C.M.D.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.
What changed
C.M.D.D.
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€75,280
2024 · -€75,133-€147
Equity
€159,067
2024 · €234,347-€75,280
Cash
€136,290
2024 · €126,542+€9,747
Balance sheet total
€1.4m
2024 · €1.4m+€476
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts +€103,973
up €103,973 (+14.4%), from €722,035 to €826,008
- Profit (loss) carried forward -€68,966
down €68,966, from €52,310 to -€16,657
- Debts after one year -€38,873
down €38,873 (-10.2%), from €382,401 to €343,528
of which Financial debts: -€38,873
Income statement
- Depreciation -€47,411
down €47,411 (-48.6%), from €97,523 to €50,112
- Gross operating margin -€33,346
down €33,346 (-51.7%), from €64,460 to €31,115
- Financial charges +€14,680
up €14,680 (+41.5%), from €35,412 to €50,092
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.
Result 2024
-€75,133
Gross operating margin
-€33,346
Depreciation
+€47,411
Other operating charges
+€452
Financial income
+€15
Financial charges
-€14,680
Result 2025
-€75,280
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.
From operations
+€90,421
Investment
-€42,897
Financing
-€37,777
Cash 2024
€126,542
From operations (derived)
+€90,421
Net result for the year
-€75,280
Depreciation
+€50,112
Receivables within one year
+€2,106
Deferred charges and accrued income
-€51
Provisions
-€3,087
Trade debts
+€544
Other debts
+€103,973
Accrued charges and deferred income
+€12,104
Investment (derived)
-€42,897
Investment in fixed assets (net)
-€42,897
Financing
-€37,777
Debts after one year
-€38,873
Current portion of long-term debt
+€1,096
Cash 2025
€136,290
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,419,233 | €1,419,709 | +€476 | 0.0% |
| Fixed assets | 21/28 | €1,129,045 | €1,121,829 | -€7,215 | -0.6% |
| Tangible fixed assets | 22/27 | €1,129,045 | €1,121,829 | -€7,215 | -0.6% |
| Land and buildings | 22 | €1,129,045 | €1,121,829 | -€7,215 | -0.6% |
| Current assets | 29/58 | €290,188 | €297,880 | +€7,692 | +2.7% |
| Amounts receivable within one year | 40/41 | €160,625 | €158,519 | -€2,106 | -1.3% |
| Trade receivables | 40 | €3,648 | - | -€3,648 | |
| Other amounts receivable | 41 | €156,977 | €158,519 | +€1,542 | +1.0% |
| Cash at bank and in hand | 54/58 | €126,542 | €136,290 | +€9,747 | +7.7% |
| Deferred charges and accrued income | 490/1 | €3,021 | €3,071 | +€51 | +1.7% |
| Total equity and liabilities | 10/49 | €1,419,233 | €1,419,709 | +€476 | 0.0% |
| Equity | 10/15 | €234,347 | €159,067 | -€75,280 | -32.1% |
| Contributions | 10/11 | €127,665 | €127,665 | = | 0.0% |
| Capital | 10 | €127,665 | €127,665 | = | 0.0% |
| Issued capital | 100 | €127,665 | €127,665 | = | 0.0% |
| Reserves | 13 | €54,372 | €48,058 | -€6,314 | -11.6% |
| Non-distributable reserves | 130/1 | €12,767 | €12,767 | = | 0.0% |
| Legal reserve | 130 | €12,767 | €12,767 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,284 | €23,970 | -€6,314 | -20.8% |
| Distributable reserves | 133 | €11,322 | €11,322 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,310 | -€16,657 | -€68,966 | |
| Provisions and deferred taxes | 16 | €17,894 | €14,807 | -€3,087 | -17.3% |
| Deferred taxes | 168 | €17,894 | €14,807 | -€3,087 | -17.3% |
| Amounts payable | 17/49 | €1,166,992 | €1,245,836 | +€78,843 | +6.8% |
| Amounts payable after more than one year | 17 | €382,401 | €343,528 | -€38,873 | -10.2% |
| Financial debts | 170/4 | €376,251 | €337,378 | -€38,873 | -10.3% |
| Other amounts payable | 178/9 | €6,150 | €6,150 | = | 0.0% |
| Amounts payable within one year | 42/48 | €762,853 | €868,466 | +€105,613 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €39,589 | €40,685 | +€1,096 | +2.8% |
| Trade debts | 44 | €1,229 | €1,774 | +€544 | +44.3% |
| Suppliers | 440/4 | €1,229 | €1,774 | +€544 | +44.3% |
| Other amounts payable | 47/48 | €722,035 | €826,008 | +€103,973 | +14.4% |
| Accrued charges and deferred income | 492/3 | €21,738 | €33,842 | +€12,104 | +55.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,523 | €50,112 | -€47,411 | -48.6% |
| Other operating charges | 640/8 | €11,272 | €10,820 | -€452 | -4.0% |
| Gross operating margin | 9900 | €64,460 | €31,115 | -€33,346 | -51.7% |
| Operating profit (loss) | 9901 | -€44,335 | -€29,818 | +€14,518 | +32.7% |
| Financial income | 75/76B | €1,527 | €1,542 | +€15 | +1.0% |
| Recurring financial income | 75 | €1,527 | €1,542 | +€15 | +1.0% |
| Financial charges | 65/66B | €35,412 | €50,092 | +€14,680 | +41.5% |
| Recurring financial charges | 65 | €35,412 | €50,092 | +€14,680 | +41.5% |
| Profit (loss) for the period before taxes | 9903 | -€78,220 | -€78,367 | -€147 | -0.2% |
| Transfer from deferred taxes | 780 | €3,087 | €3,087 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€75,133 | -€75,280 | -€147 | -0.2% |
| Transfer from tax-exempt reserves | 789 | €6,314 | €6,314 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€68,819 | -€68,966 | -€147 | -0.2% |
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 9 October 2026 via checked.be.