CD Holding: 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.
What changed
CD Holding
NACE 46.341, Wholesale of wines and spirits
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€10,965
2024 · -€53,747+€42,782
Equity
€51,614
2024 · €62,579-€10,965
Cash
€48,362
2024 · €107,542-€59,180
Balance sheet total
€1.6m
2024 · €1.7m-€121,680
Largest movements
Assets
- Tangible fixed assets -€71,127
down €71,127 (-4.6%), from €1.6m to €1.5m
of which Land and buildings: -€53,850
- Cash -€59,180
down €59,180 (-55.0%), from €107,542 to €48,362
mainly Debts after one year (-€65,884) and Other debts (-€35,499)
Equity and liabilities
- Debts after one year -€65,884
down €65,884 (-6.9%), from €949,499 to €883,615
of which Financial debts: -€66,619
- Other debts -€35,499
down €35,499 (-5.5%), from €642,756 to €607,257
Income statement
- Depreciation -€36,464
down €36,464 (-27.5%), from €132,659 to €96,196
- Other operating charges -€4,606
down €4,606 (-17.6%), from €26,128 to €21,522
- Financial charges -€2,383
down €2,383 (-8.6%), from €27,553 to €25,170
- Gross operating margin -€1,642
down €1,642 (-1.2%), from €132,144 to €130,502
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.
Result 2024
-€53,747
Gross operating margin
-€1,642
Depreciation
+€36,464
Write-downs
+€1,088
Other operating charges
+€4,606
Financial income
-€436
Financial charges
+€2,383
Taxes
+€320
Result 2025
-€10,965
raises the resultlowers the result
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.
From operations
+€31,273
Investment
-€24,568
Financing
-€65,884
Cash 2024
€107,542
From operations (derived)
+€31,273
Net result for the year
-€10,965
Depreciation
+€96,196
Stocks and contracts
-€8,776
Receivables within one year
+€55
Deferred charges and accrued income
-€406
Provisions
-€1,380
Trade debts
-€2,030
Tax, wage and social debts
-€5,924
Other debts
-€35,499
Investment (derived)
-€24,568
Investment in fixed assets (net)
-€24,568
Financing
-€65,884
Debts after one year
-€65,884
Cash 2025
€48,362
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,724,804 | €1,603,124 | -€121,680 | -7.1% |
| Fixed assets | 21/28 | €1,552,593 | €1,480,966 | -€71,627 | -4.6% |
| Tangible fixed assets | 22/27 | €1,551,737 | €1,480,610 | -€71,127 | -4.6% |
| Land and buildings | 22 | €1,484,800 | €1,430,950 | -€53,850 | -3.6% |
| Plant, machinery and equipment | 23 | €25,211 | €18,954 | -€6,257 | -24.8% |
| Furniture and vehicles | 24 | €37,484 | €26,464 | -€11,020 | -29.4% |
| Other tangible fixed assets | 26 | €4,242 | €4,242 | = | 0.0% |
| Financial fixed assets | 28 | €856 | €356 | -€500 | -58.4% |
| Current assets | 29/58 | €172,211 | €122,158 | -€50,053 | -29.1% |
| Stocks and contracts in progress | 3 | €17,090 | €25,866 | +€8,776 | +51.4% |
| Stocks | 30/36 | €17,090 | €25,866 | +€8,776 | +51.4% |
| Amounts receivable within one year | 40/41 | €28,279 | €28,224 | -€55 | -0.2% |
| Trade receivables | 40 | €28,279 | €28,219 | -€60 | -0.2% |
| Other amounts receivable | 41 | €1 | €5 | +€4 | +841% |
| Current investments | 50/53 | €14,650 | €14,650 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €107,542 | €48,362 | -€59,180 | -55.0% |
| Deferred charges and accrued income | 490/1 | €4,650 | €5,056 | +€406 | +8.7% |
| Total equity and liabilities | 10/49 | €1,724,804 | €1,603,124 | -€121,680 | -7.1% |
| Equity | 10/15 | €62,579 | €51,614 | -€10,965 | -17.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €117,376 | €113,237 | -€4,139 | -3.5% |
| Tax-exempt reserves | 132 | €115,896 | €111,757 | -€4,139 | -3.6% |
| Distributable reserves | 133 | €1,480 | €1,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€104,797 | -€111,623 | -€6,825 | -6.5% |
| Provisions and deferred taxes | 16 | €38,632 | €37,252 | -€1,380 | -3.6% |
| Deferred taxes | 168 | €38,632 | €37,252 | -€1,380 | -3.6% |
| Amounts payable | 17/49 | €1,623,594 | €1,514,258 | -€109,336 | -6.7% |
| Amounts payable after more than one year | 17 | €949,499 | €883,615 | -€65,884 | -6.9% |
| Financial debts | 170/4 | €945,104 | €878,485 | -€66,619 | -7.0% |
| Other amounts payable | 178/9 | €4,395 | €5,130 | +€735 | +16.7% |
| Amounts payable within one year | 42/48 | €674,094 | €630,642 | -€43,452 | -6.4% |
| Trade debts | 44 | €3,250 | €1,221 | -€2,030 | -62.4% |
| Suppliers | 440/4 | €3,250 | €1,221 | -€2,030 | -62.4% |
| Taxes, remuneration and social security | 45 | €28,088 | €22,164 | -€5,924 | -21.1% |
| Taxes | 450/3 | €28,088 | €21,264 | -€6,824 | -24.3% |
| Remuneration and social security | 454/9 | - | €900 | +€900 | |
| Other amounts payable | 47/48 | €642,756 | €607,257 | -€35,499 | -5.5% |
| Non-recurring operating income | 76A | €16,207 | - | -€16,207 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,659 | €96,196 | -€36,464 | -27.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,088 | - | -€1,088 | |
| Other operating charges | 640/8 | €26,128 | €21,522 | -€4,606 | -17.6% |
| Gross operating margin | 9900 | €132,144 | €130,502 | -€1,642 | -1.2% |
| Operating profit (loss) | 9901 | -€27,731 | €12,785 | +€40,516 | |
| Financial income | 75/76B | €494 | €58 | -€436 | -88.2% |
| Recurring financial income | 75 | €494 | €58 | -€436 | -88.2% |
| Financial charges | 65/66B | €27,553 | €25,170 | -€2,383 | -8.6% |
| Recurring financial charges | 65 | €27,553 | €25,170 | -€2,383 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | -€54,790 | -€12,327 | +€42,463 | +77.5% |
| Transfer from deferred taxes | 780 | €1,380 | €1,380 | = | 0.0% |
| Income taxes | 67/77 | €337 | €17 | -€320 | -94.8% |
| Profit (loss) for the period | 9904 | -€53,747 | -€10,965 | +€42,782 | +79.6% |
| Transfer from tax-exempt reserves | 789 | €4,139 | €4,139 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,608 | -€6,825 | +€42,782 | +86.2% |
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 29 October 2026 via checked.be.