In this work, we present detailed $^{57}$Fe M\"ossbauer spectroscopy investigations of (Co$_{0.97}$$^{57}$Fe$_{0.03}$)$_{4}$Nb$_{2}$O$_{9}$ compound to study its possible magnetic structures. We have shown that the previously reported magnetic structures can not satisfactorily describe our low temperature M\"ossbauer spectra. Therefore, in combination with theoretical calculations, we have proposed a modulated helicoidal magnetic structure that can be used to simulate the whole series of our low temperature M\"ossbauer spectra. Our results suggest that the combination of previously reported different magnetic structures are only approximations of the average magnetic structure from our modulated helicoidal model. We anticipate that the proposed modulated non-collinear magnetic structure might shed light on the understanding of the complex magnetoelectric effects observed in this system.