COFINAM: 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.
COFINAM
Largest movements
- Tangible fixed assets -€23,803
down €23,803 (-33.4%), from €71,244 to €47,441
of which Plant, machinery and equipment: -€14,835
- Cash -€19,126
down €19,126 (-33.2%), from €57,563 to €38,437
mainly Other debts (-€53,596) and Contributions, distributions and other (-€30,000)
- Receivables within one year -€11,763
down €11,763 (-5.8%), from €201,181 to €189,418
of which Other amounts receivable: -€23,395
- Deferred charges and accrued income -€11,155
down €11,155 (-91.1%), from €12,243 to €1,088
- Other debts -€53,596
down €53,596 (-65.0%), from €82,447 to €28,851
- Debts after one year -€13,168
down €13,168 (-46.6%), from €28,237 to €15,069
- Trade debts -€7,510
down €7,510 (-41.2%), from €18,213 to €10,703
- Gross operating margin -€20,954
down €20,954 (-5.6%), from €373,037 to €352,083
- Taxes +€18,655
up €18,655 (+81.7%), from €22,821 to €41,476
- Staff costs -€4,909
down €4,909 (-2.0%), from €243,898 to €238,989
- Depreciation -€3,978
down €3,978 (-13.0%), from €30,583 to €26,605
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 | €367,490 | €298,842 | -€68,648 | -18.7% |
| Fixed assets | 21/28 | €96,503 | €69,898 | -€26,605 | -27.6% |
| Intangible fixed assets | 21 | €25,209 | €22,408 | -€2,801 | -11.1% |
| Tangible fixed assets | 22/27 | €71,244 | €47,441 | -€23,803 | -33.4% |
| Land and buildings | 22 | €15,499 | €7,539 | -€7,960 | -51.4% |
| Plant, machinery and equipment | 23 | €54,721 | €39,886 | -€14,835 | -27.1% |
| Furniture and vehicles | 24 | €1,024 | €16 | -€1,008 | -98.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €270,987 | €228,943 | -€42,044 | -15.5% |
| Amounts receivable within one year | 40/41 | €201,181 | €189,418 | -€11,763 | -5.8% |
| Trade receivables | 40 | €139,372 | €151,004 | +€11,632 | +8.3% |
| Other amounts receivable | 41 | €61,809 | €38,414 | -€23,395 | -37.9% |
| Cash at bank and in hand | 54/58 | €57,563 | €38,437 | -€19,126 | -33.2% |
| Deferred charges and accrued income | 490/1 | €12,243 | €1,088 | -€11,155 | -91.1% |
| Total equity and liabilities | 10/49 | €367,490 | €298,842 | -€68,648 | -18.7% |
| Equity | 10/15 | €155,395 | €159,051 | +€3,656 | +2.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €142,995 | €146,651 | +€3,656 | +2.6% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €142,995 | €144,791 | +€1,796 | +1.3% |
| Amounts payable | 17/49 | €212,095 | €139,791 | -€72,304 | -34.1% |
| Amounts payable after more than one year | 17 | €28,237 | €15,069 | -€13,168 | -46.6% |
| Financial debts | 170/4 | €28,237 | €15,069 | -€13,168 | -46.6% |
| Amounts payable within one year | 42/48 | €183,858 | €124,722 | -€59,136 | -32.2% |
| Current portion of amounts payable after more than one year | 42 | €13,214 | €13,084 | -€130 | -1.0% |
| Trade debts | 44 | €18,213 | €10,703 | -€7,510 | -41.2% |
| Suppliers | 440/4 | €18,213 | €10,703 | -€7,510 | -41.2% |
| Taxes, remuneration and social security | 45 | €69,984 | €72,084 | +€2,100 | +3.0% |
| Taxes | 450/3 | €27,697 | €37,489 | +€9,792 | +35.4% |
| Remuneration and social security | 454/9 | €42,287 | €34,595 | -€7,692 | -18.2% |
| Other amounts payable | 47/48 | €82,447 | €28,851 | -€53,596 | -65.0% |
| Remuneration, social security and pensions | 62 | €243,898 | €238,989 | -€4,909 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,583 | €26,605 | -€3,978 | -13.0% |
| Other operating charges | 640/8 | €10,152 | €8,183 | -€1,970 | -19.4% |
| Gross operating margin | 9900 | €373,037 | €352,083 | -€20,954 | -5.6% |
| Operating profit (loss) | 9901 | €88,404 | €78,307 | -€10,097 | -11.4% |
| Financial income | 75/76B | €180 | €68 | -€112 | -62.4% |
| Recurring financial income | 75 | €180 | €68 | -€112 | -62.4% |
| Financial charges | 65/66B | €4,318 | €3,242 | -€1,076 | -24.9% |
| Recurring financial charges | 65 | €4,318 | €3,242 | -€1,076 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €84,266 | €75,132 | -€9,134 | -10.8% |
| Income taxes | 67/77 | €22,821 | €41,476 | +€18,655 | +81.7% |
| Profit (loss) for the period | 9904 | €61,445 | €33,656 | -€27,789 | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €61,445 | €33,656 | -€27,789 | -45.2% |
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 3 October 2026 via checked.be.