COFEN: what changed
Two fiscal 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.
COFEN
Largest movements
- Tangible fixed assets +€99,642
up €99,642 (+547.4%), from €18,204 to €117,846
of which Land and buildings: +€99,117
- Cash -€93,058
down €93,058 (-71.8%), from €129,667 to €36,609
mainly Investment in fixed assets (net) (-€103,482) and Tax, wage and social debts (-€25,927)
- Receivables within one year -€37,589
down €37,589 (-41.3%), from €91,116 to €53,527
of which Other amounts receivable: -€44,085
- Current investments +€12,000
new in 2025: €12,000
- Reserves +€40,000
up €40,000 (+59.8%), from €66,900 to €106,900
- Tax, wage and social debts -€25,927
down €25,927 (-98.4%), from €26,340 to €413
- Other debts -€20,385
down €20,385 (-46.7%), from €43,666 to €23,281
- Debts after one year -€13,274
down €13,274 (-15.8%), from €84,139 to €70,865
- Current portion of long-term debt -€12,750
down €12,750 (-100.0%), from €12,750 to €0
- Purchases and services -€88,537
no longer reported in 2025 (was €88,537)
- Gross operating margin +€6,402
up €6,402 (+10.4%), from €61,659 to €68,061
- Depreciation +€1,599
up €1,599 (+71.4%), from €2,241 to €3,840
- Other operating charges +€717
up €717 (+168.7%), from €425 to €1,142
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.
Cash bridge derived
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 | €238,987 | €219,982 | -€19,005 | -8.0% |
| Fixed assets | 21/28 | €18,204 | €117,846 | +€99,642 | +547.4% |
| Tangible fixed assets | 22/27 | €18,204 | €117,846 | +€99,642 | +547.4% |
| Land and buildings | 22 | €14,999 | €114,116 | +€99,117 | +660.8% |
| Plant, machinery and equipment | 23 | - | €981 | +€981 | |
| Furniture and vehicles | 24 | €3,205 | €2,749 | -€456 | -14.2% |
| Current assets | 29/58 | €220,783 | €102,136 | -€118,647 | -53.7% |
| Amounts receivable within one year | 40/41 | €91,116 | €53,527 | -€37,589 | -41.3% |
| Trade receivables | 40 | €24,035 | €30,531 | +€6,496 | +27.0% |
| Other amounts receivable | 41 | €67,081 | €22,996 | -€44,085 | -65.7% |
| Current investments | 50/53 | - | €12,000 | +€12,000 | |
| Cash at bank and in hand | 54/58 | €129,667 | €36,609 | -€93,058 | -71.8% |
| Total equity and liabilities | 10/49 | €238,987 | €219,982 | -€19,005 | -8.0% |
| Equity | 10/15 | €68,989 | €112,150 | +€43,161 | +62.6% |
| Contributions | 10/11 | €1,860 | €1,860 | = | 0.0% |
| Reserves | 13 | €66,900 | €106,900 | +€40,000 | +59.8% |
| Distributable reserves | 133 | €66,900 | €106,900 | +€40,000 | +59.8% |
| Profit (loss) carried forward | 14 | €229 | €3,390 | +€3,161 | +1380.3% |
| Amounts payable | 17/49 | €169,998 | €107,832 | -€62,166 | -36.6% |
| Amounts payable after more than one year | 17 | €84,139 | €70,865 | -€13,274 | -15.8% |
| Financial debts | 170/4 | €84,139 | €70,865 | -€13,274 | -15.8% |
| Amounts payable within one year | 42/48 | €85,859 | €36,967 | -€48,892 | -56.9% |
| Current portion of amounts payable after more than one year | 42 | €12,750 | €0 | -€12,750 | -100.0% |
| Trade debts | 44 | €3,103 | €13,273 | +€10,170 | +327.7% |
| Suppliers | 440/4 | €3,103 | €13,273 | +€10,170 | +327.7% |
| Taxes, remuneration and social security | 45 | €26,340 | €413 | -€25,927 | -98.4% |
| Taxes | 450/3 | €26,340 | €413 | -€25,927 | -98.4% |
| Other amounts payable | 47/48 | €43,666 | €23,281 | -€20,385 | -46.7% |
| Turnover | 70 | €0 | - | = | |
| Non-recurring operating income | 76A | €15,353 | - | -€15,353 | |
| Goods, raw materials, services and sundry goods | 60/61 | €88,537 | - | -€88,537 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,241 | €3,840 | +€1,599 | +71.4% |
| Other operating charges | 640/8 | €425 | €1,142 | +€717 | +168.7% |
| Gross operating margin | 9900 | €61,659 | €68,061 | +€6,402 | +10.4% |
| Operating profit (loss) | 9901 | €58,993 | €63,079 | +€4,086 | +6.9% |
| Financial charges | 65/66B | €3,554 | €4,119 | +€565 | +15.9% |
| Recurring financial charges | 65 | €3,554 | €4,119 | +€565 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €55,439 | €58,960 | +€3,521 | +6.4% |
| Income taxes | 67/77 | €16,338 | €15,800 | -€538 | -3.3% |
| Profit (loss) for the period | 9904 | €39,101 | €43,160 | +€4,059 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,101 | €43,160 | +€4,059 | +10.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.