C & D PROJECTS: 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 & D PROJECTS
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€285,214
2025 · €1.6m-€1.3m
Equity
€28.0m
2025 · €27.7m+€285,214
Cash
€1.5m
2025 · €110,232+€1.4m
Balance sheet total
€30.3m
2025 · €30.1m+€202,977
Largest movements
Assets
- Cash +€1.4m
up €1.4m (+1244.1%), from €110,232 to €1.5m
mainly Current investments (+€995,000) and Net result for the year (+€285,214)
- Current investments -€995,000
down €995,000 (-31.1%), from €3.2m to €2.2m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€1.5m
down €1.5m (-92.0%), from €1.6m to €128,423
- Gross operating margin +€96,537
up €96,537 (+20.1%), from €479,268 to €575,805
- Staff costs -€42,864
down €42,864 (-24.1%), from €177,946 to €135,082
- Taxes -€14,768
down €14,768 (-12.8%), from €115,642 to €100,874
- Depreciation -€10,191
down €10,191 (-12.4%), from €82,464 to €72,273
From the 2025 result to the 2026 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 2025
€1.6m
Gross operating margin
+€96,537
Staff costs
+€42,864
Depreciation
+€10,191
Other operating charges
-€500
Financial income
-€1.5m
Financial charges
-€249
Taxes
+€14,768
Deferred taxes and other
-€780
Result 2026
€285,214
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€376,367
Investment
+€995,000
Financing
€0
Cash 2025
€110,232
From operations (derived)
+€376,367
Net result for the year
+€285,214
Depreciation
+€72,273
Receivables within one year
+€90,143
Deferred charges and accrued income
+€10,974
Provisions
-€12,248
Trade debts
-€4,471
Tax, wage and social debts
-€65,518
Investment (derived)
+€995,000
Current investments
+€995,000
Cash 2026
€1.5m
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,102,782 | €30,305,759 | +€202,977 | +0.7% |
| Fixed assets | 21/28 | €23,752,881 | €23,680,608 | -€72,273 | -0.3% |
| Tangible fixed assets | 22/27 | €1,186,978 | €1,114,705 | -€72,273 | -6.1% |
| Land and buildings | 22 | €1,186,978 | €1,114,705 | -€72,273 | -6.1% |
| Financial fixed assets | 28 | €22,565,903 | €22,565,903 | = | 0.0% |
| Current assets | 29/58 | €6,349,901 | €6,625,151 | +€275,250 | +4.3% |
| Amounts receivable after more than one year | 29 | €2,820,000 | €2,820,000 | = | 0.0% |
| Trade receivables | 290 | €2,820,000 | €2,820,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €202,688 | €112,545 | -€90,143 | -44.5% |
| Trade receivables | 40 | €202,688 | €112,545 | -€90,143 | -44.5% |
| Current investments | 50/53 | €3,195,000 | €2,200,000 | -€995,000 | -31.1% |
| Cash at bank and in hand | 54/58 | €110,232 | €1,481,599 | +€1.4m | +1244.1% |
| Deferred charges and accrued income | 490/1 | €21,981 | €11,007 | -€10,974 | -49.9% |
| Total equity and liabilities | 10/49 | €30,102,782 | €30,305,759 | +€202,977 | +0.7% |
| Equity | 10/15 | €27,698,292 | €27,983,506 | +€285,214 | +1.0% |
| Contributions | 10/11 | €4,480,550 | €4,480,550 | = | 0.0% |
| Capital | 10 | €4,480,550 | €4,480,550 | = | 0.0% |
| Issued capital | 100 | €4,480,550 | €4,480,550 | = | 0.0% |
| Reserves | 13 | €1,596,683 | €1,686,238 | +€89,555 | +5.6% |
| Non-distributable reserves | 130/1 | €448,055 | €448,055 | = | 0.0% |
| Legal reserve | 130 | €448,055 | €448,055 | = | 0.0% |
| Tax-exempt reserves | 132 | €591,612 | €681,167 | +€89,555 | +15.1% |
| Distributable reserves | 133 | €557,016 | €557,016 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,621,059 | €21,816,718 | +€195,659 | +0.9% |
| Provisions and deferred taxes | 16 | €197,204 | €184,956 | -€12,248 | -6.2% |
| Deferred taxes | 168 | €197,204 | €184,956 | -€12,248 | -6.2% |
| Amounts payable | 17/49 | €2,207,286 | €2,137,297 | -€69,989 | -3.2% |
| Amounts payable after more than one year | 17 | €2,078,661 | €2,078,661 | = | 0.0% |
| Financial debts | 170/4 | €2,078,661 | €2,078,661 | = | 0.0% |
| Amounts payable within one year | 42/48 | €128,625 | €58,636 | -€69,989 | -54.4% |
| Trade debts | 44 | €10,380 | €5,909 | -€4,471 | -43.1% |
| Suppliers | 440/4 | €10,380 | €5,909 | -€4,471 | -43.1% |
| Taxes, remuneration and social security | 45 | €118,245 | €52,727 | -€65,518 | -55.4% |
| Taxes | 450/3 | €101,219 | €41,934 | -€59,285 | -58.6% |
| Remuneration and social security | 454/9 | €17,026 | €10,793 | -€6,233 | -36.6% |
| Remuneration, social security and pensions | 62 | €177,946 | €135,082 | -€42,864 | -24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,464 | €72,273 | -€10,191 | -12.4% |
| Other operating charges | 640/8 | €17,850 | €18,350 | +€500 | +2.8% |
| Gross operating margin | 9900 | €479,268 | €575,805 | +€96,537 | +20.1% |
| Operating profit (loss) | 9901 | €201,008 | €350,100 | +€149,092 | +74.2% |
| Financial income | 75/76B | €1,610,704 | €128,423 | -€1.5m | -92.0% |
| Recurring financial income | 75 | €1,610,704 | €128,423 | -€1.5m | -92.0% |
| Financial charges | 65/66B | €104,434 | €104,683 | +€249 | +0.2% |
| Recurring financial charges | 65 | €104,434 | €104,683 | +€249 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €1,707,278 | €373,840 | -€1.3m | -78.1% |
| Transfer from deferred taxes | 780 | €13,028 | €12,248 | -€780 | -6.0% |
| Income taxes | 67/77 | €115,642 | €100,874 | -€14,768 | -12.8% |
| Profit (loss) for the period | 9904 | €1,604,664 | €285,214 | -€1.3m | -82.2% |
| Transfer from tax-exempt reserves | 789 | €39,083 | €36,745 | -€2,338 | -6.0% |
| Transfer to tax-exempt reserves | 689 | - | €126,300 | +€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,643,747 | €195,659 | -€1.4m | -88.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.