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Almost, yes. It should be close enough as an estimate.
If you want to be precise, one thing you want to be careful about is that not every fuel releases the same amount of energy per kg of CO2. So you should be comparing to the CO2 released by whatever is being replaced by the biofuel (most likely fossil fuel), not the biofuel itself.
Another consideration is how much CO2 is released by the production of the biofuel compared to what it is replacing. Since farming equipment, transportation etc. all could produce CO2.
Unfortunately we are out of Czechoslovakias at the moment. Our last one broke in two :(