CDG MANAGEMENT: 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.
CDG MANAGEMENT
Largest movements
- Receivables within one year +€232,755
up €232,755 (+377.7%), from €61,632 to €294,386
of which Other amounts receivable: +€193,755
- Cash -€35,717
down €35,717 (-72.5%), from €49,244 to €13,527
mainly Receivables within one year (-€232,755) and Deferred charges and accrued income (-€8,553)
- Tangible fixed assets -€14,592
down €14,592 (-8.9%), from €164,461 to €149,869
of which Land and buildings: -€11,931
- Deferred charges and accrued income +€8,553
up €8,553 (+485.9%), from €1,760 to €10,313
- Profit (loss) carried forward +€78,202
up €78,202 (+62.1%), from €125,991 to €204,193
- Debts after one year +€62,092
up €62,092 (+53.7%), from €115,701 to €177,793
- Tax, wage and social debts +€23,008
up €23,008 (+107.8%), from €21,351 to €44,358
- Current portion of long-term debt +€19,363
up €19,363 (+171.3%), from €11,306 to €30,669
- Trade debts +€8,333
up €8,333 (+1105.5%), from €754 to €9,087
- Gross operating margin +€30,703
up €30,703 (+20.0%), from €153,579 to €184,282
- Financial charges +€22,811
up €22,811 (+60.3%), from €37,851 to €60,662
- Depreciation -€2,553
down €2,553 (-13.6%), from €18,838 to €16,285
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 | €277,602 | €468,600 | +€190,998 | +68.8% |
| Fixed assets | 21/28 | €164,966 | €150,374 | -€14,592 | -8.8% |
| Tangible fixed assets | 22/27 | €164,461 | €149,869 | -€14,592 | -8.9% |
| Land and buildings | 22 | €155,062 | €143,130 | -€11,931 | -7.7% |
| Furniture and vehicles | 24 | €8,887 | €6,349 | -€2,539 | -28.6% |
| Other tangible fixed assets | 26 | €512 | €390 | -€122 | -23.9% |
| Financial fixed assets | 28 | €505 | €505 | = | 0.0% |
| Current assets | 29/58 | €112,636 | €318,226 | +€205,590 | +182.5% |
| Amounts receivable within one year | 40/41 | €61,632 | €294,386 | +€232,755 | +377.7% |
| Trade receivables | 40 | €61,000 | €100,000 | +€39,000 | +63.9% |
| Other amounts receivable | 41 | €632 | €194,386 | +€193,755 | +30666.1% |
| Cash at bank and in hand | 54/58 | €49,244 | €13,527 | -€35,717 | -72.5% |
| Deferred charges and accrued income | 490/1 | €1,760 | €10,313 | +€8,553 | +485.9% |
| Total equity and liabilities | 10/49 | €277,602 | €468,600 | +€190,998 | +68.8% |
| Equity | 10/15 | €128,491 | €206,693 | +€78,202 | +60.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,991 | €204,193 | +€78,202 | +62.1% |
| Amounts payable | 17/49 | €149,111 | €261,907 | +€112,796 | +75.6% |
| Amounts payable after more than one year | 17 | €115,701 | €177,793 | +€62,092 | +53.7% |
| Financial debts | 170/4 | €115,701 | €177,793 | +€62,092 | +53.7% |
| Amounts payable within one year | 42/48 | €33,410 | €84,114 | +€50,703 | +151.8% |
| Current portion of amounts payable after more than one year | 42 | €11,306 | €30,669 | +€19,363 | +171.3% |
| Trade debts | 44 | €754 | €9,087 | +€8,333 | +1105.5% |
| Suppliers | 440/4 | €754 | €9,087 | +€8,333 | +1105.5% |
| Taxes, remuneration and social security | 45 | €21,351 | €44,358 | +€23,008 | +107.8% |
| Taxes | 450/3 | €21,351 | €44,358 | +€23,008 | +107.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,838 | €16,285 | -€2,553 | -13.6% |
| Other operating charges | 640/8 | €1,706 | €2,809 | +€1,102 | +64.6% |
| Gross operating margin | 9900 | €153,579 | €184,282 | +€30,703 | +20.0% |
| Operating profit (loss) | 9901 | €133,034 | €165,188 | +€32,154 | +24.2% |
| Financial income | 75/76B | €98 | €20 | -€78 | -79.9% |
| Recurring financial income | 75 | €98 | €20 | -€78 | -79.9% |
| Financial charges | 65/66B | €37,851 | €60,662 | +€22,811 | +60.3% |
| Recurring financial charges | 65 | €37,851 | €60,662 | +€22,811 | +60.3% |
| Profit (loss) for the period before taxes | 9903 | €95,281 | €104,546 | +€9,264 | +9.7% |
| Income taxes | 67/77 | €21,351 | €23,008 | +€1,657 | +7.8% |
| Profit (loss) for the period | 9904 | €73,931 | €81,538 | +€7,607 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €73,931 | €81,538 | +€7,607 | +10.3% |
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 7 October 2026 via checked.be.