COJIMAX: 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.
COJIMAX
Largest movements
- Tangible fixed assets -€353,159
down €353,159 (-31.8%), from €1.1m to €757,644
of which Land and buildings: -€350,249
- Receivables within one year +€196,575
up €196,575 (+162%), from €121,153 to €317,728
of which Other amounts receivable: +€180,575
- Cash -€34,859
down €34,859 (-98.5%), from €35,373 to €515
- Current portion of long-term debt -€285,999
down €285,999 (-91.9%), from €311,240 to €25,241
- Reserves +€147,296
up €147,296 (+36.5%), from €403,928 to €551,224
of which Tax-exempt reserves: +€123,335
- Short-term financial debts -€51,029
down €51,029 (-44.4%), from €115,000 to €63,971
- Provisions +€41,112
up €41,112 (+168%), from €24,404 to €65,516
- Debts after one year -€37,746
down €37,746 (-9.5%), from €398,190 to €360,444
- Gross operating margin +€173,250
up €173,250 (+98.9%), from €175,123 to €348,374
- Taxes -€43,611
down €43,611 (-68.8%), from €63,404 to €19,793
- Depreciation +€22,467
up €22,467 (+32.6%), from €68,928 to €91,395
- Financial income +€13,815
up €13,815 (+213%), from €6,497 to €20,312
- Financial charges +€6,284
up €6,284 (+27.9%), from €22,546 to €28,829
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,329,370 | €1,134,958 | -€194,413 | -14.6% |
| Fixed assets | 21/28 | €1,112,302 | €759,144 | -€353,159 | -31.8% |
| Tangible fixed assets | 22/27 | €1,110,802 | €757,644 | -€353,159 | -31.8% |
| Land and buildings | 22 | €858,366 | €508,117 | -€350,249 | -40.8% |
| Plant, machinery and equipment | 23 | €12,098 | €11,204 | -€894 | -7.4% |
| Furniture and vehicles | 24 | €69,069 | €56,098 | -€12,971 | -18.8% |
| Other tangible fixed assets | 26 | €171,270 | €153,075 | -€18,195 | -10.6% |
| Assets under construction and advance payments | 27 | - | €29,150 | +€29,150 | |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €217,068 | €375,814 | +€158,746 | +73.1% |
| Amounts receivable after more than one year | 29 | €41,500 | €41,500 | = | 0.0% |
| Trade receivables | 290 | €41,500 | €41,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €121,153 | €317,728 | +€196,575 | +162% |
| Trade receivables | 40 | - | €16,000 | +€16,000 | |
| Other amounts receivable | 41 | €121,153 | €301,728 | +€180,575 | +149% |
| Current investments | 50/53 | €17,766 | €8,666 | -€9,100 | -51.2% |
| Cash at bank and in hand | 54/58 | €35,373 | €515 | -€34,859 | -98.5% |
| Deferred charges and accrued income | 490/1 | €1,275 | €7,405 | +€6,129 | +481% |
| Total equity and liabilities | 10/49 | €1,329,370 | €1,134,958 | -€194,413 | -14.6% |
| Equity | 10/15 | €422,528 | €569,824 | +€147,296 | +34.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €403,928 | €551,224 | +€147,296 | +36.5% |
| Tax-exempt reserves | 132 | €73,212 | €196,548 | +€123,335 | +168% |
| Distributable reserves | 133 | €330,716 | €354,676 | +€23,960 | +7.2% |
| Provisions and deferred taxes | 16 | €24,404 | €65,516 | +€41,112 | +168% |
| Deferred taxes | 168 | €24,404 | €65,516 | +€41,112 | +168% |
| Amounts payable | 17/49 | €882,438 | €499,618 | -€382,820 | -43.4% |
| Amounts payable after more than one year | 17 | €398,190 | €360,444 | -€37,746 | -9.5% |
| Financial debts | 170/4 | €398,190 | €360,444 | -€37,746 | -9.5% |
| Amounts payable within one year | 42/48 | €483,219 | €138,420 | -€344,799 | -71.4% |
| Current portion of amounts payable after more than one year | 42 | €311,240 | €25,241 | -€285,999 | -91.9% |
| Financial debts | 43 | €115,000 | €63,971 | -€51,029 | -44.4% |
| Credit institutions | 430/8 | €115,000 | €63,971 | -€51,029 | -44.4% |
| Trade debts | 44 | €53,971 | €36,942 | -€17,029 | -31.6% |
| Suppliers | 440/4 | €53,971 | €36,942 | -€17,029 | -31.6% |
| Taxes, remuneration and social security | 45 | €3,008 | €5,766 | +€2,758 | +91.7% |
| Taxes | 450/3 | €3,008 | €5,766 | +€2,758 | +91.7% |
| Other amounts payable | 47/48 | - | €6,500 | +€6,500 | |
| Accrued charges and deferred income | 492/3 | €1,029 | €754 | -€275 | -26.8% |
| Non-recurring operating income | 76A | €120,233 | €195,829 | +€75,596 | +62.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,928 | €91,395 | +€22,467 | +32.6% |
| Other operating charges | 640/8 | €6,105 | €8,128 | +€2,024 | +33.2% |
| Non-recurring operating charges | 66A | - | €20,633 | +€20,633 | |
| Gross operating margin | 9900 | €175,123 | €348,374 | +€173,250 | +98.9% |
| Operating profit (loss) | 9901 | €100,090 | €228,217 | +€128,127 | +128% |
| Financial income | 75/76B | €6,497 | €20,312 | +€13,815 | +213% |
| Recurring financial income | 75 | €6,497 | €20,312 | +€13,815 | +213% |
| Financial charges | 65/66B | €22,546 | €28,829 | +€6,284 | +27.9% |
| Recurring financial charges | 65 | €22,546 | €28,829 | +€6,284 | +27.9% |
| Profit (loss) for the period before taxes | 9903 | €84,042 | €219,700 | +€135,659 | +161% |
| Transfer from deferred taxes | 780 | €829 | €829 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €41,941 | +€41,941 | |
| Income taxes | 67/77 | €63,404 | €19,793 | -€43,611 | -68.8% |
| Profit (loss) for the period | 9904 | €21,467 | €158,796 | +€137,329 | +640% |
| Transfer from tax-exempt reserves | 789 | €2,486 | €2,486 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €125,822 | +€125,822 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,953 | €35,460 | +€11,507 | +48.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.