Cofo: 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.
Cofo
Largest movements
- Financial fixed assets +€1.8m
up €1.8m (+1394.7%), from €130,255 to €1.9m
- Deferred charges and accrued income -€151,803
down €151,803 (-89.9%), from €168,774 to €16,970
- Cash +€146,198
up €146,198 (+504.4%), from €28,985 to €175,183
mainly Net result for the year (+€1.7m) and Deferred charges and accrued income (+€151,803)
- Receivables within one year -€88,417
down €88,417 (-80.2%), from €110,225 to €21,807
of which Trade receivables: -€95,705
- Receivables after one year -€50,000
down €50,000 (-15.6%), from €321,000 to €271,000
- Reserves +€1.5m
up €1.5m (+129.5%), from €1.2m to €2.7m
- Tax, wage and social debts +€117,082
up €117,082 (+199.4%), from €58,706 to €175,788
- Financial income +€1.7m
up €1.7m (+991.7%), from €166,649 to €1.8m
of which Non-recurring financial income: +€1.8m
- Taxes +€122,674
up €122,674 (+241.4%), from €50,826 to €173,500
- Gross operating margin -€115,614
down €115,614 (-78.5%), from €147,281 to €31,667
- Depreciation -€8,924
down €8,924 (-41.3%), from €21,623 to €12,699
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 | €1,402,709 | €3,022,940 | +€1.6m | +115.5% |
| Fixed assets | 21/28 | €365,135 | €2,174,058 | +€1.8m | +495.4% |
| Tangible fixed assets | 22/27 | €234,880 | €227,171 | -€7,709 | -3.3% |
| Land and buildings | 22 | €221,000 | €214,000 | -€7,000 | -3.2% |
| Furniture and vehicles | 24 | €5,041 | €4,087 | -€954 | -18.9% |
| Other tangible fixed assets | 26 | €8,839 | €9,084 | +€245 | +2.8% |
| Financial fixed assets | 28 | €130,255 | €1,946,887 | +€1.8m | +1394.7% |
| Current assets | 29/58 | €1,037,573 | €848,882 | -€188,692 | -18.2% |
| Amounts receivable after more than one year | 29 | €321,000 | €271,000 | -€50,000 | -15.6% |
| Other amounts receivable | 291 | €321,000 | €271,000 | -€50,000 | -15.6% |
| Amounts receivable within one year | 40/41 | €110,225 | €21,807 | -€88,417 | -80.2% |
| Trade receivables | 40 | €110,225 | €14,520 | -€95,705 | -86.8% |
| Other amounts receivable | 41 | - | €7,287 | +€7,287 | |
| Current investments | 50/53 | €408,590 | €363,921 | -€44,669 | -10.9% |
| Cash at bank and in hand | 54/58 | €28,985 | €175,183 | +€146,198 | +504.4% |
| Deferred charges and accrued income | 490/1 | €168,774 | €16,970 | -€151,803 | -89.9% |
| Total equity and liabilities | 10/49 | €1,402,709 | €3,022,940 | +€1.6m | +115.5% |
| Equity | 10/15 | €1,193,335 | €2,708,524 | +€1.5m | +127.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,170,358 | €2,685,547 | +€1.5m | +129.5% |
| Distributable reserves | 133 | €1,170,358 | €2,685,547 | +€1.5m | +129.5% |
| Profit (loss) carried forward | 14 | €4,377 | €4,377 | = | 0.0% |
| Amounts payable | 17/49 | €209,374 | €314,416 | +€105,043 | +50.2% |
| Amounts payable after more than one year | 17 | €130,650 | €116,318 | -€14,333 | -11.0% |
| Financial debts | 170/4 | €130,650 | €116,318 | -€14,333 | -11.0% |
| Amounts payable within one year | 42/48 | €78,723 | €197,881 | +€119,158 | +151.4% |
| Current portion of amounts payable after more than one year | 42 | €14,032 | €14,333 | +€300 | +2.1% |
| Trade debts | 44 | €5,895 | €7,071 | +€1,177 | +20.0% |
| Suppliers | 440/4 | €5,895 | €7,071 | +€1,177 | +20.0% |
| Taxes, remuneration and social security | 45 | €58,706 | €175,788 | +€117,082 | +199.4% |
| Taxes | 450/3 | €58,706 | €175,788 | +€117,082 | +199.4% |
| Other amounts payable | 47/48 | €90 | €689 | +€599 | +664.8% |
| Accrued charges and deferred income | 492/3 | - | €218 | +€218 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,623 | €12,699 | -€8,924 | -41.3% |
| Other operating charges | 640/8 | €4,135 | €3,872 | -€264 | -6.4% |
| Gross operating margin | 9900 | €147,281 | €31,667 | -€115,614 | -78.5% |
| Operating profit (loss) | 9901 | €121,523 | €15,096 | -€106,427 | -87.6% |
| Financial income | 75/76B | €166,649 | €1,819,383 | +€1.7m | +991.7% |
| Recurring financial income | 75 | €166,649 | €17,685 | -€148,963 | -89.4% |
| Non-recurring financial income | 76B | - | €1,801,697 | +€1.8m | |
| Financial charges | 65/66B | €4,325 | €3,421 | -€904 | -20.9% |
| Recurring financial charges | 65 | €4,325 | €3,421 | -€904 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €283,847 | €1,831,058 | +€1.5m | +545.1% |
| Income taxes | 67/77 | €50,826 | €173,500 | +€122,674 | +241.4% |
| Profit (loss) for the period | 9904 | €233,021 | €1,657,558 | +€1.4m | +611.3% |
| Profit (loss) for the period to be appropriated | 9905 | €233,021 | €1,657,558 | +€1.4m | +611.3% |
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.