C.B.D.: 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
C.B.D.
NACE 41.001, General construction of residential buildings
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.1m
2024 · €2.6m+€1.5m
Equity
€16.4m
2024 · €13.3m+€3.1m
Cash
€1.2m
2024 · €1.1m+€141,075
Balance sheet total
€29.0m
2024 · €23.2m+€5.8m
Largest movements
Assets
- Receivables within one year +€4.0m
up €4.0m (+37.5%), from €10.7m to €14.7m
of which Trade receivables: +€4.2m
- Current investments +€1.0m
up €1.0m (+13.3%), from €7.5m to €8.5m
- Tangible fixed assets +€713,851
up €713,851 (+69.0%), from €1.0m to €1.7m
of which Furniture and vehicles: +€364,688
Equity and liabilities
- Reserves +€3.1m
up €3.1m (+23.4%), from €13.1m to €16.1m
of which Distributable reserves: +€2.6m
- Trade debts +€2.6m
up €2.6m (+30.9%), from €8.4m to €11.0m
Income statement
- Turnover +€12.7m
up €12.7m (+28.3%), from €44.7m to €57.4m
- Goods and materials +€8.6m
up €8.6m (+27.1%), from €31.5m to €40.1m
of which Purchases: +€8.7m
- Services and other goods +€1.5m
up €1.5m (+29.5%), from €5.2m to €6.7m
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
€2.6m
Turnover
+€12.7m
Other operating income
+€1,940
Goods and materials
-€8.6m
Services and other goods
-€1.5m
Staff costs
-€386,436
Depreciation
-€104,452
Write-downs
+€262,281
Provisions
+€5,615
Other operating charges
-€10,179
Other operating items
-€458,975
Financial income
+€41,879
Financial charges
-€16,567
Taxes
-€471,608
Result 2025
€4.1m
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
+€3.1m
Investment
-€2.0m
Financing
-€1.0m
Cash 2024
€1.1m
From operations (derived)
+€3.1m
Net result for the year
+€4.1m
Depreciation
+€416,777
Stocks and contracts
-€56,668
Receivables within one year
-€4.0m
Deferred charges and accrued income
-€22,596
Smaller working-capital items
-€108
Trade debts
+€2.6m
Tax, wage and social debts
+€37,891
Advances received
-€16,714
Other debts
+€92,797
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€966,249
Current investments
-€1.0m
Financing
-€1.0m
Contributions, distributions and other
-€1.0m
Cash 2025
€1.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,233,120 | €29,009,475 | +€5.8m | +24.9% |
| Fixed assets | 21/28 | €2,462,945 | €3,012,416 | +€549,471 | +22.3% |
| Tangible fixed assets | 22/27 | €1,034,053 | €1,747,905 | +€713,851 | +69.0% |
| Plant, machinery and equipment | 23 | €382,305 | €722,455 | +€340,150 | +89.0% |
| Furniture and vehicles | 24 | €514,474 | €879,161 | +€364,688 | +70.9% |
| Other tangible fixed assets | 26 | €137,275 | €146,288 | +€9,014 | +6.6% |
| Financial fixed assets | 28 | €1,428,891 | €1,264,511 | -€164,380 | -11.5% |
| Other financial fixed assets | 284/8 | €1,428,891 | €1,264,511 | -€164,380 | -11.5% |
| Shares | 284 | €129,800 | €114,100 | -€15,700 | -12.1% |
| Amounts receivable and cash guarantees | 285/8 | €1,299,091 | €1,150,411 | -€148,680 | -11.4% |
| Current assets | 29/58 | €20,770,176 | €25,997,059 | +€5.2m | +25.2% |
| Stocks and contracts in progress | 3 | €1,482,865 | €1,539,533 | +€56,668 | +3.8% |
| Stocks | 30/36 | €621,262 | €852,497 | +€231,235 | +37.2% |
| Raw materials and consumables | 30/31 | €172,476 | €403,711 | +€231,235 | +134.1% |
| Property held for sale | 35 | €448,786 | €448,786 | = | 0.0% |
| Contracts in progress | 37 | €861,603 | €687,036 | -€174,567 | -20.3% |
| Amounts receivable within one year | 40/41 | €10,670,153 | €14,676,698 | +€4.0m | +37.5% |
| Trade receivables | 40 | €9,981,573 | €14,144,044 | +€4.2m | +41.7% |
| Other amounts receivable | 41 | €688,580 | €532,654 | -€155,926 | -22.6% |
| Current investments | 50/53 | €7,500,000 | €8,500,000 | +€1.0m | +13.3% |
| Other investments | 51/53 | €7,500,000 | €8,500,000 | +€1.0m | +13.3% |
| Cash at bank and in hand | 54/58 | €1,092,982 | €1,234,056 | +€141,075 | +12.9% |
| Deferred charges and accrued income | 490/1 | €24,176 | €46,772 | +€22,596 | +93.5% |
| Total equity and liabilities | 10/49 | €23,233,120 | €29,009,475 | +€5.8m | +24.9% |
| Equity | 10/15 | €13,314,513 | €16,372,264 | +€3.1m | +23.0% |
| Contributions | 10/11 | €244,000 | €244,000 | = | 0.0% |
| Capital | 10 | €244,000 | €244,000 | = | 0.0% |
| Issued capital | 100 | €244,000 | €244,000 | = | 0.0% |
| Reserves | 13 | €13,070,513 | €16,128,264 | +€3.1m | +23.4% |
| Non-distributable reserves | 130/1 | €24,400 | €24,400 | = | 0.0% |
| Legal reserve | 130 | €24,400 | €24,400 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €421,000 | +€421,000 | |
| Distributable reserves | 133 | €13,046,113 | €15,682,864 | +€2.6m | +20.2% |
| Provisions and deferred taxes | 16 | €5,615 | €0 | -€5,615 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €5,615 | €0 | -€5,615 | -100.0% |
| Other liabilities and charges | 164/5 | €5,615 | €0 | -€5,615 | -100.0% |
| Amounts payable | 17/49 | €9,912,993 | €12,637,211 | +€2.7m | +27.5% |
| Amounts payable within one year | 42/48 | €9,878,906 | €12,597,618 | +€2.7m | +27.5% |
| Trade debts | 44 | €8,436,858 | €11,041,596 | +€2.6m | +30.9% |
| Suppliers | 440/4 | €8,436,858 | €11,041,596 | +€2.6m | +30.9% |
| Advances received on contracts in progress | 46 | €66,914 | €50,200 | -€16,714 | -25.0% |
| Taxes, remuneration and social security | 45 | €375,134 | €413,025 | +€37,891 | +10.1% |
| Taxes | 450/3 | €49,644 | €30,560 | -€19,084 | -38.4% |
| Remuneration and social security | 454/9 | €325,491 | €382,465 | +€56,975 | +17.5% |
| Other amounts payable | 47/48 | €1,000,000 | €1,092,797 | +€92,797 | +9.3% |
| Accrued charges and deferred income | 492/3 | €34,086 | €39,593 | +€5,507 | +16.2% |
| Operating income | 70/76A | €45,246,984 | €57,499,090 | +€12.3m | +27.1% |
| Turnover | 70 | €44,742,502 | €57,424,338 | +€12.7m | +28.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €265,625 | -€174,567 | -€440,193 | |
| Other operating income | 74 | €219,079 | €221,019 | +€1,940 | +0.9% |
| Non-recurring operating income | 76A | €19,778 | €28,300 | +€8,522 | +43.1% |
| Operating charges | 60/66A | €42,008,632 | €52,356,783 | +€10.3m | +24.6% |
| Goods for resale, raw materials and consumables | 60 | €31,531,825 | €40,086,539 | +€8.6m | +27.1% |
| Purchases | 600/8 | €31,578,885 | €40,317,774 | +€8.7m | +27.7% |
| Change in stocks: decrease (increase) | 609 | -€47,060 | -€231,235 | -€184,175 | -391.4% |
| Services and other goods | 61 | €5,194,999 | €6,727,961 | +€1.5m | +29.5% |
| Remuneration, social security and pensions | 62 | €4,761,656 | €5,148,092 | +€386,436 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €312,325 | €416,777 | +€104,452 | +33.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €101,818 | -€160,463 | -€262,281 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€5,615 | -€5,615 | |
| Other operating charges | 640/8 | €68,148 | €78,328 | +€10,179 | +14.9% |
| Non-recurring operating charges | 66A | €37,861 | €65,165 | +€27,304 | +72.1% |
| Operating profit (loss) | 9901 | €3,238,352 | €5,142,306 | +€1.9m | +58.8% |
| Financial income | 75/76B | €333,894 | €375,773 | +€41,879 | +12.5% |
| Recurring financial income | 75 | €333,894 | €375,773 | +€41,879 | +12.5% |
| Income from current assets | 751 | €215,849 | €187,508 | -€28,341 | -13.1% |
| Other financial income | 752/9 | €118,044 | €188,265 | +€70,221 | +59.5% |
| Financial charges | 65/66B | €58,084 | €74,651 | +€16,567 | +28.5% |
| Recurring financial charges | 65 | €58,084 | €74,651 | +€16,567 | +28.5% |
| Debt charges | 650 | €461 | €3,326 | +€2,865 | +621.3% |
| Other financial charges | 652/9 | €57,623 | €71,325 | +€13,702 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €3,514,162 | €5,443,428 | +€1.9m | +54.9% |
| Income taxes | 67/77 | €914,068 | €1,385,676 | +€471,608 | +51.6% |
| Taxes | 670/3 | €914,068 | €1,385,676 | +€471,608 | +51.6% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €2,600,093 | €4,057,752 | +€1.5m | +56.1% |
| Transfer to tax-exempt reserves | 689 | - | €421,000 | +€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,600,093 | €3,636,752 | +€1.0m | +39.9% |
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.