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
- Receivables within one year +€169,739
up €169,739 (+115%), from €147,656 to €317,394
of which Other amounts receivable: +€89,691
- Cash -€67,120
down €67,120 (-37.4%), from €179,429 to €112,309
mainly Receivables within one year (-€169,739) and Investment in fixed assets (net) (-€98,849)
- Stocks and contracts -€32,282
down €32,282 (-6.5%), from €497,377 to €465,096
- Intangible fixed assets +€16,058
up €16,058 (+36.9%), from €43,497 to €59,555
- Current portion of long-term debt +€43,428
up €43,428 (+51.4%), from €84,433 to €127,861
- Tax, wage and social debts +€34,919
up €34,919 (+163%), from €21,414 to €56,333
of which Remuneration and social security: +€34,844
- Other debts +€34,369
up €34,369 (+5.6%), from €618,831 to €653,200
- Trade debts -€31,786
down €31,786 (-16.0%), from €198,647 to €166,861
- Profit (loss) carried forward +€17,961
up €17,961, from -€711 to €17,250
- Gross operating margin +€171,582
up €171,582 (+27.7%), from €620,414 to €791,996
- Staff costs +€107,590
up €107,590 (+20.7%), from €519,595 to €627,184
- Financial charges +€39,657
up €39,657 (+316%), from €12,537 to €52,194
- Depreciation +€14,047
up €14,047 (+19.3%), from €72,594 to €86,641
- Other operating charges -€9,815
down €9,815 (-59.9%), from €16,400 to €6,585
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 | €1,249,136 | €1,338,950 | +€89,814 | +7.2% |
| Fixed assets | 21/28 | €424,078 | €436,286 | +€12,208 | +2.9% |
| Intangible fixed assets | 21 | €43,497 | €59,555 | +€16,058 | +36.9% |
| Tangible fixed assets | 22/27 | €380,446 | €376,596 | -€3,850 | -1.0% |
| Land and buildings | 22 | €4,388 | €3,761 | -€627 | -14.3% |
| Plant, machinery and equipment | 23 | €349,740 | €329,527 | -€20,213 | -5.8% |
| Furniture and vehicles | 24 | €26,317 | €43,308 | +€16,990 | +64.6% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €825,058 | €902,664 | +€77,606 | +9.4% |
| Stocks and contracts in progress | 3 | €497,377 | €465,096 | -€32,282 | -6.5% |
| Stocks | 30/36 | €497,377 | €465,096 | -€32,282 | -6.5% |
| Amounts receivable within one year | 40/41 | €147,656 | €317,394 | +€169,739 | +115% |
| Trade receivables | 40 | €62,744 | €142,792 | +€80,048 | +128% |
| Other amounts receivable | 41 | €84,912 | €174,603 | +€89,691 | +106% |
| Cash at bank and in hand | 54/58 | €179,429 | €112,309 | -€67,120 | -37.4% |
| Deferred charges and accrued income | 490/1 | €596 | €7,865 | +€7,269 | +1,220% |
| Total equity and liabilities | 10/49 | €1,249,136 | €1,338,950 | +€89,814 | +7.2% |
| Equity | 10/15 | €2,289 | €20,250 | +€17,961 | +785% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€711 | €17,250 | +€17,961 | |
| Amounts payable | 17/49 | €1,246,848 | €1,318,700 | +€71,852 | +5.8% |
| Amounts payable after more than one year | 17 | €314,695 | €300,956 | -€13,740 | -4.4% |
| Financial debts | 170/4 | €314,695 | €300,956 | -€13,740 | -4.4% |
| Amounts payable within one year | 42/48 | €932,152 | €1,017,744 | +€85,592 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €84,433 | €127,861 | +€43,428 | +51.4% |
| Financial debts | 43 | €8,827 | €13,490 | +€4,663 | +52.8% |
| Credit institutions | 430/8 | €8,827 | €10,968 | +€2,141 | +24.3% |
| Other loans | 439 | - | €2,522 | +€2,522 | |
| Trade debts | 44 | €198,647 | €166,861 | -€31,786 | -16.0% |
| Suppliers | 440/4 | €198,647 | €166,861 | -€31,786 | -16.0% |
| Taxes, remuneration and social security | 45 | €21,414 | €56,333 | +€34,919 | +163% |
| Taxes | 450/3 | €3,301 | €3,376 | +€75 | +2.3% |
| Remuneration and social security | 454/9 | €18,113 | €52,957 | +€34,844 | +192% |
| Other amounts payable | 47/48 | €618,831 | €653,200 | +€34,369 | +5.6% |
| Remuneration, social security and pensions | 62 | €519,595 | €627,184 | +€107,590 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,594 | €86,641 | +€14,047 | +19.3% |
| Other operating charges | 640/8 | €16,400 | €6,585 | -€9,815 | -59.9% |
| Gross operating margin | 9900 | €620,414 | €791,996 | +€171,582 | +27.7% |
| Operating profit (loss) | 9901 | €11,825 | €71,587 | +€59,761 | +505% |
| Financial income | 75/76B | - | €2,660 | +€2,660 | |
| Recurring financial income | 75 | - | €2,660 | +€2,660 | |
| Financial charges | 65/66B | €12,537 | €52,194 | +€39,657 | +316% |
| Recurring financial charges | 65 | €12,537 | €52,194 | +€39,657 | +316% |
| Profit (loss) for the period before taxes | 9903 | -€711 | €22,052 | +€22,764 | |
| Income taxes | 67/77 | - | €4,091 | +€4,091 | |
| Profit (loss) for the period | 9904 | -€711 | €17,961 | +€18,673 | |
| Profit (loss) for the period to be appropriated | 9905 | -€711 | €17,961 | +€18,673 |
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 14 October 2026 via checked.be.