% |
| Plant, machinery and equipment | 23 | €872 | €233 | -€640 | -73.3% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €226,781 | €205,051 | -€21,730 | -9.6% |
| Stocks and contracts in progress | 3 | €36,442 | €9,853 | -€26,590 | -73.0% |
| Contracts in progress | 37 | €36,442 | €9,853 | -€26,590 | -73.0% |
| Amounts receivable within one year | 40/41 | €165,368 | €182,534 | +€17,166 | +10.4% |
| Trade receivables | 40 | €44,334 | €149,322 | +€104,988 | +237% |
| Other amounts receivable | 41 | €121,034 | €33,212 | -€87,822 | -72.6% |
| Cash at bank and in hand | 54/58 | €21,264 | €7,470 | -€13,794 | -64.9% |
| Deferred charges and accrued income | 490/1 | €3,706 | €5,194 | +€1,488 | +40.1% |
| Total equity and liabilities | 10/49 | €235,485 | €212,912 | -€22,573 | -9.6% |
| Equity | 10/15 | €18,999 | €19,097 | +€98 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €399 | €497 | +€98 | +24.5% |
| Amounts payable | 17/49 | €216,486 | €193,814 | -€22,671 | -10.5% |
| Amounts payable within one year | 42/48 | €211,895 | €193,814 | -€18,080 | -8.5% |
| Financial debts | 43 | - | €3,285 | +€3,285 | |
| Credit institutions | 430/8 | - | €3,285 | +€3,285 | |
| Trade debts | 44 | €9,037 | €39,146 | +€30,109 | +333% |
| Suppliers | 440/4 | €9,037 | €39,146 | +€30,109 | +333% |
| Taxes, remuneration and social security | 45 | €66,357 | €58,497 | -€7,860 | -11.8% |
| Taxes | 450/3 | €41,947 | €53,668 | +€11,720 | +27.9% |
| Remuneration and social security | 454/9 | €24,410 | €4,830 | -€19,581 | -80.2% |
| Other amounts payable | 47/48 | €136,500 | €92,886 | -€43,614 | -32.0% |
| Accrued charges and deferred income | 492/3 | €4,591 | - | -€4,591 | |
| Non-recurring operating income | 76A | €12,018 | - | -€12,018 | |
| Remuneration, social security and pensions | 62 | €174,821 | €121,115 | -€53,706 | -30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,010 | €844 | -€167 | -16.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,796 | +€6,796 | |
| Other operating charges | 640/8 | €1,734 | €1,276 | -€459 | -26.4% |
| Gross operating margin | 9900 | €281,348 | €147,314 | -€134,034 | -47.6% |
| Operating profit (loss) | 9901 | €103,782 | €17,284 | -€86,499 | -83.3% |
| Financial income | 75/76B | €4 | - | -€4 | |
| Recurring financial income | 75 | €4 | - | -€4 | |
| Financial charges | 65/66B | €2,957 | €2,560 | -€397 | -13.4% |
| Recurring financial charges | 65 | €2,957 | €2,560 | -€397 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €100,830 | €14,724 | -€86,106 | -85.4% |
| Income taxes | 67/77 | €27,013 | €3,626 | -€23,388 | -86.6% |
| Profit (loss) for the period | 9904 | €73,817 | €11,098 | -€62,718 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,817 | €11,098 | -€62,718 | -85.0% |
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 24 October 2026 via checked.be.