C.D.S.: 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.S.
Largest movements
- Receivables within one year -€45,000
no longer reported in 2025 (was €45,000)
- Tangible fixed assets -€19,425
down €19,425 (-1.8%), from €1.1m to €1.1m
of which Land and buildings: -€27,239
- Debts after one year -€41,355
down €41,355 (-14.1%), from €292,833 to €251,478
of which Financial debts: -€41,355
- Other debts -€26,222
down €26,222 (-14.2%), from €184,161 to €157,939
- Gross operating margin +€10,066
up €10,066 (+18.2%), from €55,174 to €65,241
- Depreciation -€8,135
down €8,135 (-18.1%), from €44,919 to €36,783
- Financial charges -€1,018
down €1,018 (-11.5%), from €8,848 to €7,830
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 | €1,186,581 | €1,123,845 | -€62,736 | -5.3% |
| Fixed assets | 21/28 | €1,103,644 | €1,091,719 | -€11,925 | -1.1% |
| Tangible fixed assets | 22/27 | €1,103,644 | €1,084,219 | -€19,425 | -1.8% |
| Land and buildings | 22 | €1,091,058 | €1,063,819 | -€27,239 | -2.5% |
| Plant, machinery and equipment | 23 | - | €1,130 | +€1,130 | |
| Furniture and vehicles | 24 | €12,585 | €19,270 | +€6,685 | +53.1% |
| Financial fixed assets | 28 | - | €7,500 | +€7,500 | |
| Current assets | 29/58 | €82,937 | €32,126 | -€50,811 | -61.3% |
| Amounts receivable after more than one year | 29 | €10,000 | - | -€10,000 | |
| Other amounts receivable | 291 | €10,000 | - | -€10,000 | |
| Amounts receivable within one year | 40/41 | €45,000 | - | -€45,000 | |
| Other amounts receivable | 41 | €45,000 | - | -€45,000 | |
| Cash at bank and in hand | 54/58 | €25,817 | €30,304 | +€4,486 | +17.4% |
| Deferred charges and accrued income | 490/1 | €2,120 | €1,822 | -€298 | -14.0% |
| Total equity and liabilities | 10/49 | €1,186,581 | €1,123,845 | -€62,736 | -5.3% |
| Equity | 10/15 | €663,713 | €674,762 | +€11,049 | +1.7% |
| Contributions | 10/11 | €820,000 | €820,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€156,287 | -€145,238 | +€11,049 | +7.1% |
| Amounts payable | 17/49 | €522,868 | €449,083 | -€73,785 | -14.1% |
| Amounts payable after more than one year | 17 | €292,833 | €251,478 | -€41,355 | -14.1% |
| Financial debts | 170/4 | €261,333 | €219,978 | -€41,355 | -15.8% |
| Advances received on contracts in progress | 176 | - | €31,500 | +€31,500 | |
| Other amounts payable | 178/9 | €31,500 | - | -€31,500 | |
| Amounts payable within one year | 42/48 | €230,035 | €197,605 | -€32,430 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €37,937 | €39,074 | +€1,137 | +3.0% |
| Trade debts | 44 | €7,375 | €30 | -€7,345 | -99.6% |
| Suppliers | 440/4 | €7,375 | €30 | -€7,345 | -99.6% |
| Taxes, remuneration and social security | 45 | €562 | €562 | = | 0.0% |
| Taxes | 450/3 | €562 | €562 | = | 0.0% |
| Other amounts payable | 47/48 | €184,161 | €157,939 | -€26,222 | -14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,919 | €36,783 | -€8,135 | -18.1% |
| Other operating charges | 640/8 | €9,015 | €9,621 | +€606 | +6.7% |
| Gross operating margin | 9900 | €55,174 | €65,241 | +€10,066 | +18.2% |
| Operating profit (loss) | 9901 | €1,241 | €18,837 | +€17,596 | +1418.1% |
| Financial income | 75/76B | €20 | €42 | +€22 | +111.4% |
| Recurring financial income | 75 | €20 | €42 | +€22 | +111.4% |
| Financial charges | 65/66B | €8,848 | €7,830 | -€1,018 | -11.5% |
| Recurring financial charges | 65 | €8,848 | €7,830 | -€1,018 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,587 | €11,049 | +€18,636 | |
| Income taxes | 67/77 | €292 | - | -€292 | |
| Profit (loss) for the period | 9904 | -€7,879 | €11,049 | +€18,928 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,879 | €11,049 | +€18,928 |
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 6 October 2026 via checked.be.