COMASE: 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.
COMASE
Largest movements
- Receivables within one year +€140,331
up €140,331 (+35.5%), from €395,458 to €535,789
of which Trade receivables: +€135,805
- Cash -€39,063
down €39,063 (-8.4%), from €465,863 to €426,801
mainly Receivables within one year (-€140,331) and Investment in fixed assets (net) (-€76,096)
- Trade debts +€71,982
up €71,982 (+14.4%), from €498,521 to €570,503
- Profit (loss) carried forward +€40,143
up €40,143 (+12.0%), from €333,509 to €373,653
- Advances received -€35,740
down €35,740 (-62.4%), from €57,245 to €21,505
- Investment grants +€25,349
new in 2025: €25,349
- Staff costs +€98,313
up €98,313 (+51.5%), from €190,803 to €289,116
- Gross operating margin +€77,301
up €77,301 (+20.5%), from €376,658 to €453,958
- Depreciation +€11,377
up €11,377 (+15.8%), from €72,227 to €83,604
- Taxes -€7,115
down €7,115 (-29.7%), from €23,945 to €16,830
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 | €1,577,536 | €1,673,800 | +€96,264 | +6.1% |
| Fixed assets | 21/28 | €700,789 | €693,281 | -€7,508 | -1.1% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €700,589 | €693,081 | -€7,508 | -1.1% |
| Land and buildings | 22 | €565,226 | €534,354 | -€30,872 | -5.5% |
| Furniture and vehicles | 24 | €135,363 | €158,727 | +€23,365 | +17.3% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €876,747 | €980,519 | +€103,772 | +11.8% |
| Amounts receivable within one year | 40/41 | €395,458 | €535,789 | +€140,331 | +35.5% |
| Trade receivables | 40 | €393,995 | €529,800 | +€135,805 | +34.5% |
| Other amounts receivable | 41 | €1,463 | €5,989 | +€4,526 | +309.4% |
| Cash at bank and in hand | 54/58 | €465,863 | €426,801 | -€39,063 | -8.4% |
| Deferred charges and accrued income | 490/1 | €15,426 | €17,930 | +€2,504 | +16.2% |
| Total equity and liabilities | 10/49 | €1,577,536 | €1,673,800 | +€96,264 | +6.1% |
| Equity | 10/15 | €506,892 | €572,384 | +€65,492 | +12.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €23,382 | €23,382 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €8,382 | €8,382 | = | 0.0% |
| Profit (loss) carried forward | 14 | €333,509 | €373,653 | +€40,143 | +12.0% |
| Investment grants | 15 | - | €25,349 | +€25,349 | |
| Amounts payable | 17/49 | €1,070,644 | €1,101,416 | +€30,772 | +2.9% |
| Amounts payable after more than one year | 17 | €394,414 | €378,386 | -€16,028 | -4.1% |
| Financial debts | 170/4 | €394,414 | €378,386 | -€16,028 | -4.1% |
| Amounts payable within one year | 42/48 | €642,577 | €689,735 | +€47,158 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €55,671 | €67,426 | +€11,755 | +21.1% |
| Trade debts | 44 | €498,521 | €570,503 | +€71,982 | +14.4% |
| Suppliers | 440/4 | €498,521 | €570,503 | +€71,982 | +14.4% |
| Advances received on contracts in progress | 46 | €57,245 | €21,505 | -€35,740 | -62.4% |
| Taxes, remuneration and social security | 45 | €22,769 | €26,607 | +€3,838 | +16.9% |
| Taxes | 450/3 | €664 | €3,176 | +€2,512 | +378.4% |
| Remuneration and social security | 454/9 | €22,105 | €23,432 | +€1,327 | +6.0% |
| Other amounts payable | 47/48 | €8,371 | €3,693 | -€4,677 | -55.9% |
| Accrued charges and deferred income | 492/3 | €33,653 | €33,296 | -€357 | -1.1% |
| Remuneration, social security and pensions | 62 | €190,803 | €289,116 | +€98,313 | +51.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,227 | €83,604 | +€11,377 | +15.8% |
| Other operating charges | 640/8 | €8,298 | €8,991 | +€694 | +8.4% |
| Non-recurring operating charges | 66A | - | €86 | +€86 | |
| Gross operating margin | 9900 | €376,658 | €453,958 | +€77,301 | +20.5% |
| Operating profit (loss) | 9901 | €105,331 | €72,161 | -€33,170 | -31.5% |
| Financial income | 75/76B | €1,325 | €5,825 | +€4,499 | +339.4% |
| Recurring financial income | 75 | €1,325 | €5,825 | +€4,499 | +339.4% |
| Financial charges | 65/66B | €17,583 | €18,412 | +€829 | +4.7% |
| Recurring financial charges | 65 | €17,583 | €18,412 | +€829 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €89,073 | €59,573 | -€29,500 | -33.1% |
| Income taxes | 67/77 | €23,945 | €16,830 | -€7,115 | -29.7% |
| Profit (loss) for the period | 9904 | €65,128 | €42,743 | -€22,385 | -34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €65,128 | €42,743 | -€22,385 | -34.4% |
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 29 September 2026 via checked.be.