COZAGDO S.A.: 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.
COZAGDO S.A.
Largest movements
- Financial fixed assets -€119,500
down €119,500 (-99.8%), from €119,700 to €200
- Tangible fixed assets -€98,594
down €98,594 (-97.9%), from €100,708 to €2,114
of which Land and buildings: -€81,161
- Receivables within one year +€31,502
up €31,502 (+23.7%), from €132,640 to €164,142
of which Other amounts receivable: +€31,891
- Cash +€15,968
up €15,968 (+106%), from €15,093 to €31,061
mainly Investment in fixed assets (net) (+€212,006) and Depreciation (+€6,088)
- Reserves -€150,000
down €150,000 (-58.0%), from €258,500 to €108,500
of which Distributable reserves: -€150,000
- Profit (loss) carried forward -€21,756
down €21,756, from €19,474 to -€2,282
- Gross operating margin +€15,725
up €15,725 (+56.5%), from -€27,815 to -€12,090
- Depreciation -€14,745
down €14,745 (-70.8%), from €20,833 to €6,088
- Purchases and services -€13,984
down €13,984 (-40.5%), from €34,541 to €20,557
- Taxes -€1,291
no longer reported in 2025 (was €1,291)
- Other operating charges +€713
up €713 (+209%), from €340 to €1,053
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 | €374,664 | €203,936 | -€170,728 | -45.6% |
| Fixed assets | 21/28 | €220,408 | €2,314 | -€218,094 | -99.0% |
| Tangible fixed assets | 22/27 | €100,708 | €2,114 | -€98,594 | -97.9% |
| Land and buildings | 22 | €81,161 | - | -€81,161 | |
| Plant, machinery and equipment | 23 | €842 | €1,796 | +€953 | +113% |
| Furniture and vehicles | 24 | €18,704 | €318 | -€18,386 | -98.3% |
| Financial fixed assets | 28 | €119,700 | €200 | -€119,500 | -99.8% |
| Current assets | 29/58 | €154,256 | €201,622 | +€47,366 | +30.7% |
| Amounts receivable within one year | 40/41 | €132,640 | €164,142 | +€31,502 | +23.7% |
| Trade receivables | 40 | €14,097 | €13,707 | -€390 | -2.8% |
| Other amounts receivable | 41 | €118,543 | €150,434 | +€31,891 | +26.9% |
| Cash at bank and in hand | 54/58 | €15,093 | €31,061 | +€15,968 | +106% |
| Deferred charges and accrued income | 490/1 | €6,524 | €6,420 | -€104 | -1.6% |
| Total equity and liabilities | 10/49 | €374,664 | €203,936 | -€170,728 | -45.6% |
| Equity | 10/15 | €362,974 | €191,218 | -€171,756 | -47.3% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Capital | 10 | €85,000 | €85,000 | = | 0.0% |
| Issued capital | 100 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €258,500 | €108,500 | -€150,000 | -58.0% |
| Non-distributable reserves | 130/1 | €8,500 | €8,500 | = | 0.0% |
| Legal reserve | 130 | €8,500 | €8,500 | = | 0.0% |
| Distributable reserves | 133 | €250,000 | €100,000 | -€150,000 | -60.0% |
| Profit (loss) carried forward | 14 | €19,474 | -€2,282 | -€21,756 | |
| Amounts payable | 17/49 | €11,690 | €12,718 | +€1,028 | +8.8% |
| Amounts payable within one year | 42/48 | €11,690 | €12,718 | +€1,028 | +8.8% |
| Trade debts | 44 | €11,690 | €12,718 | +€1,028 | +8.8% |
| Suppliers | 440/4 | €11,690 | €12,718 | +€1,028 | +8.8% |
| Non-recurring operating income | 76A | €6,726 | €8,467 | +€1,741 | +25.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €34,541 | €20,557 | -€13,984 | -40.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,833 | €6,088 | -€14,745 | -70.8% |
| Other operating charges | 640/8 | €340 | €1,053 | +€713 | +209% |
| Non-recurring operating charges | 66A | - | €152,225 | +€152,225 | |
| Gross operating margin | 9900 | -€27,815 | -€12,090 | +€15,725 | +56.5% |
| Operating profit (loss) | 9901 | -€48,988 | -€171,456 | -€122,468 | -250% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €212 | €299 | +€88 | +41.4% |
| Recurring financial charges | 65 | €212 | €299 | +€88 | +41.4% |
| Profit (loss) for the period before taxes | 9903 | -€49,200 | -€171,756 | -€122,556 | -249% |
| Income taxes | 67/77 | €1,291 | - | -€1,291 | |
| Profit (loss) for the period | 9904 | -€50,491 | -€171,756 | -€121,265 | -240% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,491 | -€171,756 | -€121,265 | -240% |
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 18 October 2026 via checked.be.