CBTC: 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.
CBTC
Largest movements
- Receivables within one year -€119,483
down €119,483 (-31.8%), from €375,688 to €256,205
of which Trade receivables: -€150,983
- Cash -€41,299
down €41,299 (-14.0%), from €294,650 to €253,351
mainly Trade debts (-€90,809) and Contributions, distributions and other (-€90,000)
- Trade debts -€90,809
down €90,809 (-89.0%), from €102,067 to €11,258
- Profit (loss) carried forward -€88,761
no longer reported in 2025 (was €88,761)
- Other debts +€72,946
up €72,946 (+43.9%), from €166,000 to €238,946
- Advances received -€28,795
no longer reported in 2025 (was €28,795)
- Tax, wage and social debts -€18,653
down €18,653 (-23.4%), from €79,559 to €60,906
- Turnover -€506,854
down €506,854 (-81.3%), from €623,420 to €116,565
- Gross operating margin -€310,397
down €310,397 (-85.0%), from €365,004 to €54,607
- Purchases and services -€196,242
down €196,242 (-75.9%), from €258,416 to €62,174
- Taxes -€14,942
down €14,942 (-21.0%), from €71,282 to €56,340
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 | €670,338 | €509,555 | -€160,782 | -24.0% |
| Current assets | 29/58 | €670,338 | €509,555 | -€160,782 | -24.0% |
| Amounts receivable within one year | 40/41 | €375,688 | €256,205 | -€119,483 | -31.8% |
| Trade receivables | 40 | €153,183 | €2,200 | -€150,983 | -98.6% |
| Other amounts receivable | 41 | €222,505 | €254,005 | +€31,499 | +14.2% |
| Cash at bank and in hand | 54/58 | €294,650 | €253,351 | -€41,299 | -14.0% |
| Total equity and liabilities | 10/49 | €670,338 | €509,555 | -€160,782 | -24.0% |
| Equity | 10/15 | €293,439 | €198,445 | -€94,994 | -32.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €142,678 | €136,445 | -€6,233 | -4.4% |
| Non-distributable reserves | 130/1 | €33,312 | €33,312 | = | 0.0% |
| Legal reserve | 130 | €33,312 | €33,312 | = | 0.0% |
| Distributable reserves | 133 | €109,366 | €103,133 | -€6,233 | -5.7% |
| Profit (loss) carried forward | 14 | €88,761 | - | -€88,761 | |
| Amounts payable | 17/49 | €376,898 | €311,110 | -€65,788 | -17.5% |
| Amounts payable within one year | 42/48 | €376,421 | €311,110 | -€65,311 | -17.4% |
| Trade debts | 44 | €102,067 | €11,258 | -€90,809 | -89.0% |
| Suppliers | 440/4 | €102,067 | €11,258 | -€90,809 | -89.0% |
| Advances received on contracts in progress | 46 | €28,795 | - | -€28,795 | |
| Taxes, remuneration and social security | 45 | €79,559 | €60,906 | -€18,653 | -23.4% |
| Taxes | 450/3 | €79,559 | €60,906 | -€18,653 | -23.4% |
| Other amounts payable | 47/48 | €166,000 | €238,946 | +€72,946 | +43.9% |
| Accrued charges and deferred income | 492/3 | €477 | - | -€477 | |
| Turnover | 70 | €623,420 | €116,565 | -€506,854 | -81.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €258,416 | €62,174 | -€196,242 | -75.9% |
| Other operating charges | 640/8 | €890 | €520 | -€370 | -41.6% |
| Gross operating margin | 9900 | €365,004 | €54,607 | -€310,397 | -85.0% |
| Operating profit (loss) | 9901 | €364,114 | €54,088 | -€310,026 | -85.1% |
| Financial charges | 65/66B | €4,071 | €2,742 | -€1,329 | -32.6% |
| Recurring financial charges | 65 | €4,071 | €2,742 | -€1,329 | -32.6% |
| Non-recurring financial charges | 66B | €4,071 | - | -€4,071 | |
| Profit (loss) for the period before taxes | 9903 | €360,043 | €51,345 | -€308,697 | -85.7% |
| Income taxes | 67/77 | €71,282 | €56,340 | -€14,942 | -21.0% |
| Profit (loss) for the period | 9904 | €288,761 | -€4,994 | -€293,755 | |
| Profit (loss) for the period to be appropriated | 9905 | €288,761 | -€4,994 | -€293,755 |
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 3 October 2026 via checked.be.