C.D.M.: 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.D.M.
Largest movements
- Receivables within one year +€43,859
up €43,859 (+26.7%), from €164,226 to €208,085
- Cash -€25,943
down €25,943 (-72.1%), from €35,992 to €10,049
mainly Investment in fixed assets (net) (-€71,297) and Receivables within one year (-€43,859)
- Stocks and contracts -€19,099
down €19,099 (-4.1%), from €470,836 to €451,737
- Tangible fixed assets -€14,162
down €14,162 (-2.0%), from €696,681 to €682,520
of which Plant, machinery and equipment: -€102,707
- Reserves +€34,000
up €34,000 (+14.7%), from €231,860 to €265,860
- Tax, wage and social debts -€24,869
down €24,869 (-28.5%), from €87,115 to €62,246
of which Taxes: -€13,983
- Debts after one year -€17,803
down €17,803 (-3.5%), from €513,887 to €496,084
- Gross operating margin -€32,510
down €32,510 (-5.0%), from €644,504 to €611,994
- Taxes -€24,603
down €24,603 (-50.6%), from €48,602 to €24,000
- Staff costs +€8,581
up €8,581 (+2.0%), from €430,720 to €439,300
- Depreciation +€7,505
up €7,505 (+9.6%), from €77,953 to €85,459
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
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 | €1,381,421 | €1,366,042 | -€15,380 | -1.1% |
| Fixed assets | 21/28 | €696,681 | €682,520 | -€14,162 | -2.0% |
| Tangible fixed assets | 22/27 | €696,681 | €682,520 | -€14,162 | -2.0% |
| Land and buildings | 22 | €593,974 | €551,536 | -€42,438 | -7.1% |
| Plant, machinery and equipment | 23 | €102,707 | - | -€102,707 | |
| Furniture and vehicles | 24 | - | €130,984 | +€130,984 | |
| Current assets | 29/58 | €684,740 | €683,522 | -€1,218 | -0.2% |
| Amounts receivable after more than one year | 29 | €13,652 | €13,652 | = | 0.0% |
| Other amounts receivable | 291 | €13,652 | €13,652 | = | 0.0% |
| Stocks and contracts in progress | 3 | €470,836 | €451,737 | -€19,099 | -4.1% |
| Stocks | 30/36 | €470,836 | €451,737 | -€19,099 | -4.1% |
| Amounts receivable within one year | 40/41 | €164,226 | €208,085 | +€43,859 | +26.7% |
| Trade receivables | 40 | €164,226 | €208,085 | +€43,859 | +26.7% |
| Cash at bank and in hand | 54/58 | €35,992 | €10,049 | -€25,943 | -72.1% |
| Deferred charges and accrued income | 490/1 | €35 | - | -€35 | |
| Total equity and liabilities | 10/49 | €1,381,421 | €1,366,042 | -€15,380 | -1.1% |
| Equity | 10/15 | €651,886 | €686,869 | +€34,983 | +5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €231,860 | €265,860 | +€34,000 | +14.7% |
| Non-distributable reserves | 130/1 | €231,860 | €265,860 | +€34,000 | +14.7% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €230,000 | €264,000 | +€34,000 | +14.8% |
| Profit (loss) carried forward | 14 | €401,426 | €402,409 | +€983 | +0.2% |
| Amounts payable | 17/49 | €729,536 | €679,173 | -€50,363 | -6.9% |
| Amounts payable after more than one year | 17 | €513,887 | €496,084 | -€17,803 | -3.5% |
| Financial debts | 170/4 | €513,887 | €496,084 | -€17,803 | -3.5% |
| Amounts payable within one year | 42/48 | €215,649 | €183,089 | -€32,560 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €87,637 | €82,416 | -€5,221 | -6.0% |
| Trade debts | 44 | €27,042 | €30,504 | +€3,462 | +12.8% |
| Suppliers | 440/4 | €20,242 | €23,704 | +€3,462 | +17.1% |
| Bills of exchange payable | 441 | €6,800 | €6,800 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €87,115 | €62,246 | -€24,869 | -28.5% |
| Taxes | 450/3 | €36,581 | €22,598 | -€13,983 | -38.2% |
| Remuneration and social security | 454/9 | €50,535 | €39,648 | -€10,886 | -21.5% |
| Other amounts payable | 47/48 | €13,854 | €7,923 | -€5,932 | -42.8% |
| Remuneration, social security and pensions | 62 | €430,720 | €439,300 | +€8,581 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,953 | €85,459 | +€7,505 | +9.6% |
| Other operating charges | 640/8 | €10,552 | €10,860 | +€308 | +2.9% |
| Gross operating margin | 9900 | €644,504 | €611,994 | -€32,510 | -5.0% |
| Operating profit (loss) | 9901 | €125,278 | €76,375 | -€48,903 | -39.0% |
| Financial income | 75/76B | €263 | €58 | -€205 | -77.8% |
| Recurring financial income | 75 | €263 | €58 | -€205 | -77.8% |
| Financial charges | 65/66B | €16,222 | €17,451 | +€1,229 | +7.6% |
| Recurring financial charges | 65 | €16,222 | €17,451 | +€1,229 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €109,320 | €58,983 | -€50,337 | -46.0% |
| Income taxes | 67/77 | €48,602 | €24,000 | -€24,603 | -50.6% |
| Profit (loss) for the period | 9904 | €60,717 | €34,983 | -€25,734 | -42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €60,717 | €34,983 | -€25,734 | -42.4% |
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 5 October 2026 via checked.be.