The most important difference is in aromatic substance. In toilet water it's 5-10% oil in 60-85 % of alcohol. In cologne it's 3-5% oil in 70-80 % of alcohol
While the terms toilet water and eau de cologne used to be used interchangeably to refer to lightly scented perfume products, toilet water now refers to a scent even lighter than cologne. Cologne is 5-15% aromatics, while toilet water is only 3-5% aromatics.
The difference between toilet water and cologne is, that toilet water is a much lighter, more dilluted body fragrance than cologne. Cologne is more concentrated and carries a more noticable essence.
This sounds like a joke question, but toilet water obviously doesn't smell good, while cologne is meant to make a man smell nice. Plus, toilet water doesn't cost anything while cologne does!
Cologne is reserved for the men's field. And toilet water is waste. Toilet Water doesn't smell unless you have did something in it and put it on you, And that is really nasty if you do that because why would you put Toilet Water on you. But you should never where it anyway.
Toilet water comes from the toilet so it is practically free and is very unsanitary. Cologne on the other hand costs a whole lot more than water and usually smells better.