COFIR: 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.
What changed
COFIR
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.9m
2024 · €1.7m+€2.2m
Equity
€70.6m
2024 · €69.2m+€1.4m
Cash
€263,910
2024 · €72,835+€191,075
Balance sheet total
€73.2m
2024 · €71.7m+€1.5m
Largest movements
Assets
- Financial fixed assets +€2.4m
up €2.4m (+4.1%), from €58.3m to €60.7m
- Current investments -€1.1m
down €1.1m (-9.2%), from €12.1m to €11.0m
Equity and liabilities
- Profit (loss) carried forward +€1.2m
up €1.2m (+4.2%), from €30.0m to €31.2m
Income statement
- Financial income +€2.6m
up €2.6m (+134.7%), from €1.9m to €4.5m
of which Financial income: +€2.1m
- Taxes +€282,833
new in 2025: €282,833
- Financial charges +€63,358
up €63,358 (+206.2%), from €30,731 to €94,089
- Other operating charges +€48,130
up €48,130 (+230.4%), from €20,886 to €69,016
- Gross operating margin -€12,239
down €12,239 (-15.7%), from -€78,017 to -€90,255
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.
Result 2024
€1.7m
Gross operating margin
-€12,239
Staff costs
-€198
Depreciation
+€3
Other operating charges
-€48,130
Financial income
+€2.6m
Financial charges
-€63,358
Taxes
-€282,833
Result 2025
€3.9m
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.
From operations
+€4.0m
Investment
-€1.3m
Financing
-€2.5m
Cash 2024
€72,835
From operations (derived)
+€4.0m
Net result for the year
+€3.9m
Depreciation
+€51,443
Receivables within one year
-€60,496
Deferred charges and accrued income
-€27,337
Smaller working-capital items
+€5,373
Tax, wage and social debts
+€43,707
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€2.4m
Current investments
+€1.1m
Financing
-€2.5m
Contributions, distributions and other
-€2.5m
Cash 2025
€263,910
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €71,685,902 | €73,180,497 | +€1.5m | +2.1% |
| Fixed assets | 21/28 | €59,483,347 | €61,808,694 | +€2.3m | +3.9% |
| Tangible fixed assets | 22/27 | €1,135,246 | €1,083,803 | -€51,443 | -4.5% |
| Land and buildings | 22 | €1,088,964 | €1,044,082 | -€44,882 | -4.1% |
| Furniture and vehicles | 24 | €46,283 | €39,721 | -€6,561 | -14.2% |
| Financial fixed assets | 28 | €58,348,101 | €60,724,891 | +€2.4m | +4.1% |
| Current assets | 29/58 | €12,202,555 | €11,371,803 | -€830,752 | -6.8% |
| Amounts receivable within one year | 40/41 | €12,960 | €73,456 | +€60,496 | +466.8% |
| Trade receivables | 40 | €449 | €480 | +€31 | +6.9% |
| Other amounts receivable | 41 | €12,511 | €72,976 | +€60,465 | +483.3% |
| Current investments | 50/53 | €12,111,904 | €11,002,244 | -€1.1m | -9.2% |
| Cash at bank and in hand | 54/58 | €72,835 | €263,910 | +€191,075 | +262.3% |
| Deferred charges and accrued income | 490/1 | €4,856 | €32,193 | +€27,337 | +563.0% |
| Total equity and liabilities | 10/49 | €71,685,902 | €73,180,497 | +€1.5m | +2.1% |
| Equity | 10/15 | €69,179,508 | €70,625,023 | +€1.4m | +2.1% |
| Contributions | 10/11 | €37,151,322 | €37,151,322 | = | 0.0% |
| Capital | 10 | €37,151,322 | €37,151,322 | = | 0.0% |
| Issued capital | 100 | €37,151,322 | €37,151,322 | = | 0.0% |
| Reserves | 13 | €2,027,000 | €2,224,500 | +€197,500 | +9.7% |
| Non-distributable reserves | 130/1 | €2,027,000 | €2,224,500 | +€197,500 | +9.7% |
| Legal reserve | 130 | €2,027,000 | €2,224,500 | +€197,500 | +9.7% |
| Profit (loss) carried forward | 14 | €30,001,186 | €31,249,201 | +€1.2m | +4.2% |
| Amounts payable | 17/49 | €2,506,394 | €2,555,474 | +€49,080 | +2.0% |
| Amounts payable within one year | 42/48 | €2,505,697 | €2,554,624 | +€48,927 | +2.0% |
| Trade debts | 44 | €4,359 | €9,580 | +€5,220 | +119.8% |
| Suppliers | 440/4 | €4,359 | €9,580 | +€5,220 | +119.8% |
| Taxes, remuneration and social security | 45 | €1,338 | €45,045 | +€43,707 | +3267.3% |
| Taxes | 450/3 | - | €43,643 | +€43,643 | |
| Remuneration and social security | 454/9 | €1,338 | €1,401 | +€63 | +4.7% |
| Other amounts payable | 47/48 | €2,500,000 | €2,500,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €697 | €850 | +€153 | +21.9% |
| Remuneration, social security and pensions | 62 | €9,469 | €9,667 | +€198 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,446 | €51,443 | -€3 | 0.0% |
| Other operating charges | 640/8 | €20,886 | €69,016 | +€48,130 | +230.4% |
| Gross operating margin | 9900 | -€78,017 | -€90,255 | -€12,239 | -15.7% |
| Operating profit (loss) | 9901 | -€159,817 | -€220,381 | -€60,564 | -37.9% |
| Financial income | 75/76B | €1,935,677 | €4,542,819 | +€2.6m | +134.7% |
| Recurring financial income | 75 | €1,682,413 | €3,791,765 | +€2.1m | +125.4% |
| Non-recurring financial income | 76B | €253,265 | €751,054 | +€497,789 | +196.5% |
| Financial charges | 65/66B | €30,731 | €94,089 | +€63,358 | +206.2% |
| Recurring financial charges | 65 | €30,731 | €94,089 | +€63,358 | +206.2% |
| Profit (loss) for the period before taxes | 9903 | €1,745,129 | €4,228,348 | +€2.5m | +142.3% |
| Income taxes | 67/77 | - | €282,833 | +€282,833 | |
| Profit (loss) for the period | 9904 | €1,745,129 | €3,945,515 | +€2.2m | +126.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,745,129 | €3,945,515 | +€2.2m | +126.1% |
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 1 October 2026 via checked.be.