COGITAS: 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.
COGITAS
Largest movements
- Receivables within one year +€206,751
up €206,751 (+67.6%), from €305,923 to €512,674
of which Trade receivables: +€206,751
- Cash -€204,371
down €204,371 (-85.0%), from €240,532 to €36,161
mainly Trade debts (-€254,802) and Receivables within one year (-€206,751)
- Financial fixed assets +€86,759
up €86,759 (+4054.5%), from €2,140 to €88,899
- Deferred charges and accrued income +€20,368
up €20,368 (+1430.0%), from €1,424 to €21,793
- Trade debts -€254,802
down €254,802 (-55.1%), from €462,018 to €207,216
- Debts after one year +€193,476
new in 2025: €193,476
- Tax, wage and social debts +€69,051
up €69,051 (+184.1%), from €37,513 to €106,564
of which Remuneration and social security: +€36,389
- Other debts +€61,660
up €61,660 (+183.3%), from €33,637 to €95,296
- Short-term financial debts +€54,054
new in 2025: €54,054
- Gross operating margin +€201,907
up €201,907 (+192.8%), from €104,708 to €306,615
- Staff costs +€97,021
up €97,021 (+98.0%), from €99,021 to €196,042
- Taxes +€26,864
up €26,864 (+1779.0%), from €1,510 to €28,374
- Financial income -€19,816
down €19,816 (-60.5%), from €32,774 to €12,959
- Write-downs -€6,486
down €6,486 (-25.8%), from €25,172 to €18,686
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €550,019 | €662,806 | +€112,787 | +20.5% |
| Fixed assets | 21/28 | €2,140 | €92,179 | +€90,039 | +4207.8% |
| Tangible fixed assets | 22/27 | - | €3,279 | +€3,279 | |
| Furniture and vehicles | 24 | - | €3,279 | +€3,279 | |
| Financial fixed assets | 28 | €2,140 | €88,899 | +€86,759 | +4054.5% |
| Current assets | 29/58 | €547,879 | €570,628 | +€22,748 | +4.2% |
| Amounts receivable within one year | 40/41 | €305,923 | €512,674 | +€206,751 | +67.6% |
| Trade receivables | 40 | €302,348 | €509,099 | +€206,751 | +68.4% |
| Other amounts receivable | 41 | €3,575 | €3,575 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €240,532 | €36,161 | -€204,371 | -85.0% |
| Deferred charges and accrued income | 490/1 | €1,424 | €21,793 | +€20,368 | +1430.0% |
| Total equity and liabilities | 10/49 | €550,019 | €662,806 | +€112,787 | +20.5% |
| Equity | 10/15 | €6,300 | €6,200 | -€100 | -1.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100 | - | -€100 | |
| Amounts payable | 17/49 | €543,719 | €656,606 | +€112,887 | +20.8% |
| Amounts payable after more than one year | 17 | - | €193,476 | +€193,476 | |
| Other amounts payable | 178/9 | - | €193,476 | +€193,476 | |
| Amounts payable within one year | 42/48 | €533,168 | €463,131 | -€70,037 | -13.1% |
| Financial debts | 43 | - | €54,054 | +€54,054 | |
| Credit institutions | 430/8 | - | €54,054 | +€54,054 | |
| Trade debts | 44 | €462,018 | €207,216 | -€254,802 | -55.1% |
| Suppliers | 440/4 | €462,018 | €207,216 | -€254,802 | -55.1% |
| Taxes, remuneration and social security | 45 | €37,513 | €106,564 | +€69,051 | +184.1% |
| Taxes | 450/3 | €27,222 | €59,884 | +€32,662 | +120.0% |
| Remuneration and social security | 454/9 | €10,291 | €46,680 | +€36,389 | +353.6% |
| Other amounts payable | 47/48 | €33,637 | €95,296 | +€61,660 | +183.3% |
| Accrued charges and deferred income | 492/3 | €10,551 | - | -€10,551 | |
| Non-recurring operating income | 76A | €4,072 | - | -€4,072 | |
| Remuneration, social security and pensions | 62 | €99,021 | €196,042 | +€97,021 | +98.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,721 | +€2,721 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,172 | €18,686 | -€6,486 | -25.8% |
| Other operating charges | 640/8 | €1,430 | €3,783 | +€2,353 | +164.5% |
| Non-recurring operating charges | 66A | €3,938 | - | -€3,938 | |
| Gross operating margin | 9900 | €104,708 | €306,615 | +€201,907 | +192.8% |
| Operating profit (loss) | 9901 | -€24,853 | €85,384 | +€110,237 | |
| Financial income | 75/76B | €32,774 | €12,959 | -€19,816 | -60.5% |
| Recurring financial income | 75 | €32,774 | €12,959 | -€19,816 | -60.5% |
| Financial charges | 65/66B | €924 | €1,973 | +€1,049 | +113.6% |
| Recurring financial charges | 65 | €924 | €1,973 | +€1,049 | +113.6% |
| Profit (loss) for the period before taxes | 9903 | €6,998 | €96,370 | +€89,372 | +1277.1% |
| Income taxes | 67/77 | €1,510 | €28,374 | +€26,864 | +1779.0% |
| Profit (loss) for the period | 9904 | €5,488 | €67,996 | +€62,508 | +1139.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,488 | €67,996 | +€62,508 | +1139.0% |
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 12 October 2026 via checked.be.