CDC 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.
CDC HOLDING
Largest movements
- Receivables within one year -€623,579
no longer reported in 2025 (was €623,579)
of which Trade receivables: -€583,276
- Cash +€109,827
up €109,827 (+66.0%), from €166,281 to €276,108
mainly Receivables within one year (+€623,579) and Stocks and contracts (+€103,375)
- Stocks and contracts -€103,375
no longer reported in 2025 (was €103,375)
- Tangible fixed assets -€87,393
down €87,393 (-18.9%), from €463,291 to €375,898
of which Leasing and similar rights: -€58,153
- Profit (loss) carried forward -€362,700
no longer reported in 2025 (was €362,700)
- Investment grants +€218,990
new in 2025: €218,990
- Short-term financial debts -€200,000
no longer reported in 2025 (was €200,000)
- Trade debts -€152,459
no longer reported in 2025 (was €152,459)
- Current portion of long-term debt -€104,927
down €104,927 (-93.1%), from €112,710 to €7,783
- Gross operating margin +€24,788
up €24,788 (+1.9%), from €1.3m to €1.4m
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 | €1,357,426 | €652,006 | -€705,420 | -52.0% |
| Fixed assets | 21/28 | €464,191 | €375,898 | -€88,293 | -19.0% |
| Tangible fixed assets | 22/27 | €463,291 | €375,898 | -€87,393 | -18.9% |
| Land and buildings | 22 | €215,887 | €198,606 | -€17,281 | -8.0% |
| Plant, machinery and equipment | 23 | €64,082 | €55,493 | -€8,589 | -13.4% |
| Furniture and vehicles | 24 | €7,446 | €4,076 | -€3,370 | -45.3% |
| Leasing and similar rights | 25 | €175,876 | €117,723 | -€58,153 | -33.1% |
| Financial fixed assets | 28 | €900 | - | -€900 | |
| Current assets | 29/58 | €893,235 | €276,108 | -€617,127 | -69.1% |
| Stocks and contracts in progress | 3 | €103,375 | - | -€103,375 | |
| Stocks | 30/36 | €103,375 | - | -€103,375 | |
| Amounts receivable within one year | 40/41 | €623,579 | - | -€623,579 | |
| Trade receivables | 40 | €583,276 | - | -€583,276 | |
| Other amounts receivable | 41 | €40,303 | - | -€40,303 | |
| Cash at bank and in hand | 54/58 | €166,281 | €276,108 | +€109,827 | +66.0% |
| Total equity and liabilities | 10/49 | €1,357,426 | €652,006 | -€705,420 | -52.0% |
| Equity | 10/15 | €577,676 | €416,523 | -€161,153 | -27.9% |
| Reserves | 13 | €214,976 | €197,533 | -€17,443 | -8.1% |
| Distributable reserves | 133 | €214,976 | €197,533 | -€17,443 | -8.1% |
| Profit (loss) carried forward | 14 | €362,700 | - | -€362,700 | |
| Investment grants | 15 | - | €218,990 | +€218,990 | |
| Amounts payable | 17/49 | €779,750 | €235,483 | -€544,267 | -69.8% |
| Amounts payable after more than one year | 17 | €183,603 | €183,603 | = | 0.0% |
| Financial debts | 170/4 | €183,603 | €183,603 | = | 0.0% |
| Amounts payable within one year | 42/48 | €596,147 | €51,880 | -€544,267 | -91.3% |
| Current portion of amounts payable after more than one year | 42 | €112,710 | €7,783 | -€104,927 | -93.1% |
| Financial debts | 43 | €200,000 | - | -€200,000 | |
| Credit institutions | 430/8 | €200,000 | - | -€200,000 | |
| Trade debts | 44 | €152,459 | - | -€152,459 | |
| Suppliers | 440/4 | €152,459 | - | -€152,459 | |
| Taxes, remuneration and social security | 45 | €93,855 | €6,773 | -€87,082 | -92.8% |
| Taxes | 450/3 | €23,678 | €6,773 | -€16,905 | -71.4% |
| Remuneration and social security | 454/9 | €70,177 | - | -€70,177 | |
| Other amounts payable | 47/48 | €37,123 | €37,324 | +€201 | +0.5% |
| Remuneration, social security and pensions | 62 | €1,101,534 | €1,097,860 | -€3,674 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,488 | €93,122 | +€1,634 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €144 | - | -€144 | |
| Other operating charges | 640/8 | €22,537 | €23,545 | +€1,008 | +4.5% |
| Gross operating margin | 9900 | €1,327,868 | €1,352,656 | +€24,788 | +1.9% |
| Operating profit (loss) | 9901 | €112,165 | €138,129 | +€25,964 | +23.1% |
| Financial income | 75/76B | €2,054 | €822 | -€1,232 | -60.0% |
| Recurring financial income | 75 | €2,054 | €822 | -€1,232 | -60.0% |
| Financial charges | 65/66B | €27,625 | €21,386 | -€6,239 | -22.6% |
| Recurring financial charges | 65 | €27,625 | €21,386 | -€6,239 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €86,594 | €117,565 | +€30,971 | +35.8% |
| Income taxes | 67/77 | €56,764 | €49,830 | -€6,934 | -12.2% |
| Profit (loss) for the period | 9904 | €29,830 | €67,735 | +€37,905 | +127.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,830 | €67,735 | +€37,905 | +127.1% |
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 11 October 2026 via checked.be.