COMBRAY: 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.
COMBRAY
Largest movements
- Cash +€53,823
up €53,823 (+116%), from €46,221 to €100,044
mainly Depreciation (+€43,111) and Receivables within one year (+€29,260)
- Tangible fixed assets -€33,839
down €33,839 (-5.0%), from €672,061 to €638,222
of which Land and buildings: -€32,096
- Receivables within one year -€29,260
down €29,260 (-31.5%), from €92,862 to €63,602
of which Trade receivables: -€15,448
- Debts after one year -€18,766
down €18,766 (-4.4%), from €424,845 to €406,079
- Other debts +€10,975
up €10,975 (+5.8%), from €189,056 to €200,031
- Gross operating margin -€15,892
down €15,892 (-22.1%), from €71,972 to €56,080
- Depreciation +€3,378
up €3,378 (+8.5%), from €39,733 to €43,111
- Taxes -€2,124
down €2,124 (-97.9%), from €2,170 to €45
- Financial income +€945
up €945 (+46.6%), from €2,026 to €2,971
- Financial charges -€756
down €756 (-5.5%), from €13,643 to €12,888
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 | €813,721 | €803,611 | -€10,110 | -1.2% |
| Fixed assets | 21/28 | €672,061 | €638,222 | -€33,839 | -5.0% |
| Tangible fixed assets | 22/27 | €672,061 | €638,222 | -€33,839 | -5.0% |
| Land and buildings | 22 | €667,042 | €634,946 | -€32,096 | -4.8% |
| Furniture and vehicles | 24 | €2,419 | €676 | -€1,743 | -72.0% |
| Other tangible fixed assets | 26 | €2,600 | €2,600 | = | 0.0% |
| Current assets | 29/58 | €141,659 | €165,388 | +€23,729 | +16.8% |
| Amounts receivable within one year | 40/41 | €92,862 | €63,602 | -€29,260 | -31.5% |
| Trade receivables | 40 | €73,723 | €58,274 | -€15,448 | -21.0% |
| Other amounts receivable | 41 | €19,139 | €5,327 | -€13,812 | -72.2% |
| Cash at bank and in hand | 54/58 | €46,221 | €100,044 | +€53,823 | +116% |
| Deferred charges and accrued income | 490/1 | €2,577 | €1,742 | -€835 | -32.4% |
| Total equity and liabilities | 10/49 | €813,721 | €803,611 | -€10,110 | -1.2% |
| Equity | 10/15 | €168,730 | €166,273 | -€2,457 | -1.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €103,859 | €104,262 | +€403 | +0.4% |
| Distributable reserves | 133 | €103,859 | €104,262 | +€403 | +0.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €52,471 | €49,611 | -€2,860 | -5.5% |
| Amounts payable | 17/49 | €644,991 | €637,338 | -€7,653 | -1.2% |
| Amounts payable after more than one year | 17 | €424,845 | €406,079 | -€18,766 | -4.4% |
| Financial debts | 170/4 | €424,845 | €406,079 | -€18,766 | -4.4% |
| Amounts payable within one year | 42/48 | €209,393 | €227,995 | +€18,602 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €18,227 | €18,766 | +€539 | +3.0% |
| Trade debts | 44 | €2,110 | €9,198 | +€7,088 | +336% |
| Suppliers | 440/4 | €2,110 | €9,198 | +€7,088 | +336% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €189,056 | €200,031 | +€10,975 | +5.8% |
| Accrued charges and deferred income | 492/3 | €10,753 | €3,264 | -€7,489 | -69.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,733 | €43,111 | +€3,378 | +8.5% |
| Other operating charges | 640/8 | €1,957 | €2,604 | +€647 | +33.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €71,972 | €56,080 | -€15,892 | -22.1% |
| Operating profit (loss) | 9901 | €30,282 | €10,365 | -€19,917 | -65.8% |
| Financial income | 75/76B | €2,026 | €2,971 | +€945 | +46.6% |
| Recurring financial income | 75 | €2,026 | €2,971 | +€945 | +46.6% |
| Financial charges | 65/66B | €13,643 | €12,888 | -€756 | -5.5% |
| Recurring financial charges | 65 | €13,643 | €12,888 | -€756 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €18,665 | €448 | -€18,217 | -97.6% |
| Income taxes | 67/77 | €2,170 | €45 | -€2,124 | -97.9% |
| Profit (loss) for the period | 9904 | €16,495 | €403 | -€16,092 | -97.6% |
| Profit (loss) for the period to be appropriated | 9905 | €16,495 | €403 | -€16,092 | -97.6% |
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 24 October 2026 via checked.be.