C2M4E: 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.
C2M4E
Largest movements
- Receivables within one year -€146,182
down €146,182 (-53.7%), from €272,097 to €125,915
of which Other amounts receivable: -€135,141
- Tangible fixed assets +€15,747
up €15,747 (+790.9%), from €1,991 to €17,739
of which Furniture and vehicles: +€12,956
- Cash +€6,450
up €6,450 (+79.7%), from €8,094 to €14,544
mainly Receivables within one year (+€146,182) and Net result for the year (+€46,153)
- Reserves -€168,012
no longer reported in 2025 (was €168,012)
- Profit (loss) carried forward +€46,153
up €46,153 (+110.9%), from €41,607 to €87,760
- Tax, wage and social debts -€24,832
down €24,832 (-58.5%), from €42,456 to €17,624
- Other debts +€17,326
up €17,326 (+84.0%), from €20,615 to €37,941
- Trade debts +€7,889
up €7,889 (+196.6%), from €4,013 to €11,902
- Gross operating margin -€57,309
down €57,309 (-43.4%), from €132,091 to €74,782
- Taxes -€17,015
down €17,015 (-42.5%), from €40,006 to €22,992
- Financial income -€10,659
down €10,659 (-85.0%), from €12,534 to €1,874
- Depreciation +€4,083
up €4,083 (+252.8%), from €1,616 to €5,699
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 | €282,903 | €161,427 | -€121,476 | -42.9% |
| Fixed assets | 21/28 | €1,991 | €20,139 | +€18,147 | +911.4% |
| Tangible fixed assets | 22/27 | €1,991 | €17,739 | +€15,747 | +790.9% |
| Land and buildings | 22 | €843 | €1,134 | +€291 | +34.5% |
| Furniture and vehicles | 24 | €1,148 | €14,104 | +€12,956 | +1128.7% |
| Other tangible fixed assets | 26 | - | €2,500 | +€2,500 | |
| Financial fixed assets | 28 | - | €2,400 | +€2,400 | |
| Current assets | 29/58 | €280,912 | €141,288 | -€139,624 | -49.7% |
| Amounts receivable within one year | 40/41 | €272,097 | €125,915 | -€146,182 | -53.7% |
| Trade receivables | 40 | €21,734 | €10,693 | -€11,040 | -50.8% |
| Other amounts receivable | 41 | €250,363 | €115,222 | -€135,141 | -54.0% |
| Cash at bank and in hand | 54/58 | €8,094 | €14,544 | +€6,450 | +79.7% |
| Deferred charges and accrued income | 490/1 | €721 | €829 | +€108 | +14.9% |
| Total equity and liabilities | 10/49 | €282,903 | €161,427 | -€121,476 | -42.9% |
| Equity | 10/15 | €215,819 | €93,960 | -€121,859 | -56.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €168,012 | - | -€168,012 | |
| Distributable reserves | 133 | €168,012 | - | -€168,012 | |
| Profit (loss) carried forward | 14 | €41,607 | €87,760 | +€46,153 | +110.9% |
| Amounts payable | 17/49 | €67,084 | €67,467 | +€383 | +0.6% |
| Amounts payable within one year | 42/48 | €67,084 | €67,467 | +€383 | +0.6% |
| Trade debts | 44 | €4,013 | €11,902 | +€7,889 | +196.6% |
| Suppliers | 440/4 | €4,013 | €11,902 | +€7,889 | +196.6% |
| Taxes, remuneration and social security | 45 | €42,456 | €17,624 | -€24,832 | -58.5% |
| Taxes | 450/3 | €42,456 | €17,624 | -€24,832 | -58.5% |
| Other amounts payable | 47/48 | €20,615 | €37,941 | +€17,326 | +84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,616 | €5,699 | +€4,083 | +252.8% |
| Other operating charges | 640/8 | €1,900 | €1,166 | -€734 | -38.6% |
| Gross operating margin | 9900 | €132,091 | €74,782 | -€57,309 | -43.4% |
| Operating profit (loss) | 9901 | €128,576 | €67,918 | -€60,658 | -47.2% |
| Financial income | 75/76B | €12,534 | €1,874 | -€10,659 | -85.0% |
| Recurring financial income | 75 | €12,534 | €1,874 | -€10,659 | -85.0% |
| Financial charges | 65/66B | €602 | €648 | +€46 | +7.6% |
| Recurring financial charges | 65 | €602 | €648 | +€46 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €140,508 | €69,144 | -€71,363 | -50.8% |
| Income taxes | 67/77 | €40,006 | €22,992 | -€17,015 | -42.5% |
| Profit (loss) for the period | 9904 | €100,501 | €46,153 | -€54,349 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €100,501 | €46,153 | -€54,349 | -54.1% |
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 29 September 2026 via checked.be.