CDL-pROJECT: 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.
CDL-pROJECT
Largest movements
- Stocks and contracts -€1.0m
down €1.0m (-54.8%), from €1.8m to €828,689
- Cash +€202,661
up €202,661 (+682.4%), from €29,700 to €232,361
mainly Stocks and contracts (+€1.0m) and Net result for the year (+€364,442)
- Tangible fixed assets -€35,565
down €35,565 (-19.4%), from €183,512 to €147,948
of which Land and buildings: -€77,334
- Deferred charges and accrued income -€25,301
down €25,301 (-76.8%), from €32,922 to €7,622
- Debts after one year -€1.2m
down €1.2m (-71.2%), from €1.7m to €485,868
of which Financial debts: -€1.2m
- Reserves +€330,325
up €330,325 (+192.7%), from €171,395 to €501,720
- Other debts +€36,223
up €36,223 (+420.8%), from €8,607 to €44,830
- Gross operating margin +€523,253
up €523,253 (+776.3%), from €67,405 to €590,658
- Taxes +€163,185
up €163,185 (+1847.8%), from €8,832 to €172,017
- Depreciation +€6,552
up €6,552 (+112.7%), from €5,812 to €12,364
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 | €2,099,351 | €1,249,737 | -€849,613 | -40.5% |
| Fixed assets | 21/28 | €183,512 | €147,948 | -€35,565 | -19.4% |
| Tangible fixed assets | 22/27 | €183,512 | €147,948 | -€35,565 | -19.4% |
| Land and buildings | 22 | €174,764 | €97,430 | -€77,334 | -44.3% |
| Plant, machinery and equipment | 23 | €8,438 | €4,670 | -€3,768 | -44.7% |
| Furniture and vehicles | 24 | €311 | €43,600 | +€43,289 | +13937.7% |
| Other tangible fixed assets | 26 | - | €2,248 | +€2,248 | |
| Current assets | 29/58 | €1,915,838 | €1,101,790 | -€814,049 | -42.5% |
| Stocks and contracts in progress | 3 | €1,831,835 | €828,689 | -€1.0m | -54.8% |
| Stocks | 30/36 | €1,831,835 | €828,689 | -€1.0m | -54.8% |
| Amounts receivable within one year | 40/41 | €21,381 | €33,118 | +€11,738 | +54.9% |
| Trade receivables | 40 | €779 | - | -€779 | |
| Other amounts receivable | 41 | €20,602 | €33,118 | +€12,516 | +60.8% |
| Cash at bank and in hand | 54/58 | €29,700 | €232,361 | +€202,661 | +682.4% |
| Deferred charges and accrued income | 490/1 | €32,922 | €7,622 | -€25,301 | -76.8% |
| Total equity and liabilities | 10/49 | €2,099,351 | €1,249,737 | -€849,613 | -40.5% |
| Equity | 10/15 | €339,858 | €668,956 | +€329,098 | +96.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €171,395 | €501,720 | +€330,325 | +192.7% |
| Distributable reserves | 133 | €171,395 | €501,720 | +€330,325 | +192.7% |
| Profit (loss) carried forward | 14 | €139,863 | €138,635 | -€1,227 | -0.9% |
| Investment grants | 15 | €3,600 | €3,600 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,854 | €1,854 | = | 0.0% |
| Deferred taxes | 168 | €1,854 | €1,854 | = | 0.0% |
| Amounts payable | 17/49 | €1,757,640 | €578,928 | -€1.2m | -67.1% |
| Amounts payable after more than one year | 17 | €1,685,868 | €485,868 | -€1.2m | -71.2% |
| Financial debts | 170/4 | €1,685,000 | €485,000 | -€1.2m | -71.2% |
| Other amounts payable | 178/9 | €868 | €868 | = | 0.0% |
| Amounts payable within one year | 42/48 | €59,060 | €79,812 | +€20,752 | +35.1% |
| Trade debts | 44 | €48,836 | €33,365 | -€15,471 | -31.7% |
| Suppliers | 440/4 | €48,836 | €33,365 | -€15,471 | -31.7% |
| Taxes, remuneration and social security | 45 | €1,617 | €1,617 | = | 0.0% |
| Taxes | 450/3 | €1,617 | €1,617 | = | 0.0% |
| Other amounts payable | 47/48 | €8,607 | €44,830 | +€36,223 | +420.8% |
| Accrued charges and deferred income | 492/3 | €12,712 | €13,249 | +€537 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,812 | €12,364 | +€6,552 | +112.7% |
| Other operating charges | 640/8 | €16,054 | €17,596 | +€1,542 | +9.6% |
| Gross operating margin | 9900 | €67,405 | €590,658 | +€523,253 | +776.3% |
| Operating profit (loss) | 9901 | €45,539 | €560,698 | +€515,159 | +1131.2% |
| Financial income | 75/76B | €1,053 | €100 | -€954 | -90.5% |
| Recurring financial income | 75 | €1,053 | €100 | -€954 | -90.5% |
| Financial charges | 65/66B | €24,139 | €24,339 | +€200 | +0.8% |
| Recurring financial charges | 65 | €24,139 | €24,339 | +€200 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €22,453 | €536,458 | +€514,005 | +2289.2% |
| Income taxes | 67/77 | €8,832 | €172,017 | +€163,185 | +1847.8% |
| Profit (loss) for the period | 9904 | €13,622 | €364,442 | +€350,820 | +2575.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,622 | €364,442 | +€350,820 | +2575.5% |
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 30 September 2026 via checked.be.