C & 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 & M
Largest movements
- Receivables within one year +€53,811
up €53,811 (+52.3%), from €102,940 to €156,751
of which Trade receivables: +€58,175
- Tangible fixed assets -€13,537
down €13,537 (-10.0%), from €135,630 to €122,094
of which Land and buildings: -€9,558
- Cash -€5,232
down €5,232 (-59.6%), from €8,783 to €3,551
mainly Receivables within one year (-€53,811) and Investment in fixed assets (net) (-€7,169)
- Trade debts +€18,423
up €18,423 (+64.1%), from €28,745 to €47,168
- Profit (loss) carried forward +€10,862
up €10,862 (+12.0%), from €90,634 to €101,496
- Short-term financial debts +€8,268
up €8,268 (+42.4%), from €19,478 to €27,746
- Taxes -€11,540
down €11,540, from €5,444 to -€6,096
- Depreciation +€5,646
up €5,646 (+37.5%), from €15,060 to €20,706
- Financial charges -€2,255
down €2,255 (-27.4%), from €8,219 to €5,964
of which Financial charges: -€2,840
- Gross operating margin +€1,192
up €1,192 (+2.0%), from €58,739 to €59,931
- Staff costs +€1,019
up €1,019 (+4.3%), from €23,546 to €24,565
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 | €398,482 | €437,217 | +€38,735 | +9.7% |
| Fixed assets | 21/28 | €135,630 | €122,094 | -€13,537 | -10.0% |
| Tangible fixed assets | 22/27 | €135,630 | €122,094 | -€13,537 | -10.0% |
| Land and buildings | 22 | €123,917 | €114,359 | -€9,558 | -7.7% |
| Plant, machinery and equipment | 23 | €11,394 | €7,415 | -€3,979 | -34.9% |
| Furniture and vehicles | 24 | €320 | €320 | = | 0.0% |
| Current assets | 29/58 | €262,852 | €315,123 | +€52,271 | +19.9% |
| Stocks and contracts in progress | 3 | €151,128 | €154,821 | +€3,693 | +2.4% |
| Stocks | 30/36 | €151,128 | €154,821 | +€3,693 | +2.4% |
| Amounts receivable within one year | 40/41 | €102,940 | €156,751 | +€53,811 | +52.3% |
| Trade receivables | 40 | €98,576 | €156,751 | +€58,175 | +59.0% |
| Other amounts receivable | 41 | €4,364 | - | -€4,364 | |
| Cash at bank and in hand | 54/58 | €8,783 | €3,551 | -€5,232 | -59.6% |
| Total equity and liabilities | 10/49 | €398,482 | €437,217 | +€38,735 | +9.7% |
| Equity | 10/15 | €337,509 | €348,371 | +€10,862 | +3.2% |
| Contributions | 10/11 | €246,875 | €246,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,634 | €101,496 | +€10,862 | +12.0% |
| Amounts payable | 17/49 | €60,973 | €88,846 | +€27,872 | +45.7% |
| Amounts payable within one year | 42/48 | €60,973 | €88,846 | +€27,872 | +45.7% |
| Financial debts | 43 | €19,478 | €27,746 | +€8,268 | +42.4% |
| Credit institutions | 430/8 | €19,478 | €27,746 | +€8,268 | +42.4% |
| Trade debts | 44 | €28,745 | €47,168 | +€18,423 | +64.1% |
| Suppliers | 440/4 | €28,745 | €47,168 | +€18,423 | +64.1% |
| Taxes, remuneration and social security | 45 | €11,285 | €13,931 | +€2,647 | +23.5% |
| Taxes | 450/3 | - | €204 | +€204 | |
| Remuneration and social security | 454/9 | €11,285 | €13,727 | +€2,442 | +21.6% |
| Other amounts payable | 47/48 | €1,466 | - | -€1,466 | |
| Remuneration, social security and pensions | 62 | €23,546 | €24,565 | +€1,019 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,060 | €20,706 | +€5,646 | +37.5% |
| Other operating charges | 640/8 | €4,067 | €3,930 | -€138 | -3.4% |
| Gross operating margin | 9900 | €58,739 | €59,931 | +€1,192 | +2.0% |
| Operating profit (loss) | 9901 | €16,066 | €10,730 | -€5,335 | -33.2% |
| Financial charges | 65/66B | €8,219 | €5,964 | -€2,255 | -27.4% |
| Recurring financial charges | 65 | €7,843 | €5,003 | -€2,840 | -36.2% |
| Non-recurring financial charges | 66B | €376 | €961 | +€585 | +156% |
| Profit (loss) for the period before taxes | 9903 | €7,846 | €4,766 | -€3,080 | -39.3% |
| Income taxes | 67/77 | €5,444 | -€6,096 | -€11,540 | |
| Profit (loss) for the period | 9904 | €2,403 | €10,862 | +€8,460 | +352% |
| Profit (loss) for the period to be appropriated | 9905 | €2,403 | €10,862 | +€8,460 | +352% |
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 14 October 2026 via checked.be.