C.D.E.: 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.
C.D.E.
Largest movements
- Financial fixed assets -€241,682
down €241,682 (-94.6%), from €255,506 to €13,824
- Receivables within one year -€63,127
down €63,127 (-6.3%), from €1.0m to €946,733
of which Trade receivables: -€81,477
- Cash +€57,137
up €57,137 (+29.4%), from €194,537 to €251,674
- Profit (loss) carried forward -€608,546
down €608,546, from €102,177 to -€506,369
- Other debts -€348,765
down €348,765 (-93.3%), from €374,000 to €25,235
- Accrued charges and deferred income +€285,538
new in 2025: €285,538
- Short-term financial debts +€197,500
up €197,500 (+395.0%), from €50,000 to €247,500
- Tax, wage and social debts +€163,934
up €163,934 (+135.9%), from €120,625 to €284,559
of which Remuneration and social security: +€160,730
- Staff costs +€825,512
up €825,512 (+95.8%), from €861,316 to €1.7m
- Gross operating margin +€104,900
up €104,900 (+10.2%), from €1.0m to €1.1m
- Taxes -€38,085
down €38,085 (-99.4%), from €38,330 to €245
- Financial charges +€14,475
up €14,475 (+176.5%), from €8,203 to €22,677
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
A cash bridge needs two consecutive financial 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 | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,503,990 | €1,259,590 | -€244,399 | -16.3% |
| Fixed assets | 21/28 | €283,051 | €47,041 | -€236,010 | -83.4% |
| Tangible fixed assets | 22/27 | €27,545 | €33,217 | +€5,672 | +20.6% |
| Land and buildings | 22 | - | €2,030 | +€2,030 | |
| Plant, machinery and equipment | 23 | €3,360 | €1,192 | -€2,167 | -64.5% |
| Furniture and vehicles | 24 | €12,570 | €21,749 | +€9,179 | +73.0% |
| Other tangible fixed assets | 26 | €11,615 | €8,245 | -€3,370 | -29.0% |
| Financial fixed assets | 28 | €255,506 | €13,824 | -€241,682 | -94.6% |
| Current assets | 29/58 | €1,220,939 | €1,212,550 | -€8,389 | -0.7% |
| Stocks and contracts in progress | 3 | €10,000 | €10,000 | = | 0.0% |
| Stocks | 30/36 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,009,860 | €946,733 | -€63,127 | -6.3% |
| Trade receivables | 40 | €603,094 | €521,617 | -€81,477 | -13.5% |
| Other amounts receivable | 41 | €406,766 | €425,116 | +€18,350 | +4.5% |
| Cash at bank and in hand | 54/58 | €194,537 | €251,674 | +€57,137 | +29.4% |
| Deferred charges and accrued income | 490/1 | €6,542 | €4,143 | -€2,400 | -36.7% |
| Total equity and liabilities | 10/49 | €1,503,990 | €1,259,590 | -€244,399 | -16.3% |
| Equity | 10/15 | €245,377 | -€363,169 | -€608,546 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €81,200 | €81,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,177 | -€506,369 | -€608,546 | |
| Amounts payable | 17/49 | €1,258,613 | €1,622,759 | +€364,146 | +28.9% |
| Amounts payable after more than one year | 17 | €8,254 | €2,096 | -€6,157 | -74.6% |
| Financial debts | 170/4 | €8,254 | €2,096 | -€6,157 | -74.6% |
| Amounts payable within one year | 42/48 | €1,250,359 | €1,335,125 | +€84,766 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €3,998 | €4,127 | +€128 | +3.2% |
| Financial debts | 43 | €50,000 | €247,500 | +€197,500 | +395.0% |
| Credit institutions | 430/8 | €50,000 | €247,500 | +€197,500 | +395.0% |
| Trade debts | 44 | €701,737 | €773,705 | +€71,968 | +10.3% |
| Suppliers | 440/4 | €701,737 | €773,705 | +€71,968 | +10.3% |
| Taxes, remuneration and social security | 45 | €120,625 | €284,559 | +€163,934 | +135.9% |
| Taxes | 450/3 | €21,063 | €24,268 | +€3,205 | +15.2% |
| Remuneration and social security | 454/9 | €99,561 | €260,291 | +€160,730 | +161.4% |
| Other amounts payable | 47/48 | €374,000 | €25,235 | -€348,765 | -93.3% |
| Accrued charges and deferred income | 492/3 | - | €285,538 | +€285,538 | |
| Non-recurring operating income | 76A | - | €34,916 | +€34,916 | |
| Remuneration, social security and pensions | 62 | €861,316 | €1,686,827 | +€825,512 | +95.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,398 | €25,026 | +€6,628 | +36.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,125 | +€5,125 | |
| Other operating charges | 640/8 | €11,320 | €4,616 | -€6,704 | -59.2% |
| Gross operating margin | 9900 | €1,029,657 | €1,134,557 | +€104,900 | +10.2% |
| Operating profit (loss) | 9901 | €138,623 | -€587,037 | -€725,660 | |
| Financial income | 75/76B | €9,403 | €1,414 | -€7,989 | -85.0% |
| Recurring financial income | 75 | €9,403 | €1,414 | -€7,989 | -85.0% |
| Financial charges | 65/66B | €8,203 | €22,677 | +€14,475 | +176.5% |
| Recurring financial charges | 65 | €8,203 | €22,677 | +€14,475 | +176.5% |
| Profit (loss) for the period before taxes | 9903 | €139,824 | -€608,300 | -€748,124 | |
| Income taxes | 67/77 | €38,330 | €245 | -€38,085 | -99.4% |
| Profit (loss) for the period | 9904 | €101,494 | -€608,546 | -€710,039 | |
| Profit (loss) for the period to be appropriated | 9905 | €101,494 | -€608,546 | -€710,039 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.