Professeur Elie Cogan: 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.
Professeur Elie Cogan
Largest movements
- Receivables within one year +€91,012
up €91,012 (+37.4%), from €243,173 to €334,185
of which Other amounts receivable: +€88,715
- Tangible fixed assets +€28,890
up €28,890 (+86.7%), from €33,326 to €62,216
of which Furniture and vehicles: +€28,890
- Cash +€16,489
up €16,489 (+12.4%), from €133,267 to €149,755
mainly Other debts (+€156,743) and Net result for the year (+€125,014)
- Other debts +€156,743
new in 2025: €156,743
- Reserves -€31,729
down €31,729 (-9.0%), from €350,898 to €319,168
- Tax, wage and social debts +€12,540
up €12,540 (+878%), from €1,428 to €13,968
- Gross operating margin +€31,020
up €31,020 (+20.9%), from €148,341 to €179,361
- Taxes +€12,714
up €12,714 (+27.4%), from €46,437 to €59,151
- Depreciation -€6,555
down €6,555 (-46.8%), from €14,018 to €7,463
- Financial income +€4,543
up €4,543 (+38.1%), from €11,938 to €16,481
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 | €410,249 | €546,510 | +€136,261 | +33.2% |
| Fixed assets | 21/28 | €33,326 | €62,216 | +€28,890 | +86.7% |
| Tangible fixed assets | 22/27 | €33,326 | €62,216 | +€28,890 | +86.7% |
| Furniture and vehicles | 24 | €32,796 | €61,686 | +€28,890 | +88.1% |
| Other tangible fixed assets | 26 | €530 | €530 | = | 0.0% |
| Current assets | 29/58 | €376,923 | €484,294 | +€107,371 | +28.5% |
| Amounts receivable within one year | 40/41 | €243,173 | €334,185 | +€91,012 | +37.4% |
| Trade receivables | 40 | €8,125 | €10,422 | +€2,297 | +28.3% |
| Other amounts receivable | 41 | €235,048 | €323,763 | +€88,715 | +37.7% |
| Cash at bank and in hand | 54/58 | €133,267 | €149,755 | +€16,489 | +12.4% |
| Deferred charges and accrued income | 490/1 | €483 | €353 | -€130 | -26.9% |
| Total equity and liabilities | 10/49 | €410,249 | €546,510 | +€136,261 | +33.2% |
| Equity | 10/15 | €363,320 | €331,591 | -€31,729 | -8.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €350,898 | €319,168 | -€31,729 | -9.0% |
| Distributable reserves | 133 | €350,898 | €319,168 | -€31,729 | -9.0% |
| Profit (loss) carried forward | 14 | €23 | €23 | = | 0.0% |
| Amounts payable | 17/49 | €46,929 | €214,919 | +€167,990 | +358% |
| Amounts payable after more than one year | 17 | €12,644 | €12,772 | +€128 | +1.0% |
| Financial debts | 170/4 | €12,644 | €12,772 | +€128 | +1.0% |
| Amounts payable within one year | 42/48 | €32,490 | €199,455 | +€166,966 | +514% |
| Current portion of amounts payable after more than one year | 42 | €29,831 | €27,607 | -€2,224 | -7.5% |
| Financial debts | 43 | €251 | €0 | -€251 | -100% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €251 | €0 | -€251 | -100% |
| Trade debts | 44 | €980 | €1,137 | +€157 | +16.0% |
| Suppliers | 440/4 | €980 | €1,137 | +€157 | +16.0% |
| Taxes, remuneration and social security | 45 | €1,428 | €13,968 | +€12,540 | +878% |
| Taxes | 450/3 | €1,428 | €13,968 | +€12,540 | +878% |
| Other amounts payable | 47/48 | - | €156,743 | +€156,743 | |
| Accrued charges and deferred income | 492/3 | €1,795 | €2,692 | +€896 | +49.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,018 | €7,463 | -€6,555 | -46.8% |
| Other operating charges | 640/8 | €1,615 | €2,397 | +€782 | +48.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €148,341 | €179,361 | +€31,020 | +20.9% |
| Operating profit (loss) | 9901 | €132,708 | €169,501 | +€36,794 | +27.7% |
| Financial income | 75/76B | €11,938 | €16,481 | +€4,543 | +38.1% |
| Recurring financial income | 75 | €11,938 | €16,481 | +€4,543 | +38.1% |
| Financial charges | 65/66B | €1,851 | €1,818 | -€33 | -1.8% |
| Recurring financial charges | 65 | €1,851 | €1,818 | -€33 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €142,794 | €184,165 | +€41,371 | +29.0% |
| Income taxes | 67/77 | €46,437 | €59,151 | +€12,714 | +27.4% |
| Profit (loss) for the period | 9904 | €96,357 | €125,014 | +€28,656 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €96,357 | €125,014 | +€28,656 | +29.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.