COSELOG: 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.
What changed
COSELOG
NACE 43.990, Other specialised construction activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€7.0m
2024 · €4.5m-€11.5m
Equity
€34.6m
2024 · €23.8m+€10.8m
Cash
€10.8m
2024 · €7.8m+€2.9m
Balance sheet total
€240.8m
2024 · €122.9m+€117.8m
Largest movements
Assets
- Fixed assets +€99.5m
up €99.5m (+137.9%), from €72.2m to €171.7m
of which Tangible fixed assets: +€160.6m
- Receivables within one year +€13.4m
up €13.4m (+32.9%), from €40.6m to €54.0m
of which Trade receivables: +€41.3m
- Cash +€2.9m
up €2.9m (+37.5%), from €7.8m to €10.8m
mainly Total equity and liabilities (+€117.8m) and Depreciation (+€31.7m)
Equity and liabilities
- Total equity and liabilities +€117.8m
up €117.8m (+95.8%), from €122.9m to €240.8m
of which Debts: +€106.4m
Income statement
- Turnover +€175.6m
up €175.6m (+632.8%), from €27.8m to €203.4m
- Staff costs +€57.1m
up €57.1m (+525.7%), from €10.9m to €67.9m
- Services and other goods +€49.7m
up €49.7m (+1035.8%), from €4.8m to €54.5m
- Goods and materials +€31.8m
up €31.8m (+302.4%), from €10.5m to €42.3m
- Depreciation +€30.6m
up €30.6m (+2765.0%), from €1.1m to €31.7m
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.
Result 2024
€4.5m
Turnover
+€175.6m
Other operating income
+€3.5m
Goods and materials
-€31.8m
Services and other goods
-€49.7m
Staff costs
-€57.1m
Depreciation
-€30.6m
Write-downs
-€337,270
Provisions
-€7,000
Other operating charges
-€2.7m
Other operating items
-€7.1m
Financial income
-€6.4m
Financial charges
-€4.5m
Taxes
-€720,400
Deferred taxes and other
+€157,050
Result 2025
-€7.0m
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.
From operations
+€127.3m
Investment
-€131.4m
Financing
+€7.0m
Cash 2024
€7.8m
From operations (derived)
+€127.3m
Net result for the year
-€7.0m
Depreciation
+€31.7m
Stocks and contracts
-€1.1m
Receivables within one year
-€13.4m
Deferred charges and accrued income
-€628,374
Total equity and liabilities
+€117.8m
Investment (derived)
-€131.4m
Investment in fixed assets (net)
-€131.2m
Current investments
-€189,000
Financing
+€7.0m
Contributions, distributions and other
+€7.0m
Cash 2025
€10.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €122,949,185 | €240,753,000 | +€117.8m | +95.8% |
| Fixed assets | 21/28 | €72,188,467 | €171,731,000 | +€99.5m | +137.9% |
| Intangible fixed assets | 21 | €0 | €808,000 | +€808,000 | |
| Tangible fixed assets | 22/27 | €5,714,710 | €166,340,000 | +€160.6m | +2810.7% |
| Land and buildings | 22 | €4,643,411 | €47,440,000 | +€42.8m | +921.7% |
| Plant, machinery and equipment | 23 | €249,485 | €25,591,000 | +€25.3m | +10157.5% |
| Furniture and vehicles | 24 | €690,694 | €7,856,000 | +€7.2m | +1037.4% |
| Leasing and similar rights | 25 | €131,120 | €80,512,000 | +€80.4m | +61303.3% |
| Other tangible fixed assets | 26 | - | €4,294,000 | +€4.3m | |
| Assets under construction and advance payments | 27 | - | €647,000 | +€647,000 | |
| Financial fixed assets | 28 | €66,473,757 | €4,019,000 | -€62.5m | -94.0% |
| Affiliated companies | 280/1 | €66,381,030 | - | -€66.4m | |
| Participating interests | 280 | €65,668,769 | - | -€65.7m | |
| Amounts receivable | 281 | €712,262 | - | -€712,262 | |
| Companies linked by participating interests | 282/3 | €0 | - | = | |
| Participating interests | 282 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €92,727 | €2,187,000 | +€2.1m | +2258.5% |
| Shares | 284 | €2,051 | €1,322,000 | +€1.3m | +64351.6% |
| Amounts receivable and cash guarantees | 285/8 | €90,676 | €865,000 | +€774,324 | +853.9% |
| Current assets | 29/58 | €50,760,718 | €69,022,000 | +€18.3m | +36.0% |
| Stocks and contracts in progress | 3 | €2,232,490 | €3,373,000 | +€1.1m | +51.1% |
| Stocks | 30/36 | €2,232,490 | €3,070,000 | +€837,510 | +37.5% |
| Raw materials and consumables | 30/31 | - | €24,000 | +€24,000 | |
| Goods purchased for resale | 34 | €2,232,490 | €2,831,000 | +€598,510 | +26.8% |
| Property held for sale | 35 | - | €215,000 | +€215,000 | |
| Contracts in progress | 37 | - | €303,000 | +€303,000 | |
| Amounts receivable within one year | 40/41 | €40,637,061 | €54,007,000 | +€13.4m | +32.9% |
| Trade receivables | 40 | €4,715,034 | €46,053,000 | +€41.3m | +876.7% |
| Other amounts receivable | 41 | €35,922,027 | €7,954,000 | -€28.0m | -77.9% |
| Current investments | 50/53 | - | €189,000 | +€189,000 | |
| Other investments | 51/53 | - | €189,000 | +€189,000 | |
| Cash at bank and in hand | 54/58 | €7,827,541 | €10,761,000 | +€2.9m | +37.5% |
| Deferred charges and accrued income | 490/1 | €63,626 | €692,000 | +€628,374 | +987.6% |
| Total equity and liabilities | 10/49 | €122,949,185 | €240,753,000 | +€117.8m | +95.8% |
| Equity | 10/15 | €23,782,253 | €34,553,000 | +€10.8m | +45.3% |
| Contributions | 10/11 | €13,846,799 | €16,571,000 | +€2.7m | +19.7% |
| Capital | 10 | €13,846,799 | €16,571,000 | +€2.7m | +19.7% |
| Issued capital | 100 | €13,846,799 | €16,571,000 | +€2.7m | +19.7% |
| Reserves | 13 | €9,762,152 | - | -€9.8m | |
| Non-distributable reserves | 130/1 | €430,811 | - | -€430,811 | |
| Legal reserve | 130 | €430,811 | - | -€430,811 | |
| Tax-exempt reserves | 132 | €50,860 | - | -€50,860 | |
| Distributable reserves | 133 | €9,280,481 | - | -€9.3m | |
| Investment grants | 15 | €173,302 | €2,227,000 | +€2.1m | +1185.0% |
| Provisions and deferred taxes | 16 | €4,478 | €1,522,000 | +€1.5m | +33891.1% |
| Provisions for liabilities and charges | 160/5 | - | €190,000 | +€190,000 | |
| Major repairs and maintenance | 162 | - | €15,000 | +€15,000 | |
| Environmental obligations | 163 | - | €172,000 | +€172,000 | |
| Other liabilities and charges | 164/5 | - | €3,000 | +€3,000 | |
| Deferred taxes | 168 | €4,478 | €1,332,000 | +€1.3m | +29647.8% |
| Amounts payable | 17/49 | €99,162,454 | €205,527,000 | +€106.4m | +107.3% |
| Amounts payable after more than one year | 17 | €21,040,344 | €109,992,000 | +€89.0m | +422.8% |
| Financial debts | 170/4 | €21,040,344 | €101,942,000 | +€80.9m | +384.5% |
| Subordinated loans | 170 | - | €10,000,000 | +€10.0m | |
| Leasing and similar obligations | 172 | €92,839 | €46,111,000 | +€46.0m | +49567.6% |
| Credit institutions | 173 | €16,868,300 | €45,831,000 | +€29.0m | +171.7% |
| Other loans | 174 | €4,079,204 | - | -€4.1m | |
| Other amounts payable | 178/9 | - | €8,050,000 | +€8.1m | |
| Amounts payable within one year | 42/48 | €77,919,606 | €91,051,000 | +€13.1m | +16.9% |
| Current portion of amounts payable after more than one year | 42 | €4,408,287 | €30,929,000 | +€26.5m | +601.6% |
| Financial debts | 43 | €22,825,000 | €19,735,000 | -€3.1m | -13.5% |
| Credit institutions | 430/8 | €22,825,000 | €19,725,000 | -€3.1m | -13.6% |
| Other loans | 439 | - | €10,000 | +€10,000 | |
| Trade debts | 44 | €3,392,114 | €19,908,000 | +€16.5m | +486.9% |
| Suppliers | 440/4 | €3,392,114 | €19,908,000 | +€16.5m | +486.9% |
| Advances received on contracts in progress | 46 | - | €1,486,000 | +€1.5m | |
| Taxes, remuneration and social security | 45 | €4,229,735 | €16,001,000 | +€11.8m | +278.3% |
| Taxes | 450/3 | €2,765,859 | €6,618,000 | +€3.9m | +139.3% |
| Remuneration and social security | 454/9 | €1,463,876 | €9,383,000 | +€7.9m | +541.0% |
| Other amounts payable | 47/48 | €43,064,470 | €2,992,000 | -€40.1m | -93.1% |
| Accrued charges and deferred income | 492/3 | €202,505 | €4,484,000 | +€4.3m | +2114.3% |
| Operating income | 70/76A | €28,050,976 | €200,230,000 | +€172.2m | +613.8% |
| Turnover | 70 | €27,756,002 | €203,391,000 | +€175.6m | +632.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | - | -€10,277,000 | -€10.3m | |
| Own construction capitalised | 72 | - | €2,695,000 | +€2.7m | |
| Other operating income | 74 | €294,974 | €3,753,000 | +€3.5m | +1172.3% |
| Non-recurring operating income | 76A | - | €668,000 | +€668,000 | |
| Operating charges | 60/66A | €27,504,559 | €199,844,000 | +€172.3m | +626.6% |
| Goods for resale, raw materials and consumables | 60 | €10,507,925 | €42,286,000 | +€31.8m | +302.4% |
| Purchases | 600/8 | €10,722,692 | - | -€10.7m | |
| Change in stocks: decrease (increase) | 609 | -€214,768 | -€331,000 | -€116,232 | -54.1% |
| Services and other goods | 61 | €4,797,528 | €54,492,000 | +€49.7m | +1035.8% |
| Remuneration, social security and pensions | 62 | €10,852,907 | €67,906,000 | +€57.1m | +525.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,106,109 | €31,690,000 | +€30.6m | +2765.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €49,730 | €387,000 | +€337,270 | +678.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €7,000 | +€7,000 | |
| Other operating charges | 640/8 | €186,047 | €2,858,000 | +€2.7m | +1436.2% |
| Non-recurring operating charges | 66A | €4,313 | €218,000 | +€213,687 | +4954.4% |
| Operating profit (loss) | 9901 | €546,417 | €386,000 | -€160,417 | -29.4% |
| Financial income | 75/76B | €7,587,119 | €1,220,000 | -€6.4m | -83.9% |
| Recurring financial income | 75 | €7,587,119 | €1,170,000 | -€6.4m | -84.6% |
| Income from financial fixed assets | 750 | €5,979,656 | €564,000 | -€5.4m | -90.6% |
| Income from current assets | 751 | €1,571,051 | - | -€1.6m | |
| Other financial income | 752/9 | €36,411 | €606,000 | +€569,589 | +1564.3% |
| Non-recurring financial income | 76B | - | €50,000 | +€50,000 | |
| Financial charges | 65/66B | €3,631,609 | €8,090,000 | +€4.5m | +122.8% |
| Recurring financial charges | 65 | €3,631,609 | €5,947,000 | +€2.3m | +63.8% |
| Debt charges | 650 | €3,534,308 | €5,458,000 | +€1.9m | +54.4% |
| Other financial charges | 652/9 | €97,300 | €294,000 | +€196,700 | +202.2% |
| Non-recurring financial charges | 66B | - | €2,143,000 | +€2.1m | |
| Profit (loss) for the period before taxes | 9903 | €4,501,928 | -€6,484,000 | -€11.0m | |
| Transfer from deferred taxes | 780 | €2,950 | €245,000 | +€242,050 | +8205.3% |
| Transfer to deferred taxes | 680 | - | €85,000 | +€85,000 | |
| Income taxes | 67/77 | €3,600 | €724,000 | +€720,400 | +20011.1% |
| Taxes | 670/3 | €3,600 | €740,000 | +€736,400 | +20455.6% |
| Tax adjustments and reversals of tax provisions | 77 | - | €16,000 | +€16,000 | |
| Profit (loss) for the period | 9904 | €4,501,278 | -€7,048,000 | -€11.5m | |
| Transfer from tax-exempt reserves | 789 | €185 | - | -€185 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,501,463 | - | -€4.5m |
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 2 October 2026 via checked.be.