Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Board fully replaced NBB
No director from three years ago is still active according to annual account 2025.
Financials
Financial year 2025
COGEZAF from Gembloux, company number BE0427535517, closed financial year 2025 with a result of € 385,596 after tax. For that financial year COGEZAF recorded revenue of € 11.8 million and equity of € 4.1 million. Compared with financial year 2024, the result moved from € 525,455 to € 385,596. The company is profitable. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 30, 2026.
€ 4.1 million
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 385,596
▼ 27% vs 2024
Profit after tax over the fiscal year.
€ 781,384
▼ 56% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 385,596 paid out
100 % of the profit went to the shareholders, the rest stayed in the company.
People and assets in 2025
5.3
▲ 1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 429,081
▲ 33% vs 2024
€ 81,000 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 6,542
▼ 21% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 950,275
▲ 83% vs 2024
€ 71,760 is repaid this year. At this pace the long-term loan is gone in ≈ 6 years.
€ 1.2 million
▲ 75% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 41 days on average.
€ 60,292
▼ 5% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 16,027,976 | € 12,360,521 | € 12,186,946 | € 11,783,261 | ▼ 3% |
| Profit after taxes | € 1,084,251 | € 756,572 | € 525,455 | € 385,596 | ▼ 27% |
| Equity | € 4,137,617 | € 4,126,616 | € 4,126,616 | € 4,126,616 | |
| Total debts | € 3,527,199 | € 2,397,975 | € 1,790,820 | € 2,592,087 | ▲ 45% |
| Cash | € 2,014,941 | € 1,758,372 | € 1,756,829 | € 781,384 | ▼ 56% |
| Land & buildings | € 853,761 | € 762,373 | € 722,070 | € 696,268 | ▼ 4% |
| Retained profit | € 4,064,116 | € 4,064,116 | € 4,064,116 | € 4,064,116 | |
| Dividend | € 1,176,811 | € 756,572 | € 525,455 | € 385,596 | ▼ 27% |
| Bank debt | € 1,150,671 | € 1,086,265 | € 519,495 | € 950,275 | ▲ 83% |
| Balance sheet total | € 7,664,815 | € 6,524,592 | € 5,917,437 | € 6,718,703 | ▲ 14% |
| Employees (FTE) | 3 | 3.5 | 4.3 | 5.3 | ▲ 1 |
Key figures of COGEZAF, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to COGEZAF?
What happened at COGEZAF in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Pascal Bruyr stepped down as director. NBB
- Tedis stepped down as director. NBB
- Roland Edgard-Rosa stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 385,596 (▼ 27% vs 2024). Source: NBB ↗
- Joffrey Kasler became a director. NBB
- Denis Maurice became a director. NBB
- Pascal Bruyr became a director. NBB
- Tedis became a director. NBB
In short
From € 1.1 million profit in 2022 to € 385,596 profit in 2025.
Paid € 924,531 in corporate taxes since 2022.
Best year ever: 2022, with € 1.1 million profit.
Paid out € 2.8 million in dividends to the owners in total.
Management
Behind COGEZAF are Joffrey Kasler and Denis Maurice.
Directors
According to the 2025 annual accounts
Joffrey Kasler
Managing director
since 2024
Denis Maurice
Director
since 2024
Pascal Bruyr
Director
since 2023 · until 2029
Tedis
Director · represented by Séverine Edgard-Rosa
since 2021 · until 2027
Roland Edgard-Rosa
Director
since 2021 · until 2027
Establishments
Establishment units
Physical locations of this company
Rue des Haipes,Sauv. 11
5030 Gembloux
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0427.535.517
- VAT number
- BE 0427.535.517
- Registered office
- Rue des Haipes,Sauv. 11, 5030 Gembloux
- Names & denominations
- COGEZAF
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 7 August 1985
- Peppol
- Active · Active since 27 Mar 2026
- Activities · NACE
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