C.M.D.: 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.D.
Largest movements
- Receivables within one year -€137,363
down €137,363 (-36.9%), from €372,410 to €235,047
of which Trade receivables: -€155,402
- Stocks and contracts +€86,248
new in 2025: €86,248
- Cash +€50,791
up €50,791 (+76.9%), from €66,059 to €116,850
mainly Receivables within one year (+€137,363) and Depreciation (+€17,511)
- Tangible fixed assets -€16,520
down €16,520 (-4.6%), from €356,555 to €340,035
of which Other tangible fixed assets: -€12,447
- Debts after one year -€18,610
down €18,610 (-9.3%), from €200,936 to €182,326
of which Financial debts: -€18,610
- Profit (loss) carried forward +€16,926
up €16,926 (+16.1%), from -€105,208 to -€88,282
- Trade debts -€12,001
down €12,001 (-2.9%), from €410,570 to €398,569
- Purchases and services -€173,229
down €173,229 (-29.8%), from €581,437 to €408,207
- Turnover -€142,101
down €142,101 (-23.4%), from €607,854 to €465,754
- Gross operating margin +€14,051
up €14,051 (+8.1%), from €172,683 to €186,733
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 | €795,817 | €778,973 | -€16,844 | -2.1% |
| Fixed assets | 21/28 | €357,347 | €340,827 | -€16,520 | -4.6% |
| Tangible fixed assets | 22/27 | €356,555 | €340,035 | -€16,520 | -4.6% |
| Land and buildings | 22 | €78,958 | €74,764 | -€4,194 | -5.3% |
| Furniture and vehicles | 24 | €2,452 | €2,573 | +€121 | +4.9% |
| Other tangible fixed assets | 26 | €275,145 | €262,698 | -€12,447 | -4.5% |
| Financial fixed assets | 28 | €792 | €792 | = | 0.0% |
| Current assets | 29/58 | €438,469 | €438,146 | -€323 | -0.1% |
| Stocks and contracts in progress | 3 | - | €86,248 | +€86,248 | |
| Stocks | 30/36 | - | €86,248 | +€86,248 | |
| Amounts receivable within one year | 40/41 | €372,410 | €235,047 | -€137,363 | -36.9% |
| Trade receivables | 40 | €362,605 | €207,204 | -€155,402 | -42.9% |
| Other amounts receivable | 41 | €9,805 | €27,844 | +€18,039 | +184.0% |
| Cash at bank and in hand | 54/58 | €66,059 | €116,850 | +€50,791 | +76.9% |
| Total equity and liabilities | 10/49 | €795,817 | €778,973 | -€16,844 | -2.1% |
| Equity | 10/15 | €63,595 | €80,521 | +€16,926 | +26.6% |
| Contributions | 10/11 | €153,000 | €153,000 | = | 0.0% |
| Reserves | 13 | €15,803 | €15,803 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,803 | €15,803 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,803 | €15,803 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,208 | -€88,282 | +€16,926 | +16.1% |
| Amounts payable | 17/49 | €732,221 | €698,452 | -€33,770 | -4.6% |
| Amounts payable after more than one year | 17 | €200,936 | €182,326 | -€18,610 | -9.3% |
| Financial debts | 170/4 | €34,131 | €15,521 | -€18,610 | -54.5% |
| Other amounts payable | 178/9 | €166,805 | €166,805 | = | 0.0% |
| Amounts payable within one year | 42/48 | €531,285 | €516,126 | -€15,160 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €18,610 | €18,396 | -€214 | -1.1% |
| Trade debts | 44 | €410,570 | €398,569 | -€12,001 | -2.9% |
| Suppliers | 440/4 | €410,570 | €398,569 | -€12,001 | -2.9% |
| Taxes, remuneration and social security | 45 | €19,091 | €16,147 | -€2,945 | -15.4% |
| Taxes | 450/3 | €1,323 | €1,323 | = | 0.0% |
| Remuneration and social security | 454/9 | €17,768 | €14,824 | -€2,945 | -16.6% |
| Other amounts payable | 47/48 | €83,014 | €83,014 | = | 0.0% |
| Turnover | 70 | €607,854 | €465,754 | -€142,101 | -23.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €581,437 | €408,207 | -€173,229 | -29.8% |
| Remuneration, social security and pensions | 62 | €147,268 | €147,601 | +€333 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,297 | €17,511 | +€214 | +1.2% |
| Other operating charges | 640/8 | €3,298 | €3,213 | -€85 | -2.6% |
| Gross operating margin | 9900 | €172,683 | €186,733 | +€14,051 | +8.1% |
| Operating profit (loss) | 9901 | €4,820 | €18,408 | +€13,588 | +281.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €3,967 | €1,482 | -€2,484 | -62.6% |
| Recurring financial charges | 65 | €3,967 | €1,482 | -€2,484 | -62.6% |
| Profit (loss) for the period before taxes | 9903 | €854 | €16,926 | +€16,072 | +1882.5% |
| Profit (loss) for the period | 9904 | €854 | €16,926 | +€16,072 | +1882.5% |
| Profit (loss) for the period to be appropriated | 9905 | €854 | €16,926 | +€16,072 | +1882.5% |
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 6 October 2026 via checked.be.