CONFISEL: 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.
CONFISEL
Largest movements
- Tangible fixed assets +€4.6m
up €4.6m (+119,488%), from €3,841 to €4.6m
of which Land and buildings: +€4.5m
- Financial fixed assets -€4.5m
down €4.5m (-99.9%), from €4.6m to €6,034
- Receivables within one year -€1.5m
down €1.5m (-82.1%), from €1.8m to €317,209
- Current investments -€126,514
down €126,514 (-6.8%), from €1.9m to €1.7m
- Cash +€116,507
up €116,507 (+742%), from €15,709 to €132,216
mainly Receivables within one year (+€1.5m) and Contributions, distributions and other (+€1.4m)
- Profit (loss) carried forward -€3.8m
down €3.8m, from €157,702 to -€3.7m
- Reserves +€1.3m
up €1.3m (+16.9%), from €7.9m to €9.3m
of which Tax-exempt reserves: +€1.3m
- Provisions +€689,993
new in 2025: €689,993
- Debts after one year +€179,197
new in 2025: €179,197
- Current portion of long-term debt +€173,703
new in 2025: €173,703
- Financial charges +€4.1m
up €4.1m (+1,509,805%), from €270 to €4.1m
of which Non-recurring financial charges: +€4.1m
- Gross operating margin +€356,602
up €356,602, from -€6,652 to €349,950
- Depreciation +€183,179
up €183,179 (+12,430%), from €1,474 to €184,653
- Taxes +€54,776
new in 2025: €54,776
- Other operating charges +€46,214
up €46,214 (+1,542%), from €2,997 to €49,211
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,194,916 | €6,776,949 | -€1.4m | -17.3% |
| Fixed assets | 21/28 | €4,553,841 | €4,598,793 | +€44,953 | +1.0% |
| Tangible fixed assets | 22/27 | €3,841 | €4,592,759 | +€4.6m | +119,488% |
| Land and buildings | 22 | €2,183 | €4,529,721 | +€4.5m | +207,425% |
| Plant, machinery and equipment | 23 | - | €6,334 | +€6,334 | |
| Furniture and vehicles | 24 | €1,658 | €56,704 | +€55,046 | +3,320% |
| Financial fixed assets | 28 | €4,550,000 | €6,034 | -€4.5m | -99.9% |
| Current assets | 29/58 | €3,641,076 | €2,178,155 | -€1.5m | -40.2% |
| Amounts receivable within one year | 40/41 | €1,774,323 | €317,209 | -€1.5m | -82.1% |
| Other amounts receivable | 41 | €1,774,323 | €317,209 | -€1.5m | -82.1% |
| Current investments | 50/53 | €1,851,043 | €1,724,529 | -€126,514 | -6.8% |
| Cash at bank and in hand | 54/58 | €15,709 | €132,216 | +€116,507 | +742% |
| Deferred charges and accrued income | 490/1 | - | €4,201 | +€4,201 | |
| Total equity and liabilities | 10/49 | €8,194,916 | €6,776,949 | -€1.4m | -17.3% |
| Equity | 10/15 | €8,177,702 | €5,674,380 | -€2.5m | -30.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €7,920,000 | €9,259,994 | +€1.3m | +16.9% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €1,339,994 | +€1.3m | |
| Distributable reserves | 133 | €7,910,000 | €7,910,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €157,702 | -€3,685,615 | -€3.8m | |
| Provisions and deferred taxes | 16 | - | €689,993 | +€689,993 | |
| Deferred taxes | 168 | - | €689,993 | +€689,993 | |
| Amounts payable | 17/49 | €17,214 | €412,577 | +€395,363 | +2,297% |
| Amounts payable after more than one year | 17 | - | €179,197 | +€179,197 | |
| Financial debts | 170/4 | - | €179,197 | +€179,197 | |
| Amounts payable within one year | 42/48 | €17,214 | €227,554 | +€210,340 | +1,222% |
| Current portion of amounts payable after more than one year | 42 | - | €173,703 | +€173,703 | |
| Trade debts | 44 | - | €932 | +€932 | |
| Suppliers | 440/4 | - | €932 | +€932 | |
| Taxes, remuneration and social security | 45 | - | €46,900 | +€46,900 | |
| Taxes | 450/3 | - | €45,000 | +€45,000 | |
| Remuneration and social security | 454/9 | - | €1,900 | +€1,900 | |
| Other amounts payable | 47/48 | €17,214 | €6,018 | -€11,196 | -65.0% |
| Accrued charges and deferred income | 492/3 | - | €5,826 | +€5,826 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,474 | €184,653 | +€183,179 | +12,430% |
| Other operating charges | 640/8 | €2,997 | €49,211 | +€46,214 | +1,542% |
| Gross operating margin | 9900 | -€6,652 | €349,950 | +€356,602 | |
| Operating profit (loss) | 9901 | -€11,123 | €116,086 | +€127,209 | |
| Financial income | 75/76B | €75,883 | €91,060 | +€15,178 | +20.0% |
| Recurring financial income | 75 | €75,883 | €91,060 | +€15,178 | +20.0% |
| Financial charges | 65/66B | €270 | €4,077,347 | +€4.1m | +1,509,805% |
| Recurring financial charges | 65 | €270 | €14,392 | +€14,122 | +5,230% |
| Non-recurring financial charges | 66B | - | €4,062,956 | +€4.1m | |
| Profit (loss) for the period before taxes | 9903 | €64,490 | -€3,870,201 | -€3.9m | |
| Transfer from deferred taxes | 780 | - | €27,756 | +€27,756 | |
| Income taxes | 67/77 | - | €54,776 | +€54,776 | |
| Profit (loss) for the period | 9904 | €64,490 | -€3,897,221 | -€4.0m | |
| Transfer from tax-exempt reserves | 789 | - | €53,904 | +€53,904 | |
| Profit (loss) for the period to be appropriated | 9905 | €64,490 | -€3,843,317 | -€3.9m |
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 31 October 2026 via checked.be.