CDL 15: 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.
CDL 15
Largest movements
- Cash +€73,398
up €73,398 (+296%), from €24,818 to €98,216
mainly Depreciation (+€66,182) and Net result for the year (+€30,712)
- Tangible fixed assets -€47,675
down €47,675 (-22.6%), from €210,829 to €163,154
of which Furniture and vehicles: -€42,800
- Stocks and contracts -€19,537
down €19,537 (-6.3%), from €308,962 to €289,425
- Receivables within one year -€14,603
down €14,603 (-5.8%), from €251,015 to €236,413
of which Trade receivables: -€11,774
- Debts after one year -€41,434
down €41,434 (-37.3%), from €110,969 to €69,535
- Other debts -€28,800
down €28,800 (-74.2%), from €38,800 to €10,000
- Reserves +€26,214
up €26,214 (+34.1%), from €76,855 to €103,069
of which Distributable reserves: +€26,214
- Tax, wage and social debts +€11,501
up €11,501 (+13.2%), from €87,125 to €98,627
of which Taxes: +€20,808
- Gross operating margin +€71,741
up €71,741 (+20.7%), from €347,391 to €419,132
- Staff costs +€25,106
up €25,106 (+9.9%), from €254,802 to €279,908
- Taxes +€15,057
up €15,057 (+181%), from €8,300 to €23,357
- Write-downs +€11,361
new in 2025: €11,361
- Financial charges +€10,724
up €10,724 (+83.2%), from €12,884 to €23,609
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €798,256 | €789,337 | -€8,919 | -1.1% |
| Fixed assets | 21/28 | €210,829 | €163,154 | -€47,675 | -22.6% |
| Tangible fixed assets | 22/27 | €210,829 | €163,154 | -€47,675 | -22.6% |
| Plant, machinery and equipment | 23 | €4,511 | €8,102 | +€3,591 | +79.6% |
| Furniture and vehicles | 24 | €143,026 | €100,226 | -€42,800 | -29.9% |
| Other tangible fixed assets | 26 | €63,292 | €53,887 | -€9,405 | -14.9% |
| Assets under construction and advance payments | 27 | - | €939 | +€939 | |
| Current assets | 29/58 | €587,427 | €626,182 | +€38,756 | +6.6% |
| Stocks and contracts in progress | 3 | €308,962 | €289,425 | -€19,537 | -6.3% |
| Stocks | 30/36 | €308,962 | €289,425 | -€19,537 | -6.3% |
| Amounts receivable within one year | 40/41 | €251,015 | €236,413 | -€14,603 | -5.8% |
| Trade receivables | 40 | €244,809 | €233,035 | -€11,774 | -4.8% |
| Other amounts receivable | 41 | €6,206 | €3,378 | -€2,829 | -45.6% |
| Cash at bank and in hand | 54/58 | €24,818 | €98,216 | +€73,398 | +296% |
| Deferred charges and accrued income | 490/1 | €2,632 | €2,129 | -€503 | -19.1% |
| Total equity and liabilities | 10/49 | €798,256 | €789,337 | -€8,919 | -1.1% |
| Equity | 10/15 | €90,906 | €121,619 | +€30,712 | +33.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €76,855 | €103,069 | +€26,214 | +34.1% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €75,000 | €101,214 | +€26,214 | +35.0% |
| Profit (loss) carried forward | 14 | -€4,499 | €0 | +€4,499 | |
| Provisions and deferred taxes | 16 | €19,586 | €24,485 | +€4,899 | +25.0% |
| Provisions for liabilities and charges | 160/5 | €19,586 | €24,485 | +€4,899 | +25.0% |
| Pensions and similar obligations | 160 | €19,586 | €24,485 | +€4,899 | +25.0% |
| Amounts payable | 17/49 | €687,764 | €643,233 | -€44,531 | -6.5% |
| Amounts payable after more than one year | 17 | €110,969 | €69,535 | -€41,434 | -37.3% |
| Financial debts | 170/4 | €110,969 | €69,535 | -€41,434 | -37.3% |
| Amounts payable within one year | 42/48 | €576,795 | €572,070 | -€4,725 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €39,554 | €44,817 | +€5,263 | +13.3% |
| Trade debts | 44 | €36,224 | €38,885 | +€2,660 | +7.3% |
| Suppliers | 440/4 | €36,224 | €38,885 | +€2,660 | +7.3% |
| Advances received on contracts in progress | 46 | €375,092 | €379,742 | +€4,650 | +1.2% |
| Taxes, remuneration and social security | 45 | €87,125 | €98,627 | +€11,501 | +13.2% |
| Taxes | 450/3 | €49,646 | €70,454 | +€20,808 | +41.9% |
| Remuneration and social security | 454/9 | €37,479 | €28,172 | -€9,306 | -24.8% |
| Other amounts payable | 47/48 | €38,800 | €10,000 | -€28,800 | -74.2% |
| Accrued charges and deferred income | 492/3 | €0 | €1,629 | +€1,629 | |
| Non-recurring operating income | 76A | €51,080 | €0 | -€51,080 | -100% |
| Remuneration, social security and pensions | 62 | €254,802 | €279,908 | +€25,106 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,736 | €66,182 | +€3,446 | +5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,361 | +€11,361 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€921 | €4,899 | +€5,821 | |
| Other operating charges | 640/8 | €4,155 | €3,521 | -€634 | -15.3% |
| Gross operating margin | 9900 | €347,391 | €419,132 | +€71,741 | +20.7% |
| Operating profit (loss) | 9901 | €26,620 | €53,261 | +€26,641 | +100% |
| Financial income | 75/76B | €19,361 | €24,417 | +€5,056 | +26.1% |
| Recurring financial income | 75 | €19,361 | €24,417 | +€5,056 | +26.1% |
| Financial charges | 65/66B | €12,884 | €23,609 | +€10,724 | +83.2% |
| Recurring financial charges | 65 | €12,884 | €23,609 | +€10,724 | +83.2% |
| Profit (loss) for the period before taxes | 9903 | €33,096 | €54,069 | +€20,973 | +63.4% |
| Income taxes | 67/77 | €8,300 | €23,357 | +€15,057 | +181% |
| Profit (loss) for the period | 9904 | €24,796 | €30,712 | +€5,916 | +23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,796 | €30,712 | +€5,916 | +23.9% |
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 14 October 2026 via checked.be.