COMEXAS AIRFREIGHT: 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.
COMEXAS AIRFREIGHT
Largest movements
- Receivables within one year +€698,550
up €698,550 (+46.9%), from €1.5m to €2.2m
of which Trade receivables: +€666,641
- Cash -€136,218
down €136,218 (-27.7%), from €491,013 to €354,795
mainly Receivables within one year (-€698,550) and Investment in fixed assets (net) (-€104,381)
- Deferred charges and accrued income +€70,310
up €70,310 (+359.3%), from €19,567 to €89,877
- Tangible fixed assets +€56,200
up €56,200 (+35.1%), from €159,903 to €216,103
of which Plant, machinery and equipment: +€48,050
- Trade debts +€376,497
up €376,497 (+27.4%), from €1.4m to €1.7m
- Profit (loss) carried forward +€219,918
up €219,918 (+36.4%), from €603,437 to €823,356
- Accrued charges and deferred income +€100,756
up €100,756 (+925.0%), from €10,892 to €111,649
- Gross operating margin -€360,646
down €360,646 (-23.0%), from €1.6m to €1.2m
- Taxes -€117,126
down €117,126 (-57.1%), from €205,000 to €87,874
- Staff costs +€72,303
up €72,303 (+9.9%), from €733,211 to €805,514
- Financial charges +€42,125
up €42,125 (+99.5%), from €42,341 to €84,466
- Write-downs +€36,069
up €36,069, from -€23,145 to €12,924
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,158,986 | €2,847,827 | +€688,841 | +31.9% |
| Fixed assets | 21/28 | €159,903 | €216,103 | +€56,200 | +35.1% |
| Tangible fixed assets | 22/27 | €159,903 | €216,103 | +€56,200 | +35.1% |
| Plant, machinery and equipment | 23 | €158,535 | €206,585 | +€48,050 | +30.3% |
| Furniture and vehicles | 24 | €1,368 | €9,517 | +€8,150 | +595.9% |
| Current assets | 29/58 | €1,999,082 | €2,631,724 | +€632,642 | +31.6% |
| Amounts receivable within one year | 40/41 | €1,488,502 | €2,187,052 | +€698,550 | +46.9% |
| Trade receivables | 40 | €1,437,255 | €2,103,896 | +€666,641 | +46.4% |
| Other amounts receivable | 41 | €51,247 | €83,156 | +€31,909 | +62.3% |
| Cash at bank and in hand | 54/58 | €491,013 | €354,795 | -€136,218 | -27.7% |
| Deferred charges and accrued income | 490/1 | €19,567 | €89,877 | +€70,310 | +359.3% |
| Total equity and liabilities | 10/49 | €2,158,986 | €2,847,827 | +€688,841 | +31.9% |
| Equity | 10/15 | €688,437 | €908,356 | +€219,918 | +31.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €603,437 | €823,356 | +€219,918 | +36.4% |
| Amounts payable | 17/49 | €1,470,548 | €1,939,471 | +€468,923 | +31.9% |
| Amounts payable within one year | 42/48 | €1,459,656 | €1,827,823 | +€368,167 | +25.2% |
| Trade debts | 44 | €1,372,295 | €1,748,791 | +€376,497 | +27.4% |
| Suppliers | 440/4 | €1,372,295 | €1,748,791 | +€376,497 | +27.4% |
| Taxes, remuneration and social security | 45 | €76,759 | €79,032 | +€2,272 | +3.0% |
| Remuneration and social security | 454/9 | €76,759 | €79,032 | +€2,272 | +3.0% |
| Other amounts payable | 47/48 | €10,602 | - | -€10,602 | |
| Accrued charges and deferred income | 492/3 | €10,892 | €111,649 | +€100,756 | +925.0% |
| Remuneration, social security and pensions | 62 | €733,211 | €805,514 | +€72,303 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,295 | €48,182 | +€17,887 | +59.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€23,145 | €12,924 | +€36,069 | |
| Other operating charges | 640/8 | €1,991 | €2,030 | +€39 | +2.0% |
| Non-recurring operating charges | 66A | - | €365 | +€365 | |
| Gross operating margin | 9900 | €1,569,555 | €1,208,909 | -€360,646 | -23.0% |
| Operating profit (loss) | 9901 | €827,204 | €339,894 | -€487,309 | -58.9% |
| Financial income | 75/76B | €33,575 | €52,365 | +€18,790 | +56.0% |
| Recurring financial income | 75 | €33,575 | €52,365 | +€18,790 | +56.0% |
| Financial charges | 65/66B | €42,341 | €84,466 | +€42,125 | +99.5% |
| Recurring financial charges | 65 | €42,341 | €84,466 | +€42,125 | +99.5% |
| Profit (loss) for the period before taxes | 9903 | €818,437 | €307,793 | -€510,645 | -62.4% |
| Income taxes | 67/77 | €205,000 | €87,874 | -€117,126 | -57.1% |
| Profit (loss) for the period | 9904 | €613,437 | €219,918 | -€393,519 | -64.1% |
| Profit (loss) for the period to be appropriated | 9905 | €613,437 | €219,918 | -€393,519 | -64.1% |
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 2 October 2026 via checked.be.