C.M.K.: 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.K.
Largest movements
- Tangible fixed assets -€21,429
down €21,429 (-8.1%), from €264,121 to €242,691
of which Land and buildings: -€11,216
- Receivables within one year +€19,115
up €19,115 (+15.8%), from €121,002 to €140,117
of which Trade receivables: +€37,185
- Stocks and contracts +€9,197
up €9,197 (+13.7%), from €67,067 to €76,265
- Cash -€7,499
down €7,499 (-5.1%), from €146,184 to €138,685
mainly Short-term financial debts (-€62,000) and Debts after one year (-€19,414)
- Short-term financial debts -€62,000
down €62,000 (-100.0%), from €62,000 to €0
- Reserves +€61,976
up €61,976 (+16.6%), from €373,619 to €435,595
of which Distributable reserves: +€125,126
- Debts after one year -€19,414
down €19,414 (-61.1%), from €31,801 to €12,386
of which Financial debts: -€15,013
- Trade debts +€11,953
up €11,953 (+20.2%), from €59,107 to €71,060
- Tax, wage and social debts +€6,965
up €6,965 (+28.8%), from €24,182 to €31,147
of which Taxes: +€5,635
- Gross operating margin +€65,206
up €65,206 (+38.7%), from €168,683 to €233,889
- Taxes +€21,823
up €21,823 (+161.4%), from €13,519 to €35,343
- Write-downs -€6,072
down €6,072 (-94.9%), from €6,399 to €327
- Staff costs +€4,713
up €4,713 (+5.4%), from €87,593 to €92,307
- Financial income -€3,354
down €3,354 (-61.6%), from €5,445 to €2,091
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 | €606,654 | €602,635 | -€4,019 | -0.7% |
| Fixed assets | 21/28 | €264,121 | €242,691 | -€21,429 | -8.1% |
| Tangible fixed assets | 22/27 | €264,121 | €242,691 | -€21,429 | -8.1% |
| Land and buildings | 22 | €206,703 | €195,487 | -€11,216 | -5.4% |
| Plant, machinery and equipment | 23 | €20,295 | €14,302 | -€5,992 | -29.5% |
| Furniture and vehicles | 24 | €37,123 | €32,902 | -€4,221 | -11.4% |
| Current assets | 29/58 | €342,533 | €359,944 | +€17,411 | +5.1% |
| Stocks and contracts in progress | 3 | €67,067 | €76,265 | +€9,197 | +13.7% |
| Stocks | 30/36 | €67,067 | €76,265 | +€9,197 | +13.7% |
| Amounts receivable within one year | 40/41 | €121,002 | €140,117 | +€19,115 | +15.8% |
| Trade receivables | 40 | €92,780 | €129,966 | +€37,185 | +40.1% |
| Other amounts receivable | 41 | €28,222 | €10,151 | -€18,071 | -64.0% |
| Cash at bank and in hand | 54/58 | €146,184 | €138,685 | -€7,499 | -5.1% |
| Deferred charges and accrued income | 490/1 | €8,279 | €4,878 | -€3,402 | -41.1% |
| Total equity and liabilities | 10/49 | €606,654 | €602,635 | -€4,019 | -0.7% |
| Equity | 10/15 | €410,803 | €472,779 | +€61,976 | +15.1% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €373,619 | €435,595 | +€61,976 | +16.6% |
| Tax-exempt reserves | 132 | €63,150 | €0 | -€63,150 | -100.0% |
| Distributable reserves | 133 | €310,469 | €435,595 | +€125,126 | +40.3% |
| Amounts payable | 17/49 | €195,850 | €129,856 | -€65,995 | -33.7% |
| Amounts payable after more than one year | 17 | €31,801 | €12,386 | -€19,414 | -61.1% |
| Financial debts | 170/4 | €27,399 | €12,386 | -€15,013 | -54.8% |
| Other amounts payable | 178/9 | €4,402 | €0 | -€4,402 | -100.0% |
| Amounts payable within one year | 42/48 | €161,296 | €117,219 | -€44,077 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €16,007 | €15,013 | -€995 | -6.2% |
| Financial debts | 43 | €62,000 | €0 | -€62,000 | -100.0% |
| Credit institutions | 430/8 | €62,000 | €0 | -€62,000 | -100.0% |
| Trade debts | 44 | €59,107 | €71,060 | +€11,953 | +20.2% |
| Suppliers | 440/4 | €59,107 | €71,060 | +€11,953 | +20.2% |
| Taxes, remuneration and social security | 45 | €24,182 | €31,147 | +€6,965 | +28.8% |
| Taxes | 450/3 | €11,928 | €17,562 | +€5,635 | +47.2% |
| Remuneration and social security | 454/9 | €12,254 | €13,585 | +€1,331 | +10.9% |
| Accrued charges and deferred income | 492/3 | €2,754 | €250 | -€2,504 | -90.9% |
| Remuneration, social security and pensions | 62 | €87,593 | €92,307 | +€4,713 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,443 | €33,994 | +€1,551 | +4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,399 | €327 | -€6,072 | -94.9% |
| Other operating charges | 640/8 | €8,898 | €9,180 | +€282 | +3.2% |
| Gross operating margin | 9900 | €168,683 | €233,889 | +€65,206 | +38.7% |
| Operating profit (loss) | 9901 | €33,350 | €98,082 | +€64,731 | +194.1% |
| Financial income | 75/76B | €5,445 | €2,091 | -€3,354 | -61.6% |
| Recurring financial income | 75 | €5,445 | €2,091 | -€3,354 | -61.6% |
| Financial charges | 65/66B | €6,030 | €2,854 | -€3,177 | -52.7% |
| Recurring financial charges | 65 | €6,030 | €2,854 | -€3,177 | -52.7% |
| Profit (loss) for the period before taxes | 9903 | €32,765 | €97,319 | +€64,554 | +197.0% |
| Income taxes | 67/77 | €13,519 | €35,343 | +€21,823 | +161.4% |
| Profit (loss) for the period | 9904 | €19,245 | €61,976 | +€42,731 | +222.0% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €63,150 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €82,395 | €125,126 | +€42,731 | +51.9% |
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.