COMBO: what changed
COMBO
Largest movements
- Receivables within one year +€279,212
up €279,212 (+9.3%), from €3.0m to €3.3m
of which Other amounts receivable: +€290,336
- Tangible fixed assets -€77,734
down €77,734 (-3.2%), from €2.4m to €2.4m
- Cash +€57,726
up €57,726 (+1,150%), from €5,019 to €62,745
mainly Short-term financial debts (+€572,628) and Depreciation (+€159,608)
- Short-term financial debts +€572,628
up €572,628 (+252%), from €227,372 to €800,000
- Other debts -€220,080
down €220,080 (-22.1%), from €995,730 to €775,650
- Debts after one year -€143,844
down €143,844 (-7.2%), from €2.0m to €1.9m
- Profit (loss) carried forward +€107,904
up €107,904 (+5.8%), from €1.9m to €2.0m
- Trade debts -€94,151
down €94,151 (-78.5%), from €119,877 to €25,726
- Gross operating margin +€43,002
up €43,002 (+10.7%), from €402,773 to €445,775
- Taxes +€32,640
new in 2025: €32,640
- Financial charges -€12,866
down €12,866 (-13.9%), from €92,364 to €79,497
- Write-downs -€12,420
down €12,420 (-68.0%), from €18,269 to €5,849
- Other operating charges -€12,348
down €12,348 (-17.0%), from €72,624 to €60,276
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,426,156 | €5,685,360 | +€259,204 | +4.8% |
| Fixed assets | 21/28 | €2,434,121 | €2,356,386 | -€77,734 | -3.2% |
| Tangible fixed assets | 22/27 | €2,434,121 | €2,356,386 | -€77,734 | -3.2% |
| Land and buildings | 22 | €2,434,121 | €2,356,386 | -€77,734 | -3.2% |
| Current assets | 29/58 | €2,992,035 | €3,328,973 | +€336,938 | +11.3% |
| Amounts receivable within one year | 40/41 | €2,987,016 | €3,266,229 | +€279,212 | +9.3% |
| Trade receivables | 40 | €28,239 | €17,115 | -€11,124 | -39.4% |
| Other amounts receivable | 41 | €2,958,777 | €3,249,113 | +€290,336 | +9.8% |
| Cash at bank and in hand | 54/58 | €5,019 | €62,745 | +€57,726 | +1,150% |
| Total equity and liabilities | 10/49 | €5,426,156 | €5,685,360 | +€259,204 | +4.8% |
| Equity | 10/15 | €1,939,921 | €2,047,825 | +€107,904 | +5.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,872,271 | €1,980,175 | +€107,904 | +5.8% |
| Amounts payable | 17/49 | €3,486,235 | €3,637,535 | +€151,300 | +4.3% |
| Amounts payable after more than one year | 17 | €2,003,519 | €1,859,675 | -€143,844 | -7.2% |
| Financial debts | 170/4 | €2,003,519 | €1,859,675 | -€143,844 | -7.2% |
| Amounts payable within one year | 42/48 | €1,482,716 | €1,777,860 | +€295,144 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €139,738 | €143,844 | +€4,106 | +2.9% |
| Financial debts | 43 | €227,372 | €800,000 | +€572,628 | +252% |
| Credit institutions | 430/8 | €227,372 | €800,000 | +€572,628 | +252% |
| Trade debts | 44 | €119,877 | €25,726 | -€94,151 | -78.5% |
| Suppliers | 440/4 | €119,877 | €25,726 | -€94,151 | -78.5% |
| Taxes, remuneration and social security | 45 | - | €32,640 | +€32,640 | |
| Taxes | 450/3 | - | €32,640 | +€32,640 | |
| Other amounts payable | 47/48 | €995,730 | €775,650 | -€220,080 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,017 | €159,608 | +€8,592 | +5.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,269 | €5,849 | -€12,420 | -68.0% |
| Other operating charges | 640/8 | €72,624 | €60,276 | -€12,348 | -17.0% |
| Gross operating margin | 9900 | €402,773 | €445,775 | +€43,002 | +10.7% |
| Operating profit (loss) | 9901 | €160,863 | €220,041 | +€59,178 | +36.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €92,364 | €79,497 | -€12,866 | -13.9% |
| Recurring financial charges | 65 | €92,364 | €79,497 | -€12,866 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €68,499 | €140,544 | +€72,045 | +105% |
| Income taxes | 67/77 | - | €32,640 | +€32,640 | |
| Profit (loss) for the period | 9904 | €68,499 | €107,904 | +€39,404 | +57.5% |
| Profit (loss) for the period to be appropriated | 9905 | €68,499 | €107,904 | +€39,404 | +57.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.