ACTIVE

COGEX

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Financial year 2025 · closed on 31/12/2025

Net result

4,2 k €

+105.6% YoY

Gross margin

351,3 k €

+4.3% YoY

Equity

120,1 k €

+3.6% YoY

Workforce

6,8 ETP

+7.9% YoY

What does COGEX do?

COGEX is a Public limited company incorporated in 1986. Its registered office is in Liège. It employs on average 6,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0429.957.547

Incorporation

01/10/1986

Legal form

Public limited company

Registered office

Rue du Village 314
4000 Liège · WallonieSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Average workforce

6,8 ETP

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	351,3 k €	+4.3%	336,7 k €	-7.8%	365,4 k €	+8.1%	338,1 k €	-2.0%	345,1 k €	+3.2%	334,6 k €	-7.7%	362,6 k €	+21.5%	298,5 k €	+4.8%	284,9 k €	+1.1%	281,9 k €	+7.9%	261,2 k €	+1.6%	257,2 k €	+6.8%	240,9 k €	+14.7%	209,9 k €	+1.2%	207,4 k €	-2.0%	211,6 k €	+15.8%	182,8 k €	+1.9%	179,4 k €	+1.5%	176,8 k €	+17.4%	150,6 k €
EBITDA	22,1 k €	+14.0%	19,4 k €	-9.2%	21,4 k €	+135%	9,1 k €	+828%	978,8 €	-93.1%	14,2 k €	-7.2%	15,3 k €	+45.0%	10,6 k €	+26.6%	8,3 k €	-49.1%	16,4 k €	+58.8%	10,3 k €	+10.2%	9,4 k €	+0.9%	9,3 k €	-4.7%	9,7 k €	+48.5%	6,6 k €	-47.7%	12,5 k €	-16.1%	14,9 k €	-36.3%	23,5 k €	+276%	6,2 k €	-70.4%	21,1 k €
Operating result	8,7 k €	+65.4%	5,2 k €	+38.1%	3,8 k €	+238%	-2,8 k €	-171%	3,9 k €	-55.7%	8,7 k €	+33.0%	6,5 k €	+43.4%	4,6 k €	-4.9%	4,8 k €	+27.7%	3,8 k €	-31.9%	5,5 k €	+51.3%	3,6 k €	-3.4%	3,8 k €	-1.5%	3,8 k €	+207%	1,2 k €	-78.6%	5,8 k €	-2.3%	6 k €	-29.6%	8,5 k €	-28.3%	11,8 k €	+104%	5,8 k €
Net result	4,2 k €	+106%	2,1 k €	+362%	444,3 €	+113%	-3,5 k €	-331%	1,5 k €	-60.5%	3,8 k €	+523%	609,7 €	+478%	105,4 €	+158%	40,8 €	+106%	-637,8 €	-175%	851,9 €	+39.3%	611,5 €	-21.4%	778 €	-36.4%	1,2 k €	+129%	533,6 €	-88.8%	4,8 k €	-19.7%	5,9 k €	-28.9%	8,4 k €	-13.5%	9,7 k €	+150%	3,9 k €
Balance sheet
Equity	120,1 k €	+3.6%	115,9 k €	+1.8%	113,9 k €	+0.4%	113,4 k €	-3.0%	116,9 k €	+1.3%	115,4 k €	+3.4%	111,6 k €	+0.5%	111 k €	+0.1%	110,9 k €	+0.0%	110,8 k €	-0.6%	111,5 k €	+0.8%	110,6 k €	+0.6%	110 k €	+0.7%	109,2 k €	+1.1%	108 k €	-7.3%	116,5 k €	-5.8%	123,7 k €	-4.7%	129,8 k €	-2.7%	133,4 k €	-1.7%	135,7 k €
Total assets	195 k €	+6.0%	184 k €	-8.2%	200,4 k €	-9.6%	221,8 k €	+7.6%	206,2 k €	+11.4%	185,2 k €	-8.3%	201,9 k €	+12.2%	179,9 k €	+10.8%	162,4 k €	+3.7%	156,6 k €	-12.0%	178 k €	+0.5%	177,2 k €	+0.2%	176,9 k €	-2.4%	181,3 k €	-4.9%	190,6 k €	+1.1%	188,6 k €	+6.8%	176,5 k €	+0.6%	175,6 k €	-16.9%	211,2 k €	-2.7%	217 k €
Cash	52,1 k €	+863%	5,4 k €	-37.5%	8,7 k €	-65.7%	25,3 k €	+24.2%	20,3 k €	+43.2%	14,2 k €	+227%	4,3 k €	+39.3%	3,1 k €	-77.6%	13,9 k €	+63.9%	8,5 k €	-70.1%	28,3 k €	+11.3%	25,5 k €	+33.1%	19,1 k €	-15.1%	22,6 k €	+78.5%	12,6 k €	-0.3%	12,7 k €	-80.4%	64,8 k €	+57.9%	41 k €	+74.5%	23,5 k €	-16.8%	28,2 k €
Debts	74,9 k €	+9.9%	68,1 k €	-21.3%	86,6 k €	-20.1%	108,4 k €	+21.3%	89,3 k €	+28.0%	69,8 k €	-22.7%	90,3 k €	+31.0%	68,9 k €	+33.8%	51,5 k €	+12.5%	45,8 k €	-31.2%	66,6 k €	-0.0%	66,6 k €	-0.5%	66,9 k €	-7.2%	72,1 k €	-12.8%	82,6 k €	+14.5%	72,1 k €	+36.5%	52,9 k €	+15.4%	45,8 k €	-38.9%	75 k €	-7.7%	81,3 k €
Other
Workforce	6,8 ETP	+7.9%	6,3 ETP	0.0%	6,3 ETP	-7.4%	6,8 ETP	-9.3%	7,5 ETP	+1.4%	7,4 ETP	-1.3%	7,5 ETP	+13.6%	6,6 ETP	-2.9%	6,8 ETP	+6.2%	6,4 ETP	+3.2%	6,2 ETP	-10.1%	6,9 ETP	+21.1%	5,7 ETP	+16.3%	4,9 ETP	-14.0%	5,7 ETP	-1.7%	5,8 ETP	+18.4%	4,9 ETP	-3.9%	5,1 ETP	+4.1%	4,9 ETP	+14.0%	4,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 19 ended

Active mandates

Françoise POELS

Director · since 04 octobre 2023 · until 04 octobre 2029

Active

Pierre CHAPELIER

Managing director · since 04 octobre 2023 · until 04 octobre 2029

Active

Ended mandates

Françoise POELS

Director · since 30 juin 2019 · until 30 juin 2025

Ended

Pierre CHAPELIER

Managing director · since 30 juin 2019 · until 30 juin 2025

Ended

Françoise POELS

Director · since 15 juin 2019 · until 15 juin 2020 · 0810.818.347

Ended

Françoise POELS

Director · since 15 juin 2019 · until 15 juin 2025 · 0810.818.347

Ended

At this address

Other companies at this address

Company	CBE no.
ALEXANDRE CHAPELIER● Active	0775.294.868
Françoise POELS● Active	0810.818.347
OLIVIER JAVAUX● Active	0760.370.033
Pierre CHAPELIER● Active	0810.817.852
VEB Fiduciaire● Active	0799.710.659

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	20/07/2026	15/07/2025	21/06/2024	24/07/2023	22/06/2022	24/07/2021
General meeting	20/06/2026	21/06/2025	15/06/2024	30/06/2023	18/06/2022	19/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	20/06/2026	20/07/2026	French	PDF
Abridged model	31/12/2024	21/06/2025	15/07/2025	French	PDF
Abridged model	31/12/2023	15/06/2024	21/06/2024	French	PDF
Abridged model	31/12/2022	30/06/2023	24/07/2023	French	PDF
Abridged model	31/12/2021	18/06/2022	22/06/2022	French	PDF
Abridged model	31/12/2020	19/06/2021	24/07/2021	French	PDF
Abridged model	31/12/2019	20/06/2020	21/08/2020	French	PDF
Abridged model	31/12/2018	15/06/2019	03/07/2019	French	PDF
Abridged model	31/12/2017	16/06/2018	03/07/2018	French	PDF
Abridged model	31/12/2016	17/06/2017	27/07/2017	French	PDF
Abridged model	31/12/2015	18/06/2016	01/07/2016	French	PDF
Abridged model	31/12/2014	20/06/2015	14/07/2015	French	PDF
Abridged model	31/12/2013	21/06/2014	26/06/2014	French	PDF
Abridged model	31/12/2012	15/06/2013	25/06/2013	French	PDF
Abridged model	31/12/2011	16/06/2012	03/07/2012	French	PDF
Abridged model	31/12/2010	18/06/2011	21/06/2011	French	PDF
Abridged model	31/12/2009	19/06/2010	21/06/2010	French	PDF
Abridged model	31/12/2008	18/06/2009	07/07/2009	French	PDF
Abridged model	31/12/2007	24/06/2008	10/07/2008	French	PDF
Abridged model	31/12/2006	16/06/2007	13/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 19 ended

Active mandates

Françoise POELS

Director · since 04 octobre 2023 · until 04 octobre 2029

Active

Pierre CHAPELIER

Managing director · since 04 octobre 2023 · until 04 octobre 2029

Active

Ended mandates

Françoise POELS

Director · since 30 juin 2019 · until 30 juin 2025

Ended

Pierre CHAPELIER

Managing director · since 30 juin 2019 · until 30 juin 2025

Ended

Françoise POELS

Director · since 15 juin 2019 · until 15 juin 2020 · 0810.818.347

Ended

Françoise POELS

Director · since 15 juin 2019 · until 15 juin 2025 · 0810.818.347

Ended

Shareholders

Ownership and network

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Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 20254,2 k €↑
2024
Annual accounts 20242,1 k €↑
2023
Annual accounts 2023444,3 €↑
2022
Annual accounts 2022-3,5 k €↓
2021
Annual accounts 20211,5 k €↓
2020
Annual accounts 20203,8 k €↑
2019
Annual accounts 2019609,7 €↑
2018
Annual accounts 2018105,4 €↑
2017
Annual accounts 201740,8 €↑
2016
Annual accounts 2016-637,8 €↓
2015
Annual accounts 2015851,9 €↑
2014
Annual accounts 2014611,5 €↓
2013
Annual accounts 2013778 €↓
2012
Annual accounts 20121,2 k €↑
2011
Annual accounts 2011533,6 €↓
2010
Annual accounts 20104,8 k €↓
2009
Annual accounts 20095,9 k €↓
2008
Annual accounts 20088,4 k €↓
2007
Annual accounts 20079,7 k €↑
2006
Annual accounts 20063,9 k €
01/10/1986
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

COGEX

Overview

What does COGEX do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Similar companies

Similar companies

Timeline