COJEPA: 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.
COJEPA
Largest movements
- Tangible fixed assets +€481,553
up €481,553 (+12.1%), from €4.0m to €4.5m
of which Land and buildings: +€483,120
- Other debts +€609,725
up €609,725 (+37.7%), from €1.6m to €2.2m
- Reserves -€121,522
down €121,522 (-8.4%), from €1.4m to €1.3m
of which Distributable reserves: -€67,992
- Depreciation +€16,313
up €16,313 (+13.8%), from €118,426 to €134,739
- Financial charges +€11,923
up €11,923 (+25.3%), from €47,177 to €59,100
- Gross operating margin +€5,775
up €5,775 (+8.7%), from €66,290 to €72,065
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 | €4,037,597 | €4,503,893 | +€466,296 | +11.5% |
| Fixed assets | 21/28 | €3,980,966 | €4,462,519 | +€481,553 | +12.1% |
| Tangible fixed assets | 22/27 | €3,980,966 | €4,462,519 | +€481,553 | +12.1% |
| Land and buildings | 22 | €3,971,137 | €4,454,257 | +€483,120 | +12.2% |
| Plant, machinery and equipment | 23 | €9,829 | €8,262 | -€1,567 | -15.9% |
| Current assets | 29/58 | €56,631 | €41,374 | -€15,258 | -26.9% |
| Cash at bank and in hand | 54/58 | €54,583 | €35,527 | -€19,056 | -34.9% |
| Deferred charges and accrued income | 490/1 | €2,049 | €5,847 | +€3,798 | +185.4% |
| Total equity and liabilities | 10/49 | €4,037,597 | €4,503,893 | +€466,296 | +11.5% |
| Equity | 10/15 | €1,953,579 | €1,832,056 | -€121,522 | -6.2% |
| Contributions | 10/11 | €512,372 | €512,372 | = | 0.0% |
| Capital | 10 | €79,490 | €79,490 | = | 0.0% |
| Issued capital | 100 | €79,490 | €79,490 | = | 0.0% |
| Outside capital | 11 | €432,882 | €432,882 | = | 0.0% |
| Share premium | 1100/10 | €432,882 | €432,882 | = | 0.0% |
| Reserves | 13 | €1,441,206 | €1,319,684 | -€121,522 | -8.4% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,092,399 | €1,038,868 | -€53,530 | -4.9% |
| Distributable reserves | 133 | €328,808 | €260,816 | -€67,992 | -20.7% |
| Provisions and deferred taxes | 16 | €468,171 | €445,229 | -€22,942 | -4.9% |
| Deferred taxes | 168 | €468,171 | €445,229 | -€22,942 | -4.9% |
| Amounts payable | 17/49 | €1,615,848 | €2,226,607 | +€610,760 | +37.8% |
| Amounts payable within one year | 42/48 | €1,615,848 | €2,225,609 | +€609,761 | +37.7% |
| Trade debts | 44 | €534 | €571 | +€37 | +6.9% |
| Suppliers | 440/4 | €534 | €571 | +€37 | +6.9% |
| Other amounts payable | 47/48 | €1,615,313 | €2,225,038 | +€609,725 | +37.7% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,426 | €134,739 | +€16,313 | +13.8% |
| Other operating charges | 640/8 | €22,513 | €22,970 | +€457 | +2.0% |
| Gross operating margin | 9900 | €66,290 | €72,065 | +€5,775 | +8.7% |
| Operating profit (loss) | 9901 | -€74,649 | -€85,644 | -€10,995 | -14.7% |
| Financial income | 75/76B | - | €280 | +€280 | |
| Recurring financial income | 75 | - | €280 | +€280 | |
| Financial charges | 65/66B | €47,177 | €59,100 | +€11,923 | +25.3% |
| Recurring financial charges | 65 | €47,177 | €59,100 | +€11,923 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | -€121,826 | -€144,464 | -€22,638 | -18.6% |
| Transfer from deferred taxes | 780 | €22,942 | €22,942 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€98,884 | -€121,522 | -€22,638 | -22.9% |
| Transfer from tax-exempt reserves | 789 | €53,530 | €53,530 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,354 | -€67,992 | -€22,638 | -49.9% |
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 5 October 2026 via checked.be.