Combinant: 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.
What changed
Combinant
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €849,708+€295,277
Equity
€10.8m
2024 · €10.0m+€756,471
Cash
€1.2m
2024 · €1.3m-€134,208
Balance sheet total
€20.5m
2024 · €21.2m-€679,748
Largest movements
Assets
- Tangible fixed assets -€989,829
down €989,829 (-6.9%), from €14.4m to €13.4m
of which Plant, machinery and equipment: -€723,254
- Current investments +€500,000
up €500,000 (+20.0%), from €2.5m to €3.0m
Equity and liabilities
- Debts after one year -€1.5m
down €1.5m (-16.7%), from €9.0m to €7.5m
- Profit (loss) carried forward +€1.0m
no longer reported in 2025 (was -€1.0m)
- Investment grants -€370,154
down €370,154 (-12.0%), from €3.1m to €2.7m
Income statement
- Turnover +€1.5m
up €1.5m (+17.4%), from €8.7m to €10.2m
- Services and other goods +€1.0m
up €1.0m (+19.5%), from €5.4m to €6.4m
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
€849,708
Turnover
+€1.5m
Other operating income
+€26,792
Goods and materials
-€13,720
Services and other goods
-€1.0m
Staff costs
-€52,964
Depreciation
-€24,755
Provisions
-€24,145
Other operating charges
-€19,811
Other operating items
-€85,040
Financial income
-€44,539
Financial charges
+€63,397
Taxes
-€4,372
Result 2025
€1.1m
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
+€2.8m
Investment
-€1.0m
Financing
-€1.9m
Cash 2024
€1.3m
From operations (derived)
+€2.8m
Net result for the year
+€1.1m
Depreciation
+€1.6m
Receivables within one year
-€26,282
Deferred charges and accrued income
+€35,957
Provisions
-€151,829
Trade debts
+€169,386
Tax, wage and social debts
+€37,876
Other debts
+€18,360
Accrued charges and deferred income
-€10,012
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€517,660
Current investments
-€500,000
Financing
-€1.9m
Debts after one year
-€1.5m
Contributions, distributions and other
-€388,514
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,191,681 | €20,511,933 | -€679,748 | -3.2% |
| Fixed assets | 21/28 | €14,760,773 | €13,724,908 | -€1.0m | -7.0% |
| Intangible fixed assets | 21 | €248,813 | €202,777 | -€46,036 | -18.5% |
| Tangible fixed assets | 22/27 | €14,411,474 | €13,421,645 | -€989,829 | -6.9% |
| Land and buildings | 22 | €3,438,271 | €3,206,164 | -€232,107 | -6.8% |
| Plant, machinery and equipment | 23 | €10,925,371 | €10,202,117 | -€723,254 | -6.6% |
| Furniture and vehicles | 24 | - | €13,364 | +€13,364 | |
| Assets under construction and advance payments | 27 | €47,832 | - | -€47,832 | |
| Financial fixed assets | 28 | €100,486 | €100,486 | = | 0.0% |
| Other financial fixed assets | 284/8 | €100,486 | €100,486 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €100,486 | €100,486 | = | 0.0% |
| Current assets | 29/58 | €6,430,907 | €6,787,025 | +€356,117 | +5.5% |
| Amounts receivable within one year | 40/41 | €1,742,290 | €1,768,573 | +€26,282 | +1.5% |
| Trade receivables | 40 | €1,519,540 | €1,479,950 | -€39,590 | -2.6% |
| Other amounts receivable | 41 | €222,750 | €288,623 | +€65,872 | +29.6% |
| Current investments | 50/53 | €2,502,500 | €3,002,500 | +€500,000 | +20.0% |
| Other investments | 51/53 | €2,502,500 | €3,002,500 | +€500,000 | +20.0% |
| Cash at bank and in hand | 54/58 | €1,309,522 | €1,175,314 | -€134,208 | -10.2% |
| Deferred charges and accrued income | 490/1 | €876,595 | €840,638 | -€35,957 | -4.1% |
| Total equity and liabilities | 10/49 | €21,191,681 | €20,511,933 | -€679,748 | -3.2% |
| Equity | 10/15 | €10,047,548 | €10,804,019 | +€756,471 | +7.5% |
| Contributions | 10/11 | €8,000,000 | €8,000,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Outside capital | 11 | €7,500,000 | €7,500,000 | = | 0.0% |
| Share premium | 1100/10 | €7,500,000 | €7,500,000 | = | 0.0% |
| Reserves | 13 | - | €86,363 | +€86,363 | |
| Non-distributable reserves | 130/1 | - | €5,236 | +€5,236 | |
| Legal reserve | 130 | - | €5,236 | +€5,236 | |
| Distributable reserves | 133 | - | €81,127 | +€81,127 | |
| Profit (loss) carried forward | 14 | -€1,040,262 | - | +€1.0m | |
| Investment grants | 15 | €3,087,809 | €2,717,656 | -€370,154 | -12.0% |
| Provisions and deferred taxes | 16 | €636,560 | €484,731 | -€151,829 | -23.9% |
| Provisions for liabilities and charges | 160/5 | €636,560 | €484,731 | -€151,829 | -23.9% |
| Major repairs and maintenance | 162 | €636,560 | €484,731 | -€151,829 | -23.9% |
| Amounts payable | 17/49 | €10,507,573 | €9,223,183 | -€1.3m | -12.2% |
| Amounts payable after more than one year | 17 | €9,000,000 | €7,500,000 | -€1.5m | -16.7% |
| Financial debts | 170/4 | €9,000,000 | €7,500,000 | -€1.5m | -16.7% |
| Credit institutions | 173 | €9,000,000 | €7,500,000 | -€1.5m | -16.7% |
| Amounts payable within one year | 42/48 | €1,148,011 | €1,373,633 | +€225,622 | +19.7% |
| Trade debts | 44 | €939,392 | €1,108,778 | +€169,386 | +18.0% |
| Suppliers | 440/4 | €939,392 | €1,108,778 | +€169,386 | +18.0% |
| Taxes, remuneration and social security | 45 | €208,619 | €246,495 | +€37,876 | +18.2% |
| Taxes | 450/3 | €1,029 | €334 | -€695 | -67.5% |
| Remuneration and social security | 454/9 | €207,590 | €246,160 | +€38,571 | +18.6% |
| Other amounts payable | 47/48 | - | €18,360 | +€18,360 | |
| Accrued charges and deferred income | 492/3 | €359,562 | €349,550 | -€10,012 | -2.8% |
| Operating income | 70/76A | €8,895,701 | €10,353,841 | +€1.5m | +16.4% |
| Turnover | 70 | €8,726,208 | €10,242,596 | +€1.5m | +17.4% |
| Own construction capitalised | 72 | €85,040 | - | -€85,040 | |
| Other operating income | 74 | €84,453 | €111,245 | +€26,792 | +31.7% |
| Operating charges | 60/66A | €7,999,915 | €9,177,264 | +€1.2m | +14.7% |
| Goods for resale, raw materials and consumables | 60 | - | €13,720 | +€13,720 | |
| Purchases | 600/8 | - | €13,720 | +€13,720 | |
| Services and other goods | 61 | €5,356,557 | €6,398,510 | +€1.0m | +19.5% |
| Remuneration, social security and pensions | 62 | €1,121,785 | €1,174,749 | +€52,964 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,528,770 | €1,553,526 | +€24,755 | +1.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€175,974 | -€151,829 | +€24,145 | +13.7% |
| Other operating charges | 640/8 | €168,777 | €188,588 | +€19,811 | +11.7% |
| Operating profit (loss) | 9901 | €895,787 | €1,176,578 | +€280,791 | +31.3% |
| Financial income | 75/76B | €456,272 | €411,733 | -€44,539 | -9.8% |
| Recurring financial income | 75 | €456,272 | €411,733 | -€44,539 | -9.8% |
| Income from current assets | 751 | €67,627 | €41,414 | -€26,213 | -38.8% |
| Other financial income | 752/9 | €388,645 | €370,319 | -€18,326 | -4.7% |
| Financial charges | 65/66B | €501,621 | €438,224 | -€63,397 | -12.6% |
| Recurring financial charges | 65 | €501,621 | €438,224 | -€63,397 | -12.6% |
| Debt charges | 650 | €5,149 | €9,717 | +€4,568 | +88.7% |
| Other financial charges | 652/9 | €496,472 | €428,507 | -€67,965 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €850,437 | €1,150,087 | +€299,649 | +35.2% |
| Income taxes | 67/77 | €730 | €5,102 | +€4,372 | +599.2% |
| Taxes | 670/3 | €730 | €5,102 | +€4,372 | +599.2% |
| Profit (loss) for the period | 9904 | €849,708 | €1,144,985 | +€295,277 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €849,708 | €1,144,985 | +€295,277 | +34.8% |
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 28 September 2026 via checked.be.