COFAZO: 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.
COFAZO
Largest movements
- Receivables within one year +€106,294
up €106,294 (+379%), from €28,031 to €134,325
of which Trade receivables: +€123,284
- Current investments +€47,994
up €47,994 (+33.1%), from €145,025 to €193,018
- Tangible fixed assets -€44,407
down €44,407 (-6.7%), from €667,682 to €623,274
of which Furniture and vehicles: -€26,643
- Reserves +€79,335
up €79,335 (+15.8%), from €503,049 to €582,384
of which Distributable reserves: +€79,335
- Debts after one year -€51,721
down €51,721 (-20.8%), from €248,869 to €197,149
- Other debts +€39,594
up €39,594 (+109%), from €36,347 to €75,941
- Tax, wage and social debts +€16,559
up €16,559 (+142%), from €11,692 to €28,251
of which Taxes: +€16,559
- Trade debts +€13,340
up €13,340 (+157%), from €8,488 to €21,828
- Gross operating margin +€96,132
up €96,132 (+153%), from €62,952 to €159,084
- Taxes +€21,944
up €21,944 (+608%), from €3,608 to €25,552
- Other operating charges -€3,883
down €3,883 (-48.6%), from €7,985 to €4,103
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 | €863,401 | €964,628 | +€101,228 | +11.7% |
| Fixed assets | 21/28 | €668,344 | €623,834 | -€44,510 | -6.7% |
| Tangible fixed assets | 22/27 | €667,682 | €623,274 | -€44,407 | -6.7% |
| Land and buildings | 22 | €555,587 | €541,066 | -€14,522 | -2.6% |
| Plant, machinery and equipment | 23 | €3,176 | €2,699 | -€477 | -15.0% |
| Furniture and vehicles | 24 | €95,504 | €68,861 | -€26,643 | -27.9% |
| Other tangible fixed assets | 26 | €13,414 | €10,648 | -€2,766 | -20.6% |
| Financial fixed assets | 28 | €662 | €560 | -€102 | -15.5% |
| Current assets | 29/58 | €195,057 | €340,794 | +€145,738 | +74.7% |
| Amounts receivable within one year | 40/41 | €28,031 | €134,325 | +€106,294 | +379% |
| Trade receivables | 40 | €11,041 | €134,325 | +€123,284 | +1,117% |
| Other amounts receivable | 41 | €16,990 | €0 | -€16,990 | -100% |
| Current investments | 50/53 | €145,025 | €193,018 | +€47,994 | +33.1% |
| Cash at bank and in hand | 54/58 | €19,127 | €10,425 | -€8,702 | -45.5% |
| Deferred charges and accrued income | 490/1 | €2,873 | €3,026 | +€152 | +5.3% |
| Total equity and liabilities | 10/49 | €863,401 | €964,628 | +€101,228 | +11.7% |
| Equity | 10/15 | €505,814 | €588,584 | +€82,770 | +16.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €503,049 | €582,384 | +€79,335 | +15.8% |
| Tax-exempt reserves | 132 | €17,835 | €17,835 | = | 0.0% |
| Distributable reserves | 133 | €485,213 | €564,548 | +€79,335 | +16.4% |
| Profit (loss) carried forward | 14 | -€3,435 | €0 | +€3,435 | |
| Amounts payable | 17/49 | €357,586 | €376,045 | +€18,458 | +5.2% |
| Amounts payable after more than one year | 17 | €248,869 | €197,149 | -€51,721 | -20.8% |
| Financial debts | 170/4 | €248,869 | €197,149 | -€51,721 | -20.8% |
| Amounts payable within one year | 42/48 | €103,701 | €178,561 | +€74,860 | +72.2% |
| Current portion of amounts payable after more than one year | 42 | €47,174 | €51,721 | +€4,547 | +9.6% |
| Financial debts | 43 | €0 | €820 | +€820 | |
| Credit institutions | 430/8 | €0 | €820 | +€820 | |
| Trade debts | 44 | €8,488 | €21,828 | +€13,340 | +157% |
| Suppliers | 440/4 | €8,488 | €21,828 | +€13,340 | +157% |
| Taxes, remuneration and social security | 45 | €11,692 | €28,251 | +€16,559 | +142% |
| Taxes | 450/3 | €11,692 | €28,251 | +€16,559 | +142% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €36,347 | €75,941 | +€39,594 | +109% |
| Accrued charges and deferred income | 492/3 | €5,017 | €335 | -€4,682 | -93.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,409 | €45,886 | +€477 | +1.1% |
| Other operating charges | 640/8 | €7,985 | €4,103 | -€3,883 | -48.6% |
| Gross operating margin | 9900 | €62,952 | €159,084 | +€96,132 | +153% |
| Operating profit (loss) | 9901 | €9,557 | €109,095 | +€99,537 | +1,041% |
| Financial income | 75/76B | €1,998 | €3,131 | +€1,134 | +56.7% |
| Recurring financial income | 75 | €1,998 | €3,131 | +€1,134 | +56.7% |
| Financial charges | 65/66B | €4,292 | €3,904 | -€387 | -9.0% |
| Recurring financial charges | 65 | €4,292 | €3,904 | -€387 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €7,263 | €108,321 | +€101,058 | +1,391% |
| Income taxes | 67/77 | €3,608 | €25,552 | +€21,944 | +608% |
| Profit (loss) for the period | 9904 | €3,656 | €82,770 | +€79,114 | +2,164% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €3,656 | €82,770 | +€79,114 | +2,164% |
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 15 October 2026 via checked.be.