KOFA: 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.
KOFA
Largest movements
- Financial fixed assets +€2.1m
up €2.1m (+19.4%), from €10.6m to €12.7m
- Cash -€447,432
down €447,432 (-88.5%), from €505,364 to €57,932
mainly Investment in fixed assets (net) (-€2.3m) and Debts after one year (-€251,328)
- Tangible fixed assets +€194,738
up €194,738 (+227%), from €85,797 to €280,535
of which Land and buildings: +€224,250
- Other debts +€1.8m
up €1.8m (+47.2%), from €3.9m to €5.7m
- Reserves +€321,897
up €321,897 (+6.3%), from €5.1m to €5.4m
of which Distributable reserves: +€321,897
- Debts after one year -€251,328
down €251,328 (-14.8%), from €1.7m to €1.4m
- Financial income -€800,251
down €800,251 (-72.7%), from €1.1m to €299,750
- Turnover -€27,600
down €27,600 (-6.1%), from €450,000 to €422,400
- Financial charges -€18,306
down €18,306 (-7.2%), from €253,621 to €235,315
- Depreciation +€7,156
up €7,156 (+32.0%), from €22,357 to €29,512
- Services and other goods -€4,610
down €4,610 (-3.3%), from €137,922 to €133,311
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 | €11,274,442 | €13,034,229 | +€1.8m | +15.6% |
| Fixed assets | 21/28 | €10,712,773 | €12,965,847 | +€2.3m | +21.0% |
| Tangible fixed assets | 22/27 | €85,797 | €280,535 | +€194,738 | +227% |
| Land and buildings | 22 | - | €224,250 | +€224,250 | |
| Furniture and vehicles | 24 | €50,626 | €39,671 | -€10,956 | -21.6% |
| Leasing and similar rights | 25 | €23,195 | €4,639 | -€18,556 | -80.0% |
| Other tangible fixed assets | 26 | €11,975 | €11,975 | = | 0.0% |
| Financial fixed assets | 28 | €10,626,977 | €12,685,312 | +€2.1m | +19.4% |
| Affiliated companies | 280/1 | €10,626,977 | €12,685,312 | +€2.1m | +19.4% |
| Participating interests | 280 | €10,626,977 | €12,685,312 | +€2.1m | +19.4% |
| Current assets | 29/58 | €561,669 | €68,382 | -€493,287 | -87.8% |
| Amounts receivable within one year | 40/41 | €51,936 | €6,203 | -€45,733 | -88.1% |
| Trade receivables | 40 | €35,000 | €242 | -€34,758 | -99.3% |
| Other amounts receivable | 41 | €16,936 | €5,961 | -€10,975 | -64.8% |
| Cash at bank and in hand | 54/58 | €505,364 | €57,932 | -€447,432 | -88.5% |
| Deferred charges and accrued income | 490/1 | €4,369 | €4,247 | -€122 | -2.8% |
| Total equity and liabilities | 10/49 | €11,274,442 | €13,034,229 | +€1.8m | +15.6% |
| Equity | 10/15 | €5,208,710 | €5,530,607 | +€321,897 | +6.2% |
| Contributions | 10/11 | €128,600 | €128,600 | = | 0.0% |
| Reserves | 13 | €5,080,110 | €5,402,007 | +€321,897 | +6.3% |
| Tax-exempt reserves | 132 | €63 | €63 | = | 0.0% |
| Distributable reserves | 133 | €5,080,048 | €5,401,945 | +€321,897 | +6.3% |
| Amounts payable | 17/49 | €6,065,732 | €7,503,622 | +€1.4m | +23.7% |
| Amounts payable after more than one year | 17 | €1,695,463 | €1,444,135 | -€251,328 | -14.8% |
| Financial debts | 170/4 | €1,695,463 | €1,444,135 | -€251,328 | -14.8% |
| Leasing and similar obligations | 172 | €3,093 | - | -€3,093 | |
| Credit institutions | 173 | €1,692,370 | €1,444,135 | -€248,235 | -14.7% |
| Amounts payable within one year | 42/48 | €4,361,269 | €6,050,487 | +€1.7m | +38.7% |
| Current portion of amounts payable after more than one year | 42 | €285,849 | €264,306 | -€21,543 | -7.5% |
| Financial debts | 43 | €130,000 | - | -€130,000 | |
| Credit institutions | 430/8 | €130,000 | - | -€130,000 | |
| Trade debts | 44 | €2,273 | €1,799 | -€474 | -20.9% |
| Suppliers | 440/4 | €2,273 | €1,799 | -€474 | -20.9% |
| Taxes, remuneration and social security | 45 | €37,543 | €35,673 | -€1,871 | -5.0% |
| Taxes | 450/3 | €34,812 | €32,942 | -€1,871 | -5.4% |
| Remuneration and social security | 454/9 | €2,731 | €2,731 | = | 0.0% |
| Other amounts payable | 47/48 | €3,905,604 | €5,748,709 | +€1.8m | +47.2% |
| Accrued charges and deferred income | 492/3 | €9,000 | €9,000 | = | 0.0% |
| Operating income | 70/76A | €466,090 | €443,012 | -€23,077 | -5.0% |
| Turnover | 70 | €450,000 | €422,400 | -€27,600 | -6.1% |
| Other operating income | 74 | €16,090 | €20,612 | +€4,523 | +28.1% |
| Operating charges | 60/66A | €166,852 | €169,979 | +€3,127 | +1.9% |
| Services and other goods | 61 | €137,922 | €133,311 | -€4,610 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,357 | €29,512 | +€7,156 | +32.0% |
| Other operating charges | 640/8 | €6,574 | €7,155 | +€581 | +8.8% |
| Operating profit (loss) | 9901 | €299,238 | €273,034 | -€26,204 | -8.8% |
| Financial income | 75/76B | €1,100,001 | €299,750 | -€800,251 | -72.7% |
| Recurring financial income | 75 | €1,100,001 | €299,750 | -€800,251 | -72.7% |
| Income from financial fixed assets | 750 | €1,100,000 | €299,750 | -€800,250 | -72.8% |
| Income from current assets | 751 | €1 | €0 | -€1 | -67.8% |
| Financial charges | 65/66B | €253,621 | €235,315 | -€18,306 | -7.2% |
| Recurring financial charges | 65 | €253,621 | €235,315 | -€18,306 | -7.2% |
| Debt charges | 650 | €247,714 | €233,549 | -€14,165 | -5.7% |
| Other financial charges | 652/9 | €5,907 | €1,766 | -€4,141 | -70.1% |
| Profit (loss) for the period before taxes | 9903 | €1,145,618 | €337,470 | -€808,149 | -70.5% |
| Income taxes | 67/77 | €19,354 | €15,573 | -€3,782 | -19.5% |
| Taxes | 670/3 | €19,354 | €15,681 | -€3,674 | -19.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €108 | +€108 | |
| Profit (loss) for the period | 9904 | €1,126,264 | €321,897 | -€804,367 | -71.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,126,264 | €321,897 | -€804,367 | -71.4% |
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 25 October 2026 via checked.be.