COMENSIA: 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
COMENSIA
NACE 68.202, Real estate activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €879,969+€288,140
Equity
€91.4m
2024 · €90.5m+€865,241
Cash
€5.0m
2024 · €4.0m+€955,422
Balance sheet total
€299.7m
2024 · €265.5m+€34.2m
Largest movements
Assets
- Tangible fixed assets +€32.0m
up €32.0m (+12.5%), from €256.3m to €288.2m
of which Land and buildings: +€21.1m
Equity and liabilities
- Debts after one year +€30.7m
up €30.7m (+20.7%), from €148.0m to €178.7m
of which Financial debts: +€30.7m
Income statement
- Turnover +€1.9m
up €1.9m (+8.2%), from €23.8m to €25.7m
- Depreciation +€729,528
up €729,528 (+7.2%), from €10.1m to €10.9m
- Other operating income +€644,717
up €644,717 (+13.6%), from €4.7m to €5.4m
- Other operating charges +€420,253
up €420,253 (+15.7%), from €2.7m to €3.1m
- Services and other goods +€417,135
up €417,135 (+6.1%), from €6.8m to €7.2m
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
€879,969
Turnover
+€1.9m
Other operating income
+€644,717
Goods and materials
-€145,597
Services and other goods
-€417,135
Staff costs
-€413,232
Depreciation
-€729,528
Write-downs
+€7,310
Provisions
-€7,283
Other operating charges
-€420,253
Other operating items
-€114,417
Financial income
+€306,859
Financial charges
-€303,932
Taxes
-€75,929
Deferred taxes and other
+€15,199
Result 2025
€1.2m
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
+€12.6m
Investment
-€42.8m
Financing
+€31.2m
Cash 2024
€4.0m
From operations (derived)
+€12.6m
Net result for the year
+€1.2m
Depreciation
+€10.9m
Smaller working-capital items
+€12,579
Receivables within one year
-€1.6m
Deferred charges and accrued income
+€326,794
Trade debts
+€1.1m
Tax, wage and social debts
+€1.2m
Other debts
-€679,461
Accrued charges and deferred income
+€170,760
Investment (derived)
-€42.8m
Investment in fixed assets (net)
-€42.8m
Financing
+€31.2m
Debts after one year
+€30.7m
Current portion of long-term debt
+€565,298
Short-term financial debts
+€272,242
Contributions, distributions and other
-€302,868
Cash 2025
€5.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €265,542,053 | €299,694,456 | +€34.2m | +12.9% |
| Fixed assets | 21/28 | €256,768,209 | €288,767,280 | +€32.0m | +12.5% |
| Intangible fixed assets | 21 | €202,199 | €126,127 | -€76,072 | -37.6% |
| Tangible fixed assets | 22/27 | €256,252,847 | €288,234,687 | +€32.0m | +12.5% |
| Land and buildings | 22 | €235,975,201 | €257,084,318 | +€21.1m | +8.9% |
| Plant, machinery and equipment | 23 | €109,847 | €101,038 | -€8,809 | -8.0% |
| Furniture and vehicles | 24 | €477,547 | €418,847 | -€58,700 | -12.3% |
| Other tangible fixed assets | 26 | €65,440 | €38,404 | -€27,036 | -41.3% |
| Assets under construction and advance payments | 27 | €19,624,812 | €30,592,080 | +€11.0m | +55.9% |
| Financial fixed assets | 28 | €313,163 | €406,466 | +€93,303 | +29.8% |
| Companies linked by participating interests | 282/3 | €5,444 | €5,444 | = | 0.0% |
| Participating interests | 282 | €5,444 | €5,444 | = | 0.0% |
| Other financial fixed assets | 284/8 | €307,719 | €401,022 | +€93,303 | +30.3% |
| Amounts receivable and cash guarantees | 285/8 | €307,719 | €401,022 | +€93,303 | +30.3% |
| Current assets | 29/58 | €8,773,844 | €10,927,176 | +€2.2m | +24.5% |
| Stocks and contracts in progress | 3 | €263,908 | €231,779 | -€32,129 | -12.2% |
| Stocks | 30/36 | €263,908 | €231,779 | -€32,129 | -12.2% |
| Raw materials and consumables | 30/31 | €263,908 | €231,779 | -€32,129 | -12.2% |
| Amounts receivable within one year | 40/41 | €3,802,460 | €5,359,293 | +€1.6m | +40.9% |
| Trade receivables | 40 | €495,812 | €437,419 | -€58,393 | -11.8% |
| Other amounts receivable | 41 | €3,306,648 | €4,921,874 | +€1.6m | +48.8% |
| Cash at bank and in hand | 54/58 | €4,018,244 | €4,973,666 | +€955,422 | +23.8% |
| Deferred charges and accrued income | 490/1 | €689,232 | €362,438 | -€326,794 | -47.4% |
| Total equity and liabilities | 10/49 | €265,542,053 | €299,694,456 | +€34.2m | +12.9% |
| Equity | 10/15 | €90,503,561 | €91,368,802 | +€865,241 | +1.0% |
| Contributions | 10/11 | €923,957 | €918,195 | -€5,762 | -0.6% |
| Revaluation surpluses | 12 | €109,276 | €109,276 | = | 0.0% |
| Reserves | 13 | €10,130,611 | €11,298,720 | +€1.2m | +11.5% |
| Non-distributable reserves | 130/1 | €218 | €218 | = | 0.0% |
| Other | 1319 | €218 | €218 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,926,694 | €4,752,854 | -€173,840 | -3.5% |
| Distributable reserves | 133 | €5,203,699 | €6,545,648 | +€1.3m | +25.8% |
| Investment grants | 15 | €79,339,717 | €79,042,611 | -€297,106 | -0.4% |
| Provisions and deferred taxes | 16 | €10,103,120 | €10,083,570 | -€19,550 | -0.2% |
| Provisions for liabilities and charges | 160/5 | €5,719,174 | €5,730,696 | +€11,522 | +0.2% |
| Major repairs and maintenance | 162 | €5,442,747 | €5,462,095 | +€19,348 | +0.4% |
| Other liabilities and charges | 164/5 | €276,427 | €268,601 | -€7,826 | -2.8% |
| Deferred taxes | 168 | €4,383,946 | €4,352,874 | -€31,072 | -0.7% |
| Amounts payable | 17/49 | €164,935,372 | €198,242,084 | +€33.3m | +20.2% |
| Amounts payable after more than one year | 17 | €147,976,627 | €178,666,170 | +€30.7m | +20.7% |
| Financial debts | 170/4 | €147,549,843 | €178,210,496 | +€30.7m | +20.8% |
| Other loans | 174 | €147,549,843 | €178,210,496 | +€30.7m | +20.8% |
| Other amounts payable | 178/9 | €426,784 | €455,674 | +€28,890 | +6.8% |
| Amounts payable within one year | 42/48 | €16,609,787 | €19,056,196 | +€2.4m | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €5,656,199 | €6,221,497 | +€565,298 | +10.0% |
| Financial debts | 43 | €2,987,381 | €3,259,623 | +€272,242 | +9.1% |
| Other loans | 439 | €2,987,381 | €3,259,623 | +€272,242 | +9.1% |
| Trade debts | 44 | €3,868,616 | €4,991,039 | +€1.1m | +29.0% |
| Suppliers | 440/4 | €3,868,616 | €4,991,039 | +€1.1m | +29.0% |
| Taxes, remuneration and social security | 45 | €2,496,307 | €3,662,214 | +€1.2m | +46.7% |
| Taxes | 450/3 | €1,306,883 | €2,603,722 | +€1.3m | +99.2% |
| Remuneration and social security | 454/9 | €1,189,424 | €1,058,492 | -€130,932 | -11.0% |
| Other amounts payable | 47/48 | €1,601,284 | €921,823 | -€679,461 | -42.4% |
| Accrued charges and deferred income | 492/3 | €348,958 | €519,718 | +€170,760 | +48.9% |
| Operating income | 70/76A | €29,681,094 | €32,152,755 | +€2.5m | +8.3% |
| Turnover | 70 | €23,759,091 | €25,700,452 | +€1.9m | +8.2% |
| Own construction capitalised | 72 | €1,180,607 | €1,069,562 | -€111,045 | -9.4% |
| Other operating income | 74 | €4,737,169 | €5,381,886 | +€644,717 | +13.6% |
| Non-recurring operating income | 76A | €4,227 | €855 | -€3,372 | -79.8% |
| Operating charges | 60/66A | €30,110,653 | €32,236,371 | +€2.1m | +7.1% |
| Goods for resale, raw materials and consumables | 60 | €567,345 | €712,942 | +€145,597 | +25.7% |
| Purchases | 600/8 | €512,672 | €680,604 | +€167,932 | +32.8% |
| Change in stocks: decrease (increase) | 609 | €54,673 | €32,338 | -€22,335 | -40.9% |
| Services and other goods | 61 | €6,800,803 | €7,217,938 | +€417,135 | +6.1% |
| Remuneration, social security and pensions | 62 | €9,872,036 | €10,285,268 | +€413,232 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,120,646 | €10,850,174 | +€729,528 | +7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €55,851 | €48,541 | -€7,310 | -13.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €12,066 | €19,349 | +€7,283 | +60.4% |
| Other operating charges | 640/8 | €2,681,906 | €3,102,159 | +€420,253 | +15.7% |
| Operating profit (loss) | 9901 | -€429,559 | -€83,616 | +€345,943 | +80.5% |
| Financial income | 75/76B | €3,233,891 | €3,540,750 | +€306,859 | +9.5% |
| Recurring financial income | 75 | €3,233,891 | €3,540,750 | +€306,859 | +9.5% |
| Income from current assets | 751 | €52,819 | €70,648 | +€17,829 | +33.8% |
| Other financial income | 752/9 | €3,181,072 | €3,470,102 | +€289,030 | +9.1% |
| Financial charges | 65/66B | €2,089,683 | €2,393,615 | +€303,932 | +14.5% |
| Recurring financial charges | 65 | €2,087,261 | €2,392,694 | +€305,433 | +14.6% |
| Debt charges | 650 | €2,084,714 | €2,390,797 | +€306,083 | +14.7% |
| Other financial charges | 652/9 | €2,547 | €1,897 | -€650 | -25.5% |
| Non-recurring financial charges | 66B | €2,422 | €921 | -€1,501 | -62.0% |
| Profit (loss) for the period before taxes | 9903 | €714,649 | €1,063,519 | +€348,870 | +48.8% |
| Transfer from deferred taxes | 780 | €177,820 | €193,019 | +€15,199 | +8.5% |
| Income taxes | 67/77 | €12,500 | €88,429 | +€75,929 | +607.4% |
| Taxes | 670/3 | €12,500 | €88,500 | +€76,000 | +608.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €71 | +€71 | |
| Profit (loss) for the period | 9904 | €879,969 | €1,168,109 | +€288,140 | +32.7% |
| Transfer from tax-exempt reserves | 789 | €173,840 | €173,840 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,053,809 | €1,341,949 | +€288,140 | +27.3% |
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 1 October 2026 via checked.be.