COFRAX: 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.
COFRAX
Largest movements
- Cash +€187,775
up €187,775 (+299.6%), from €62,681 to €250,456
mainly Receivables within one year (+€131,642) and Net result for the year (+€38,319)
- Receivables within one year -€131,642
down €131,642 (-58.6%), from €224,604 to €92,963
of which Trade receivables: -€125,613
- Tangible fixed assets -€19,925
down €19,925 (-25.2%), from €78,969 to €59,043
of which Furniture and vehicles: -€20,532
- Stocks and contracts -€6,500
down €6,500 (-35.4%), from €18,345 to €11,845
- Reserves +€32,673
up €32,673 (+17.1%), from €191,232 to €223,904
- Debts after one year -€13,258
down €13,258 (-10.8%), from €122,545 to €109,288
of which Other amounts payable: -€87,967
- Tax, wage and social debts +€6,416
up €6,416 (+57.7%), from €11,121 to €17,537
- Other debts +€5,302
up €5,302 (+148.3%), from €3,575 to €8,877
- Gross operating margin -€50,828
down €50,828 (-34.1%), from €149,096 to €98,267
- Depreciation -€10,373
down €10,373 (-22.0%), from €47,183 to €36,810
- Taxes -€9,913
down €9,913 (-43.3%), from €22,898 to €12,985
- Financial charges -€4,016
down €4,016 (-45.3%), from €8,866 to €4,849
- Staff costs -€3,151
down €3,151 (-88.5%), from €3,561 to €410
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 | €388,631 | €420,517 | +€31,887 | +8.2% |
| Fixed assets | 21/28 | €79,250 | €59,324 | -€19,925 | -25.1% |
| Tangible fixed assets | 22/27 | €78,969 | €59,043 | -€19,925 | -25.2% |
| Plant, machinery and equipment | 23 | €23,590 | €24,196 | +€607 | +2.6% |
| Furniture and vehicles | 24 | €55,379 | €34,847 | -€20,532 | -37.1% |
| Financial fixed assets | 28 | €281 | €281 | = | 0.0% |
| Current assets | 29/58 | €309,381 | €361,193 | +€51,812 | +16.7% |
| Stocks and contracts in progress | 3 | €18,345 | €11,845 | -€6,500 | -35.4% |
| Stocks | 30/36 | €18,345 | €11,845 | -€6,500 | -35.4% |
| Amounts receivable within one year | 40/41 | €224,604 | €92,963 | -€131,642 | -58.6% |
| Trade receivables | 40 | €208,938 | €83,325 | -€125,613 | -60.1% |
| Other amounts receivable | 41 | €15,666 | €9,638 | -€6,028 | -38.5% |
| Cash at bank and in hand | 54/58 | €62,681 | €250,456 | +€187,775 | +299.6% |
| Deferred charges and accrued income | 490/1 | €3,750 | €5,929 | +€2,179 | +58.1% |
| Total equity and liabilities | 10/49 | €388,631 | €420,517 | +€31,887 | +8.2% |
| Equity | 10/15 | €211,294 | €243,966 | +€32,673 | +15.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €191,232 | €223,904 | +€32,673 | +17.1% |
| Distributable reserves | 133 | €191,232 | €223,904 | +€32,673 | +17.1% |
| Profit (loss) carried forward | 14 | €62 | €62 | = | 0.0% |
| Amounts payable | 17/49 | €177,337 | €176,551 | -€786 | -0.4% |
| Amounts payable after more than one year | 17 | €122,545 | €109,288 | -€13,258 | -10.8% |
| Financial debts | 170/4 | €34,578 | €109,288 | +€74,710 | +216.1% |
| Other amounts payable | 178/9 | €87,967 | - | -€87,967 | |
| Amounts payable within one year | 42/48 | €54,792 | €67,263 | +€12,471 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €16,975 | €14,780 | -€2,196 | -12.9% |
| Trade debts | 44 | €23,120 | €26,069 | +€2,949 | +12.8% |
| Suppliers | 440/4 | €23,120 | €26,069 | +€2,949 | +12.8% |
| Taxes, remuneration and social security | 45 | €11,121 | €17,537 | +€6,416 | +57.7% |
| Taxes | 450/3 | €11,121 | €17,537 | +€6,416 | +57.7% |
| Other amounts payable | 47/48 | €3,575 | €8,877 | +€5,302 | +148.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €3,561 | €410 | -€3,151 | -88.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,183 | €36,810 | -€10,373 | -22.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,784 | €5,095 | +€310 | +6.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €149,096 | €98,267 | -€50,828 | -34.1% |
| Operating profit (loss) | 9901 | €93,567 | €55,952 | -€37,614 | -40.2% |
| Financial income | 75/76B | €75 | €201 | +€126 | +168.6% |
| Recurring financial income | 75 | €75 | €201 | +€126 | +168.6% |
| Financial charges | 65/66B | €8,866 | €4,849 | -€4,016 | -45.3% |
| Recurring financial charges | 65 | €8,866 | €4,849 | -€4,016 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €84,776 | €51,304 | -€33,472 | -39.5% |
| Income taxes | 67/77 | €22,898 | €12,985 | -€9,913 | -43.3% |
| Profit (loss) for the period | 9904 | €61,877 | €38,319 | -€23,559 | -38.1% |
| Profit (loss) for the period to be appropriated | 9905 | €61,877 | €38,319 | -€23,559 | -38.1% |
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 12 October 2026 via checked.be.