COMEX: 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.
COMEX
Largest movements
- Tangible fixed assets -€45,120
down €45,120 (-19.6%), from €230,776 to €185,656
of which Plant, machinery and equipment: -€51,628
- Receivables within one year +€40,056
up €40,056 (+22.5%), from €177,926 to €217,982
of which Trade receivables: +€31,303
- Tax, wage and social debts -€54,419
down €54,419 (-56.5%), from €96,270 to €41,851
of which Remuneration and social security: -€32,174
- Profit (loss) carried forward +€50,209
up €50,209 (+169%), from €29,789 to €79,998
- Short-term financial debts -€40,000
down €40,000 (-100%), from €40,000 to €0
- Trade debts +€27,962
up €27,962 (+63.3%), from €44,195 to €72,157
- Current portion of long-term debt +€13,709
up €13,709 (+56.1%), from €24,447 to €38,156
- Gross operating margin -€67,276
down €67,276 (-12.1%), from €555,997 to €488,721
- Staff costs +€15,479
up €15,479 (+4.8%), from €319,910 to €335,389
- Taxes +€7,524
new in 2025: €7,524
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 | €509,579 | €505,154 | -€4,426 | -0.9% |
| Fixed assets | 21/28 | €231,568 | €185,982 | -€45,586 | -19.7% |
| Intangible fixed assets | 21 | €792 | €326 | -€466 | -58.9% |
| Tangible fixed assets | 22/27 | €230,776 | €185,656 | -€45,120 | -19.6% |
| Plant, machinery and equipment | 23 | €103,113 | €51,485 | -€51,628 | -50.1% |
| Furniture and vehicles | 24 | - | €41,373 | +€41,373 | |
| Leasing and similar rights | 25 | €55,192 | €31,114 | -€24,078 | -43.6% |
| Other tangible fixed assets | 26 | €72,471 | €61,683 | -€10,787 | -14.9% |
| Current assets | 29/58 | €278,011 | €319,172 | +€41,160 | +14.8% |
| Stocks and contracts in progress | 3 | €37,518 | €37,323 | -€194 | -0.5% |
| Stocks | 30/36 | €37,518 | €37,323 | -€194 | -0.5% |
| Amounts receivable within one year | 40/41 | €177,926 | €217,982 | +€40,056 | +22.5% |
| Trade receivables | 40 | €170,027 | €201,330 | +€31,303 | +18.4% |
| Other amounts receivable | 41 | €7,898 | €16,652 | +€8,754 | +111% |
| Cash at bank and in hand | 54/58 | €58,396 | €55,369 | -€3,027 | -5.2% |
| Deferred charges and accrued income | 490/1 | €4,172 | €8,498 | +€4,326 | +104% |
| Total equity and liabilities | 10/49 | €509,579 | €505,154 | -€4,426 | -0.9% |
| Equity | 10/15 | €209,789 | €259,998 | +€50,209 | +23.9% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,789 | €79,998 | +€50,209 | +169% |
| Amounts payable | 17/49 | €299,790 | €245,156 | -€54,634 | -18.2% |
| Amounts payable after more than one year | 17 | €31,639 | €29,276 | -€2,362 | -7.5% |
| Financial debts | 170/4 | €31,639 | €29,276 | -€2,362 | -7.5% |
| Amounts payable within one year | 42/48 | €204,912 | €152,508 | -€52,403 | -25.6% |
| Current portion of amounts payable after more than one year | 42 | €24,447 | €38,156 | +€13,709 | +56.1% |
| Financial debts | 43 | €40,000 | €0 | -€40,000 | -100% |
| Credit institutions | 430/8 | €40,000 | €0 | -€40,000 | -100% |
| Trade debts | 44 | €44,195 | €72,157 | +€27,962 | +63.3% |
| Suppliers | 440/4 | €44,195 | €72,157 | +€27,962 | +63.3% |
| Taxes, remuneration and social security | 45 | €96,270 | €41,851 | -€54,419 | -56.5% |
| Taxes | 450/3 | €35,369 | €13,125 | -€22,245 | -62.9% |
| Remuneration and social security | 454/9 | €60,900 | €28,726 | -€32,174 | -52.8% |
| Other amounts payable | 47/48 | €0 | €345 | +€345 | |
| Accrued charges and deferred income | 492/3 | €63,240 | €63,371 | +€131 | +0.2% |
| Remuneration, social security and pensions | 62 | €319,910 | €335,389 | +€15,479 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,675 | €89,837 | +€3,162 | +3.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €141 | €943 | +€803 | +571% |
| Non-recurring operating charges | 66A | - | €1,230 | +€1,230 | |
| Gross operating margin | 9900 | €555,997 | €488,721 | -€67,276 | -12.1% |
| Operating profit (loss) | 9901 | €149,272 | €61,323 | -€87,949 | -58.9% |
| Financial income | 75/76B | €418 | €166 | -€253 | -60.4% |
| Recurring financial income | 75 | €418 | €166 | -€253 | -60.4% |
| Financial charges | 65/66B | €8,877 | €3,756 | -€5,120 | -57.7% |
| Recurring financial charges | 65 | €8,877 | €3,756 | -€5,120 | -57.7% |
| Profit (loss) for the period before taxes | 9903 | €140,814 | €57,732 | -€83,081 | -59.0% |
| Income taxes | 67/77 | - | €7,524 | +€7,524 | |
| Profit (loss) for the period | 9904 | €140,814 | €50,209 | -€90,605 | -64.3% |
| Profit (loss) for the period to be appropriated | 9905 | €140,814 | €50,209 | -€90,605 | -64.3% |
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 16 October 2026 via checked.be.