COFAREN: 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.
COFAREN
Largest movements
- Tangible fixed assets +€241,831
up €241,831 (+88.4%), from €273,452 to €515,283
of which Plant, machinery and equipment: +€245,479
- Current investments +€150,000
new in 2025: €150,000
- Receivables within one year +€26,795
up €26,795 (+43.1%), from €62,206 to €89,001
of which Trade receivables: +€28,001
- Cash -€11,428
down €11,428 (-11.3%), from €101,205 to €89,777
mainly Investment in fixed assets (net) (-€295,542) and Current investments (-€150,000)
- Debts after one year +€455,950
up €455,950 (+290%), from €157,481 to €613,431
- Trade debts -€83,849
down €83,849 (-96.8%), from €86,643 to €2,794
- Current portion of long-term debt +€19,466
up €19,466 (+49.2%), from €39,551 to €59,017
- Profit (loss) carried forward +€13,030
up €13,030 (+9.6%), from €135,747 to €148,777
- Turnover +€31,912
up €31,912 (+41.3%), from €77,234 to €109,146
- Gross operating margin +€29,238
up €29,238 (+65.7%), from €44,485 to €73,723
- Depreciation +€29,026
up €29,026 (+118%), from €24,684 to €53,711
- Financial charges +€5,744
up €5,744 (+282%), from €2,036 to €7,780
- Purchases and services +€2,674
up €2,674 (+8.2%), from €32,749 to €35,422
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €436,863 | €844,061 | +€407,198 | +93.2% |
| Fixed assets | 21/28 | €273,452 | €515,283 | +€241,831 | +88.4% |
| Tangible fixed assets | 22/27 | €273,452 | €515,283 | +€241,831 | +88.4% |
| Land and buildings | 22 | €35,023 | €31,375 | -€3,648 | -10.4% |
| Plant, machinery and equipment | 23 | €238,429 | €483,908 | +€245,479 | +103% |
| Current assets | 29/58 | €163,411 | €328,778 | +€165,367 | +101% |
| Amounts receivable within one year | 40/41 | €62,206 | €89,001 | +€26,795 | +43.1% |
| Trade receivables | 40 | €59,700 | €87,701 | +€28,001 | +46.9% |
| Other amounts receivable | 41 | €2,506 | €1,300 | -€1,205 | -48.1% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €101,205 | €89,777 | -€11,428 | -11.3% |
| Total equity and liabilities | 10/49 | €436,863 | €844,061 | +€407,198 | +93.2% |
| Equity | 10/15 | €148,584 | €160,610 | +€12,027 | +8.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €135,747 | €148,777 | +€13,030 | +9.6% |
| Investment grants | 15 | €4,776 | €3,773 | -€1,003 | -21.0% |
| Provisions and deferred taxes | 16 | €1,592 | €1,258 | -€334 | -21.0% |
| Deferred taxes | 168 | €1,592 | €1,258 | -€334 | -21.0% |
| Amounts payable | 17/49 | €286,687 | €682,193 | +€395,506 | +138% |
| Amounts payable after more than one year | 17 | €157,481 | €613,431 | +€455,950 | +290% |
| Financial debts | 170/4 | €157,481 | €613,431 | +€455,950 | +290% |
| Amounts payable within one year | 42/48 | €129,206 | €68,761 | -€60,444 | -46.8% |
| Current portion of amounts payable after more than one year | 42 | €39,551 | €59,017 | +€19,466 | +49.2% |
| Trade debts | 44 | €86,643 | €2,794 | -€83,849 | -96.8% |
| Suppliers | 440/4 | €86,643 | €2,794 | -€83,849 | -96.8% |
| Taxes, remuneration and social security | 45 | €1,609 | €5,084 | +€3,475 | +216% |
| Taxes | 450/3 | €1,609 | €5,084 | +€3,475 | +216% |
| Other amounts payable | 47/48 | €1,402 | €1,866 | +€464 | +33.1% |
| Turnover | 70 | €77,234 | €109,146 | +€31,912 | +41.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €32,749 | €35,422 | +€2,674 | +8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,684 | €53,711 | +€29,026 | +118% |
| Other operating charges | 640/8 | €715 | €727 | +€12 | +1.7% |
| Gross operating margin | 9900 | €44,485 | €73,723 | +€29,238 | +65.7% |
| Operating profit (loss) | 9901 | €19,086 | €19,286 | +€200 | +1.0% |
| Financial income | 75/76B | €1,003 | €1,190 | +€187 | +18.6% |
| Recurring financial income | 75 | €1,003 | €1,190 | +€187 | +18.6% |
| Financial charges | 65/66B | €2,036 | €7,780 | +€5,744 | +282% |
| Recurring financial charges | 65 | €2,036 | €7,780 | +€5,744 | +282% |
| Profit (loss) for the period before taxes | 9903 | €18,053 | €12,695 | -€5,358 | -29.7% |
| Transfer from deferred taxes | 780 | €334 | €334 | = | 0.0% |
| Income taxes | 67/77 | €1,609 | - | -€1,609 | |
| Profit (loss) for the period | 9904 | €16,779 | €13,030 | -€3,749 | -22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,779 | €13,030 | -€3,749 | -22.3% |
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 19 October 2026 via checked.be.