CBO Advice: 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.
CBO Advice
Largest movements
- Receivables after one year +€93,607
up €93,607 (+30.9%), from €302,742 to €396,350
- Cash +€54,595
up €54,595 (+131.2%), from €41,601 to €96,196
mainly Net result for the year (+€284,489) and Receivables within one year (+€45,968)
- Receivables within one year -€45,968
down €45,968 (-14.0%), from €328,925 to €282,957
of which Trade receivables: -€46,400
- Reserves +€113,901
up €113,901 (+20.8%), from €547,199 to €661,100
- Debts after one year -€28,839
down €28,839 (-59.5%), from €48,430 to €19,590
- Tax, wage and social debts +€9,502
up €9,502 (+67.0%), from €14,191 to €23,693
- Gross operating margin -€16,667
down €16,667 (-4.4%), from €382,195 to €365,528
- Taxes -€4,702
down €4,702 (-5.0%), from €94,204 to €89,502
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 | €690,368 | €791,545 | +€101,177 | +14.7% |
| Fixed assets | 21/28 | €7,932 | €6,274 | -€1,657 | -20.9% |
| Intangible fixed assets | 21 | €7,649 | €6,019 | -€1,630 | -21.3% |
| Tangible fixed assets | 22/27 | €283 | €255 | -€27 | -9.7% |
| Furniture and vehicles | 24 | €283 | €255 | -€27 | -9.7% |
| Current assets | 29/58 | €682,436 | €785,270 | +€102,834 | +15.1% |
| Amounts receivable after more than one year | 29 | €302,742 | €396,350 | +€93,607 | +30.9% |
| Other amounts receivable | 291 | €302,742 | €396,350 | +€93,607 | +30.9% |
| Stocks and contracts in progress | 3 | €7,833 | €6,876 | -€957 | -12.2% |
| Stocks | 30/36 | €7,833 | €6,876 | -€957 | -12.2% |
| Amounts receivable within one year | 40/41 | €328,925 | €282,957 | -€45,968 | -14.0% |
| Trade receivables | 40 | €321,767 | €275,367 | -€46,400 | -14.4% |
| Other amounts receivable | 41 | €7,158 | €7,590 | +€432 | +6.0% |
| Current investments | 50/53 | €34 | €0 | -€34 | -100.0% |
| Cash at bank and in hand | 54/58 | €41,601 | €96,196 | +€54,595 | +131.2% |
| Deferred charges and accrued income | 490/1 | €1,301 | €2,892 | +€1,591 | +122.3% |
| Total equity and liabilities | 10/49 | €690,368 | €791,545 | +€101,177 | +14.7% |
| Equity | 10/15 | €565,799 | €679,700 | +€113,901 | +20.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €547,199 | €661,100 | +€113,901 | +20.8% |
| Distributable reserves | 133 | €547,199 | €661,100 | +€113,901 | +20.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €124,569 | €111,845 | -€12,724 | -10.2% |
| Amounts payable after more than one year | 17 | €48,430 | €19,590 | -€28,839 | -59.5% |
| Financial debts | 170/4 | €48,430 | €19,590 | -€28,839 | -59.5% |
| Amounts payable within one year | 42/48 | €73,388 | €88,399 | +€15,011 | +20.5% |
| Current portion of amounts payable after more than one year | 42 | €48,549 | €55,843 | +€7,294 | +15.0% |
| Trade debts | 44 | €1,668 | €194 | -€1,474 | -88.4% |
| Suppliers | 440/4 | €1,668 | €194 | -€1,474 | -88.4% |
| Taxes, remuneration and social security | 45 | €14,191 | €23,693 | +€9,502 | +67.0% |
| Taxes | 450/3 | €14,191 | €23,693 | +€9,502 | +67.0% |
| Other amounts payable | 47/48 | €8,980 | €8,670 | -€310 | -3.5% |
| Accrued charges and deferred income | 492/3 | €2,752 | €3,856 | +€1,104 | +40.1% |
| Non-recurring operating income | 76A | €2,275 | €0 | -€2,275 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €961 | €1,978 | +€1,018 | +105.9% |
| Other operating charges | 640/8 | €1,005 | €1,417 | +€412 | +41.0% |
| Gross operating margin | 9900 | €382,195 | €365,528 | -€16,667 | -4.4% |
| Operating profit (loss) | 9901 | €380,229 | €362,133 | -€18,097 | -4.8% |
| Financial income | 75/76B | €23,265 | €23,462 | +€197 | +0.8% |
| Recurring financial income | 75 | €23,265 | €23,462 | +€197 | +0.8% |
| Financial charges | 65/66B | €7,975 | €11,604 | +€3,629 | +45.5% |
| Recurring financial charges | 65 | €7,975 | €11,604 | +€3,629 | +45.5% |
| Profit (loss) for the period before taxes | 9903 | €395,520 | €373,991 | -€21,529 | -5.4% |
| Income taxes | 67/77 | €94,204 | €89,502 | -€4,702 | -5.0% |
| Profit (loss) for the period | 9904 | €301,316 | €284,489 | -€16,827 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €301,316 | €284,489 | -€16,827 | -5.6% |
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 10 October 2026 via checked.be.