C & M: 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 & M
Largest movements
- Tangible fixed assets +€26,723
up €26,723 (+28.0%), from €95,573 to €122,296
of which Land and buildings: +€27,541
- Cash -€7,315
down €7,315 (-8.2%), from €88,830 to €81,515
mainly Investment in fixed assets (net) (-€45,055) and Other debts (-€3,263)
- Reserves +€17,344
up €17,344 (+15.8%), from €109,739 to €127,082
of which Distributable reserves: +€17,344
- Tax, wage and social debts +€5,359
up €5,359 (+544.2%), from €985 to €6,343
- Other debts -€3,263
down €3,263 (-27.1%), from €12,026 to €8,763
- Gross operating margin +€13,872
up €13,872 (+33.2%), from €41,725 to €55,597
- Taxes +€5,359
up €5,359 (+134.5%), from €3,985 to €9,343
- Depreciation -€917
down €917 (-4.8%), from €19,249 to €18,332
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 | €185,759 | €205,379 | +€19,620 | +10.6% |
| Fixed assets | 21/28 | €95,573 | €122,296 | +€26,723 | +28.0% |
| Tangible fixed assets | 22/27 | €95,573 | €122,296 | +€26,723 | +28.0% |
| Land and buildings | 22 | €87,046 | €114,586 | +€27,541 | +31.6% |
| Plant, machinery and equipment | 23 | €8,527 | €7,709 | -€818 | -9.6% |
| Current assets | 29/58 | €90,187 | €83,084 | -€7,103 | -7.9% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €88,830 | €81,515 | -€7,315 | -8.2% |
| Deferred charges and accrued income | 490/1 | €1,357 | €1,568 | +€212 | +15.6% |
| Total equity and liabilities | 10/49 | €185,759 | €205,379 | +€19,620 | +10.6% |
| Equity | 10/15 | €171,239 | €188,582 | +€17,344 | +10.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €109,739 | €127,082 | +€17,344 | +15.8% |
| Non-distributable reserves | 130/1 | €5,712 | €5,712 | = | 0.0% |
| Legal reserve | 130 | €5,712 | €5,712 | = | 0.0% |
| Distributable reserves | 133 | €104,026 | €121,370 | +€17,344 | +16.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €14,521 | €16,797 | +€2,276 | +15.7% |
| Amounts payable within one year | 42/48 | €14,521 | €16,797 | +€2,276 | +15.7% |
| Trade debts | 44 | €1,510 | €1,691 | +€181 | +12.0% |
| Suppliers | 440/4 | €1,510 | €1,691 | +€181 | +12.0% |
| Taxes, remuneration and social security | 45 | €985 | €6,343 | +€5,359 | +544.2% |
| Taxes | 450/3 | €985 | €6,343 | +€5,359 | +544.2% |
| Other amounts payable | 47/48 | €12,026 | €8,763 | -€3,263 | -27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,249 | €18,332 | -€917 | -4.8% |
| Other operating charges | 640/8 | €8,590 | €8,860 | +€270 | +3.1% |
| Gross operating margin | 9900 | €41,725 | €55,597 | +€13,872 | +33.2% |
| Operating profit (loss) | 9901 | €13,886 | €28,405 | +€14,519 | +104.6% |
| Financial income | 75/76B | €0 | €94 | +€94 | |
| Recurring financial income | 75 | €0 | €94 | +€94 | |
| Financial charges | 65/66B | €144 | €146 | +€2 | +1.5% |
| Recurring financial charges | 65 | €144 | €146 | +€2 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €13,742 | €28,353 | +€14,611 | +106.3% |
| Income taxes | 67/77 | €3,985 | €9,343 | +€5,359 | +134.5% |
| Profit (loss) for the period | 9904 | €9,757 | €19,010 | +€9,253 | +94.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,757 | €19,010 | +€9,253 | +94.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.