COSEGEC: what changed
COSEGEC
Largest movements
- Tangible fixed assets +€246,374
up €246,374 (+79.3%), from €310,808 to €557,182
of which Land and buildings: +€277,283
- Cash -€245,756
down €245,756 (-60.3%), from €407,372 to €161,616
mainly Investment in fixed assets (net) (-€487,298) and Contributions, distributions and other (-€50,264)
- Financial fixed assets +€200,000
up €200,000 (+761%), from €26,291 to €226,291
- Receivables within one year -€25,264
down €25,264 (-47.5%), from €53,163 to €27,899
of which Trade receivables: -€25,292
- Reserves +€171,969
up €171,969 (+42.4%), from €405,262 to €577,231
of which Distributable reserves: +€176,173
- Trade debts +€63,534
up €63,534 (+423%), from €15,021 to €78,555
- Other debts -€34,868
down €34,868 (-81.0%), from €43,034 to €8,166
- Debts after one year -€27,241
down €27,241 (-14.0%), from €194,597 to €167,356
- Financial income +€150,242
up €150,242 (+301%), from €49,937 to €200,179
- Gross operating margin -€22,802
down €22,802 (-17.3%), from €131,867 to €109,066
- Taxes +€10,880
up €10,880 (+41.5%), from €26,195 to €37,075
- Other operating charges +€6,681
up €6,681 (+466%), from €1,434 to €8,115
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €799,774 | €974,532 | +€174,758 | +21.9% |
| Fixed assets | 21/28 | €337,099 | €783,474 | +€446,374 | +132% |
| Tangible fixed assets | 22/27 | €310,808 | €557,182 | +€246,374 | +79.3% |
| Land and buildings | 22 | €180,773 | €458,056 | +€277,283 | +153% |
| Plant, machinery and equipment | 23 | €130,036 | €99,127 | -€30,909 | -23.8% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €26,291 | €226,291 | +€200,000 | +761% |
| Current assets | 29/58 | €462,674 | €191,058 | -€271,616 | -58.7% |
| Amounts receivable within one year | 40/41 | €53,163 | €27,899 | -€25,264 | -47.5% |
| Trade receivables | 40 | €52,907 | €27,616 | -€25,292 | -47.8% |
| Other amounts receivable | 41 | €255 | €283 | +€28 | +11.1% |
| Cash at bank and in hand | 54/58 | €407,372 | €161,616 | -€245,756 | -60.3% |
| Deferred charges and accrued income | 490/1 | €2,140 | €1,543 | -€597 | -27.9% |
| Total equity and liabilities | 10/49 | €799,774 | €974,532 | +€174,758 | +21.9% |
| Equity | 10/15 | €424,503 | €596,472 | +€171,969 | +40.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €405,262 | €577,231 | +€171,969 | +42.4% |
| Tax-exempt reserves | 132 | €154,610 | €150,406 | -€4,204 | -2.7% |
| Distributable reserves | 133 | €250,652 | €426,825 | +€176,173 | +70.3% |
| Profit (loss) carried forward | 14 | €641 | €641 | = | 0.0% |
| Provisions and deferred taxes | 16 | €51,530 | €50,129 | -€1,401 | -2.7% |
| Provisions for liabilities and charges | 160/5 | €51,530 | - | -€51,530 | |
| Pensions and similar obligations | 160 | €51,530 | - | -€51,530 | |
| Deferred taxes | 168 | - | €50,129 | +€50,129 | |
| Amounts payable | 17/49 | €323,741 | €327,931 | +€4,190 | +1.3% |
| Amounts payable after more than one year | 17 | €194,597 | €167,356 | -€27,241 | -14.0% |
| Financial debts | 170/4 | €194,597 | €167,356 | -€27,241 | -14.0% |
| Amounts payable within one year | 42/48 | €127,842 | €159,085 | +€31,243 | +24.4% |
| Current portion of amounts payable after more than one year | 42 | €28,119 | €28,628 | +€509 | +1.8% |
| Trade debts | 44 | €15,021 | €78,555 | +€63,534 | +423% |
| Suppliers | 440/4 | €15,021 | €78,555 | +€63,534 | +423% |
| Taxes, remuneration and social security | 45 | €41,668 | €43,737 | +€2,069 | +5.0% |
| Taxes | 450/3 | €41,668 | €43,737 | +€2,069 | +5.0% |
| Other amounts payable | 47/48 | €43,034 | €8,166 | -€34,868 | -81.0% |
| Accrued charges and deferred income | 492/3 | €1,302 | €1,489 | +€188 | +14.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,907 | €40,924 | +€1,017 | +2.5% |
| Other operating charges | 640/8 | €1,434 | €8,115 | +€6,681 | +466% |
| Gross operating margin | 9900 | €131,867 | €109,066 | -€22,802 | -17.3% |
| Operating profit (loss) | 9901 | €90,526 | €60,027 | -€30,499 | -33.7% |
| Financial income | 75/76B | €49,937 | €200,179 | +€150,242 | +301% |
| Recurring financial income | 75 | €49,937 | €200,179 | +€150,242 | +301% |
| Financial charges | 65/66B | €5,786 | €6,503 | +€717 | +12.4% |
| Recurring financial charges | 65 | €5,786 | €6,503 | +€717 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €134,677 | €253,703 | +€119,025 | +88.4% |
| Transfer from deferred taxes | 780 | €4,704 | €5,605 | +€901 | +19.1% |
| Income taxes | 67/77 | €26,195 | €37,075 | +€10,880 | +41.5% |
| Profit (loss) for the period | 9904 | €113,187 | €222,233 | +€109,046 | +96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €113,187 | €222,233 | +€109,046 | +96.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.