COFINEUR: 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.
COFINEUR
Largest movements
- Financial fixed assets +€255,744
up €255,744 (+8.9%), from €2.9m to €3.1m
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Debts after one year +€170,000
up €170,000 (+18.4%), from €925,000 to €1.1m
of which Other amounts payable: +€1.1m
- Profit (loss) carried forward +€71,121
up €71,121 (+20.3%), from €350,914 to €422,036
- Financial income -€106,912
down €106,912 (-56.1%), from €190,636 to €83,724
of which Non-recurring financial income: -€119,804
- Taxes -€31,895
no longer reported in 2025 (was €31,895)
- Gross operating margin -€30,325
down €30,325 (-45.3%), from €66,921 to €36,596
- Financial charges +€6,234
up €6,234 (+16.5%), from €37,872 to €44,106
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 | €2,977,344 | €3,209,211 | +€231,867 | +7.8% |
| Fixed assets | 21/28 | €2,882,382 | €3,137,778 | +€255,397 | +8.9% |
| Tangible fixed assets | 22/27 | €386 | €39 | -€347 | -89.9% |
| Plant, machinery and equipment | 23 | €386 | €39 | -€347 | -89.9% |
| Financial fixed assets | 28 | €2,881,995 | €3,137,739 | +€255,744 | +8.9% |
| Current assets | 29/58 | €94,962 | €71,432 | -€23,530 | -24.8% |
| Amounts receivable within one year | 40/41 | €30,129 | €32,719 | +€2,591 | +8.6% |
| Trade receivables | 40 | €30,129 | €23,842 | -€6,287 | -20.9% |
| Other amounts receivable | 41 | - | €8,877 | +€8,877 | |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €14,407 | €38,713 | +€24,306 | +168.7% |
| Deferred charges and accrued income | 490/1 | €426 | - | -€426 | |
| Total equity and liabilities | 10/49 | €2,977,344 | €3,209,211 | +€231,867 | +7.8% |
| Equity | 10/15 | €2,025,914 | €2,097,036 | +€71,121 | +3.5% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Capital | 10 | €750,000 | €750,000 | = | 0.0% |
| Issued capital | 100 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €925,000 | €925,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €75,000 | €75,000 | = | 0.0% |
| Legal reserve | 130 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €850,000 | €850,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €350,914 | €422,036 | +€71,121 | +20.3% |
| Amounts payable | 17/49 | €951,430 | €1,112,175 | +€160,745 | +16.9% |
| Amounts payable after more than one year | 17 | €925,000 | €1,095,000 | +€170,000 | +18.4% |
| Financial debts | 170/4 | €925,000 | - | -€925,000 | |
| Other amounts payable | 178/9 | - | €1,095,000 | +€1.1m | |
| Amounts payable within one year | 42/48 | €11,732 | €7,004 | -€4,728 | -40.3% |
| Trade debts | 44 | €49 | €26 | -€23 | -46.8% |
| Suppliers | 440/4 | €49 | €26 | -€23 | -46.8% |
| Taxes, remuneration and social security | 45 | €11,683 | €6,978 | -€4,705 | -40.3% |
| Taxes | 450/3 | €11,683 | €6,978 | -€4,705 | -40.3% |
| Accrued charges and deferred income | 492/3 | €14,698 | €10,171 | -€4,527 | -30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €588 | €347 | -€241 | -40.9% |
| Other operating charges | 640/8 | €4,202 | €4,745 | +€543 | +12.9% |
| Gross operating margin | 9900 | €66,921 | €36,596 | -€30,325 | -45.3% |
| Operating profit (loss) | 9901 | €62,131 | €31,503 | -€30,627 | -49.3% |
| Financial income | 75/76B | €190,636 | €83,724 | -€106,912 | -56.1% |
| Recurring financial income | 75 | €70,832 | €83,724 | +€12,893 | +18.2% |
| Non-recurring financial income | 76B | €119,804 | - | -€119,804 | |
| Financial charges | 65/66B | €37,872 | €44,106 | +€6,234 | +16.5% |
| Recurring financial charges | 65 | €37,872 | €44,106 | +€6,234 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €214,895 | €71,121 | -€143,773 | -66.9% |
| Income taxes | 67/77 | €31,895 | - | -€31,895 | |
| Profit (loss) for the period | 9904 | €182,999 | €71,121 | -€111,878 | -61.1% |
| Profit (loss) for the period to be appropriated | 9905 | €182,999 | €71,121 | -€111,878 | -61.1% |
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 2 October 2026 via checked.be.