C2D INVEST: 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.
C2D INVEST
Largest movements
- Financial fixed assets +€328,281
up €328,281 (+60.4%), from €543,931 to €872,212
- Receivables within one year -€94,837
down €94,837 (-54.8%), from €173,082 to €78,246
of which Trade receivables: -€89,278
- Tangible fixed assets -€92,936
down €92,936 (-12.1%), from €770,622 to €677,686
of which Land and buildings: -€161,503
- Cash +€27,660
up €27,660 (+81.6%), from €33,914 to €61,574
mainly Depreciation (+€202,289) and Net result for the year (+€139,208)
- Profit (loss) carried forward +€139,208
up €139,208 (+72.6%), from €191,829 to €331,036
- Debts after one year -€126,983
down €126,983 (-46.1%), from €275,165 to €148,182
of which Trade debts: -€126,983
- Trade debts +€101,728
up €101,728 (+28.0%), from €362,858 to €464,586
- Other debts +€55,330
up €55,330, from €0 to €55,330
- Advances received +€29,915
up €29,915 (+73.1%), from €40,912 to €70,827
- Gross operating margin +€55,122
up €55,122 (+5.3%), from €1.0m to €1.1m
- Staff costs +€17,583
up €17,583 (+3.0%), from €581,613 to €599,196
- Other operating charges +€12,296
up €12,296 (+13.8%), from €89,056 to €101,352
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 | €1,537,014 | €1,710,994 | +€173,980 | +11.3% |
| Fixed assets | 21/28 | €1,320,290 | €1,555,132 | +€234,841 | +17.8% |
| Intangible fixed assets | 21 | €5,738 | €5,234 | -€504 | -8.8% |
| Tangible fixed assets | 22/27 | €770,622 | €677,686 | -€92,936 | -12.1% |
| Land and buildings | 22 | €614,457 | €452,955 | -€161,503 | -26.3% |
| Plant, machinery and equipment | 23 | €31,533 | €19,702 | -€11,831 | -37.5% |
| Furniture and vehicles | 24 | €4,530 | €5,999 | +€1,469 | +32.4% |
| Assets under construction and advance payments | 27 | €120,102 | €199,030 | +€78,928 | +65.7% |
| Financial fixed assets | 28 | €543,931 | €872,212 | +€328,281 | +60.4% |
| Current assets | 29/58 | €216,723 | €155,862 | -€60,861 | -28.1% |
| Stocks and contracts in progress | 3 | €6,184 | €10,355 | +€4,171 | +67.4% |
| Stocks | 30/36 | €6,184 | €10,355 | +€4,171 | +67.4% |
| Amounts receivable within one year | 40/41 | €173,082 | €78,246 | -€94,837 | -54.8% |
| Trade receivables | 40 | €126,818 | €37,540 | -€89,278 | -70.4% |
| Other amounts receivable | 41 | €46,264 | €40,706 | -€5,559 | -12.0% |
| Cash at bank and in hand | 54/58 | €33,914 | €61,574 | +€27,660 | +81.6% |
| Deferred charges and accrued income | 490/1 | €3,543 | €5,688 | +€2,145 | +60.5% |
| Total equity and liabilities | 10/49 | €1,537,014 | €1,710,994 | +€173,980 | +11.3% |
| Equity | 10/15 | €433,547 | €571,154 | +€137,607 | +31.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €35,316 | €35,316 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,316 | €15,316 | = | 0.0% |
| Profit (loss) carried forward | 14 | €191,829 | €331,036 | +€139,208 | +72.6% |
| Investment grants | 15 | €6,402 | €4,802 | -€1,601 | -25.0% |
| Amounts payable | 17/49 | €1,103,467 | €1,139,840 | +€36,373 | +3.3% |
| Amounts payable after more than one year | 17 | €275,165 | €148,182 | -€126,983 | -46.1% |
| Financial debts | 170/4 | €0 | - | = | |
| Trade debts | 175 | €275,165 | €148,182 | -€126,983 | -46.1% |
| Amounts payable within one year | 42/48 | €797,382 | €960,080 | +€162,697 | +20.4% |
| Current portion of amounts payable after more than one year | 42 | €44,721 | €40,309 | -€4,411 | -9.9% |
| Financial debts | 43 | €25,921 | €0 | -€25,921 | -100% |
| Credit institutions | 430/8 | €25,921 | €0 | -€25,921 | -100% |
| Trade debts | 44 | €362,858 | €464,586 | +€101,728 | +28.0% |
| Suppliers | 440/4 | €362,858 | €464,586 | +€101,728 | +28.0% |
| Advances received on contracts in progress | 46 | €40,912 | €70,827 | +€29,915 | +73.1% |
| Taxes, remuneration and social security | 45 | €322,971 | €329,026 | +€6,056 | +1.9% |
| Taxes | 450/3 | €172,960 | €190,286 | +€17,326 | +10.0% |
| Remuneration and social security | 454/9 | €150,010 | €138,740 | -€11,270 | -7.5% |
| Other amounts payable | 47/48 | €0 | €55,330 | +€55,330 | |
| Accrued charges and deferred income | 492/3 | €30,919 | €31,578 | +€658 | +2.1% |
| Remuneration, social security and pensions | 62 | €581,613 | €599,196 | +€17,583 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204,039 | €202,289 | -€1,751 | -0.9% |
| Other operating charges | 640/8 | €89,056 | €101,352 | +€12,296 | +13.8% |
| Non-recurring operating charges | 66A | €3,484 | €3,137 | -€348 | -10.0% |
| Gross operating margin | 9900 | €1,040,868 | €1,095,990 | +€55,122 | +5.3% |
| Operating profit (loss) | 9901 | €162,676 | €190,017 | +€27,341 | +16.8% |
| Financial income | 75/76B | €23,031 | €21,955 | -€1,076 | -4.7% |
| Recurring financial income | 75 | €23,031 | €21,955 | -€1,076 | -4.7% |
| Financial charges | 65/66B | €8,782 | €7,545 | -€1,236 | -14.1% |
| Recurring financial charges | 65 | €8,782 | €7,545 | -€1,236 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €176,925 | €204,426 | +€27,501 | +15.5% |
| Income taxes | 67/77 | €58,951 | €65,218 | +€6,267 | +10.6% |
| Profit (loss) for the period | 9904 | €117,974 | €139,208 | +€21,234 | +18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €117,974 | €139,208 | +€21,234 | +18.0% |
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 28 October 2026 via checked.be.