CBL 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.
CBL INVEST
Largest movements
- Financial fixed assets -€4.7m
down €4.7m (-35.5%), from €13.3m to €8.6m
- Receivables within one year +€945,932
up €945,932 (+551%), from €171,612 to €1.1m
- Cash -€591,634
down €591,634 (-37.4%), from €1.6m to €992,129
mainly Net result for the year (-€4.2m) and Receivables within one year (-€945,932)
- Profit (loss) carried forward -€4.2m
down €4.2m (-45.3%), from €9.3m to €5.1m
- Taxes -€18,912
down €18,912 (-79.9%), from €23,666 to €4,754
- Financial income -€17,609
down €17,609 (-17.2%), from €102,611 to €85,002
- Gross operating margin +€8,727
up €8,727 (+41.7%), from -€20,908 to -€12,182
- Depreciation -€5,379
down €5,379 (-97.8%), from €5,500 to €121
- Other operating charges +€303
up €303 (+9.1%), from €3,329 to €3,632
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 | €16,059,901 | €11,714,385 | -€4.3m | -27.1% |
| Fixed assets | 21/28 | €13,294,453 | €8,578,592 | -€4.7m | -35.5% |
| Tangible fixed assets | 22/27 | €121 | €0 | -€121 | -100% |
| Furniture and vehicles | 24 | €121 | €0 | -€121 | -100% |
| Financial fixed assets | 28 | €13,294,333 | €8,578,592 | -€4.7m | -35.5% |
| Current assets | 29/58 | €2,765,448 | €3,135,792 | +€370,345 | +13.4% |
| Amounts receivable within one year | 40/41 | €171,612 | €1,117,544 | +€945,932 | +551% |
| Other amounts receivable | 41 | €171,612 | €1,117,544 | +€945,932 | +551% |
| Current investments | 50/53 | €1,009,860 | €1,024,079 | +€14,219 | +1.4% |
| Cash at bank and in hand | 54/58 | €1,583,763 | €992,129 | -€591,634 | -37.4% |
| Deferred charges and accrued income | 490/1 | €212 | €2,040 | +€1,828 | +861% |
| Total equity and liabilities | 10/49 | €16,059,901 | €11,714,385 | -€4.3m | -27.1% |
| Equity | 10/15 | €15,913,299 | €11,704,799 | -€4.2m | -26.4% |
| Contributions | 10/11 | €6,600,000 | €6,600,000 | = | 0.0% |
| Reserves | 13 | €16,913 | €16,913 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,913 | €16,913 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,913 | €16,913 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,296,386 | €5,087,886 | -€4.2m | -45.3% |
| Amounts payable | 17/49 | €146,602 | €9,586 | -€137,017 | -93.5% |
| Amounts payable within one year | 42/48 | €146,602 | €9,586 | -€137,017 | -93.5% |
| Trade debts | 44 | €254 | €2,136 | +€1,882 | +741% |
| Suppliers | 440/4 | €254 | €2,136 | +€1,882 | +741% |
| Taxes, remuneration and social security | 45 | €10,657 | €7,450 | -€3,208 | -30.1% |
| Taxes | 450/3 | €10,657 | €7,450 | -€3,208 | -30.1% |
| Other amounts payable | 47/48 | €135,691 | €0 | -€135,691 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,500 | €121 | -€5,379 | -97.8% |
| Other operating charges | 640/8 | €3,329 | €3,632 | +€303 | +9.1% |
| Non-recurring operating charges | 66A | - | €4,272,488 | +€4.3m | |
| Gross operating margin | 9900 | -€20,908 | -€12,182 | +€8,727 | +41.7% |
| Operating profit (loss) | 9901 | -€29,737 | -€4,288,423 | -€4.3m | -14,321% |
| Financial income | 75/76B | €102,611 | €85,002 | -€17,609 | -17.2% |
| Recurring financial income | 75 | €102,611 | €85,002 | -€17,609 | -17.2% |
| Financial charges | 65/66B | €281 | €325 | +€45 | +16.0% |
| Recurring financial charges | 65 | €281 | €325 | +€45 | +16.0% |
| Profit (loss) for the period before taxes | 9903 | €72,593 | -€4,203,746 | -€4.3m | |
| Income taxes | 67/77 | €23,666 | €4,754 | -€18,912 | -79.9% |
| Profit (loss) for the period | 9904 | €48,927 | -€4,208,500 | -€4.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €48,927 | -€4,208,500 | -€4.3m |
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 20 October 2026 via checked.be.