COMISEL: 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.
COMISEL
Largest movements
- Receivables within one year +€96,967
up €96,967 (+167%), from €57,912 to €154,879
of which Other amounts receivable: +€87,227
- Tangible fixed assets +€17,351
up €17,351 (+345%), from €5,031 to €22,382
- Debts after one year +€81,707
new in 2025: €81,707
- Current portion of long-term debt -€37,991
down €37,991 (-54.9%), from €69,155 to €31,164
- Reserves +€29,288
up €29,288 (+6.7%), from €436,282 to €465,570
of which Distributable reserves: +€29,288
- Tax, wage and social debts +€22,693
up €22,693 (+314%), from €7,216 to €29,909
- Profit (loss) carried forward +€19,138
no longer reported in 2025 (was -€19,138)
- Gross operating margin +€91,180
up €91,180, from -€13,636 to €77,544
- Taxes +€19,921
up €19,921 (+6,956%), from €286 to €20,207
- Depreciation +€4,752
up €4,752 (+148%), from €3,201 to €7,953
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 | €512,401 | €629,383 | +€116,982 | +22.8% |
| Fixed assets | 21/28 | €215,148 | €232,500 | +€17,351 | +8.1% |
| Tangible fixed assets | 22/27 | €5,031 | €22,382 | +€17,351 | +345% |
| Furniture and vehicles | 24 | €5,031 | €22,382 | +€17,351 | +345% |
| Financial fixed assets | 28 | €210,117 | €210,117 | = | 0.0% |
| Current assets | 29/58 | €297,253 | €396,883 | +€99,631 | +33.5% |
| Amounts receivable after more than one year | 29 | €238,193 | €240,716 | +€2,523 | +1.1% |
| Other amounts receivable | 291 | €238,193 | €240,716 | +€2,523 | +1.1% |
| Amounts receivable within one year | 40/41 | €57,912 | €154,879 | +€96,967 | +167% |
| Trade receivables | 40 | €7,912 | €17,653 | +€9,741 | +123% |
| Other amounts receivable | 41 | €50,000 | €137,227 | +€87,227 | +174% |
| Cash at bank and in hand | 54/58 | €87 | €614 | +€528 | +608% |
| Deferred charges and accrued income | 490/1 | €1,061 | €674 | -€387 | -36.5% |
| Total equity and liabilities | 10/49 | €512,401 | €629,383 | +€116,982 | +22.8% |
| Equity | 10/15 | €435,743 | €484,170 | +€48,426 | +11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €436,282 | €465,570 | +€29,288 | +6.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €434,422 | €463,710 | +€29,288 | +6.7% |
| Profit (loss) carried forward | 14 | -€19,138 | - | +€19,138 | |
| Amounts payable | 17/49 | €76,658 | €145,213 | +€68,556 | +89.4% |
| Amounts payable after more than one year | 17 | - | €81,707 | +€81,707 | |
| Financial debts | 170/4 | - | €81,707 | +€81,707 | |
| Amounts payable within one year | 42/48 | €76,658 | €61,230 | -€15,427 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €69,155 | €31,164 | -€37,991 | -54.9% |
| Trade debts | 44 | €287 | €157 | -€129 | -45.1% |
| Suppliers | 440/4 | €287 | €157 | -€129 | -45.1% |
| Taxes, remuneration and social security | 45 | €7,216 | €29,909 | +€22,693 | +314% |
| Taxes | 450/3 | €7,216 | €29,909 | +€22,693 | +314% |
| Accrued charges and deferred income | 492/3 | - | €2,276 | +€2,276 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,201 | €7,953 | +€4,752 | +148% |
| Other operating charges | 640/8 | €607 | €761 | +€153 | +25.3% |
| Gross operating margin | 9900 | -€13,636 | €77,544 | +€91,180 | |
| Operating profit (loss) | 9901 | -€17,445 | €68,830 | +€86,274 | |
| Financial income | 75/76B | €2,496 | €2,919 | +€423 | +16.9% |
| Recurring financial income | 75 | €2,496 | €2,919 | +€423 | +16.9% |
| Financial charges | 65/66B | €3,445 | €3,115 | -€330 | -9.6% |
| Recurring financial charges | 65 | €3,172 | €2,943 | -€229 | -7.2% |
| Non-recurring financial charges | 66B | €273 | €172 | -€101 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | -€18,394 | €68,634 | +€87,028 | |
| Income taxes | 67/77 | €286 | €20,207 | +€19,921 | +6,956% |
| Profit (loss) for the period | 9904 | -€18,680 | €48,426 | +€67,107 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,680 | €48,426 | +€67,107 |
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 20 October 2026 via checked.be.