COMARFO: what changed
Two fiscal 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.
COMARFO
Largest movements
- Financial fixed assets -€180,000
down €180,000 (-42.7%), from €421,840 to €241,840
- Tangible fixed assets -€68,614
down €68,614 (-4.9%), from €1.4m to €1.3m
of which Land and buildings: -€76,693
- Cash -€52,462
down €52,462 (-95.1%), from €55,142 to €2,680
mainly Debts after one year (-€212,663) and Net result for the year (-€58,213)
- Debts after one year -€212,663
down €212,663 (-17.3%), from €1.2m to €1.0m
of which Financial debts: -€212,393
- Profit (loss) carried forward -€36,413
down €36,413 (-13.5%), from -€269,131 to -€305,544
- Reserves -€21,800
down €21,800 (-3.0%), from €721,725 to €699,926
of which Tax-exempt reserves: -€21,800
- Financial charges -€543,974
down €543,974 (-95.2%), from €571,541 to €27,566
of which Non-recurring financial charges: -€538,216
- Gross operating margin -€34,731
down €34,731 (-37.8%), from €91,816 to €57,085
- Depreciation -€5,440
down €5,440 (-5.7%), from €95,723 to €90,283
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.
Cash bridge derived
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 | €2,163,433 | €1,876,083 | -€287,350 | -13.3% |
| Fixed assets | 21/28 | €1,823,106 | €1,574,492 | -€248,614 | -13.6% |
| Tangible fixed assets | 22/27 | €1,401,266 | €1,332,652 | -€68,614 | -4.9% |
| Land and buildings | 22 | €1,366,958 | €1,290,264 | -€76,693 | -5.6% |
| Plant, machinery and equipment | 23 | €2,262 | €1,867 | -€396 | -17.5% |
| Furniture and vehicles | 24 | €32,046 | €40,521 | +€8,475 | +26.4% |
| Financial fixed assets | 28 | €421,840 | €241,840 | -€180,000 | -42.7% |
| Current assets | 29/58 | €340,328 | €301,592 | -€38,736 | -11.4% |
| Amounts receivable after more than one year | 29 | €282,352 | €297,388 | +€15,036 | +5.3% |
| Other amounts receivable | 291 | €282,352 | €297,388 | +€15,036 | +5.3% |
| Cash at bank and in hand | 54/58 | €55,142 | €2,680 | -€52,462 | -95.1% |
| Deferred charges and accrued income | 490/1 | €2,834 | €1,524 | -€1,310 | -46.2% |
| Total equity and liabilities | 10/49 | €2,163,433 | €1,876,083 | -€287,350 | -13.3% |
| Equity | 10/15 | €476,594 | €418,381 | -€58,213 | -12.2% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Reserves | 13 | €721,725 | €699,926 | -€21,800 | -3.0% |
| Tax-exempt reserves | 132 | €719,325 | €697,526 | -€21,800 | -3.0% |
| Distributable reserves | 133 | €2,400 | €2,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€269,131 | -€305,544 | -€36,413 | -13.5% |
| Provisions and deferred taxes | 16 | €227,275 | €220,009 | -€7,267 | -3.2% |
| Deferred taxes | 168 | €227,275 | €220,009 | -€7,267 | -3.2% |
| Amounts payable | 17/49 | €1,459,564 | €1,237,694 | -€221,871 | -15.2% |
| Amounts payable after more than one year | 17 | €1,232,429 | €1,019,765 | -€212,663 | -17.3% |
| Financial debts | 170/4 | €1,232,159 | €1,019,765 | -€212,393 | -17.2% |
| Other amounts payable | 178/9 | €270 | €0 | -€270 | -100.0% |
| Amounts payable within one year | 42/48 | €227,135 | €217,928 | -€9,207 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €209,042 | €210,413 | +€1,371 | +0.7% |
| Trade debts | 44 | €12,622 | €4,873 | -€7,749 | -61.4% |
| Suppliers | 440/4 | €12,622 | €4,873 | -€7,749 | -61.4% |
| Taxes, remuneration and social security | 45 | €5,471 | €2,642 | -€2,829 | -51.7% |
| Taxes | 450/3 | €5,471 | €2,642 | -€2,829 | -51.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,723 | €90,283 | -€5,440 | -5.7% |
| Other operating charges | 640/8 | €10,632 | €11,358 | +€726 | +6.8% |
| Non-recurring operating charges | 66A | €22,599 | €0 | -€22,599 | -100.0% |
| Gross operating margin | 9900 | €91,816 | €57,085 | -€34,731 | -37.8% |
| Operating profit (loss) | 9901 | -€37,138 | -€44,556 | -€7,418 | -20.0% |
| Financial income | 75/76B | €8,279 | €7,558 | -€720 | -8.7% |
| Recurring financial income | 75 | €8,279 | €7,558 | -€720 | -8.7% |
| Financial charges | 65/66B | €571,541 | €27,566 | -€543,974 | -95.2% |
| Recurring financial charges | 65 | €33,325 | €27,566 | -€5,759 | -17.3% |
| Non-recurring financial charges | 66B | €538,216 | €0 | -€538,216 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€600,401 | -€64,564 | +€535,836 | +89.2% |
| Transfer from deferred taxes | 780 | €13,848 | €7,267 | -€6,581 | -47.5% |
| Income taxes | 67/77 | €1,696 | €915 | -€781 | -46.0% |
| Profit (loss) for the period | 9904 | -€588,249 | -€58,213 | +€530,036 | +90.1% |
| Transfer from tax-exempt reserves | 789 | €41,543 | €21,800 | -€19,744 | -47.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€546,706 | -€36,413 | +€510,292 | +93.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.