COJEMA: what changed
Two fiscal 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.
COJEMA
Largest movements
- Stocks and contracts +€208,511
up €208,511 (+59.3%), from €351,606 to €560,117
- Current investments -€163,464
down €163,464 (-34.5%), from €473,280 to €309,816
- Tangible fixed assets -€76,123
down €76,123 (-10.5%), from €724,130 to €648,007
of which Land and buildings: -€124,108
- Receivables within one year +€50,588
up €50,588 (+11.3%), from €446,104 to €496,692
of which Trade receivables: +€72,146
- Other debts +€113,164
up €113,164 (+22.3%), from €506,836 to €620,000
- Reserves -€78,390
down €78,390 (-12.5%), from €624,782 to €546,392
of which Distributable reserves: -€76,531
- Trade debts -€64,250
down €64,250 (-32.4%), from €198,288 to €134,038
- Short-term financial debts +€61,054
new in 2025: €61,054
- Current portion of long-term debt +€39,822
up €39,822 (+18.7%), from €212,750 to €252,572
- Gross operating margin +€308,991
up €308,991 (+35.0%), from €881,750 to €1.2m
- Staff costs +€62,452
up €62,452 (+18.3%), from €340,695 to €403,147
- Taxes +€59,431
up €59,431 (+73.1%), from €81,316 to €140,747
- Depreciation +€21,643
up €21,643 (+9.2%), from €234,675 to €256,318
- Financial income +€13,931
up €13,931 (+23.0%), from €60,694 to €74,624
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 | €2,125,010 | €2,155,716 | +€30,707 | +1.4% |
| Fixed assets | 21/28 | €724,247 | €648,124 | -€76,123 | -10.5% |
| Tangible fixed assets | 22/27 | €724,130 | €648,007 | -€76,123 | -10.5% |
| Land and buildings | 22 | €170,855 | €46,747 | -€124,108 | -72.6% |
| Plant, machinery and equipment | 23 | €505,966 | €520,895 | +€14,929 | +3.0% |
| Furniture and vehicles | 24 | €47,309 | €80,365 | +€33,057 | +69.9% |
| Financial fixed assets | 28 | €117 | €117 | = | 0.0% |
| Current assets | 29/58 | €1,400,763 | €1,507,592 | +€106,830 | +7.6% |
| Stocks and contracts in progress | 3 | €351,606 | €560,117 | +€208,511 | +59.3% |
| Stocks | 30/36 | €351,606 | €560,117 | +€208,511 | +59.3% |
| Amounts receivable within one year | 40/41 | €446,104 | €496,692 | +€50,588 | +11.3% |
| Trade receivables | 40 | €419,284 | €491,430 | +€72,146 | +17.2% |
| Other amounts receivable | 41 | €26,820 | €5,262 | -€21,558 | -80.4% |
| Current investments | 50/53 | €473,280 | €309,816 | -€163,464 | -34.5% |
| Cash at bank and in hand | 54/58 | €115,789 | €122,999 | +€7,210 | +6.2% |
| Deferred charges and accrued income | 490/1 | €13,985 | €17,969 | +€3,984 | +28.5% |
| Total equity and liabilities | 10/49 | €2,125,010 | €2,155,716 | +€30,707 | +1.4% |
| Equity | 10/15 | €643,374 | €566,843 | -€76,531 | -11.9% |
| Contributions | 10/11 | €18,592 | €20,451 | +€1,859 | +10.0% |
| Reserves | 13 | €624,782 | €546,392 | -€78,390 | -12.5% |
| Non-distributable reserves | 130/1 | €1,859 | €0 | -€1,859 | -100.0% |
| Reserves not available under the articles | 1311 | €1,859 | €0 | -€1,859 | -100.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €585,423 | €508,892 | -€76,531 | -13.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,481,635 | €1,588,873 | +€107,238 | +7.2% |
| Amounts payable after more than one year | 17 | €477,849 | €455,262 | -€22,588 | -4.7% |
| Financial debts | 170/4 | €477,849 | €455,262 | -€22,588 | -4.7% |
| Amounts payable within one year | 42/48 | €1,003,786 | €1,133,611 | +€129,825 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €212,750 | €252,572 | +€39,822 | +18.7% |
| Financial debts | 43 | - | €61,054 | +€61,054 | |
| Credit institutions | 430/8 | - | €61,054 | +€61,054 | |
| Trade debts | 44 | €198,288 | €134,038 | -€64,250 | -32.4% |
| Suppliers | 440/4 | €198,288 | €134,038 | -€64,250 | -32.4% |
| Taxes, remuneration and social security | 45 | €85,912 | €65,948 | -€19,965 | -23.2% |
| Taxes | 450/3 | €36,811 | €11,630 | -€25,181 | -68.4% |
| Remuneration and social security | 454/9 | €49,101 | €54,317 | +€5,216 | +10.6% |
| Other amounts payable | 47/48 | €506,836 | €620,000 | +€113,164 | +22.3% |
| Non-recurring operating income | 76A | €6,076 | €1,040 | -€5,036 | -82.9% |
| Remuneration, social security and pensions | 62 | €340,695 | €403,147 | +€62,452 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €234,675 | €256,318 | +€21,643 | +9.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €338 | €0 | -€338 | -100.0% |
| Other operating charges | 640/8 | €13,241 | €13,196 | -€45 | -0.3% |
| Non-recurring operating charges | 66A | €32 | €0 | -€32 | -100.0% |
| Gross operating margin | 9900 | €881,750 | €1,190,740 | +€308,991 | +35.0% |
| Operating profit (loss) | 9901 | €292,768 | €518,080 | +€225,311 | +77.0% |
| Financial income | 75/76B | €60,694 | €74,624 | +€13,931 | +23.0% |
| Recurring financial income | 75 | €60,694 | €74,624 | +€13,931 | +23.0% |
| Financial charges | 65/66B | €19,275 | €28,488 | +€9,213 | +47.8% |
| Recurring financial charges | 65 | €19,275 | €28,488 | +€9,213 | +47.8% |
| Profit (loss) for the period before taxes | 9903 | €334,187 | €564,216 | +€230,029 | +68.8% |
| Income taxes | 67/77 | €81,316 | €140,747 | +€59,431 | +73.1% |
| Profit (loss) for the period | 9904 | €252,871 | €423,469 | +€170,598 | +67.5% |
| Profit (loss) for the period to be appropriated | 9905 | €252,871 | €423,469 | +€170,598 | +67.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.