COFISAF HOLDING: 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.
What changed
COFISAF HOLDING
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€512,828
2024 · -€72,215-€440,613
Equity
€1.9m
2024 · €2.4m-€512,828
Cash
€6,611
2024 · €1,947+€4,664
Balance sheet total
€6.3m
2024 · €4.3m+€1.9m
Largest movements
Assets
- Tangible fixed assets +€1.1m
up €1.1m (+62.7%), from €1.7m to €2.8m
of which Other tangible fixed assets: +€989,510
- Receivables within one year +€422,088
up €422,088 (+175%), from €241,501 to €663,589
of which Other amounts receivable: +€421,442
- Financial fixed assets +€398,065
up €398,065 (+17.3%), from €2.3m to €2.7m
Equity and liabilities
- Other debts +€2.1m
up €2.1m (+256%), from €814,559 to €2.9m
- Profit (loss) carried forward -€512,828
down €512,828 (-36.0%), from €1.4m to €912,618
- Debts after one year +€357,559
up €357,559 (+38.3%), from €934,379 to €1.3m
Income statement
- Financial income +€170,817
up €170,817 (+459%), from €37,195 to €208,012
of which Non-recurring financial income: +€179,070
- Gross operating margin -€96,724
down €96,724 (-98.5%), from €98,199 to €1,475
- Financial charges +€75,850
up €75,850 (+120%), from €63,280 to €139,130
- Depreciation +€31,140
up €31,140 (+62.8%), from €49,585 to €80,726
- Staff costs +€1,734
up €1,734 (+1.9%), from €88,951 to €90,684
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
-€72,215
Gross operating margin
-€96,724
Staff costs
-€1,734
Depreciation
-€31,140
Other operating charges
+€109
Other operating items
-€406,105
Financial income
+€170,817
Financial charges
-€75,850
Taxes
+€14
Result 2025
-€512,828
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.2m
Investment
-€1.6m
Financing
+€373,069
Cash 2024
€1,947
From operations (derived)
+€1.2m
Net result for the year
-€512,828
Depreciation
+€80,726
Smaller working-capital items
-€9,623
Receivables within one year
-€422,088
Deferred charges and accrued income
-€6,853
Trade debts
-€31,120
Tax, wage and social debts
+€20,827
Other debts
+€2.1m
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.6m
Financing
+€373,069
Debts after one year
+€357,559
Current portion of long-term debt
+€15,510
Cash 2025
€6,611
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,343,448 | €6,275,282 | +€1.9m | +44.5% |
| Fixed assets | 21/28 | €4,047,248 | €5,540,708 | +€1.5m | +36.9% |
| Tangible fixed assets | 22/27 | €1,747,950 | €2,843,346 | +€1.1m | +62.7% |
| Land and buildings | 22 | €1,155,024 | €1,276,256 | +€121,233 | +10.5% |
| Furniture and vehicles | 24 | €56,177 | €40,829 | -€15,348 | -27.3% |
| Other tangible fixed assets | 26 | €536,749 | €1,526,260 | +€989,510 | +184% |
| Financial fixed assets | 28 | €2,299,298 | €2,697,363 | +€398,065 | +17.3% |
| Current assets | 29/58 | €296,200 | €734,573 | +€438,373 | +148% |
| Amounts receivable after more than one year | 29 | €52,685 | €57,453 | +€4,769 | +9.1% |
| Other amounts receivable | 291 | €52,685 | €57,453 | +€4,769 | +9.1% |
| Amounts receivable within one year | 40/41 | €241,501 | €663,589 | +€422,088 | +175% |
| Trade receivables | 40 | - | €646 | +€646 | |
| Other amounts receivable | 41 | €241,501 | €662,943 | +€421,442 | +175% |
| Cash at bank and in hand | 54/58 | €1,947 | €6,611 | +€4,664 | +240% |
| Deferred charges and accrued income | 490/1 | €67 | €6,920 | +€6,853 | +10,179% |
| Total equity and liabilities | 10/49 | €4,343,448 | €6,275,282 | +€1.9m | +44.5% |
| Equity | 10/15 | €2,443,415 | €1,930,587 | -€512,828 | -21.0% |
| Contributions | 10/11 | €61,550 | €61,550 | = | 0.0% |
| Contributions outside capital | 11 | €61,550 | €61,550 | = | 0.0% |
| Other | 1109/19 | €61,550 | €61,550 | = | 0.0% |
| Reserves | 13 | €956,418 | €956,418 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,155 | €6,155 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,155 | €6,155 | = | 0.0% |
| Tax-exempt reserves | 132 | €950,263 | €950,263 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,425,447 | €912,618 | -€512,828 | -36.0% |
| Provisions and deferred taxes | 16 | €54,718 | €54,718 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €54,718 | €54,718 | = | 0.0% |
| Pensions and similar obligations | 160 | €54,718 | €54,718 | = | 0.0% |
| Amounts payable | 17/49 | €1,845,315 | €4,289,977 | +€2.4m | +132% |
| Amounts payable after more than one year | 17 | €934,379 | €1,291,938 | +€357,559 | +38.3% |
| Financial debts | 170/4 | €934,379 | €1,291,938 | +€357,559 | +38.3% |
| Amounts payable within one year | 42/48 | €902,067 | €2,994,024 | +€2.1m | +232% |
| Current portion of amounts payable after more than one year | 42 | €44,380 | €59,890 | +€15,510 | +34.9% |
| Trade debts | 44 | €31,120 | - | -€31,120 | |
| Suppliers | 440/4 | €31,120 | - | -€31,120 | |
| Taxes, remuneration and social security | 45 | €12,007 | €32,835 | +€20,827 | +173% |
| Taxes | 450/3 | €5,615 | €30,988 | +€25,373 | +452% |
| Remuneration and social security | 454/9 | €6,393 | €1,847 | -€4,546 | -71.1% |
| Other amounts payable | 47/48 | €814,559 | €2,901,300 | +€2.1m | +256% |
| Accrued charges and deferred income | 492/3 | €8,868 | €4,014 | -€4,854 | -54.7% |
| Non-recurring operating income | 76A | - | €729 | +€729 | |
| Remuneration, social security and pensions | 62 | €88,951 | €90,684 | +€1,734 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,585 | €80,726 | +€31,140 | +62.8% |
| Other operating charges | 640/8 | €5,467 | €5,358 | -€109 | -2.0% |
| Non-recurring operating charges | 66A | - | €406,105 | +€406,105 | |
| Gross operating margin | 9900 | €98,199 | €1,475 | -€96,724 | -98.5% |
| Operating profit (loss) | 9901 | -€45,805 | -€581,398 | -€535,594 | -1,169% |
| Financial income | 75/76B | €37,195 | €208,012 | +€170,817 | +459% |
| Recurring financial income | 75 | €37,195 | €28,943 | -€8,252 | -22.2% |
| Non-recurring financial income | 76B | - | €179,070 | +€179,070 | |
| Financial charges | 65/66B | €63,280 | €139,130 | +€75,850 | +120% |
| Recurring financial charges | 65 | €63,280 | €139,130 | +€75,850 | +120% |
| Profit (loss) for the period before taxes | 9903 | -€71,890 | -€512,516 | -€440,627 | -613% |
| Income taxes | 67/77 | €325 | €312 | -€14 | -4.1% |
| Profit (loss) for the period | 9904 | -€72,215 | -€512,828 | -€440,613 | -610% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,215 | -€512,828 | -€440,613 | -610% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.