CD DISTRIBUTION: 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.
CD DISTRIBUTION
Largest movements
- Cash -€34,020
down €34,020 (-15.8%), from €215,570 to €181,550
mainly Net result for the year (-€48,153) and Current portion of long-term debt (-€26,597)
- Tangible fixed assets -€18,189
down €18,189 (-67.0%), from €27,137 to €8,949
of which Land and buildings: -€22,935
- Deferred charges and accrued income -€12,291
no longer reported in 2025 (was €12,291)
- Receivables within one year -€8,259
down €8,259 (-30.0%), from €27,511 to €19,252
of which Trade receivables: -€6,855
- Stocks and contracts -€6,392
down €6,392 (-1.9%), from €339,000 to €332,608
- Profit (loss) carried forward -€48,153
down €48,153 (-13.1%), from €366,276 to €318,122
- Current portion of long-term debt -€26,597
no longer reported in 2025 (was €26,597)
- Gross operating margin -€91,402
down €91,402 (-34.9%), from €261,542 to €170,140
- Staff costs -€28,996
down €28,996 (-13.6%), from €213,010 to €184,015
- Depreciation -€9,574
down €9,574 (-27.7%), from €34,579 to €25,004
- Financial charges -€3,477
down €3,477 (-30.9%), from €11,262 to €7,784
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 | €621,510 | €542,360 | -€79,151 | -12.7% |
| Fixed assets | 21/28 | €27,137 | €8,949 | -€18,189 | -67.0% |
| Tangible fixed assets | 22/27 | €27,137 | €8,949 | -€18,189 | -67.0% |
| Land and buildings | 22 | €25,749 | €2,815 | -€22,935 | -89.1% |
| Plant, machinery and equipment | 23 | €1,388 | €6,134 | +€4,746 | +341.9% |
| Current assets | 29/58 | €594,373 | €533,411 | -€60,962 | -10.3% |
| Stocks and contracts in progress | 3 | €339,000 | €332,608 | -€6,392 | -1.9% |
| Stocks | 30/36 | €339,000 | €332,608 | -€6,392 | -1.9% |
| Amounts receivable within one year | 40/41 | €27,511 | €19,252 | -€8,259 | -30.0% |
| Trade receivables | 40 | €24,256 | €17,401 | -€6,855 | -28.3% |
| Other amounts receivable | 41 | €3,255 | €1,851 | -€1,404 | -43.1% |
| Cash at bank and in hand | 54/58 | €215,570 | €181,550 | -€34,020 | -15.8% |
| Deferred charges and accrued income | 490/1 | €12,291 | - | -€12,291 | |
| Total equity and liabilities | 10/49 | €621,510 | €542,360 | -€79,151 | -12.7% |
| Equity | 10/15 | €386,736 | €338,582 | -€48,153 | -12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €366,276 | €318,122 | -€48,153 | -13.1% |
| Amounts payable | 17/49 | €234,775 | €203,777 | -€30,998 | -13.2% |
| Amounts payable after more than one year | 17 | €30,000 | €30,000 | = | 0.0% |
| Other amounts payable | 178/9 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €204,775 | €173,777 | -€30,998 | -15.1% |
| Current portion of amounts payable after more than one year | 42 | €26,597 | - | -€26,597 | |
| Trade debts | 44 | €120,661 | €117,657 | -€3,004 | -2.5% |
| Suppliers | 440/4 | €120,661 | €117,657 | -€3,004 | -2.5% |
| Taxes, remuneration and social security | 45 | €55,701 | €54,304 | -€1,397 | -2.5% |
| Taxes | 450/3 | €38,825 | €39,241 | +€416 | +1.1% |
| Remuneration and social security | 454/9 | €16,876 | €15,063 | -€1,813 | -10.7% |
| Other amounts payable | 47/48 | €1,816 | €1,816 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €213,010 | €184,015 | -€28,996 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,579 | €25,004 | -€9,574 | -27.7% |
| Other operating charges | 640/8 | €2,325 | €1,490 | -€835 | -35.9% |
| Gross operating margin | 9900 | €261,542 | €170,140 | -€91,402 | -34.9% |
| Operating profit (loss) | 9901 | €11,628 | -€40,369 | -€51,997 | |
| Financial charges | 65/66B | €11,262 | €7,784 | -€3,477 | -30.9% |
| Recurring financial charges | 65 | €11,262 | €7,784 | -€3,477 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €366 | -€48,153 | -€48,519 | |
| Income taxes | 67/77 | €239 | - | -€239 | |
| Profit (loss) for the period | 9904 | €127 | -€48,153 | -€48,280 | |
| Profit (loss) for the period to be appropriated | 9905 | €127 | -€48,153 | -€48,280 |
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 2 October 2026 via checked.be.