COFISIM: 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
COFISIM
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€271,811
2024 · €157,920+€113,891
Equity
€9.7m
2024 · €3.7m+€6.0m
Cash
€22,209
2024 · €4,474+€17,735
Balance sheet total
€13.4m
2024 · €7.9m+€5.5m
Largest movements
Assets
- Tangible fixed assets +€5.7m
up €5.7m (+104.6%), from €5.5m to €11.2m
of which Land and buildings: +€5.8m
Equity and liabilities
- Revaluation surpluses +€5.7m
up €5.7m (+283.1%), from €2.0m to €7.7m
- Short-term financial debts -€274,865
down €274,865 (-79.9%), from €344,048 to €69,184
of which Credit institutions: -€258,000
- Reserves +€268,871
up €268,871 (+18.1%), from €1.5m to €1.8m
of which Distributable reserves: +€200,000
Income statement
- Gross operating margin +€85,918
up €85,918 (+18.8%), from €457,162 to €543,080
- Other operating charges -€21,052
down €21,052 (-28.5%), from €73,941 to €52,888
- Depreciation -€19,432
down €19,432 (-8.1%), from €240,762 to €221,330
- Financial income -€8,731
down €8,731 (-5.1%), from €171,706 to €162,975
- Taxes +€8,454
up €8,454 (+33.1%), from €25,573 to €34,027
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
€157,920
Gross operating margin
+€85,918
Depreciation
+€19,432
Other operating charges
+€21,052
Financial income
-€8,731
Financial charges
+€4,674
Taxes
-€8,454
Result 2025
€271,811
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
+€506,941
Investment
-€5.7m
Financing
+€5.2m
Cash 2024
€4,474
From operations (derived)
+€506,941
Net result for the year
+€271,811
Depreciation
+€221,330
Receivables after one year
+€20,000
Smaller working-capital items
-€6,200
Investment (derived)
-€5.7m
Investment in fixed assets (net)
-€5.9m
Current investments
+€115,025
Financing
+€5.2m
Debts after one year
-€125,629
Current portion of long-term debt
-€41,350
Short-term financial debts
-€274,865
Contributions, distributions and other
+€5.7m
Cash 2025
€22,209
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,875,973 | €13,382,619 | +€5.5m | +69.9% |
| Fixed assets | 21/28 | €7,690,959 | €13,322,875 | +€5.6m | +73.2% |
| Tangible fixed assets | 22/27 | €5,455,447 | €11,163,410 | +€5.7m | +104.6% |
| Land and buildings | 22 | €5,026,266 | €10,781,036 | +€5.8m | +114.5% |
| Plant, machinery and equipment | 23 | €422,954 | €379,549 | -€43,405 | -10.3% |
| Furniture and vehicles | 24 | €6,227 | €2,825 | -€3,402 | -54.6% |
| Financial fixed assets | 28 | €2,235,511 | €2,159,465 | -€76,046 | -3.4% |
| Current assets | 29/58 | €185,014 | €59,744 | -€125,270 | -67.7% |
| Amounts receivable after more than one year | 29 | €20,000 | - | -€20,000 | |
| Other amounts receivable | 291 | €20,000 | - | -€20,000 | |
| Amounts receivable within one year | 40/41 | €10,461 | €3,210 | -€7,251 | -69.3% |
| Trade receivables | 40 | €3,496 | - | -€3,496 | |
| Other amounts receivable | 41 | €6,964 | €3,210 | -€3,755 | -53.9% |
| Current investments | 50/53 | €148,310 | €33,285 | -€115,025 | -77.6% |
| Cash at bank and in hand | 54/58 | €4,474 | €22,209 | +€17,735 | +396.4% |
| Deferred charges and accrued income | 490/1 | €1,769 | €1,040 | -€729 | -41.2% |
| Total equity and liabilities | 10/49 | €7,875,973 | €13,382,619 | +€5.5m | +69.9% |
| Equity | 10/15 | €3,734,225 | €9,696,894 | +€6.0m | +159.7% |
| Contributions | 10/11 | €230,000 | €230,000 | = | 0.0% |
| Capital | 10 | €230,000 | €230,000 | = | 0.0% |
| Issued capital | 100 | €230,000 | €230,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,010,000 | €7,700,858 | +€5.7m | +283.1% |
| Reserves | 13 | €1,482,182 | €1,751,053 | +€268,871 | +18.1% |
| Non-distributable reserves | 130/1 | €219,000 | €219,000 | = | 0.0% |
| Legal reserve | 130 | €23,000 | €23,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €196,000 | €196,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,063,182 | €1,132,053 | +€68,871 | +6.5% |
| Distributable reserves | 133 | €200,000 | €400,000 | +€200,000 | +100.0% |
| Profit (loss) carried forward | 14 | €12,043 | €14,983 | +€2,940 | +24.4% |
| Amounts payable | 17/49 | €4,141,749 | €3,685,724 | -€456,024 | -11.0% |
| Amounts payable after more than one year | 17 | €3,434,078 | €3,308,449 | -€125,629 | -3.7% |
| Financial debts | 170/4 | €3,434,078 | €3,308,449 | -€125,629 | -3.7% |
| Amounts payable within one year | 42/48 | €707,671 | €373,292 | -€334,379 | -47.3% |
| Current portion of amounts payable after more than one year | 42 | €315,440 | €274,091 | -€41,350 | -13.1% |
| Financial debts | 43 | €344,048 | €69,184 | -€274,865 | -79.9% |
| Credit institutions | 430/8 | €258,000 | - | -€258,000 | |
| Other loans | 439 | €86,048 | €69,184 | -€16,865 | -19.6% |
| Trade debts | 44 | €10,568 | €3,768 | -€6,800 | -64.3% |
| Suppliers | 440/4 | €10,568 | €3,768 | -€6,800 | -64.3% |
| Taxes, remuneration and social security | 45 | €37,615 | €26,250 | -€11,365 | -30.2% |
| Taxes | 450/3 | €37,615 | €26,250 | -€11,365 | -30.2% |
| Accrued charges and deferred income | 492/3 | - | €3,983 | +€3,983 | |
| Non-recurring operating income | 76A | €1,546 | €61,078 | +€59,532 | +3849.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €240,762 | €221,330 | -€19,432 | -8.1% |
| Other operating charges | 640/8 | €73,941 | €52,888 | -€21,052 | -28.5% |
| Gross operating margin | 9900 | €457,162 | €543,080 | +€85,918 | +18.8% |
| Operating profit (loss) | 9901 | €142,459 | €268,862 | +€126,403 | +88.7% |
| Financial income | 75/76B | €171,706 | €162,975 | -€8,731 | -5.1% |
| Recurring financial income | 75 | €171,706 | €162,975 | -€8,731 | -5.1% |
| Financial charges | 65/66B | €130,672 | €125,998 | -€4,674 | -3.6% |
| Recurring financial charges | 65 | €130,672 | €125,998 | -€4,674 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €183,493 | €305,838 | +€122,345 | +66.7% |
| Income taxes | 67/77 | €25,573 | €34,027 | +€8,454 | +33.1% |
| Profit (loss) for the period | 9904 | €157,920 | €271,811 | +€113,891 | +72.1% |
| Transfer from tax-exempt reserves | 789 | €46,843 | €52,207 | +€5,364 | +11.5% |
| Transfer to tax-exempt reserves | 689 | - | €61,078 | +€61,078 | |
| Profit (loss) for the period to be appropriated | 9905 | €204,763 | €262,940 | +€58,177 | +28.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.