COFACE BELGIUM SERVICES: 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.
What changed
COFACE BELGIUM SERVICES
NACE 66.210, Risk and damage evaluation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€970,594
2024 · -€155,757-€814,837
Equity
€4.1m
2024 · €5.0m-€970,594
Cash
€1.4m
2024 · €699,874+€735,073
Balance sheet total
€5.9m
2024 · €6.9m-€989,408
Largest movements
Assets
- Receivables within one year -€1.7m
down €1.7m (-29.5%), from €5.7m to €4.0m
of which Trade receivables: -€1.1m
- Cash +€735,073
up €735,073 (+105%), from €699,874 to €1.4m
mainly Receivables within one year (+€1.7m) and Tax, wage and social debts (+€238,358)
Equity and liabilities
- Profit (loss) carried forward -€970,594
down €970,594 (-432%), from -€224,740 to -€1.2m
- Trade debts -€456,470
down €456,470 (-44.1%), from €1.0m to €579,748
- Tax, wage and social debts +€238,358
up €238,358 (+105%), from €226,098 to €464,456
of which Remuneration and social security: +€201,579
- Accrued charges and deferred income +€174,012
up €174,012 (+39.5%), from €440,219 to €614,231
Income statement
- Staff costs +€808,055
up €808,055 (+104%), from €779,598 to €1.6m
- Goods and materials +€456,799
up €456,799 (+15.1%), from €3.0m to €3.5m
- Write-downs -€230,858
down €230,858, from €160,379 to -€70,479
- Other operating income +€206,712
up €206,712 (+25.8%), from €801,124 to €1.0m
- Other operating charges +€87,732
up €87,732 (+651%), from €13,471 to €101,203
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.
Result 2024
-€155,757
Turnover
+€47,460
Other operating income
+€206,712
Goods and materials
-€456,799
Services and other goods
-€41,728
Staff costs
-€808,055
Depreciation
+€14,197
Write-downs
+€230,858
Other operating charges
-€87,732
Financial income
+€80,534
Financial charges
+€187
Taxes
-€471
Result 2025
-€970,594
raises the resultlowers the result
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.
From operations
+€762,287
Investment
-€27,214
Financing
€0
Cash 2024
€699,874
From operations (derived)
+€762,287
Net result for the year
-€970,594
Depreciation
+€57,207
Receivables within one year
+€1.7m
Deferred charges and accrued income
-€2,108
Trade debts
-€456,470
Tax, wage and social debts
+€238,358
Other debts
+€25,286
Accrued charges and deferred income
+€174,012
Investment (derived)
-€27,214
Investment in fixed assets (net)
-€27,214
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,894,229 | €5,904,821 | -€989,408 | -14.4% |
| Fixed assets | 21/28 | €366,885 | €336,892 | -€29,993 | -8.2% |
| Tangible fixed assets | 22/27 | €289,504 | €259,511 | -€29,993 | -10.4% |
| Plant, machinery and equipment | 23 | €19,206 | €35,375 | +€16,169 | +84.2% |
| Furniture and vehicles | 24 | €57,986 | €38,555 | -€19,431 | -33.5% |
| Other tangible fixed assets | 26 | €212,312 | €185,581 | -€26,731 | -12.6% |
| Financial fixed assets | 28 | €77,381 | €77,381 | = | 0.0% |
| Affiliated companies | 280/1 | €1,000 | €1,000 | = | 0.0% |
| Participating interests | 280 | €1,000 | €1,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €76,381 | €76,381 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €76,381 | €76,381 | = | 0.0% |
| Current assets | 29/58 | €6,527,344 | €5,567,929 | -€959,415 | -14.7% |
| Amounts receivable within one year | 40/41 | €5,742,360 | €4,045,764 | -€1.7m | -29.5% |
| Trade receivables | 40 | €2,947,635 | €1,832,601 | -€1.1m | -37.8% |
| Other amounts receivable | 41 | €2,794,725 | €2,213,163 | -€581,562 | -20.8% |
| Cash at bank and in hand | 54/58 | €699,874 | €1,434,947 | +€735,073 | +105% |
| Deferred charges and accrued income | 490/1 | €85,110 | €87,218 | +€2,108 | +2.5% |
| Total equity and liabilities | 10/49 | €6,894,229 | €5,904,821 | -€989,408 | -14.4% |
| Equity | 10/15 | €5,041,890 | €4,071,296 | -€970,594 | -19.3% |
| Contributions | 10/11 | €5,019,000 | €5,019,000 | = | 0.0% |
| Capital | 10 | €5,019,000 | €5,019,000 | = | 0.0% |
| Issued capital | 100 | €5,019,000 | €5,019,000 | = | 0.0% |
| Uncalled capital | 101 | - | €0 | = | |
| Reserves | 13 | €247,630 | €247,630 | = | 0.0% |
| Non-distributable reserves | 130/1 | €247,630 | €247,630 | = | 0.0% |
| Legal reserve | 130 | €247,630 | €247,630 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€224,740 | -€1,195,334 | -€970,594 | -432% |
| Provisions and deferred taxes | 16 | €125,630 | €125,630 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €125,630 | €125,630 | = | 0.0% |
| Other liabilities and charges | 164/5 | €125,630 | €125,630 | = | 0.0% |
| Amounts payable | 17/49 | €1,726,709 | €1,707,895 | -€18,814 | -1.1% |
| Amounts payable within one year | 42/48 | €1,286,490 | €1,093,664 | -€192,826 | -15.0% |
| Trade debts | 44 | €1,036,218 | €579,748 | -€456,470 | -44.1% |
| Suppliers | 440/4 | €1,036,218 | €579,748 | -€456,470 | -44.1% |
| Taxes, remuneration and social security | 45 | €226,098 | €464,456 | +€238,358 | +105% |
| Taxes | 450/3 | €44,113 | €80,892 | +€36,779 | +83.4% |
| Remuneration and social security | 454/9 | €181,985 | €383,564 | +€201,579 | +111% |
| Other amounts payable | 47/48 | €24,174 | €49,460 | +€25,286 | +105% |
| Accrued charges and deferred income | 492/3 | €440,219 | €614,231 | +€174,012 | +39.5% |
| Operating income | 70/76A | €5,747,885 | €6,002,057 | +€254,172 | +4.4% |
| Turnover | 70 | €4,946,761 | €4,994,221 | +€47,460 | +1.0% |
| Other operating income | 74 | €801,124 | €1,007,836 | +€206,712 | +25.8% |
| Operating charges | 60/66A | €5,915,144 | €7,064,403 | +€1.1m | +19.4% |
| Goods for resale, raw materials and consumables | 60 | €3,023,508 | €3,480,307 | +€456,799 | +15.1% |
| Purchases | 600/8 | €3,023,508 | €3,480,307 | +€456,799 | +15.1% |
| Services and other goods | 61 | €1,866,784 | €1,908,512 | +€41,728 | +2.2% |
| Remuneration, social security and pensions | 62 | €779,598 | €1,587,653 | +€808,055 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,404 | €57,207 | -€14,197 | -19.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €160,379 | -€70,479 | -€230,858 | |
| Other operating charges | 640/8 | €13,471 | €101,203 | +€87,732 | +651% |
| Operating profit (loss) | 9901 | -€167,259 | -€1,062,346 | -€895,087 | -535% |
| Financial income | 75/76B | €14,494 | €95,028 | +€80,534 | +556% |
| Recurring financial income | 75 | €14,494 | €95,028 | +€80,534 | +556% |
| Income from current assets | 751 | €13,108 | €93,663 | +€80,555 | +615% |
| Other financial income | 752/9 | €1,386 | €1,365 | -€21 | -1.5% |
| Financial charges | 65/66B | €2,424 | €2,237 | -€187 | -7.7% |
| Recurring financial charges | 65 | €2,424 | €2,237 | -€187 | -7.7% |
| Debt charges | 650 | €205 | €0 | -€205 | -100% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €2,219 | €2,237 | +€18 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | -€155,189 | -€969,555 | -€814,366 | -525% |
| Income taxes | 67/77 | €568 | €1,039 | +€471 | +82.9% |
| Taxes | 670/3 | €568 | €1,039 | +€471 | +82.9% |
| Profit (loss) for the period | 9904 | -€155,757 | -€970,594 | -€814,837 | -523% |
| Profit (loss) for the period to be appropriated | 9905 | -€155,757 | -€970,594 | -€814,837 | -523% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.