COMANEL: 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.
What changed
COMANEL
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1,957
2024 · €25,055-€27,012
Equity
€128,117
2024 · €129,974-€1,857
Cash
€25,068
2024 · €17,344+€7,724
Balance sheet total
€2.2m
2024 · €2.0m+€179,938
Largest movements
Assets
- Tangible fixed assets +€259,593
up €259,593 (+13.5%), from €1.9m to €2.2m
- Receivables within one year -€55,546
down €55,546 (-91.7%), from €60,546 to €5,000
of which Trade receivables: -€59,546
- Current investments -€32,075
no longer reported in 2025 (was €32,075)
Equity and liabilities
- Debts after one year +€126,004
up €126,004 (+7.4%), from €1.7m to €1.8m
- Other debts +€46,355
up €46,355 (+387%), from €11,992 to €58,347
Income statement
- Other operating charges +€38,538
up €38,538 (+498%), from €7,733 to €46,271
- Gross operating margin +€37,761
up €37,761 (+17.5%), from €216,372 to €254,133
- Depreciation +€18,446
up €18,446 (+13.2%), from €139,559 to €158,005
- Taxes +€7,389
up €7,389 (+124%), from €5,964 to €13,353
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.
Result 2024
€25,055
Gross operating margin
+€37,761
Depreciation
-€18,446
Other operating charges
-€38,538
Other operating items
+€90
Financial income
+€100
Financial charges
-€590
Taxes
-€7,389
Result 2025
-€1,957
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€245,275
Investment
-€385,523
Financing
+€147,972
Cash 2024
€17,344
From operations (derived)
+€245,275
Net result for the year
-€1,957
Depreciation
+€158,005
Receivables within one year
+€55,546
Deferred charges and accrued income
-€242
Trade debts
-€4,964
Tax, wage and social debts
-€4,963
Other debts
+€46,355
Accrued charges and deferred income
-€2,504
Investment (derived)
-€385,523
Investment in fixed assets (net)
-€417,598
Current investments
+€32,075
Financing
+€147,972
Debts after one year
+€126,004
Current portion of long-term debt
+€21,868
Contributions, distributions and other
+€100
Cash 2025
€25,068
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,030,149 | €2,210,087 | +€179,938 | +8.9% |
| Fixed assets | 21/28 | €1,920,048 | €2,179,641 | +€259,593 | +13.5% |
| Tangible fixed assets | 22/27 | €1,920,048 | €2,179,641 | +€259,593 | +13.5% |
| Land and buildings | 22 | €1,920,048 | €2,179,641 | +€259,593 | +13.5% |
| Current assets | 29/58 | €110,100 | €30,446 | -€79,655 | -72.3% |
| Amounts receivable within one year | 40/41 | €60,546 | €5,000 | -€55,546 | -91.7% |
| Trade receivables | 40 | €60,546 | €1,000 | -€59,546 | -98.3% |
| Other amounts receivable | 41 | - | €4,000 | +€4,000 | |
| Current investments | 50/53 | €32,075 | - | -€32,075 | |
| Cash at bank and in hand | 54/58 | €17,344 | €25,068 | +€7,724 | +44.5% |
| Deferred charges and accrued income | 490/1 | €135 | €378 | +€242 | +179% |
| Total equity and liabilities | 10/49 | €2,030,149 | €2,210,087 | +€179,938 | +8.9% |
| Equity | 10/15 | €129,974 | €128,117 | -€1,857 | -1.4% |
| Contributions | 10/11 | €4,768 | €4,768 | = | 0.0% |
| Contributions outside capital | 11 | €4,768 | €4,768 | = | 0.0% |
| Other | 1109/19 | €4,768 | €4,768 | = | 0.0% |
| Reserves | 13 | €124,375 | €124,375 | = | 0.0% |
| Non-distributable reserves | 130/1 | €477 | €477 | = | 0.0% |
| Reserves not available under the articles | 1311 | €477 | €477 | = | 0.0% |
| Distributable reserves | 133 | €123,899 | €123,899 | = | 0.0% |
| Profit (loss) carried forward | 14 | €831 | -€1,027 | -€1,857 | |
| Amounts payable | 17/49 | €1,900,174 | €2,081,970 | +€181,795 | +9.6% |
| Amounts payable after more than one year | 17 | €1,703,001 | €1,829,005 | +€126,004 | +7.4% |
| Financial debts | 170/4 | €1,703,001 | €1,829,005 | +€126,004 | +7.4% |
| Amounts payable within one year | 42/48 | €193,229 | €251,525 | +€58,296 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €162,534 | €184,402 | +€21,868 | +13.5% |
| Trade debts | 44 | €6,472 | €1,508 | -€4,964 | -76.7% |
| Suppliers | 440/4 | €6,472 | €1,508 | -€4,964 | -76.7% |
| Taxes, remuneration and social security | 45 | €12,232 | €7,268 | -€4,963 | -40.6% |
| Taxes | 450/3 | €12,232 | €7,268 | -€4,963 | -40.6% |
| Other amounts payable | 47/48 | €11,992 | €58,347 | +€46,355 | +387% |
| Accrued charges and deferred income | 492/3 | €3,944 | €1,440 | -€2,504 | -63.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,559 | €158,005 | +€18,446 | +13.2% |
| Other operating charges | 640/8 | €7,733 | €46,271 | +€38,538 | +498% |
| Non-recurring operating charges | 66A | €90 | - | -€90 | |
| Gross operating margin | 9900 | €216,372 | €254,133 | +€37,761 | +17.5% |
| Operating profit (loss) | 9901 | €68,990 | €49,857 | -€19,133 | -27.7% |
| Financial income | 75/76B | - | €100 | +€100 | |
| Recurring financial income | 75 | - | €100 | +€100 | |
| Financial charges | 65/66B | €37,972 | €38,562 | +€590 | +1.6% |
| Recurring financial charges | 65 | €37,972 | €38,562 | +€590 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €31,018 | €11,395 | -€19,623 | -63.3% |
| Income taxes | 67/77 | €5,964 | €13,353 | +€7,389 | +124% |
| Profit (loss) for the period | 9904 | €25,055 | -€1,957 | -€27,012 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,055 | -€1,957 | -€27,012 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.