COMAX: 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.
COMAX
Largest movements
- Cash +€14,999
up €14,999 (+109%), from €13,799 to €28,798
mainly Net result for the year (+€21,078) and Depreciation (+€13,714)
- Tangible fixed assets -€10,728
down €10,728 (-5.3%), from €201,460 to €190,732
of which Land and buildings: -€7,737
- Stocks and contracts +€7,405
up €7,405 (+36.1%), from €20,530 to €27,935
- Receivables within one year +€5,199
up €5,199 (+25.0%), from €20,806 to €26,005
of which Trade receivables: +€6,260
- Reserves +€21,078
up €21,078 (+35.1%), from €60,058 to €81,137
- Gross operating margin +€7,754
up €7,754 (+20.8%), from €37,202 to €44,956
- Taxes +€1,203
up €1,203 (+25.2%), from €4,773 to €5,976
- Other operating charges +€764
up €764 (+28.4%), from €2,689 to €3,453
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €257,217 | €274,195 | +€16,977 | +6.6% |
| Fixed assets | 21/28 | €201,460 | €190,732 | -€10,728 | -5.3% |
| Tangible fixed assets | 22/27 | €201,460 | €190,732 | -€10,728 | -5.3% |
| Land and buildings | 22 | €195,964 | €188,227 | -€7,737 | -3.9% |
| Plant, machinery and equipment | 23 | €4,148 | €1,780 | -€2,368 | -57.1% |
| Furniture and vehicles | 24 | €1,348 | €726 | -€622 | -46.2% |
| Current assets | 29/58 | €55,758 | €83,463 | +€27,705 | +49.7% |
| Stocks and contracts in progress | 3 | €20,530 | €27,935 | +€7,405 | +36.1% |
| Stocks | 30/36 | €20,530 | €27,935 | +€7,405 | +36.1% |
| Amounts receivable within one year | 40/41 | €20,806 | €26,005 | +€5,199 | +25.0% |
| Trade receivables | 40 | €13,972 | €20,232 | +€6,260 | +44.8% |
| Other amounts receivable | 41 | €6,833 | €5,772 | -€1,061 | -15.5% |
| Cash at bank and in hand | 54/58 | €13,799 | €28,798 | +€14,999 | +109% |
| Deferred charges and accrued income | 490/1 | €623 | €726 | +€102 | +16.4% |
| Total equity and liabilities | 10/49 | €257,217 | €274,195 | +€16,977 | +6.6% |
| Equity | 10/15 | €78,608 | €99,687 | +€21,078 | +26.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €60,058 | €81,137 | +€21,078 | +35.1% |
| Distributable reserves | 133 | €60,058 | €81,137 | +€21,078 | +35.1% |
| Amounts payable | 17/49 | €178,609 | €174,508 | -€4,101 | -2.3% |
| Amounts payable after more than one year | 17 | €157,162 | €155,380 | -€1,782 | -1.1% |
| Financial debts | 170/4 | €55,991 | €45,993 | -€9,998 | -17.9% |
| Other amounts payable | 178/9 | €101,172 | €109,387 | +€8,215 | +8.1% |
| Amounts payable within one year | 42/48 | €21,447 | €19,128 | -€2,319 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €9,918 | €9,998 | +€80 | +0.8% |
| Trade debts | 44 | €1,899 | €1,558 | -€341 | -17.9% |
| Suppliers | 440/4 | €1,899 | €1,558 | -€341 | -17.9% |
| Taxes, remuneration and social security | 45 | €9,630 | €7,572 | -€2,058 | -21.4% |
| Taxes | 450/3 | €9,630 | €7,572 | -€2,058 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,361 | €13,714 | +€354 | +2.6% |
| Other operating charges | 640/8 | €2,689 | €3,453 | +€764 | +28.4% |
| Gross operating margin | 9900 | €37,202 | €44,956 | +€7,754 | +20.8% |
| Operating profit (loss) | 9901 | €21,152 | €27,788 | +€6,637 | +31.4% |
| Financial income | 75/76B | €1 | €0 | -€1 | -85.2% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -85.2% |
| Financial charges | 65/66B | €848 | €734 | -€114 | -13.5% |
| Recurring financial charges | 65 | €848 | €734 | -€114 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €20,304 | €27,055 | +€6,750 | +33.2% |
| Income taxes | 67/77 | €4,773 | €5,976 | +€1,203 | +25.2% |
| Profit (loss) for the period | 9904 | €15,531 | €21,078 | +€5,548 | +35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,531 | €21,078 | +€5,548 | +35.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.