C.P.M. STRATEGY: 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.P.M. STRATEGY
Largest movements
- Cash -€106,917
down €106,917 (-79.0%), from €135,408 to €28,491
mainly Contributions, distributions and other (-€326,290) and Current investments (-€81,536)
- Current investments +€81,536
new in 2026: €81,536
- Receivables within one year -€61,067
down €61,067 (-65.3%), from €93,459 to €32,391
of which Trade receivables: -€89,994
- Tangible fixed assets -€32,903
down €32,903 (-5.1%), from €645,426 to €612,523
of which Land and buildings: -€16,663
- Deferred charges and accrued income +€10,769
up €10,769 (+1,514%), from €711 to €11,481
- Reserves -€300,271
down €300,271 (-38.8%), from €773,835 to €473,564
- Other debts +€266,080
up €266,080 (+12,540%), from €2,122 to €268,202
- Tax, wage and social debts -€27,971
down €27,971 (-100%), from €27,971 to €0
- Current portion of long-term debt -€20,727
down €20,727 (-100%), from €20,727 to €0
- Debts after one year -€15,677
down €15,677 (-100%), from €15,677 to €0
- Gross operating margin -€154,051
down €154,051 (-63.0%), from €244,415 to €90,364
- Taxes -€48,679
down €48,679 (-78.9%), from €61,660 to €12,981
- Financial charges +€8,146
up €8,146 (+1,240%), from €657 to €8,802
- Depreciation +€3,321
up €3,321 (+9.4%), from €35,355 to €38,676
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €875,003 | €766,422 | -€108,581 | -12.4% |
| Fixed assets | 21/28 | €645,426 | €612,523 | -€32,903 | -5.1% |
| Tangible fixed assets | 22/27 | €645,426 | €612,523 | -€32,903 | -5.1% |
| Land and buildings | 22 | €562,014 | €545,350 | -€16,663 | -3.0% |
| Furniture and vehicles | 24 | €83,412 | €67,173 | -€16,239 | -19.5% |
| Current assets | 29/58 | €229,578 | €153,899 | -€75,678 | -33.0% |
| Amounts receivable within one year | 40/41 | €93,459 | €32,391 | -€61,067 | -65.3% |
| Trade receivables | 40 | €89,994 | €0 | -€89,994 | -100% |
| Other amounts receivable | 41 | €3,465 | €32,391 | +€28,927 | +835% |
| Current investments | 50/53 | - | €81,536 | +€81,536 | |
| Cash at bank and in hand | 54/58 | €135,408 | €28,491 | -€106,917 | -79.0% |
| Deferred charges and accrued income | 490/1 | €711 | €11,481 | +€10,769 | +1,514% |
| Total equity and liabilities | 10/49 | €875,003 | €766,422 | -€108,581 | -12.4% |
| Equity | 10/15 | €792,435 | €492,164 | -€300,271 | -37.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €773,835 | €473,564 | -€300,271 | -38.8% |
| Distributable reserves | 133 | €773,835 | €473,564 | -€300,271 | -38.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €82,568 | €274,259 | +€191,690 | +232% |
| Amounts payable after more than one year | 17 | €15,677 | €0 | -€15,677 | -100% |
| Financial debts | 170/4 | €15,677 | €0 | -€15,677 | -100% |
| Amounts payable within one year | 42/48 | €52,842 | €271,413 | +€218,571 | +414% |
| Current portion of amounts payable after more than one year | 42 | €20,727 | €0 | -€20,727 | -100% |
| Financial debts | 43 | €1,484 | €2,130 | +€645 | +43.5% |
| Credit institutions | 430/8 | €1,484 | €2,130 | +€645 | +43.5% |
| Trade debts | 44 | €537 | €1,082 | +€545 | +101% |
| Suppliers | 440/4 | €537 | €1,082 | +€545 | +101% |
| Taxes, remuneration and social security | 45 | €27,971 | €0 | -€27,971 | -100% |
| Taxes | 450/3 | €27,971 | €0 | -€27,971 | -100% |
| Other amounts payable | 47/48 | €2,122 | €268,202 | +€266,080 | +12,540% |
| Accrued charges and deferred income | 492/3 | €14,050 | €2,846 | -€11,204 | -79.7% |
| Non-recurring operating income | 76A | €26,438 | €0 | -€26,438 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,355 | €38,676 | +€3,321 | +9.4% |
| Other operating charges | 640/8 | €3,716 | €3,899 | +€183 | +4.9% |
| Gross operating margin | 9900 | €244,415 | €90,364 | -€154,051 | -63.0% |
| Operating profit (loss) | 9901 | €205,344 | €47,788 | -€157,555 | -76.7% |
| Financial income | 75/76B | €10 | €14 | +€5 | +47.8% |
| Recurring financial income | 75 | €10 | €14 | +€5 | +47.8% |
| Financial charges | 65/66B | €657 | €8,802 | +€8,146 | +1,240% |
| Recurring financial charges | 65 | €657 | €8,802 | +€8,146 | +1,240% |
| Profit (loss) for the period before taxes | 9903 | €204,696 | €39,000 | -€165,696 | -80.9% |
| Income taxes | 67/77 | €61,660 | €12,981 | -€48,679 | -78.9% |
| Profit (loss) for the period | 9904 | €143,036 | €26,019 | -€117,017 | -81.8% |
| Profit (loss) for the period to be appropriated | 9905 | €143,036 | €26,019 | -€117,017 | -81.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.