CBDS Advisory: 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.
CBDS Advisory
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+155%), from €686,589 to €1.8m
of which Land and buildings: +€1.0m
- Current investments -€994,115
down €994,115 (-23.7%), from €4.2m to €3.2m
- Cash +€723,008
up €723,008 (+183%), from €395,550 to €1.1m
mainly Net result for the year (+€2.1m) and Current investments (+€994,115)
- Receivables within one year -€139,876
down €139,876 (-95.1%), from €147,091 to €7,216
of which Other amounts receivable: -€93,117
- Profit (loss) carried forward +€1.7m
up €1.7m (+70.9%), from €2.3m to €4.0m
- Other debts -€912,361
down €912,361 (-74.8%), from €1.2m to €307,454
- Tax, wage and social debts -€865,676
down €865,676 (-63.6%), from €1.4m to €494,926
of which Taxes: -€859,235
- Debts after one year +€380,447
up €380,447 (+99.2%), from €383,678 to €764,125
- Trade debts +€313,723
up €313,723 (+2,044%), from €15,345 to €329,068
- Gross operating margin +€145,792
up €145,792 (+5.4%), from €2.7m to €2.8m
- Financial charges -€52,921
down €52,921 (-78.8%), from €67,152 to €14,231
of which Financial charges: -€49,562
- Financial income -€52,372
down €52,372 (-49.7%), from €105,332 to €52,960
of which Financial income: -€51,277
- Taxes -€44,709
down €44,709 (-6.0%), from €743,122 to €698,413
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 | €5,580,279 | €6,232,739 | +€652,460 | +11.7% |
| Fixed assets | 21/28 | €695,592 | €1,751,681 | +€1.1m | +152% |
| Tangible fixed assets | 22/27 | €686,589 | €1,751,396 | +€1.1m | +155% |
| Land and buildings | 22 | €564,892 | €1,587,727 | +€1.0m | +181% |
| Plant, machinery and equipment | 23 | €2,417 | €186 | -€2,231 | -92.3% |
| Furniture and vehicles | 24 | €21,017 | €103,929 | +€82,912 | +394% |
| Leasing and similar rights | 25 | €34,634 | - | -€34,634 | |
| Other tangible fixed assets | 26 | €63,629 | €59,554 | -€4,075 | -6.4% |
| Financial fixed assets | 28 | €9,003 | €285 | -€8,718 | -96.8% |
| Current assets | 29/58 | €4,884,687 | €4,481,058 | -€403,629 | -8.3% |
| Stocks and contracts in progress | 3 | €142,046 | €142,046 | = | 0.0% |
| Stocks | 30/36 | €142,046 | €142,046 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €147,091 | €7,216 | -€139,876 | -95.1% |
| Trade receivables | 40 | €53,974 | €7,216 | -€46,759 | -86.6% |
| Other amounts receivable | 41 | €93,117 | - | -€93,117 | |
| Current investments | 50/53 | €4,200,000 | €3,205,885 | -€994,115 | -23.7% |
| Cash at bank and in hand | 54/58 | €395,550 | €1,118,558 | +€723,008 | +183% |
| Deferred charges and accrued income | 490/1 | - | €7,354 | +€7,354 | |
| Total equity and liabilities | 10/49 | €5,580,279 | €6,232,739 | +€652,460 | +11.7% |
| Equity | 10/15 | €2,429,167 | €4,094,803 | +€1.7m | +68.6% |
| Contributions | 10/11 | €72,769 | - | -€72,769 | |
| Contributions outside capital | 11 | €72,769 | - | -€72,769 | |
| Share premium | 1100/10 | €72,769 | - | -€72,769 | |
| Reserves | 13 | €7,277 | €80,046 | +€72,769 | +1,000% |
| Non-distributable reserves | 130/1 | €7,277 | - | -€7,277 | |
| Reserves not available under the articles | 1311 | €7,277 | - | -€7,277 | |
| Distributable reserves | 133 | - | €80,046 | +€80,046 | |
| Profit (loss) carried forward | 14 | €2,349,121 | €4,014,757 | +€1.7m | +70.9% |
| Amounts payable | 17/49 | €3,151,112 | €2,137,936 | -€1.0m | -32.2% |
| Amounts payable after more than one year | 17 | €383,678 | €764,125 | +€380,447 | +99.2% |
| Financial debts | 170/4 | €383,678 | €764,125 | +€380,447 | +99.2% |
| Amounts payable within one year | 42/48 | €2,664,248 | €1,270,511 | -€1.4m | -52.3% |
| Current portion of amounts payable after more than one year | 42 | €68,486 | €69,553 | +€1,067 | +1.6% |
| Financial debts | 43 | - | €69,510 | +€69,510 | |
| Credit institutions | 430/8 | - | €19,510 | +€19,510 | |
| Other loans | 439 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €15,345 | €329,068 | +€313,723 | +2,044% |
| Suppliers | 440/4 | €15,345 | €329,068 | +€313,723 | +2,044% |
| Taxes, remuneration and social security | 45 | €1,360,602 | €494,926 | -€865,676 | -63.6% |
| Taxes | 450/3 | €1,349,762 | €490,527 | -€859,235 | -63.7% |
| Remuneration and social security | 454/9 | €10,840 | €4,399 | -€6,441 | -59.4% |
| Other amounts payable | 47/48 | €1,219,815 | €307,454 | -€912,361 | -74.8% |
| Accrued charges and deferred income | 492/3 | €103,186 | €103,300 | +€114 | +0.1% |
| Non-recurring operating income | 76A | - | €13,000 | +€13,000 | |
| Remuneration, social security and pensions | 62 | €30,899 | €30,553 | -€346 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,527 | €37,505 | -€10,022 | -21.1% |
| Other operating charges | 640/8 | €11,740 | €33,431 | +€21,692 | +185% |
| Gross operating margin | 9900 | €2,681,018 | €2,826,809 | +€145,792 | +5.4% |
| Operating profit (loss) | 9901 | €2,590,853 | €2,725,320 | +€134,467 | +5.2% |
| Financial income | 75/76B | €105,332 | €52,960 | -€52,372 | -49.7% |
| Recurring financial income | 75 | €104,237 | €52,960 | -€51,277 | -49.2% |
| Non-recurring financial income | 76B | €1,094 | - | -€1,094 | |
| Financial charges | 65/66B | €67,152 | €14,231 | -€52,921 | -78.8% |
| Recurring financial charges | 65 | €63,793 | €14,231 | -€49,562 | -77.7% |
| Non-recurring financial charges | 66B | €3,360 | - | -€3,360 | |
| Profit (loss) for the period before taxes | 9903 | €2,629,032 | €2,764,049 | +€135,017 | +5.1% |
| Income taxes | 67/77 | €743,122 | €698,413 | -€44,709 | -6.0% |
| Profit (loss) for the period | 9904 | €1,885,910 | €2,065,636 | +€179,726 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,885,910 | €2,065,636 | +€179,726 | +9.5% |
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.