COGESI: what changed
What changed
COGESI
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€1,901
2024 · €60,289-€58,388
Equity
€4.7m
2024 · €4.7m+€1,901
Cash
€879,453
2024 · €62,382+€817,072
Balance sheet total
€9.3m
2024 · €10.1m-€772,754
Largest movements
Assets
- Receivables within one year -€1.3m
down €1.3m (-80.7%), from €1.6m to €302,745
of which Other amounts receivable: -€1.3m
- Cash +€817,072
up €817,072 (+1,310%), from €62,382 to €879,453
mainly Receivables within one year (+€1.3m) and Depreciation (+€372,468)
- Tangible fixed assets -€312,707
down €312,707 (-5.0%), from €6.3m to €6.0m
of which Land and buildings: -€257,111
Equity and liabilities
- Short-term financial debts -€525,000
down €525,000 (-100%), from €525,000 to €0
- Debts after one year -€202,510
down €202,510 (-4.9%), from €4.1m to €3.9m
of which Financial debts: -€163,270
Income statement
- Gross operating margin -€74,522
down €74,522 (-7.0%), from €1.1m to €987,185
- Other operating charges +€64,966
up €64,966 (+43.9%), from €148,050 to €213,016
- Staff costs -€41,242
down €41,242 (-12.6%), from €327,294 to €286,051
- Depreciation -€19,360
down €19,360 (-4.9%), from €391,828 to €372,468
- Taxes -€19,035
down €19,035 (-63.5%), from €29,985 to €10,950
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.
Result 2024
€60,289
Gross operating margin
-€74,522
Staff costs
+€41,242
Depreciation
+€19,360
Other operating charges
-€64,966
Financial income
-€2,366
Financial charges
+€3,910
Taxes
+€19,035
Deferred taxes and other
-€81
Result 2025
€1,901
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.6m
Investment
-€59,760
Financing
-€727,831
Cash 2024
€62,382
From operations (derived)
+€1.6m
Net result for the year
+€1,901
Depreciation
+€372,468
Receivables after one year
+€7,978
Receivables within one year
+€1.3m
Deferred charges and accrued income
+€6,412
Provisions
-€4,022
Trade debts
-€33,130
Tax, wage and social debts
-€54,862
Accrued charges and deferred income
+€45,189
Investment (derived)
-€59,760
Investment in fixed assets (net)
-€59,760
Financing
-€727,831
Debts after one year
-€202,510
Current portion of long-term debt
-€321
Short-term financial debts
-€525,000
Cash 2025
€879,453
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,072,038 | €9,299,284 | -€772,754 | -7.7% |
| Fixed assets | 21/28 | €6,682,634 | €6,369,926 | -€312,707 | -4.7% |
| Tangible fixed assets | 22/27 | €6,315,222 | €6,002,515 | -€312,707 | -5.0% |
| Land and buildings | 22 | €5,602,504 | €5,345,393 | -€257,111 | -4.6% |
| Plant, machinery and equipment | 23 | €17,235 | €11,441 | -€5,794 | -33.6% |
| Furniture and vehicles | 24 | €54,603 | €31,825 | -€22,778 | -41.7% |
| Leasing and similar rights | 25 | €35,325 | €19,957 | -€15,368 | -43.5% |
| Other tangible fixed assets | 26 | €605,556 | €593,898 | -€11,657 | -1.9% |
| Financial fixed assets | 28 | €367,411 | €367,411 | = | 0.0% |
| Current assets | 29/58 | €3,389,404 | €2,929,358 | -€460,047 | -13.6% |
| Amounts receivable after more than one year | 29 | €82,237 | €74,259 | -€7,978 | -9.7% |
| Other amounts receivable | 291 | €82,237 | €74,259 | -€7,978 | -9.7% |
| Stocks and contracts in progress | 3 | €278,859 | €278,859 | = | 0.0% |
| Stocks | 30/36 | €278,859 | €278,859 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,565,473 | €302,745 | -€1.3m | -80.7% |
| Trade receivables | 40 | €109,363 | €119,379 | +€10,017 | +9.2% |
| Other amounts receivable | 41 | €1,456,111 | €183,365 | -€1.3m | -87.4% |
| Current investments | 50/53 | €1,374,123 | €1,374,123 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €62,382 | €879,453 | +€817,072 | +1,310% |
| Deferred charges and accrued income | 490/1 | €26,330 | €19,919 | -€6,412 | -24.4% |
| Total equity and liabilities | 10/49 | €10,072,038 | €9,299,284 | -€772,754 | -7.7% |
| Equity | 10/15 | €4,690,283 | €4,692,184 | +€1,901 | 0.0% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €5,045,129 | €5,039,043 | -€6,087 | -0.1% |
| Non-distributable reserves | 130/1 | €1,449,435 | €1,449,435 | = | 0.0% |
| Legal reserve | 130 | €143,466 | €143,466 | = | 0.0% |
| Own shares acquired | 1312 | €1,305,970 | €1,305,970 | = | 0.0% |
| Tax-exempt reserves | 132 | €55,694 | €39,608 | -€16,087 | -28.9% |
| Distributable reserves | 133 | €3,540,000 | €3,550,000 | +€10,000 | +0.3% |
| Profit (loss) carried forward | 14 | -€954,846 | -€946,859 | +€7,988 | +0.8% |
| Provisions and deferred taxes | 16 | €33,714 | €29,693 | -€4,022 | -11.9% |
| Deferred taxes | 168 | €33,714 | €29,693 | -€4,022 | -11.9% |
| Amounts payable | 17/49 | €5,348,041 | €4,577,407 | -€770,634 | -14.4% |
| Amounts payable after more than one year | 17 | €4,149,453 | €3,946,943 | -€202,510 | -4.9% |
| Financial debts | 170/4 | €2,251,380 | €2,088,109 | -€163,270 | -7.3% |
| Other amounts payable | 178/9 | €1,898,074 | €1,858,834 | -€39,240 | -2.1% |
| Amounts payable within one year | 42/48 | €1,007,532 | €394,219 | -€613,313 | -60.9% |
| Current portion of amounts payable after more than one year | 42 | €253,305 | €252,985 | -€321 | -0.1% |
| Financial debts | 43 | €525,000 | €0 | -€525,000 | -100% |
| Credit institutions | 430/8 | €525,000 | €0 | -€525,000 | -100% |
| Trade debts | 44 | €117,114 | €83,984 | -€33,130 | -28.3% |
| Suppliers | 440/4 | €117,114 | €83,984 | -€33,130 | -28.3% |
| Taxes, remuneration and social security | 45 | €112,113 | €57,250 | -€54,862 | -48.9% |
| Taxes | 450/3 | €48,636 | €6,989 | -€41,647 | -85.6% |
| Remuneration and social security | 454/9 | €63,476 | €50,261 | -€13,215 | -20.8% |
| Accrued charges and deferred income | 492/3 | €191,056 | €236,245 | +€45,189 | +23.7% |
| Remuneration, social security and pensions | 62 | €327,294 | €286,051 | -€41,242 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €391,828 | €372,468 | -€19,360 | -4.9% |
| Other operating charges | 640/8 | €148,050 | €213,016 | +€64,966 | +43.9% |
| Gross operating margin | 9900 | €1,061,707 | €987,185 | -€74,522 | -7.0% |
| Operating profit (loss) | 9901 | €194,536 | €115,651 | -€78,885 | -40.6% |
| Financial income | 75/76B | €7,203 | €4,837 | -€2,366 | -32.8% |
| Recurring financial income | 75 | €7,203 | €4,837 | -€2,366 | -32.8% |
| Financial charges | 65/66B | €115,568 | €111,658 | -€3,910 | -3.4% |
| Recurring financial charges | 65 | €115,568 | €111,658 | -€3,910 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €86,171 | €8,829 | -€77,341 | -89.8% |
| Transfer from deferred taxes | 780 | €4,103 | €4,022 | -€81 | -2.0% |
| Income taxes | 67/77 | €29,985 | €10,950 | -€19,035 | -63.5% |
| Profit (loss) for the period | 9904 | €60,289 | €1,901 | -€58,388 | -96.8% |
| Transfer from tax-exempt reserves | 789 | €16,410 | €16,087 | -€324 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,699 | €17,988 | -€58,711 | -76.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.