C-F-D: 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-D
Largest movements
- Tangible fixed assets -€21,474
down €21,474 (-6.4%), from €335,556 to €314,082
of which Land and buildings: -€18,471
- Current investments +€10,601
up €10,601 (+7.6%), from €138,988 to €149,589
- Other debts -€34,006
down €34,006 (-75.2%), from €45,227 to €11,221
- Reserves +€24,000
up €24,000 (+5.3%), from €455,704 to €479,704
of which Distributable reserves: +€24,000
- Gross operating margin +€6,062
up €6,062 (+10.6%), from €57,338 to €63,400
- Taxes +€5,183
up €5,183 (+63.7%), from €8,142 to €13,326
- Depreciation -€998
down €998 (-4.4%), from €22,471 to €21,474
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 | €534,551 | €523,400 | -€11,151 | -2.1% |
| Fixed assets | 21/28 | €335,556 | €314,082 | -€21,474 | -6.4% |
| Tangible fixed assets | 22/27 | €335,556 | €314,082 | -€21,474 | -6.4% |
| Land and buildings | 22 | €330,561 | €312,090 | -€18,471 | -5.6% |
| Plant, machinery and equipment | 23 | €4,761 | €1,875 | -€2,887 | -60.6% |
| Furniture and vehicles | 24 | €234 | €117 | -€116 | -49.8% |
| Current assets | 29/58 | €198,995 | €209,318 | +€10,323 | +5.2% |
| Amounts receivable within one year | 40/41 | €55,695 | €55,555 | -€139 | -0.3% |
| Trade receivables | 40 | €1,017 | €878 | -€139 | -13.7% |
| Other amounts receivable | 41 | €54,678 | €54,678 | = | 0.0% |
| Current investments | 50/53 | €138,988 | €149,589 | +€10,601 | +7.6% |
| Cash at bank and in hand | 54/58 | €688 | €2,216 | +€1,528 | +222% |
| Deferred charges and accrued income | 490/1 | €3,624 | €1,957 | -€1,667 | -46.0% |
| Total equity and liabilities | 10/49 | €534,551 | €523,400 | -€11,151 | -2.1% |
| Equity | 10/15 | €479,342 | €502,242 | +€22,901 | +4.8% |
| Contributions | 10/11 | €21,100 | €21,100 | = | 0.0% |
| Reserves | 13 | €455,704 | €479,704 | +€24,000 | +5.3% |
| Non-distributable reserves | 130/1 | €2,110 | €2,110 | = | 0.0% |
| Other | 1319 | €2,110 | €2,110 | = | 0.0% |
| Distributable reserves | 133 | €453,594 | €477,594 | +€24,000 | +5.3% |
| Profit (loss) carried forward | 14 | €2,538 | €1,439 | -€1,099 | -43.3% |
| Amounts payable | 17/49 | €55,210 | €21,158 | -€34,052 | -61.7% |
| Amounts payable within one year | 42/48 | €55,210 | €21,158 | -€34,052 | -61.7% |
| Trade debts | 44 | €4,607 | €5,426 | +€820 | +17.8% |
| Suppliers | 440/4 | €4,607 | €5,426 | +€820 | +17.8% |
| Advances received on contracts in progress | 46 | - | €1,601 | +€1,601 | |
| Taxes, remuneration and social security | 45 | €5,376 | €2,909 | -€2,467 | -45.9% |
| Taxes | 450/3 | €5,159 | €2,909 | -€2,250 | -43.6% |
| Remuneration and social security | 454/9 | €217 | €0 | -€217 | -100% |
| Other amounts payable | 47/48 | €45,227 | €11,221 | -€34,006 | -75.2% |
| Non-recurring operating income | 76A | €13,034 | €2,501 | -€10,533 | -80.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,471 | €21,474 | -€998 | -4.4% |
| Other operating charges | 640/8 | €4,984 | €4,862 | -€122 | -2.4% |
| Gross operating margin | 9900 | €57,338 | €63,400 | +€6,062 | +10.6% |
| Operating profit (loss) | 9901 | €29,883 | €37,065 | +€7,182 | +24.0% |
| Financial income | 75/76B | €921 | €943 | +€22 | +2.4% |
| Recurring financial income | 75 | €921 | €943 | +€22 | +2.4% |
| Financial charges | 65/66B | €1,583 | €1,782 | +€199 | +12.6% |
| Recurring financial charges | 65 | €1,583 | €1,782 | +€199 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | €29,222 | €36,226 | +€7,005 | +24.0% |
| Income taxes | 67/77 | €8,142 | €13,326 | +€5,183 | +63.7% |
| Profit (loss) for the period | 9904 | €21,079 | €22,901 | +€1,822 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,079 | €22,901 | +€1,822 | +8.6% |
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 28 October 2026 via checked.be.