COMAVOR: 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
COMAVOR
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€440,333
2024 · €1.4m-€999,937
Equity
€3.8m
2024 · €11.5m-€7.7m
Cash
€1.4m
2024 · €23,820+€1.4m
Balance sheet total
€10.1m
2024 · €17.4m-€7.3m
Largest movements
Assets
- Financial fixed assets -€6.2m
down €6.2m (-100.0%), from €6.2m to €2,150
of which Affiliated companies: -€6.2m
- Current investments -€2.0m
down €2.0m (-70.5%), from €2.9m to €847,431
- Cash +€1.4m
up €1.4m (+5,703%), from €23,820 to €1.4m
mainly Investment in fixed assets (net) (+€6.3m) and Other debts (+€2.3m)
- Tangible fixed assets -€324,864
down €324,864 (-4.2%), from €7.7m to €7.4m
of which Land and buildings: -€253,572
Equity and liabilities
- Reserves -€6.9m
down €6.9m (-67.5%), from €10.2m to €3.3m
of which Distributable reserves: -€6.4m
- Other debts +€2.3m
up €2.3m (+285%), from €809,579 to €3.1m
- Debts after one year -€1.3m
down €1.3m (-30.7%), from €4.1m to €2.8m
- Contributions -€756,968
down €756,968 (-60.1%), from €1.3m to €503,032
- Current portion of long-term debt -€485,714
down €485,714 (-64.4%), from €753,726 to €268,012
Income statement
- Turnover -€1.8m
no longer reported in 2025 (was €1.8m)
- Gross operating margin +€887,538
new in 2025: €887,538
- Financial income -€849,417
down €849,417 (-92.9%), from €914,118 to €64,702
- Staff costs -€518,302
down €518,302 (-100%), from €518,302 to €0
- Services and other goods -€288,003
no longer reported in 2025 (was €288,003)
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
€1.4m
Turnover
-€1.8m
Other operating income
-€17,055
Services and other goods
+€288,003
Staff costs
+€518,302
Depreciation
+€22,022
Other operating charges
-€2,498
Other operating items
+€887,538
Financial income
-€849,417
Financial charges
+€21,281
Taxes
-€103,163
Deferred taxes and other
-€525
Result 2025
€440,333
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
+€2.9m
Investment
+€8.3m
Financing
-€9.8m
Cash 2024
€23,820
From operations (derived)
+€2.9m
Net result for the year
+€440,333
Depreciation
+€260,056
Receivables within one year
+€53,198
Smaller working-capital items
-€10,503
Trade debts
-€103,708
Tax, wage and social debts
-€62,688
Other debts
+€2.3m
Investment (derived)
+€8.3m
Investment in fixed assets (net)
+€6.3m
Current investments
+€2.0m
Financing
-€9.8m
Debts after one year
-€1.3m
Current portion of long-term debt
-€485,714
Contributions, distributions and other
-€8.1m
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,361,908 | €10,089,537 | -€7.3m | -41.9% |
| Fixed assets | 21/28 | €13,919,954 | €7,369,666 | -€6.6m | -47.1% |
| Tangible fixed assets | 22/27 | €7,692,380 | €7,367,516 | -€324,864 | -4.2% |
| Land and buildings | 22 | €7,601,569 | €7,347,997 | -€253,572 | -3.3% |
| Furniture and vehicles | 24 | €64,808 | €0 | -€64,808 | -100% |
| Other tangible fixed assets | 26 | €26,002 | €19,519 | -€6,484 | -24.9% |
| Financial fixed assets | 28 | €6,227,574 | €2,150 | -€6.2m | -100.0% |
| Affiliated companies | 280/1 | €6,225,424 | - | -€6.2m | |
| Participating interests | 280 | €6,225,424 | - | -€6.2m | |
| Other financial fixed assets | 284/8 | €2,150 | - | -€2,150 | |
| Amounts receivable and cash guarantees | 285/8 | €2,150 | - | -€2,150 | |
| Current assets | 29/58 | €3,441,955 | €2,719,871 | -€722,084 | -21.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €543,435 | €490,238 | -€53,198 | -9.8% |
| Trade receivables | 40 | €211,443 | €218,577 | +€7,134 | +3.4% |
| Other amounts receivable | 41 | €331,992 | €271,661 | -€60,331 | -18.2% |
| Current investments | 50/53 | €2,873,089 | €847,431 | -€2.0m | -70.5% |
| Other investments | 51/53 | €2,873,089 | - | -€2.9m | |
| Cash at bank and in hand | 54/58 | €23,820 | €1,382,202 | +€1.4m | +5,703% |
| Deferred charges and accrued income | 490/1 | €1,611 | €0 | -€1,611 | -100% |
| Total equity and liabilities | 10/49 | €17,361,908 | €10,089,537 | -€7.3m | -41.9% |
| Equity | 10/15 | €11,488,359 | €3,825,807 | -€7.7m | -66.7% |
| Contributions | 10/11 | €1,260,000 | €503,032 | -€756,968 | -60.1% |
| Capital | 10 | €1,260,000 | €503,032 | -€756,968 | -60.1% |
| Issued capital | 100 | €1,260,000 | €503,032 | -€756,968 | -60.1% |
| Reserves | 13 | €10,201,069 | €3,312,926 | -€6.9m | -67.5% |
| Non-distributable reserves | 130/1 | €174,522 | €69,675 | -€104,847 | -60.1% |
| Legal reserve | 130 | €174,522 | €69,675 | -€104,847 | -60.1% |
| Tax-exempt reserves | 132 | €437,100 | €33,615 | -€403,485 | -92.3% |
| Distributable reserves | 133 | €9,589,447 | €3,209,636 | -€6.4m | -66.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Investment grants | 15 | €27,290 | €9,848 | -€17,442 | -63.9% |
| Provisions and deferred taxes | 16 | €9,097 | €3,283 | -€5,814 | -63.9% |
| Deferred taxes | 168 | €9,097 | €3,283 | -€5,814 | -63.9% |
| Amounts payable | 17/49 | €5,864,453 | €6,260,447 | +€395,994 | +6.8% |
| Amounts payable after more than one year | 17 | €4,080,150 | €2,828,804 | -€1.3m | -30.7% |
| Financial debts | 170/4 | €4,080,150 | €2,828,804 | -€1.3m | -30.7% |
| Credit institutions | 173 | €4,080,150 | - | -€4.1m | |
| Amounts payable within one year | 42/48 | €1,771,003 | €3,424,643 | +€1.7m | +93.4% |
| Current portion of amounts payable after more than one year | 42 | €753,726 | €268,012 | -€485,714 | -64.4% |
| Trade debts | 44 | €128,207 | €24,499 | -€103,708 | -80.9% |
| Suppliers | 440/4 | €128,207 | €24,499 | -€103,708 | -80.9% |
| Taxes, remuneration and social security | 45 | €79,490 | €16,802 | -€62,688 | -78.9% |
| Taxes | 450/3 | €4,057 | €16,802 | +€12,746 | +314% |
| Remuneration and social security | 454/9 | €75,433 | €0 | -€75,433 | -100% |
| Other amounts payable | 47/48 | €809,579 | €3,115,329 | +€2.3m | +285% |
| Accrued charges and deferred income | 492/3 | €13,300 | €7,000 | -€6,300 | -47.4% |
| Operating income | 70/76A | €1,781,480 | - | -€1.8m | |
| Turnover | 70 | €1,764,425 | - | -€1.8m | |
| Other operating income | 74 | €17,055 | - | -€17,055 | |
| Non-recurring operating income | 76A | - | €13,000 | +€13,000 | |
| Operating charges | 60/66A | €1,161,966 | - | -€1.2m | |
| Services and other goods | 61 | €288,003 | - | -€288,003 | |
| Remuneration, social security and pensions | 62 | €518,302 | €0 | -€518,302 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €282,078 | €260,056 | -€22,022 | -7.8% |
| Other operating charges | 640/8 | €73,584 | €76,082 | +€2,498 | +3.4% |
| Gross operating margin | 9900 | - | €887,538 | +€887,538 | |
| Operating profit (loss) | 9901 | €619,514 | €551,401 | -€68,113 | -11.0% |
| Financial income | 75/76B | €914,118 | €64,702 | -€849,417 | -92.9% |
| Recurring financial income | 75 | €914,118 | €64,702 | -€849,417 | -92.9% |
| Income from financial fixed assets | 750 | €864,250 | - | -€864,250 | |
| Income from current assets | 751 | €45,749 | - | -€45,749 | |
| Other financial income | 752/9 | €4,120 | - | -€4,120 | |
| Financial charges | 65/66B | €59,331 | €38,049 | -€21,281 | -35.9% |
| Recurring financial charges | 65 | €59,331 | €38,049 | -€21,281 | -35.9% |
| Debt charges | 650 | €57,018 | - | -€57,018 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €2,312 | - | -€2,312 | |
| Profit (loss) for the period before taxes | 9903 | €1,474,302 | €578,053 | -€896,248 | -60.8% |
| Transfer from deferred taxes | 780 | €874 | €349 | -€525 | -60.1% |
| Income taxes | 67/77 | €34,905 | €138,069 | +€103,163 | +296% |
| Taxes | 670/3 | €34,905 | - | -€34,905 | |
| Profit (loss) for the period | 9904 | €1,440,270 | €440,333 | -€999,937 | -69.4% |
| Transfer from tax-exempt reserves | 789 | - | €140,889 | +€140,889 | |
| Transfer to tax-exempt reserves | 689 | €84,200 | €0 | -€84,200 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €1,356,070 | €581,222 | -€774,848 | -57.1% |
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 30 October 2026 via checked.be.