Dr. Frederic Combes: 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.
Dr. Frederic Combes
Largest movements
- Tangible fixed assets +€141,231
up €141,231 (+29.0%), from €486,323 to €627,554
of which Land and buildings: +€152,081
- Receivables within one year +€77,637
up €77,637 (+227%), from €34,245 to €111,882
- Cash -€22,829
down €22,829 (-68.7%), from €33,239 to €10,410
mainly Investment in fixed assets (net) (-€173,362) and Receivables within one year (-€77,637)
- Debts after one year +€139,616
up €139,616 (+49.6%), from €281,255 to €420,872
- Reserves +€46,201
up €46,201 (+7.8%), from €592,194 to €638,395
- Current portion of long-term debt -€12,540
down €12,540 (-30.3%), from €41,398 to €28,858
- Depreciation -€28,238
down €28,238 (-43.3%), from €65,169 to €36,932
- Financial charges +€10,357
up €10,357 (+284%), from €3,647 to €14,004
- Taxes +€4,559
up €4,559 (+22.9%), from €19,910 to €24,469
- Gross operating margin -€2,039
down €2,039 (-1.4%), from €148,681 to €146,642
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 | €957,730 | €1,139,517 | +€181,787 | +19.0% |
| Fixed assets | 21/28 | €507,523 | €643,954 | +€136,431 | +26.9% |
| Intangible fixed assets | 21 | €21,200 | €16,400 | -€4,800 | -22.6% |
| Tangible fixed assets | 22/27 | €486,323 | €627,554 | +€141,231 | +29.0% |
| Land and buildings | 22 | €462,565 | €614,646 | +€152,081 | +32.9% |
| Plant, machinery and equipment | 23 | €5,416 | €3,829 | -€1,587 | -29.3% |
| Furniture and vehicles | 24 | €18,341 | €9,078 | -€9,263 | -50.5% |
| Current assets | 29/58 | €450,208 | €495,564 | +€45,356 | +10.1% |
| Amounts receivable after more than one year | 29 | €311,734 | €311,734 | = | 0.0% |
| Other amounts receivable | 291 | €311,734 | €311,734 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €34,245 | €111,882 | +€77,637 | +227% |
| Other amounts receivable | 41 | €34,245 | €111,882 | +€77,637 | +227% |
| Cash at bank and in hand | 54/58 | €33,239 | €10,410 | -€22,829 | -68.7% |
| Deferred charges and accrued income | 490/1 | €70,989 | €61,537 | -€9,452 | -13.3% |
| Total equity and liabilities | 10/49 | €957,730 | €1,139,517 | +€181,787 | +19.0% |
| Equity | 10/15 | €607,569 | €653,771 | +€46,201 | +7.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €592,194 | €638,395 | +€46,201 | +7.8% |
| Distributable reserves | 133 | €592,194 | €638,395 | +€46,201 | +7.8% |
| Profit (loss) carried forward | 14 | €2,976 | €2,976 | = | 0.0% |
| Amounts payable | 17/49 | €350,161 | €485,747 | +€135,585 | +38.7% |
| Amounts payable after more than one year | 17 | €281,255 | €420,872 | +€139,616 | +49.6% |
| Financial debts | 170/4 | €281,255 | €420,872 | +€139,616 | +49.6% |
| Amounts payable within one year | 42/48 | €68,753 | €64,705 | -€4,047 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €41,398 | €28,858 | -€12,540 | -30.3% |
| Financial debts | 43 | €2,248 | €6,687 | +€4,439 | +197% |
| Credit institutions | 430/8 | €2,248 | €6,687 | +€4,439 | +197% |
| Trade debts | 44 | €10,237 | €10,184 | -€54 | -0.5% |
| Suppliers | 440/4 | €10,237 | €10,184 | -€54 | -0.5% |
| Taxes, remuneration and social security | 45 | €14,036 | €18,144 | +€4,108 | +29.3% |
| Taxes | 450/3 | €10,420 | €14,401 | +€3,981 | +38.2% |
| Remuneration and social security | 454/9 | €3,616 | €3,742 | +€126 | +3.5% |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €153 | €170 | +€16 | +10.5% |
| Remuneration, social security and pensions | 62 | €31,236 | €32,541 | +€1,305 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,169 | €36,932 | -€28,238 | -43.3% |
| Other operating charges | 640/8 | €5,066 | €6,468 | +€1,401 | +27.7% |
| Gross operating margin | 9900 | €148,681 | €146,642 | -€2,039 | -1.4% |
| Operating profit (loss) | 9901 | €47,209 | €70,701 | +€23,492 | +49.8% |
| Financial income | 75/76B | €15,951 | €14,806 | -€1,145 | -7.2% |
| Recurring financial income | 75 | €15,951 | €14,806 | -€1,145 | -7.2% |
| Financial charges | 65/66B | €3,647 | €14,004 | +€10,357 | +284% |
| Recurring financial charges | 65 | €3,647 | €14,004 | +€10,357 | +284% |
| Profit (loss) for the period before taxes | 9903 | €59,513 | €71,503 | +€11,990 | +20.1% |
| Income taxes | 67/77 | €19,910 | €24,469 | +€4,559 | +22.9% |
| Profit (loss) for the period | 9904 | €39,603 | €47,034 | +€7,431 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €39,603 | €47,034 | +€7,431 | +18.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.