COSEGIMO: 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.
COSEGIMO
Largest movements
- Stocks and contracts +€416,291
up €416,291 (+156%), from €266,649 to €682,940
- Cash +€347,938
up €347,938 (+903%), from €38,526 to €386,464
mainly Net result for the year (+€473,698) and Short-term financial debts (+€273,500)
- Tangible fixed assets -€215,115
down €215,115 (-15.5%), from €1.4m to €1.2m
of which Land and buildings: -€209,274
- Reserves +€494,048
up €494,048 (+1,713%), from €28,834 to €522,883
of which Tax-exempt reserves: +€494,048
- Short-term financial debts +€273,500
up €273,500 (+174%), from €157,522 to €431,022
- Debts after one year -€208,644
down €208,644 (-26.6%), from €783,088 to €574,444
of which Financial debts: -€166,972
- Provisions +€157,322
up €157,322 (+180%), from €87,474 to €244,796
of which Deferred taxes: +€164,683
- Trade debts -€70,146
down €70,146 (-65.5%), from €107,040 to €36,894
- Gross operating margin +€580,996
up €580,996 (+293%), from €198,534 to €779,530
- Depreciation -€27,217
down €27,217 (-31.1%), from €87,477 to €60,260
- Other operating charges -€23,729
down €23,729 (-42.4%), from €55,928 to €32,199
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
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 | €1,697,608 | €2,252,751 | +€555,142 | +32.7% |
| Fixed assets | 21/28 | €1,390,281 | €1,175,166 | -€215,115 | -15.5% |
| Tangible fixed assets | 22/27 | €1,389,551 | €1,174,436 | -€215,115 | -15.5% |
| Land and buildings | 22 | €1,356,567 | €1,147,293 | -€209,274 | -15.4% |
| Plant, machinery and equipment | 23 | €121 | €6,257 | +€6,137 | +5,076% |
| Furniture and vehicles | 24 | €32,864 | €15,539 | -€17,325 | -52.7% |
| Other tangible fixed assets | 26 | - | €5,347 | +€5,347 | |
| Financial fixed assets | 28 | €730 | €730 | = | 0.0% |
| Current assets | 29/58 | €307,327 | €1,077,585 | +€770,257 | +251% |
| Stocks and contracts in progress | 3 | €266,649 | €682,940 | +€416,291 | +156% |
| Stocks | 30/36 | €266,649 | €682,940 | +€416,291 | +156% |
| Amounts receivable within one year | 40/41 | €339 | €6,316 | +€5,977 | +1,763% |
| Other amounts receivable | 41 | €339 | €6,316 | +€5,977 | +1,763% |
| Cash at bank and in hand | 54/58 | €38,526 | €386,464 | +€347,938 | +903% |
| Deferred charges and accrued income | 490/1 | €1,813 | €1,864 | +€51 | +2.8% |
| Total equity and liabilities | 10/49 | €1,697,608 | €2,252,751 | +€555,142 | +32.7% |
| Equity | 10/15 | €425,270 | €898,968 | +€473,698 | +111% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Revaluation surpluses | 12 | €400,807 | €400,807 | = | 0.0% |
| Reserves | 13 | €28,834 | €522,883 | +€494,048 | +1,713% |
| Tax-exempt reserves | 132 | - | €494,048 | +€494,048 | |
| Distributable reserves | 133 | €28,834 | €28,834 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,372 | -€54,722 | -€20,350 | -59.2% |
| Provisions and deferred taxes | 16 | €87,474 | €244,796 | +€157,322 | +180% |
| Provisions for liabilities and charges | 160/5 | €87,474 | €80,113 | -€7,361 | -8.4% |
| Environmental obligations | 163 | €87,474 | €80,113 | -€7,361 | -8.4% |
| Deferred taxes | 168 | - | €164,683 | +€164,683 | |
| Amounts payable | 17/49 | €1,184,864 | €1,108,987 | -€75,877 | -6.4% |
| Amounts payable after more than one year | 17 | €783,088 | €574,444 | -€208,644 | -26.6% |
| Financial debts | 170/4 | €650,152 | €483,180 | -€166,972 | -25.7% |
| Other amounts payable | 178/9 | €132,937 | €91,264 | -€41,672 | -31.3% |
| Amounts payable within one year | 42/48 | €399,153 | €533,718 | +€134,565 | +33.7% |
| Current portion of amounts payable after more than one year | 42 | €94,524 | €51,481 | -€43,043 | -45.5% |
| Financial debts | 43 | €157,522 | €431,022 | +€273,500 | +174% |
| Credit institutions | 430/8 | €157,522 | €431,022 | +€273,500 | +174% |
| Trade debts | 44 | €107,040 | €36,894 | -€70,146 | -65.5% |
| Suppliers | 440/4 | €107,040 | €36,894 | -€70,146 | -65.5% |
| Advances received on contracts in progress | 46 | €6,000 | - | -€6,000 | |
| Taxes, remuneration and social security | 45 | €20,748 | €1,001 | -€19,747 | -95.2% |
| Taxes | 450/3 | €17,148 | €1,001 | -€16,147 | -94.2% |
| Remuneration and social security | 454/9 | €3,600 | - | -€3,600 | |
| Other amounts payable | 47/48 | €13,319 | €13,319 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,623 | €825 | -€1,798 | -68.5% |
| Non-recurring operating income | 76A | - | €782,945 | +€782,945 | |
| Remuneration, social security and pensions | 62 | - | €96 | +€96 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,477 | €60,260 | -€27,217 | -31.1% |
| Other operating charges | 640/8 | €55,928 | €32,199 | -€23,729 | -42.4% |
| Non-recurring operating charges | 66A | - | €1,022 | +€1,022 | |
| Gross operating margin | 9900 | €198,534 | €779,530 | +€580,996 | +293% |
| Operating profit (loss) | 9901 | €55,129 | €685,952 | +€630,823 | +1,144% |
| Financial income | 75/76B | €21 | €12 | -€10 | -45.9% |
| Recurring financial income | 75 | €21 | €12 | -€10 | -45.9% |
| Financial charges | 65/66B | €55,039 | €47,762 | -€7,277 | -13.2% |
| Recurring financial charges | 65 | €55,039 | €47,762 | -€7,277 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €112 | €638,202 | +€638,090 | +570,742% |
| Transfer to deferred taxes | 680 | - | €164,683 | +€164,683 | |
| Income taxes | 67/77 | €1,425 | -€179 | -€1,604 | |
| Profit (loss) for the period | 9904 | -€1,313 | €473,698 | +€475,011 | |
| Transfer to tax-exempt reserves | 689 | - | €494,048 | +€494,048 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,313 | -€20,350 | -€19,038 | -1,450% |
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 22 October 2026 via checked.be.