COMBELL: 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
COMBELL
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€29.9m
2024 · €68.9m-€39.0m
Equity
€509.0m
2024 · €479.4m+€29.5m
Cash
€3.9m
2024 · €7.2m-€3.3m
Balance sheet total
€886.8m
2024 · €911.7m-€25.0m
Largest movements
Assets
- Receivables after one year -€28.4m
down €28.4m (-6.0%), from €477.1m to €448.7m
- Financial fixed assets +€9.6m
up €9.6m (+2.4%), from €398.7m to €408.3m
of which Affiliated companies: +€9.6m
Equity and liabilities
- Debts after one year -€44.7m
down €44.7m (-12.2%), from €367.1m to €322.4m
of which Other amounts payable: -€44.2m
- Reserves +€19.9m
up €19.9m (+20.1%), from €99.0m to €118.9m
of which Distributable reserves: +€18.4m
- Other debts -€9.7m
down €9.7m (-27.7%), from €35.1m to €25.4m
- Contributions +€9.6m
up €9.6m (+2.5%), from €380.4m to €390.0m
of which Contributions outside capital: +€9.6m
Income statement
- Financial income -€50.8m
down €50.8m (-55.9%), from €90.8m to €40.1m
of which Non-recurring financial income: -€45.5m
- Financial charges -€11.2m
down €11.2m (-31.5%), from €35.7m to €24.4m
of which Financial charges: -€9.5m
- Turnover +€5.2m
up €5.2m (+10.1%), from €51.6m to €56.8m
- Taxes +€3.0m
up €3.0m (+575.2%), from €522,756 to €3.5m
of which Taxes: +€2.6m
- Goods and materials +€1.4m
up €1.4m (+14.1%), from €10.2m to €11.7m
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
€68.9m
Turnover
+€5.2m
Other operating income
+€67,604
Goods and materials
-€1.4m
Services and other goods
+€994,729
Staff costs
-€798,044
Depreciation
-€471,185
Write-downs
-€11,333
Provisions
+€144,064
Other operating charges
+€50,862
Other operating items
-€249,509
Financial income
-€50.8m
Financial charges
+€11.2m
Taxes
-€3.0m
Result 2025
€29.9m
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.
From operations
+€57.7m
Investment
-€15.8m
Financing
-€45.2m
Cash 2024
€7.2m
From operations (derived)
+€57.7m
Net result for the year
+€29.9m
Depreciation
+€6.9m
Receivables after one year
+€28.4m
Receivables within one year
+€2.0m
Deferred charges and accrued income
+€173,296
Smaller working-capital items
+€10,722
Tax, wage and social debts
-€235,521
Other debts
-€9.7m
Accrued charges and deferred income
+€253,425
Investment (derived)
-€15.8m
Investment in fixed assets (net)
-€15.8m
Financing
-€45.2m
Debts after one year
-€44.7m
Current portion of long-term debt
-€103,067
Contributions, distributions and other
-€374,299
Cash 2025
€3.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €911,746,689 | €886,775,025 | -€25.0m | -2.7% |
| Fixed assets | 21/28 | €413,821,816 | €422,751,146 | +€8.9m | +2.2% |
| Intangible fixed assets | 21 | €8,878,642 | €5,585,129 | -€3.3m | -37.1% |
| Tangible fixed assets | 22/27 | €6,247,277 | €8,841,311 | +€2.6m | +41.5% |
| Plant, machinery and equipment | 23 | €3,153,051 | €6,568,566 | +€3.4m | +108.3% |
| Furniture and vehicles | 24 | €82,953 | €74,943 | -€8,010 | -9.7% |
| Leasing and similar rights | 25 | €1,526,279 | €783,343 | -€742,936 | -48.7% |
| Other tangible fixed assets | 26 | €550,124 | €463,956 | -€86,168 | -15.7% |
| Assets under construction and advance payments | 27 | €934,870 | €950,505 | +€15,634 | +1.7% |
| Financial fixed assets | 28 | €398,695,897 | €408,324,706 | +€9.6m | +2.4% |
| Affiliated companies | 280/1 | €398,612,110 | €408,237,811 | +€9.6m | +2.4% |
| Participating interests | 280 | €398,612,110 | €408,237,811 | +€9.6m | +2.4% |
| Other financial fixed assets | 284/8 | €83,788 | €86,896 | +€3,108 | +3.7% |
| Shares | 284 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €82,788 | €85,896 | +€3,108 | +3.8% |
| Current assets | 29/58 | €497,924,873 | €464,023,879 | -€33.9m | -6.8% |
| Amounts receivable after more than one year | 29 | €477,102,422 | €448,676,249 | -€28.4m | -6.0% |
| Other amounts receivable | 291 | €477,102,422 | €448,676,249 | -€28.4m | -6.0% |
| Amounts receivable within one year | 40/41 | €10,507,005 | €8,489,204 | -€2.0m | -19.2% |
| Trade receivables | 40 | €6,500,799 | €7,914,043 | +€1.4m | +21.7% |
| Other amounts receivable | 41 | €4,006,206 | €575,161 | -€3.4m | -85.6% |
| Cash at bank and in hand | 54/58 | €7,190,856 | €3,907,132 | -€3.3m | -45.7% |
| Deferred charges and accrued income | 490/1 | €3,124,590 | €2,951,294 | -€173,296 | -5.5% |
| Total equity and liabilities | 10/49 | €911,746,689 | €886,775,025 | -€25.0m | -2.7% |
| Equity | 10/15 | €479,449,901 | €508,971,509 | +€29.5m | +6.2% |
| Contributions | 10/11 | €380,409,815 | €390,035,516 | +€9.6m | +2.5% |
| Capital | 10 | €282,359,429 | €282,424,744 | +€65,316 | 0.0% |
| Issued capital | 100 | €282,359,429 | €282,424,744 | +€65,316 | 0.0% |
| Contributions outside capital | 11 | €98,050,387 | €107,610,772 | +€9.6m | +9.8% |
| Share premium | 1100/10 | €98,050,387 | €107,610,772 | +€9.6m | +9.8% |
| Reserves | 13 | €99,040,086 | €118,935,993 | +€19.9m | +20.1% |
| Non-distributable reserves | 130/1 | €6,199,831 | €7,694,626 | +€1.5m | +24.1% |
| Legal reserve | 130 | €6,199,831 | €7,694,626 | +€1.5m | +24.1% |
| Tax-exempt reserves | 132 | €1,234 | €1,234 | = | 0.0% |
| Distributable reserves | 133 | €92,839,021 | €111,240,133 | +€18.4m | +19.8% |
| Provisions and deferred taxes | 16 | €108,064 | €72,064 | -€36,000 | -33.3% |
| Provisions for liabilities and charges | 160/5 | €108,064 | €72,064 | -€36,000 | -33.3% |
| Other liabilities and charges | 164/5 | €108,064 | €72,064 | -€36,000 | -33.3% |
| Amounts payable | 17/49 | €432,188,724 | €377,731,452 | -€54.5m | -12.6% |
| Amounts payable after more than one year | 17 | €367,119,102 | €322,433,972 | -€44.7m | -12.2% |
| Financial debts | 170/4 | €1,764,452 | €1,232,173 | -€532,279 | -30.2% |
| Leasing and similar obligations | 172 | €1,764,452 | €1,232,173 | -€532,279 | -30.2% |
| Other amounts payable | 178/9 | €365,354,650 | €321,201,799 | -€44.2m | -12.1% |
| Amounts payable within one year | 42/48 | €41,048,622 | €31,023,055 | -€10.0m | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €370,343 | €267,276 | -€103,067 | -27.8% |
| Trade debts | 44 | €3,025,660 | €3,072,382 | +€46,722 | +1.5% |
| Suppliers | 440/4 | €3,025,660 | €3,072,382 | +€46,722 | +1.5% |
| Taxes, remuneration and social security | 45 | €2,520,297 | €2,284,776 | -€235,521 | -9.3% |
| Taxes | 450/3 | €948,434 | €571,434 | -€377,000 | -39.7% |
| Remuneration and social security | 454/9 | €1,571,862 | €1,713,342 | +€141,479 | +9.0% |
| Other amounts payable | 47/48 | €35,132,322 | €25,398,622 | -€9.7m | -27.7% |
| Accrued charges and deferred income | 492/3 | €24,021,000 | €24,274,425 | +€253,425 | +1.1% |
| Operating income | 70/76A | €53,332,318 | €58,376,591 | +€5.0m | +9.5% |
| Turnover | 70 | €51,601,333 | €56,827,511 | +€5.2m | +10.1% |
| Own construction capitalised | 72 | €733,674 | €510,396 | -€223,278 | -30.4% |
| Other operating income | 74 | €958,843 | €1,026,448 | +€67,604 | +7.1% |
| Non-recurring operating income | 76A | €38,467 | €12,236 | -€26,231 | -68.2% |
| Operating charges | 60/66A | €39,045,424 | €40,576,068 | +€1.5m | +3.9% |
| Goods for resale, raw materials and consumables | 60 | €10,235,431 | €11,675,167 | +€1.4m | +14.1% |
| Purchases | 600/8 | €10,235,431 | €11,675,167 | +€1.4m | +14.1% |
| Services and other goods | 61 | €10,879,536 | €9,884,807 | -€994,729 | -9.1% |
| Remuneration, social security and pensions | 62 | €11,328,171 | €12,126,215 | +€798,044 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,401,824 | €6,873,009 | +€471,185 | +7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €34,385 | €45,718 | +€11,333 | +33.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €108,064 | -€36,000 | -€144,064 | |
| Other operating charges | 640/8 | €58,015 | €7,153 | -€50,862 | -87.7% |
| Operating profit (loss) | 9901 | €14,286,894 | €17,800,523 | +€3.5m | +24.6% |
| Financial income | 75/76B | €90,828,342 | €40,062,637 | -€50.8m | -55.9% |
| Recurring financial income | 75 | €45,315,545 | €40,062,637 | -€5.3m | -11.6% |
| Income from financial fixed assets | 750 | €43,936,500 | €39,398,099 | -€4.5m | -10.3% |
| Income from current assets | 751 | €970,976 | €146,023 | -€824,954 | -85.0% |
| Other financial income | 752/9 | €408,069 | €518,515 | +€110,447 | +27.1% |
| Non-recurring financial income | 76B | €45,512,797 | - | -€45.5m | |
| Financial charges | 65/66B | €35,661,129 | €24,437,621 | -€11.2m | -31.5% |
| Recurring financial charges | 65 | €33,986,969 | €24,437,621 | -€9.5m | -28.1% |
| Debt charges | 650 | €33,654,941 | €23,908,193 | -€9.7m | -29.0% |
| Other financial charges | 652/9 | €332,028 | €529,427 | +€197,399 | +59.5% |
| Non-recurring financial charges | 66B | €1,674,159 | - | -€1.7m | |
| Profit (loss) for the period before taxes | 9903 | €69,454,107 | €33,425,539 | -€36.0m | -51.9% |
| Income taxes | 67/77 | €522,756 | €3,529,632 | +€3.0m | +575.2% |
| Taxes | 670/3 | €911,400 | €3,529,632 | +€2.6m | +287.3% |
| Tax adjustments and reversals of tax provisions | 77 | €388,644 | - | -€388,644 | |
| Profit (loss) for the period | 9904 | €68,931,350 | €29,895,907 | -€39.0m | -56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €68,931,350 | €29,895,907 | -€39.0m | -56.6% |
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 10 October 2026 via checked.be.