COMBES TRADING: 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.
COMBES TRADING
Largest movements
- Receivables within one year +€157,808
up €157,808 (+22.7%), from €694,845 to €852,654
of which Trade receivables: +€124,568
- Stocks and contracts -€66,028
down €66,028 (-12.7%), from €519,820 to €453,792
- Cash +€50,605
up €50,605 (+23.4%), from €215,804 to €266,408
mainly Net result for the year (+€430,408) and Depreciation (+€205,165)
- Reserves +€365,874
up €365,874 (+28.1%), from €1.3m to €1.7m
of which Distributable reserves: +€376,485
- Other debts -€131,817
down €131,817 (-12.8%), from €1.0m to €898,320
- Short-term financial debts -€89,303
down €89,303 (-17.0%), from €525,583 to €436,280
- Tax, wage and social debts -€65,994
down €65,994 (-45.3%), from €145,581 to €79,587
- Debts after one year +€44,492
up €44,492 (+236%), from €18,888 to €63,380
- Gross operating margin +€476,650
up €476,650 (+75.3%), from €632,827 to €1.1m
- Taxes +€134,737
up €134,737 (+133%), from €101,060 to €235,797
- Financial charges +€88,418
up €88,418 (+69.5%), from €127,162 to €215,580
- Other operating charges -€18,874
down €18,874 (-31.7%), from €59,599 to €40,724
- Financial income -€15,627
down €15,627 (-62.8%), from €24,900 to €9,273
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 | €4,057,947 | €4,179,618 | +€121,671 | +3.0% |
| Fixed assets | 21/28 | €2,608,599 | €2,584,211 | -€24,388 | -0.9% |
| Intangible fixed assets | 21 | €26,306 | €20,557 | -€5,749 | -21.9% |
| Tangible fixed assets | 22/27 | €2,581,793 | €2,563,154 | -€18,639 | -0.7% |
| Land and buildings | 22 | €2,550,633 | €2,467,554 | -€83,078 | -3.3% |
| Plant, machinery and equipment | 23 | €7,701 | €4,743 | -€2,958 | -38.4% |
| Furniture and vehicles | 24 | €23,459 | €26,570 | +€3,111 | +13.3% |
| Leasing and similar rights | 25 | - | €64,286 | +€64,286 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,449,348 | €1,595,407 | +€146,059 | +10.1% |
| Stocks and contracts in progress | 3 | €519,820 | €453,792 | -€66,028 | -12.7% |
| Stocks | 30/36 | €519,820 | €453,792 | -€66,028 | -12.7% |
| Amounts receivable within one year | 40/41 | €694,845 | €852,654 | +€157,808 | +22.7% |
| Trade receivables | 40 | €392,698 | €517,266 | +€124,568 | +31.7% |
| Other amounts receivable | 41 | €302,148 | €335,388 | +€33,240 | +11.0% |
| Cash at bank and in hand | 54/58 | €215,804 | €266,408 | +€50,605 | +23.4% |
| Deferred charges and accrued income | 490/1 | €18,879 | €22,553 | +€3,674 | +19.5% |
| Total equity and liabilities | 10/49 | €4,057,947 | €4,179,618 | +€121,671 | +3.0% |
| Equity | 10/15 | €2,116,905 | €2,482,779 | +€365,874 | +17.3% |
| Contributions | 10/11 | €668,852 | €668,852 | = | 0.0% |
| Reserves | 13 | €1,301,849 | €1,667,723 | +€365,874 | +28.1% |
| Tax-exempt reserves | 132 | €234,736 | €224,125 | -€10,611 | -4.5% |
| Distributable reserves | 133 | €1,067,113 | €1,443,599 | +€376,485 | +35.3% |
| Profit (loss) carried forward | 14 | €132,982 | €132,982 | = | 0.0% |
| Investment grants | 15 | €13,221 | €13,221 | = | 0.0% |
| Provisions and deferred taxes | 16 | €52,038 | €40,052 | -€11,987 | -23.0% |
| Deferred taxes | 168 | €52,038 | €40,052 | -€11,987 | -23.0% |
| Amounts payable | 17/49 | €1,889,003 | €1,656,787 | -€232,217 | -12.3% |
| Amounts payable after more than one year | 17 | €18,888 | €63,380 | +€44,492 | +236% |
| Financial debts | 170/4 | €18,888 | €63,380 | +€44,492 | +236% |
| Amounts payable within one year | 42/48 | €1,792,566 | €1,512,936 | -€279,630 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €6,667 | €20,563 | +€13,896 | +208% |
| Financial debts | 43 | €525,583 | €436,280 | -€89,303 | -17.0% |
| Credit institutions | 430/8 | €525,583 | €436,280 | -€89,303 | -17.0% |
| Trade debts | 44 | €84,598 | €78,187 | -€6,411 | -7.6% |
| Suppliers | 440/4 | €84,598 | €78,187 | -€6,411 | -7.6% |
| Taxes, remuneration and social security | 45 | €145,581 | €79,587 | -€65,994 | -45.3% |
| Taxes | 450/3 | €145,581 | €79,587 | -€65,994 | -45.3% |
| Other amounts payable | 47/48 | €1,030,137 | €898,320 | -€131,817 | -12.8% |
| Accrued charges and deferred income | 492/3 | €77,549 | €80,471 | +€2,921 | +3.8% |
| Non-recurring operating income | 76A | - | €135,611 | +€135,611 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202,959 | €205,165 | +€2,206 | +1.1% |
| Other operating charges | 640/8 | €59,599 | €40,724 | -€18,874 | -31.7% |
| Non-recurring operating charges | 66A | - | €3,063 | +€3,063 | |
| Gross operating margin | 9900 | €632,827 | €1,109,477 | +€476,650 | +75.3% |
| Operating profit (loss) | 9901 | €370,269 | €860,525 | +€490,256 | +132% |
| Financial income | 75/76B | €24,900 | €9,273 | -€15,627 | -62.8% |
| Recurring financial income | 75 | €24,900 | €9,273 | -€15,627 | -62.8% |
| Financial charges | 65/66B | €127,162 | €215,580 | +€88,418 | +69.5% |
| Recurring financial charges | 65 | €127,162 | €215,580 | +€88,418 | +69.5% |
| Profit (loss) for the period before taxes | 9903 | €268,007 | €654,218 | +€386,211 | +144% |
| Transfer from deferred taxes | 780 | €13,416 | €21,202 | +€7,786 | +58.0% |
| Transfer to deferred taxes | 680 | - | €9,216 | +€9,216 | |
| Income taxes | 67/77 | €101,060 | €235,797 | +€134,737 | +133% |
| Profit (loss) for the period | 9904 | €180,363 | €430,408 | +€250,045 | +139% |
| Transfer from tax-exempt reserves | 789 | €32,352 | €47,473 | +€15,121 | +46.7% |
| Transfer to tax-exempt reserves | 689 | - | €36,862 | +€36,862 | |
| Profit (loss) for the period to be appropriated | 9905 | €212,715 | €441,019 | +€228,304 | +107% |
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 17 October 2026 via checked.be.