C.J.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.J.F.D.
Largest movements
- Tangible fixed assets -€55,869
down €55,869 (-8.0%), from €701,091 to €645,222
of which Plant, machinery and equipment: -€28,735
- Cash -€54,282
down €54,282 (-49.1%), from €110,646 to €56,364
mainly Debts after one year (-€93,288) and Tax, wage and social debts (-€28,721)
- Current investments +€12,598
up €12,598 (+4.3%), from €290,331 to €302,929
- Debts after one year -€93,288
down €93,288 (-24.9%), from €374,938 to €281,650
- Reserves +€40,288
up €40,288 (+89.0%), from €45,245 to €85,533
of which Distributable reserves: +€41,500
- Tax, wage and social debts -€28,721
down €28,721 (-59.1%), from €48,627 to €19,906
of which Taxes: -€27,083
- Trade debts -€23,403
down €23,403 (-76.1%), from €30,758 to €7,355
- Advances received +€12,009
new in 2025: €12,009
- Gross operating margin -€24,040
down €24,040 (-10.3%), from €233,018 to €208,978
- Depreciation +€15,961
up €15,961 (+24.5%), from €65,257 to €81,218
- Other operating charges +€3,685
up €3,685 (+74.2%), from €4,967 to €8,652
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 | €1,125,986 | €1,028,670 | -€97,316 | -8.6% |
| Fixed assets | 21/28 | €710,251 | €654,382 | -€55,869 | -7.9% |
| Tangible fixed assets | 22/27 | €701,091 | €645,222 | -€55,869 | -8.0% |
| Land and buildings | 22 | €425,096 | €405,006 | -€20,090 | -4.7% |
| Plant, machinery and equipment | 23 | €256,734 | €227,999 | -€28,735 | -11.2% |
| Furniture and vehicles | 24 | €19,261 | €12,217 | -€7,044 | -36.6% |
| Financial fixed assets | 28 | €9,160 | €9,160 | = | 0.0% |
| Current assets | 29/58 | €415,735 | €374,288 | -€41,447 | -10.0% |
| Stocks and contracts in progress | 3 | €10,381 | €8,064 | -€2,317 | -22.3% |
| Stocks | 30/36 | €10,381 | €8,064 | -€2,317 | -22.3% |
| Amounts receivable within one year | 40/41 | €1,568 | €2,825 | +€1,257 | +80.2% |
| Trade receivables | 40 | €1,568 | €2,825 | +€1,257 | +80.2% |
| Current investments | 50/53 | €290,331 | €302,929 | +€12,598 | +4.3% |
| Cash at bank and in hand | 54/58 | €110,646 | €56,364 | -€54,282 | -49.1% |
| Deferred charges and accrued income | 490/1 | €2,809 | €4,106 | +€1,297 | +46.2% |
| Total equity and liabilities | 10/49 | €1,125,986 | €1,028,670 | -€97,316 | -8.6% |
| Equity | 10/15 | €558,799 | €599,115 | +€40,316 | +7.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €45,245 | €85,533 | +€40,288 | +89.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,245 | €34,033 | -€1,212 | -3.4% |
| Distributable reserves | 133 | - | €41,500 | +€41,500 | |
| Profit (loss) carried forward | 14 | €413,554 | €413,582 | +€28 | 0.0% |
| Provisions and deferred taxes | 16 | €4,963 | €4,650 | -€313 | -6.3% |
| Deferred taxes | 168 | €4,963 | €4,650 | -€313 | -6.3% |
| Amounts payable | 17/49 | €562,224 | €424,905 | -€137,319 | -24.4% |
| Amounts payable after more than one year | 17 | €374,938 | €281,650 | -€93,288 | -24.9% |
| Financial debts | 170/4 | €374,938 | €281,650 | -€93,288 | -24.9% |
| Amounts payable within one year | 42/48 | €173,057 | €137,505 | -€35,552 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €93,672 | €93,278 | -€394 | -0.4% |
| Trade debts | 44 | €30,758 | €7,355 | -€23,403 | -76.1% |
| Suppliers | 440/4 | €30,758 | €7,355 | -€23,403 | -76.1% |
| Advances received on contracts in progress | 46 | - | €12,009 | +€12,009 | |
| Taxes, remuneration and social security | 45 | €48,627 | €19,906 | -€28,721 | -59.1% |
| Taxes | 450/3 | €42,407 | €15,324 | -€27,083 | -63.9% |
| Remuneration and social security | 454/9 | €6,220 | €4,582 | -€1,638 | -26.3% |
| Other amounts payable | 47/48 | - | €4,957 | +€4,957 | |
| Accrued charges and deferred income | 492/3 | €14,229 | €5,750 | -€8,479 | -59.6% |
| Remuneration, social security and pensions | 62 | €48,670 | €50,856 | +€2,186 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,257 | €81,218 | +€15,961 | +24.5% |
| Other operating charges | 640/8 | €4,967 | €8,652 | +€3,685 | +74.2% |
| Gross operating margin | 9900 | €233,018 | €208,978 | -€24,040 | -10.3% |
| Operating profit (loss) | 9901 | €114,124 | €68,252 | -€45,872 | -40.2% |
| Financial income | 75/76B | €55 | €643 | +€588 | +1,069% |
| Recurring financial income | 75 | €55 | €643 | +€588 | +1,069% |
| Financial charges | 65/66B | €12,034 | €11,419 | -€615 | -5.1% |
| Recurring financial charges | 65 | €12,034 | €11,419 | -€615 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €102,145 | €57,476 | -€44,669 | -43.7% |
| Transfer from deferred taxes | 780 | €313 | €313 | = | 0.0% |
| Income taxes | 67/77 | €18,460 | €17,473 | -€987 | -5.3% |
| Profit (loss) for the period | 9904 | €83,998 | €40,316 | -€43,682 | -52.0% |
| Transfer from tax-exempt reserves | 789 | €1,213 | €1,212 | -€1 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €85,211 | €41,528 | -€43,683 | -51.3% |
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 30 October 2026 via checked.be.