C.N.D.L.: 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.N.D.L.
Largest movements
- Tangible fixed assets -€44,870
down €44,870 (-14.3%), from €313,272 to €268,402
of which Plant, machinery and equipment: -€22,566
- Receivables within one year +€7,623
up €7,623 (+134%), from €5,697 to €13,319
of which Other amounts receivable: +€8,076
- Debts after one year -€30,206
down €30,206 (-15.1%), from €199,690 to €169,485
- Current portion of long-term debt -€7,846
down €7,846 (-16.8%), from €46,597 to €38,751
- Reserves +€5,046
up €5,046 (+10.1%), from €49,777 to €54,823
of which Distributable reserves: +€9,527
- Trade debts -€4,493
down €4,493 (-25.8%), from €17,422 to €12,929
- Gross operating margin +€5,899
up €5,899 (+9.1%), from €64,815 to €70,714
- Taxes +€3,182
up €3,182 (+91.4%), from €3,482 to €6,664
- Financial charges -€1,736
down €1,736 (-16.7%), from €10,408 to €8,672
of which Financial charges: -€1,855
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 | €343,181 | €304,819 | -€38,363 | -11.2% |
| Fixed assets | 21/28 | €313,272 | €268,402 | -€44,870 | -14.3% |
| Tangible fixed assets | 22/27 | €313,272 | €268,402 | -€44,870 | -14.3% |
| Land and buildings | 22 | €242,998 | €235,111 | -€7,888 | -3.2% |
| Plant, machinery and equipment | 23 | €37,039 | €14,473 | -€22,566 | -60.9% |
| Furniture and vehicles | 24 | €4,592 | €2,028 | -€2,564 | -55.8% |
| Leasing and similar rights | 25 | €28,643 | €16,791 | -€11,852 | -41.4% |
| Current assets | 29/58 | €29,910 | €36,417 | +€6,507 | +21.8% |
| Stocks and contracts in progress | 3 | €2,622 | €2,925 | +€303 | +11.5% |
| Stocks | 30/36 | €2,622 | €2,925 | +€303 | +11.5% |
| Amounts receivable within one year | 40/41 | €5,697 | €13,319 | +€7,623 | +134% |
| Trade receivables | 40 | €454 | - | -€454 | |
| Other amounts receivable | 41 | €5,243 | €13,319 | +€8,076 | +154% |
| Cash at bank and in hand | 54/58 | €3,391 | €5,189 | +€1,798 | +53.0% |
| Deferred charges and accrued income | 490/1 | €18,200 | €14,984 | -€3,216 | -17.7% |
| Total equity and liabilities | 10/49 | €343,181 | €304,819 | -€38,363 | -11.2% |
| Equity | 10/15 | €68,777 | €73,823 | +€5,046 | +7.3% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €49,777 | €54,823 | +€5,046 | +10.1% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,582 | €4,100 | -€4,481 | -52.2% |
| Distributable reserves | 133 | €39,295 | €48,822 | +€9,527 | +24.2% |
| Provisions and deferred taxes | 16 | €2,010 | €516 | -€1,494 | -74.3% |
| Deferred taxes | 168 | €2,010 | €516 | -€1,494 | -74.3% |
| Amounts payable | 17/49 | €272,395 | €230,480 | -€41,915 | -15.4% |
| Amounts payable after more than one year | 17 | €199,690 | €169,485 | -€30,206 | -15.1% |
| Financial debts | 170/4 | €199,690 | €169,485 | -€30,206 | -15.1% |
| Amounts payable within one year | 42/48 | €71,083 | €60,228 | -€10,854 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €46,597 | €38,751 | -€7,846 | -16.8% |
| Trade debts | 44 | €17,422 | €12,929 | -€4,493 | -25.8% |
| Suppliers | 440/4 | €17,422 | €12,929 | -€4,493 | -25.8% |
| Taxes, remuneration and social security | 45 | €5,277 | €6,883 | +€1,606 | +30.4% |
| Taxes | 450/3 | €5,277 | €6,883 | +€1,606 | +30.4% |
| Other amounts payable | 47/48 | €1,787 | €1,666 | -€121 | -6.8% |
| Accrued charges and deferred income | 492/3 | €1,622 | €767 | -€855 | -52.7% |
| Non-recurring operating income | 76A | €1,400 | €1,000 | -€400 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,674 | €47,917 | +€243 | +0.5% |
| Other operating charges | 640/8 | €2,532 | €2,608 | +€76 | +3.0% |
| Gross operating margin | 9900 | €64,815 | €70,714 | +€5,899 | +9.1% |
| Operating profit (loss) | 9901 | €14,609 | €20,189 | +€5,580 | +38.2% |
| Financial income | 75/76B | €107 | €365 | +€258 | +241% |
| Recurring financial income | 75 | €107 | €365 | +€258 | +241% |
| Financial charges | 65/66B | €10,408 | €8,672 | -€1,736 | -16.7% |
| Recurring financial charges | 65 | €10,408 | €8,553 | -€1,855 | -17.8% |
| Non-recurring financial charges | 66B | - | €118 | +€118 | |
| Profit (loss) for the period before taxes | 9903 | €4,308 | €11,882 | +€7,574 | +176% |
| Transfer from deferred taxes | 780 | €1,494 | €1,494 | = | 0.0% |
| Income taxes | 67/77 | €3,482 | €6,664 | +€3,182 | +91.4% |
| Profit (loss) for the period | 9904 | €2,319 | €6,712 | +€4,392 | +189% |
| Transfer from tax-exempt reserves | 789 | €4,481 | €4,481 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,801 | €11,193 | +€4,392 | +64.6% |
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 23 October 2026 via checked.be.