C.J.M.: 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.M.
Largest movements
- Receivables within one year +€117,797
up €117,797 (+48.6%), from €242,285 to €360,082
of which Trade receivables: +€107,362
- Cash -€66,116
down €66,116 (-30.0%), from €220,175 to €154,059
mainly Investment in fixed assets (net) (-€119,989) and Receivables within one year (-€117,797)
- Tangible fixed assets +€54,148
up €54,148 (+31.4%), from €172,461 to €226,609
of which Furniture and vehicles: +€65,102
- Financial fixed assets +€13,495
up €13,495 (+8.0%), from €168,201 to €181,696
- Profit (loss) carried forward +€100,040
up €100,040 (+30.4%), from €329,288 to €429,328
- Trade debts +€24,357
up €24,357 (+23.6%), from €103,120 to €127,477
- Gross operating margin +€196,269
up €196,269 (+99.8%), from €196,687 to €392,956
- Taxes +€15,715
new in 2025: €15,715
- Depreciation +€15,452
up €15,452 (+41.9%), from €36,894 to €52,346
- Staff costs +€8,466
up €8,466 (+4.2%), from €199,839 to €208,305
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 | €824,326 | €937,810 | +€113,483 | +13.8% |
| Fixed assets | 21/28 | €340,662 | €408,305 | +€67,643 | +19.9% |
| Tangible fixed assets | 22/27 | €172,461 | €226,609 | +€54,148 | +31.4% |
| Land and buildings | 22 | €87,514 | €81,678 | -€5,836 | -6.7% |
| Plant, machinery and equipment | 23 | €47,689 | €42,570 | -€5,118 | -10.7% |
| Furniture and vehicles | 24 | €37,259 | €102,361 | +€65,102 | +175% |
| Financial fixed assets | 28 | €168,201 | €181,696 | +€13,495 | +8.0% |
| Current assets | 29/58 | €483,664 | €529,504 | +€45,840 | +9.5% |
| Amounts receivable within one year | 40/41 | €242,285 | €360,082 | +€117,797 | +48.6% |
| Trade receivables | 40 | €229,952 | €337,314 | +€107,362 | +46.7% |
| Other amounts receivable | 41 | €12,333 | €22,768 | +€10,435 | +84.6% |
| Cash at bank and in hand | 54/58 | €220,175 | €154,059 | -€66,116 | -30.0% |
| Deferred charges and accrued income | 490/1 | €21,204 | €15,363 | -€5,840 | -27.5% |
| Total equity and liabilities | 10/49 | €824,326 | €937,810 | +€113,483 | +13.8% |
| Equity | 10/15 | €650,625 | €755,343 | +€104,718 | +16.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €302,737 | €307,416 | +€4,678 | +1.5% |
| Tax-exempt reserves | 132 | - | €4,678 | +€4,678 | |
| Distributable reserves | 133 | €302,737 | €302,737 | = | 0.0% |
| Profit (loss) carried forward | 14 | €329,288 | €429,328 | +€100,040 | +30.4% |
| Provisions and deferred taxes | 16 | - | €1,170 | +€1,170 | |
| Deferred taxes | 168 | - | €1,170 | +€1,170 | |
| Amounts payable | 17/49 | €173,701 | €181,297 | +€7,595 | +4.4% |
| Amounts payable after more than one year | 17 | €10,210 | €2,265 | -€7,946 | -77.8% |
| Financial debts | 170/4 | €10,210 | €2,265 | -€7,946 | -77.8% |
| Amounts payable within one year | 42/48 | €163,362 | €178,992 | +€15,629 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €7,839 | €7,946 | +€107 | +1.4% |
| Trade debts | 44 | €103,120 | €127,477 | +€24,357 | +23.6% |
| Suppliers | 440/4 | €103,120 | €127,477 | +€24,357 | +23.6% |
| Taxes, remuneration and social security | 45 | €25,553 | €18,866 | -€6,687 | -26.2% |
| Taxes | 450/3 | €23,227 | €17,197 | -€6,030 | -26.0% |
| Remuneration and social security | 454/9 | €2,326 | €1,669 | -€657 | -28.2% |
| Other amounts payable | 47/48 | €26,850 | €24,703 | -€2,147 | -8.0% |
| Accrued charges and deferred income | 492/3 | €129 | €40 | -€88 | -68.7% |
| Non-recurring operating income | 76A | - | €8,881 | +€8,881 | |
| Remuneration, social security and pensions | 62 | €199,839 | €208,305 | +€8,466 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,894 | €52,346 | +€15,452 | +41.9% |
| Other operating charges | 640/8 | €7,535 | €10,787 | +€3,253 | +43.2% |
| Gross operating margin | 9900 | €196,687 | €392,956 | +€196,269 | +99.8% |
| Operating profit (loss) | 9901 | -€47,581 | €121,518 | +€169,099 | |
| Financial income | 75/76B | €2,785 | €634 | -€2,150 | -77.2% |
| Recurring financial income | 75 | €2,785 | €634 | -€2,150 | -77.2% |
| Financial charges | 65/66B | €657 | €549 | -€108 | -16.4% |
| Recurring financial charges | 65 | €657 | €549 | -€108 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | -€45,454 | €121,603 | +€167,057 | |
| Transfer from deferred taxes | 780 | - | €585 | +€585 | |
| Transfer to deferred taxes | 680 | - | €1,754 | +€1,754 | |
| Income taxes | 67/77 | - | €15,715 | +€15,715 | |
| Profit (loss) for the period | 9904 | -€45,454 | €104,718 | +€150,172 | |
| Transfer from tax-exempt reserves | 789 | - | €2,339 | +€2,339 | |
| Transfer to tax-exempt reserves | 689 | - | €7,018 | +€7,018 | |
| Profit (loss) for the period to be appropriated | 9905 | -€45,454 | €100,040 | +€145,494 |
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 24 October 2026 via checked.be.