C-DEV: 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-DEV
Largest movements
- Receivables within one year +€2.6m
up €2.6m (+236.7%), from €1.1m to €3.7m
of which Other amounts receivable: +€2.8m
- Stocks and contracts -€977,354
down €977,354 (-48.7%), from €2.0m to €1.0m
- Cash -€217,048
down €217,048 (-37.4%), from €580,392 to €363,344
mainly Receivables within one year (-€2.6m) and Other debts (-€197,550)
- Trade debts +€1.3m
up €1.3m (+94.6%), from €1.4m to €2.7m
- Short-term financial debts +€198,729
up €198,729 (+24.1%), from €823,823 to €1.0m
- Other debts -€197,550
down €197,550 (-53.5%), from €369,508 to €171,958
- Advances received +€78,545
up €78,545 (+17.4%), from €451,782 to €530,327
- Reserves +€75,000
up €75,000 (+23.8%), from €315,000 to €390,000
- Gross operating margin -€92,724
down €92,724 (-32.4%), from €285,937 to €193,213
- Staff costs -€87,058
down €87,058 (-80.7%), from €107,882 to €20,824
- Financial charges -€8,587
down €8,587 (-13.4%), from €64,164 to €55,577
- Other operating charges +€3,729
up €3,729 (+26.7%), from €13,976 to €17,706
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 | €3,683,431 | €5,057,270 | +€1.4m | +37.3% |
| Fixed assets | 21/28 | €5,432 | €3,551 | -€1,881 | -34.6% |
| Intangible fixed assets | 21 | €5,151 | €3,551 | -€1,600 | -31.1% |
| Tangible fixed assets | 22/27 | €281 | €0 | -€281 | -100.0% |
| Plant, machinery and equipment | 23 | €111 | €0 | -€111 | -100.0% |
| Furniture and vehicles | 24 | €170 | €0 | -€170 | -100.0% |
| Current assets | 29/58 | €3,678,000 | €5,053,719 | +€1.4m | +37.4% |
| Stocks and contracts in progress | 3 | €2,008,545 | €1,031,191 | -€977,354 | -48.7% |
| Stocks | 30/36 | €2,008,545 | €1,031,191 | -€977,354 | -48.7% |
| Amounts receivable within one year | 40/41 | €1,085,486 | €3,655,328 | +€2.6m | +236.7% |
| Trade receivables | 40 | €1,043,491 | €769,696 | -€273,795 | -26.2% |
| Other amounts receivable | 41 | €41,995 | €2,885,631 | +€2.8m | +6771.4% |
| Cash at bank and in hand | 54/58 | €580,392 | €363,344 | -€217,048 | -37.4% |
| Deferred charges and accrued income | 490/1 | €3,576 | €3,856 | +€280 | +7.8% |
| Total equity and liabilities | 10/49 | €3,683,431 | €5,057,270 | +€1.4m | +37.3% |
| Equity | 10/15 | €326,832 | €402,135 | +€75,303 | +23.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €315,000 | €390,000 | +€75,000 | +23.8% |
| Distributable reserves | 133 | €315,000 | €390,000 | +€75,000 | +23.8% |
| Profit (loss) carried forward | 14 | €5,632 | €5,935 | +€303 | +5.4% |
| Amounts payable | 17/49 | €3,356,599 | €4,655,135 | +€1.3m | +38.7% |
| Amounts payable after more than one year | 17 | €223,364 | €149,658 | -€73,706 | -33.0% |
| Financial debts | 170/4 | €223,364 | €149,658 | -€73,706 | -33.0% |
| Amounts payable within one year | 42/48 | €3,115,961 | €4,485,216 | +€1.4m | +43.9% |
| Current portion of amounts payable after more than one year | 42 | €70,856 | €73,706 | +€2,850 | +4.0% |
| Financial debts | 43 | €823,823 | €1,022,551 | +€198,729 | +24.1% |
| Credit institutions | 430/8 | €823,823 | €1,022,551 | +€198,729 | +24.1% |
| Trade debts | 44 | €1,379,150 | €2,684,478 | +€1.3m | +94.6% |
| Suppliers | 440/4 | €1,379,150 | €2,684,478 | +€1.3m | +94.6% |
| Advances received on contracts in progress | 46 | €451,782 | €530,327 | +€78,545 | +17.4% |
| Taxes, remuneration and social security | 45 | €20,842 | €2,195 | -€18,647 | -89.5% |
| Taxes | 450/3 | €2,281 | €2,195 | -€86 | -3.8% |
| Remuneration and social security | 454/9 | €18,561 | €0 | -€18,561 | -100.0% |
| Other amounts payable | 47/48 | €369,508 | €171,958 | -€197,550 | -53.5% |
| Accrued charges and deferred income | 492/3 | €17,274 | €20,261 | +€2,987 | +17.3% |
| Remuneration, social security and pensions | 62 | €107,882 | €20,824 | -€87,058 | -80.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,756 | €1,881 | -€875 | -31.8% |
| Other operating charges | 640/8 | €13,976 | €17,706 | +€3,729 | +26.7% |
| Gross operating margin | 9900 | €285,937 | €193,213 | -€92,724 | -32.4% |
| Operating profit (loss) | 9901 | €161,323 | €152,803 | -€8,520 | -5.3% |
| Financial income | 75/76B | €730 | €3,381 | +€2,651 | +363.0% |
| Recurring financial income | 75 | €730 | €3,381 | +€2,651 | +363.0% |
| Financial charges | 65/66B | €64,164 | €55,577 | -€8,587 | -13.4% |
| Recurring financial charges | 65 | €64,164 | €55,577 | -€8,587 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €97,889 | €100,607 | +€2,718 | +2.8% |
| Income taxes | 67/77 | €25,680 | €25,303 | -€377 | -1.5% |
| Profit (loss) for the period | 9904 | €72,208 | €75,303 | +€3,095 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €72,208 | €75,303 | +€3,095 | +4.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.