COMED: 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.
COMED
Largest movements
- Tangible fixed assets +€465,446
up €465,446 (+57.5%), from €810,029 to €1.3m
of which Land and buildings: +€481,914
- Cash -€106,594
down €106,594 (-39.0%), from €273,545 to €166,951
mainly Investment in fixed assets (net) (-€561,587) and Current investments (-€65,472)
- Current investments +€65,472
up €65,472 (+10.3%), from €635,616 to €701,088
- Debts after one year +€317,785
up €317,785 (+224%), from €141,863 to €459,648
- Other debts +€49,258
up €49,258 (+15.9%), from €310,290 to €359,548
- Financial charges -€34,574
down €34,574 (-56.1%), from €61,650 to €27,076
- Depreciation +€31,217
up €31,217 (+48.1%), from €64,924 to €96,140
- Gross operating margin -€26,842
down €26,842 (-21.9%), from €122,348 to €95,507
- Other operating charges -€18,613
down €18,613 (-56.3%), from €33,085 to €14,472
- Financial income +€12,998
up €12,998 (+28.2%), from €46,069 to €59,067
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 | €2,467,114 | €2,892,302 | +€425,187 | +17.2% |
| Fixed assets | 21/28 | €810,029 | €1,275,475 | +€465,446 | +57.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €810,029 | €1,275,475 | +€465,446 | +57.5% |
| Land and buildings | 22 | €739,210 | €1,221,124 | +€481,914 | +65.2% |
| Plant, machinery and equipment | 23 | €48,855 | €43,075 | -€5,780 | -11.8% |
| Furniture and vehicles | 24 | €21,963 | €11,275 | -€10,688 | -48.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,657,085 | €1,616,827 | -€40,259 | -2.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €747,349 | €748,788 | +€1,438 | +0.2% |
| Trade receivables | 40 | €51,496 | €46,128 | -€5,369 | -10.4% |
| Other amounts receivable | 41 | €695,853 | €702,660 | +€6,807 | +1.0% |
| Current investments | 50/53 | €635,616 | €701,088 | +€65,472 | +10.3% |
| Cash at bank and in hand | 54/58 | €273,545 | €166,951 | -€106,594 | -39.0% |
| Deferred charges and accrued income | 490/1 | €575 | €0 | -€575 | -100% |
| Total equity and liabilities | 10/49 | €2,467,114 | €2,892,302 | +€425,187 | +17.2% |
| Equity | 10/15 | €1,674,250 | €1,690,838 | +€16,588 | +1.0% |
| Contributions | 10/11 | €754,216 | €754,216 | = | 0.0% |
| Capital | 10 | €754,216 | €754,216 | = | 0.0% |
| Issued capital | 100 | €754,216 | €754,216 | = | 0.0% |
| Reserves | 13 | €675,422 | €675,422 | = | 0.0% |
| Non-distributable reserves | 130/1 | €75,422 | €75,422 | = | 0.0% |
| Legal reserve | 130 | €75,422 | €75,422 | = | 0.0% |
| Distributable reserves | 133 | €600,000 | €600,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €244,613 | €261,201 | +€16,588 | +6.8% |
| Amounts payable | 17/49 | €792,864 | €1,201,463 | +€408,599 | +51.5% |
| Amounts payable after more than one year | 17 | €141,863 | €459,648 | +€317,785 | +224% |
| Financial debts | 170/4 | €141,863 | €459,648 | +€317,785 | +224% |
| Amounts payable within one year | 42/48 | €650,913 | €741,815 | +€90,902 | +14.0% |
| Current portion of amounts payable after more than one year | 42 | €158,686 | €181,378 | +€22,693 | +14.3% |
| Financial debts | 43 | €137,414 | €135,000 | -€2,414 | -1.8% |
| Credit institutions | 430/8 | €135,000 | €135,000 | = | 0.0% |
| Other loans | 439 | €2,414 | €0 | -€2,414 | -100% |
| Trade debts | 44 | €44,523 | €65,888 | +€21,366 | +48.0% |
| Suppliers | 440/4 | €44,523 | €65,888 | +€21,366 | +48.0% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €310,290 | €359,548 | +€49,258 | +15.9% |
| Accrued charges and deferred income | 492/3 | €88 | €0 | -€88 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,924 | €96,140 | +€31,217 | +48.1% |
| Other operating charges | 640/8 | €33,085 | €14,472 | -€18,613 | -56.3% |
| Gross operating margin | 9900 | €122,348 | €95,507 | -€26,842 | -21.9% |
| Operating profit (loss) | 9901 | €24,340 | -€15,106 | -€39,446 | |
| Financial income | 75/76B | €46,069 | €59,067 | +€12,998 | +28.2% |
| Recurring financial income | 75 | €46,069 | €59,067 | +€12,998 | +28.2% |
| Financial charges | 65/66B | €61,650 | €27,076 | -€34,574 | -56.1% |
| Recurring financial charges | 65 | €61,650 | €27,076 | -€34,574 | -56.1% |
| Profit (loss) for the period before taxes | 9903 | €8,759 | €16,885 | +€8,126 | +92.8% |
| Income taxes | 67/77 | €297 | €297 | = | 0.0% |
| Profit (loss) for the period | 9904 | €8,462 | €16,588 | +€8,126 | +96.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,462 | €16,588 | +€8,126 | +96.0% |
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.