C.bfa: 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.
C.bfa
Largest movements
- Receivables after one year -€418,600
down €418,600 (-81.6%), from €513,021 to €94,422
- Cash -€34,113
down €34,113 (-81.1%), from €42,082 to €7,970
- Receivables within one year -€19,700
down €19,700 (-61.8%), from €31,873 to €12,173
of which Trade receivables: -€17,533
- Tangible fixed assets -€12,667
no longer reported in 2025 (was €12,667)
- Contributions -€337,958
down €337,958 (-94.4%), from €357,958 to €20,000
- Profit (loss) carried forward +€174,806
up €174,806 (+42.9%), from -€407,147 to -€232,341
- Reserves -€156,952
down €156,952 (-33.5%), from €468,654 to €311,702
of which Tax-exempt reserves: -€156,952
- Provisions -€80,818
no longer reported in 2025 (was €80,818)
- Debts after one year -€57,164
down €57,164 (-96.3%), from €59,342 to €2,177
- Gross operating margin -€102,009
down €102,009, from €44,150 to -€57,860
- Financial income -€21,563
down €21,563 (-79.5%), from €27,117 to €5,554
- Financial charges -€7,427
down €7,427 (-71.8%), from €10,351 to €2,924
- Taxes -€4,725
down €4,725 (-48.3%), from €9,788 to €5,063
- Write-downs +€906
new in 2025: €906
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €600,326 | €114,564 | -€485,762 | -80.9% |
| Fixed assets | 21/28 | €12,667 | - | -€12,667 | |
| Tangible fixed assets | 22/27 | €12,667 | - | -€12,667 | |
| Land and buildings | 22 | €12,667 | - | -€12,667 | |
| Current assets | 29/58 | €587,659 | €114,564 | -€473,095 | -80.5% |
| Amounts receivable after more than one year | 29 | €513,021 | €94,422 | -€418,600 | -81.6% |
| Trade receivables | 290 | €513,021 | €94,422 | -€418,600 | -81.6% |
| Amounts receivable within one year | 40/41 | €31,873 | €12,173 | -€19,700 | -61.8% |
| Trade receivables | 40 | €17,533 | - | -€17,533 | |
| Other amounts receivable | 41 | €14,340 | €12,173 | -€2,168 | -15.1% |
| Cash at bank and in hand | 54/58 | €42,082 | €7,970 | -€34,113 | -81.1% |
| Deferred charges and accrued income | 490/1 | €682 | - | -€682 | |
| Total equity and liabilities | 10/49 | €600,326 | €114,564 | -€485,762 | -80.9% |
| Equity | 10/15 | €419,466 | €99,361 | -€320,105 | -76.3% |
| Contributions | 10/11 | €357,958 | €20,000 | -€337,958 | -94.4% |
| Reserves | 13 | €468,654 | €311,702 | -€156,952 | -33.5% |
| Tax-exempt reserves | 132 | €156,952 | - | -€156,952 | |
| Distributable reserves | 133 | €311,702 | €311,702 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€407,147 | -€232,341 | +€174,806 | +42.9% |
| Provisions and deferred taxes | 16 | €80,818 | - | -€80,818 | |
| Deferred taxes | 168 | €80,818 | - | -€80,818 | |
| Amounts payable | 17/49 | €100,042 | €15,203 | -€84,839 | -84.8% |
| Amounts payable after more than one year | 17 | €59,342 | €2,177 | -€57,164 | -96.3% |
| Financial debts | 170/4 | €59,342 | €2,177 | -€57,164 | -96.3% |
| Amounts payable within one year | 42/48 | €40,700 | €13,025 | -€27,675 | -68.0% |
| Current portion of amounts payable after more than one year | 42 | €5,775 | €11,730 | +€5,956 | +103.1% |
| Trade debts | 44 | €7,543 | €1,295 | -€6,248 | -82.8% |
| Suppliers | 440/4 | €7,543 | €1,295 | -€6,248 | -82.8% |
| Taxes, remuneration and social security | 45 | €27,382 | - | -€27,382 | |
| Taxes | 450/3 | €22,461 | - | -€22,461 | |
| Remuneration and social security | 454/9 | €4,921 | - | -€4,921 | |
| Non-recurring operating income | 76A | €240 | €44,905 | +€44,665 | +18610.2% |
| Remuneration, social security and pensions | 62 | €587 | - | -€587 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €667 | - | -€667 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €906 | +€906 | |
| Other operating charges | 640/8 | €1,298 | €1,765 | +€467 | +36.0% |
| Gross operating margin | 9900 | €44,150 | -€57,860 | -€102,009 | |
| Operating profit (loss) | 9901 | €41,597 | -€60,531 | -€102,129 | |
| Financial income | 75/76B | €27,117 | €5,554 | -€21,563 | -79.5% |
| Recurring financial income | 75 | €27,117 | €5,554 | -€21,563 | -79.5% |
| Financial charges | 65/66B | €10,351 | €2,924 | -€7,427 | -71.8% |
| Recurring financial charges | 65 | €10,351 | €2,924 | -€7,427 | -71.8% |
| Profit (loss) for the period before taxes | 9903 | €58,363 | -€57,901 | -€116,264 | |
| Transfer from deferred taxes | 780 | €1,944 | €80,818 | +€78,874 | +4056.5% |
| Income taxes | 67/77 | €9,788 | €5,063 | -€4,725 | -48.3% |
| Profit (loss) for the period | 9904 | €50,519 | €17,854 | -€32,666 | -64.7% |
| Transfer from tax-exempt reserves | 789 | €3,776 | €156,952 | +€153,176 | +4056.5% |
| Profit (loss) for the period to be appropriated | 9905 | €54,295 | €174,806 | +€120,510 | +222.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.