C.F.B.: 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.F.B.
Largest movements
- Cash -€45,594
down €45,594 (-46.8%), from €97,398 to €51,805
mainly Investment in fixed assets (net) (-€70,617) and Debts after one year (-€27,212)
- Receivables after one year +€9,829
new in 2025: €9,829
- Debts after one year -€27,212
down €27,212 (-10.0%), from €272,745 to €245,533
of which Advances received on contracts in progress: -€13,802
- Trade debts -€7,828
no longer reported in 2025 (was €7,828)
- Current portion of long-term debt -€7,059
down €7,059 (-13.6%), from €51,801 to €44,743
- Depreciation +€24,065
up €24,065 (+49.5%), from €48,594 to €72,659
- Taxes -€12,453
down €12,453, from €9,090 to -€3,363
- Gross operating margin +€10,312
up €10,312 (+14.7%), from €70,156 to €80,468
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.
Derived cash bridge
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 | €433,329 | €395,490 | -€37,839 | -8.7% |
| Fixed assets | 21/28 | €334,032 | €331,991 | -€2,042 | -0.6% |
| Intangible fixed assets | 21 | €62,000 | €62,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €272,032 | €269,991 | -€2,042 | -0.8% |
| Land and buildings | 22 | €99,663 | €86,204 | -€13,459 | -13.5% |
| Plant, machinery and equipment | 23 | €165,764 | €179,912 | +€14,148 | +8.5% |
| Furniture and vehicles | 24 | €6,606 | €3,875 | -€2,731 | -41.3% |
| Current assets | 29/58 | €99,296 | €63,499 | -€35,797 | -36.1% |
| Amounts receivable after more than one year | 29 | - | €9,829 | +€9,829 | |
| Other amounts receivable | 291 | - | €9,829 | +€9,829 | |
| Amounts receivable within one year | 40/41 | €1,898 | €1,865 | -€33 | -1.7% |
| Other amounts receivable | 41 | €1,898 | €1,865 | -€33 | -1.7% |
| Cash at bank and in hand | 54/58 | €97,398 | €51,805 | -€45,594 | -46.8% |
| Total equity and liabilities | 10/49 | €433,329 | €395,490 | -€37,839 | -8.7% |
| Equity | 10/15 | €100,954 | €105,213 | +€4,259 | +4.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,954 | €43,213 | +€4,259 | +10.9% |
| Amounts payable | 17/49 | €332,375 | €290,276 | -€42,098 | -12.7% |
| Amounts payable after more than one year | 17 | €272,745 | €245,533 | -€27,212 | -10.0% |
| Financial debts | 170/4 | €258,943 | €245,533 | -€13,410 | -5.2% |
| Advances received on contracts in progress | 176 | €13,802 | - | -€13,802 | |
| Amounts payable within one year | 42/48 | €59,629 | €44,743 | -€14,887 | -25.0% |
| Current portion of amounts payable after more than one year | 42 | €51,801 | €44,743 | -€7,059 | -13.6% |
| Trade debts | 44 | €7,828 | - | -€7,828 | |
| Suppliers | 440/4 | €7,828 | - | -€7,828 | |
| Taxes, remuneration and social security | 45 | - | €0 | +€0 | |
| Taxes | 450/3 | - | €0 | +€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,594 | €72,659 | +€24,065 | +49.5% |
| Other operating charges | 640/8 | €307 | €255 | -€52 | -16.8% |
| Gross operating margin | 9900 | €70,156 | €80,468 | +€10,312 | +14.7% |
| Operating profit (loss) | 9901 | €21,255 | €7,553 | -€13,702 | -64.5% |
| Financial income | 75/76B | €100 | €700 | +€600 | +600% |
| Recurring financial income | 75 | €100 | €150 | +€50 | +50.0% |
| Non-recurring financial income | 76B | - | €550 | +€550 | |
| Financial charges | 65/66B | €6,926 | €7,358 | +€432 | +6.2% |
| Recurring financial charges | 65 | €6,926 | €7,358 | +€432 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €14,429 | €896 | -€13,534 | -93.8% |
| Income taxes | 67/77 | €9,090 | -€3,363 | -€12,453 | |
| Profit (loss) for the period | 9904 | €5,339 | €4,259 | -€1,080 | -20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,339 | €4,259 | -€1,080 | -20.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.