C x M: 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 x M
Largest movements
- Tangible fixed assets -€18,857
down €18,857 (-23.4%), from €80,535 to €61,678
of which Plant, machinery and equipment: -€9,801
- Cash +€6,389
up €6,389 (+6.0%), from €106,346 to €112,736
mainly Depreciation (+€18,857) and Net result for the year (+€11,787)
- Receivables within one year +€6,190
up €6,190 (+111.9%), from €5,531 to €11,722
of which Other amounts receivable: +€3,527
- Reserves +€11,787
up €11,787 (+9.5%), from €124,610 to €136,397
of which Distributable reserves: +€11,787
- Trade debts -€11,211
down €11,211 (-37.4%), from €29,945 to €18,734
- Debts after one year -€8,127
down €8,127 (-53.7%), from €15,123 to €6,996
- Gross operating margin +€21,524
up €21,524 (+14.7%), from €145,983 to €167,507
- Staff costs -€11,840
down €11,840 (-8.6%), from €138,173 to €126,332
- Taxes +€6,306
up €6,306 (+2421.6%), from €260 to €6,567
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 | €210,011 | €204,417 | -€5,594 | -2.7% |
| Fixed assets | 21/28 | €81,215 | €62,358 | -€18,857 | -23.2% |
| Tangible fixed assets | 22/27 | €80,535 | €61,678 | -€18,857 | -23.4% |
| Plant, machinery and equipment | 23 | €47,540 | €37,740 | -€9,801 | -20.6% |
| Furniture and vehicles | 24 | €24,858 | €19,249 | -€5,609 | -22.6% |
| Leasing and similar rights | 25 | €2,111 | - | -€2,111 | |
| Other tangible fixed assets | 26 | €6,026 | €4,690 | -€1,336 | -22.2% |
| Financial fixed assets | 28 | €680 | €680 | = | 0.0% |
| Current assets | 29/58 | €128,796 | €142,058 | +€13,263 | +10.3% |
| Stocks and contracts in progress | 3 | €11,758 | €11,758 | = | 0.0% |
| Stocks | 30/36 | €11,758 | €11,758 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,531 | €11,722 | +€6,190 | +111.9% |
| Trade receivables | 40 | €70 | €2,733 | +€2,664 | +3832.4% |
| Other amounts receivable | 41 | €5,462 | €8,989 | +€3,527 | +64.6% |
| Cash at bank and in hand | 54/58 | €106,346 | €112,736 | +€6,389 | +6.0% |
| Deferred charges and accrued income | 490/1 | €5,160 | €5,843 | +€683 | +13.2% |
| Total equity and liabilities | 10/49 | €210,011 | €204,417 | -€5,594 | -2.7% |
| Equity | 10/15 | €134,610 | €146,397 | +€11,787 | +8.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €124,610 | €136,397 | +€11,787 | +9.5% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €123,610 | €135,397 | +€11,787 | +9.5% |
| Amounts payable | 17/49 | €75,401 | €58,020 | -€17,381 | -23.1% |
| Amounts payable after more than one year | 17 | €15,123 | €6,996 | -€8,127 | -53.7% |
| Financial debts | 170/4 | €15,123 | €6,996 | -€8,127 | -53.7% |
| Amounts payable within one year | 42/48 | €60,278 | €51,024 | -€9,254 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €7,845 | €7,462 | -€383 | -4.9% |
| Trade debts | 44 | €29,945 | €18,734 | -€11,211 | -37.4% |
| Suppliers | 440/4 | €29,945 | €18,734 | -€11,211 | -37.4% |
| Taxes, remuneration and social security | 45 | €21,825 | €23,699 | +€1,874 | +8.6% |
| Taxes | 450/3 | €13,260 | €16,225 | +€2,964 | +22.4% |
| Remuneration and social security | 454/9 | €8,565 | €7,474 | -€1,091 | -12.7% |
| Other amounts payable | 47/48 | €664 | €1,130 | +€466 | +70.2% |
| Remuneration, social security and pensions | 62 | €138,173 | €126,332 | -€11,840 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,929 | €18,857 | +€928 | +5.2% |
| Other operating charges | 640/8 | €1,153 | €720 | -€433 | -37.6% |
| Gross operating margin | 9900 | €145,983 | €167,507 | +€21,524 | +14.7% |
| Operating profit (loss) | 9901 | -€11,271 | €21,599 | +€32,869 | |
| Financial income | 75/76B | €144 | €19 | -€125 | -86.8% |
| Recurring financial income | 75 | €144 | €19 | -€125 | -86.8% |
| Financial charges | 65/66B | €3,315 | €3,264 | -€51 | -1.5% |
| Recurring financial charges | 65 | €3,315 | €3,264 | -€51 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,442 | €18,354 | +€32,795 | |
| Income taxes | 67/77 | €260 | €6,567 | +€6,306 | +2421.6% |
| Profit (loss) for the period | 9904 | -€14,702 | €11,787 | +€26,489 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,702 | €11,787 | +€26,489 |
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 11 October 2026 via checked.be.