MK COGEFRA: what changed
MK COGEFRA
Largest movements
- Stocks and contracts +€111,479
up €111,479 (+226%), from €49,326 to €160,805
- Cash -€103,885
down €103,885 (-82.9%), from €125,287 to €21,402
mainly Stocks and contracts (-€111,479) and Tax, wage and social debts (-€52,722)
- Receivables within one year -€32,213
down €32,213 (-67.6%), from €47,622 to €15,409
of which Trade receivables: -€34,277
- Tangible fixed assets -€16,969
down €16,969 (-41.3%), from €41,100 to €24,130
of which Furniture and vehicles: -€11,486
- Deferred charges and accrued income -€3,938
down €3,938 (-18.6%), from €21,197 to €17,259
- Tax, wage and social debts -€52,722
down €52,722 (-87.6%), from €60,193 to €7,470
of which Taxes: -€42,647
- Debts after one year +€44,344
up €44,344 (+125%), from €35,553 to €79,897
of which Other amounts payable: +€54,803
- Trade debts -€43,758
down €43,758 (-82.0%), from €53,375 to €9,617
- Profit (loss) carried forward +€18,530
up €18,530 (+20.1%), from €92,370 to €110,900
- Other debts -€11,767
down €11,767 (-100%), from €11,767 to €0
- Staff costs -€62,578
down €62,578 (-35.3%), from €177,132 to €114,554
- Gross operating margin -€59,876
down €59,876 (-27.1%), from €220,581 to €160,704
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 | €286,962 | €241,935 | -€45,027 | -15.7% |
| Fixed assets | 21/28 | €43,529 | €27,060 | -€16,469 | -37.8% |
| Tangible fixed assets | 22/27 | €41,100 | €24,130 | -€16,969 | -41.3% |
| Land and buildings | 22 | €7,486 | €6,276 | -€1,210 | -16.2% |
| Plant, machinery and equipment | 23 | €13,099 | €8,826 | -€4,273 | -32.6% |
| Furniture and vehicles | 24 | €20,514 | €9,028 | -€11,486 | -56.0% |
| Financial fixed assets | 28 | €2,430 | €2,930 | +€500 | +20.6% |
| Current assets | 29/58 | €243,433 | €214,875 | -€28,558 | -11.7% |
| Stocks and contracts in progress | 3 | €49,326 | €160,805 | +€111,479 | +226% |
| Stocks | 30/36 | €49,326 | €160,805 | +€111,479 | +226% |
| Amounts receivable within one year | 40/41 | €47,622 | €15,409 | -€32,213 | -67.6% |
| Trade receivables | 40 | €43,155 | €8,879 | -€34,277 | -79.4% |
| Other amounts receivable | 41 | €4,467 | €6,530 | +€2,064 | +46.2% |
| Cash at bank and in hand | 54/58 | €125,287 | €21,402 | -€103,885 | -82.9% |
| Deferred charges and accrued income | 490/1 | €21,197 | €17,259 | -€3,938 | -18.6% |
| Total equity and liabilities | 10/49 | €286,962 | €241,935 | -€45,027 | -15.7% |
| Equity | 10/15 | €115,370 | €133,900 | +€18,530 | +16.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €13,000 | €13,000 | = | 0.0% |
| Distributable reserves | 133 | €13,000 | €13,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,370 | €110,900 | +€18,530 | +20.1% |
| Amounts payable | 17/49 | €171,592 | €108,034 | -€63,558 | -37.0% |
| Amounts payable after more than one year | 17 | €35,553 | €79,897 | +€44,344 | +125% |
| Financial debts | 170/4 | €35,553 | €25,095 | -€10,459 | -29.4% |
| Other amounts payable | 178/9 | - | €54,803 | +€54,803 | |
| Amounts payable within one year | 42/48 | €136,038 | €28,137 | -€107,901 | -79.3% |
| Current portion of amounts payable after more than one year | 42 | €10,704 | €11,050 | +€345 | +3.2% |
| Trade debts | 44 | €53,375 | €9,617 | -€43,758 | -82.0% |
| Suppliers | 440/4 | €53,375 | €9,617 | -€43,758 | -82.0% |
| Taxes, remuneration and social security | 45 | €60,193 | €7,470 | -€52,722 | -87.6% |
| Taxes | 450/3 | €44,526 | €1,878 | -€42,647 | -95.8% |
| Remuneration and social security | 454/9 | €15,667 | €5,592 | -€10,075 | -64.3% |
| Other amounts payable | 47/48 | €11,767 | €0 | -€11,767 | -100% |
| Remuneration, social security and pensions | 62 | €177,132 | €114,554 | -€62,578 | -35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,205 | €16,412 | -€1,793 | -9.9% |
| Other operating charges | 640/8 | €2,742 | €2,502 | -€240 | -8.7% |
| Gross operating margin | 9900 | €220,581 | €160,704 | -€59,876 | -27.1% |
| Operating profit (loss) | 9901 | €22,501 | €27,236 | +€4,735 | +21.0% |
| Financial income | 75/76B | €209 | €49 | -€160 | -76.5% |
| Recurring financial income | 75 | €209 | €49 | -€160 | -76.5% |
| Financial charges | 65/66B | €2,188 | €2,070 | -€118 | -5.4% |
| Recurring financial charges | 65 | €2,188 | €2,070 | -€118 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €20,522 | €25,215 | +€4,693 | +22.9% |
| Income taxes | 67/77 | €4,533 | €6,685 | +€2,152 | +47.5% |
| Profit (loss) for the period | 9904 | €15,989 | €18,530 | +€2,541 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,989 | €18,530 | +€2,541 | +15.9% |
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 1 November 2026 via checked.be.