CDL-STRATEGY: 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.
What changed
CDL-STRATEGY
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€595,761
2024 · €384,372-€980,133
Equity
€3.3m
2024 · €5.0m-€1.8m
Cash
€188,738
2024 · €133,404+€55,335
Balance sheet total
€10.8m
2024 · €11.9m-€1.0m
Largest movements
Assets
- Financial fixed assets -€1.1m
down €1.1m (-16.2%), from €7.1m to €5.9m
- Tangible fixed assets +€1.1m
up €1.1m (+31.7%), from €3.6m to €4.7m
of which Land and buildings: +€1.1m
- Current investments -€1.1m
no longer reported in 2025 (was €1.1m)
Equity and liabilities
- Profit (loss) carried forward -€898,316
down €898,316 (-26.7%), from €3.4m to €2.5m
- Reserves -€878,156
down €878,156 (-54.2%), from €1.6m to €741,346
of which Distributable reserves: -€1.2m
- Other debts +€736,461
up €736,461 (+11.1%), from €6.6m to €7.4m
Income statement
- Financial charges +€1.2m
up €1.2m (+11021.3%), from €11,173 to €1.2m
- Gross operating margin +€734,954
up €734,954 (+1208.5%), from €60,814 to €795,767
- Write-downs +€299,871
new in 2025: €299,871
- Financial income -€230,806
down €230,806 (-35.1%), from €657,642 to €426,835
- Depreciation -€131,058
down €131,058 (-80.5%), from €162,824 to €31,766
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
€384,372
Gross operating margin
+€734,954
Depreciation
+€131,058
Write-downs
-€299,871
Other operating charges
-€17,730
Financial income
-€230,806
Financial charges
-€1.2m
Taxes
+€35,884
Deferred taxes and other
-€102,185
Result 2025
-€595,761
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.
From operations
+€173,375
Investment
+€1.1m
Financing
-€1.2m
Cash 2024
€133,404
From operations (derived)
+€173,375
Net result for the year
-€595,761
Depreciation
+€31,766
Receivables within one year
-€3,641
Deferred charges and accrued income
+€12,700
Provisions
+€96,411
Trade debts
+€2,120
Tax, wage and social debts
-€106,681
Other debts
+€736,461
Investment (derived)
+€1.1m
Investment in fixed assets (net)
-€24,476
Current investments
+€1.1m
Financing
-€1.2m
Contributions, distributions and other
-€1.2m
Cash 2025
€188,738
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,870,226 | €10,822,065 | -€1.0m | -8.8% |
| Fixed assets | 21/28 | €10,628,588 | €10,621,298 | -€7,290 | -0.1% |
| Tangible fixed assets | 22/27 | €3,574,856 | €4,707,652 | +€1.1m | +31.7% |
| Land and buildings | 22 | €3,557,143 | €4,696,895 | +€1.1m | +32.0% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €17,714 | €10,757 | -€6,957 | -39.3% |
| Financial fixed assets | 28 | €7,053,732 | €5,913,646 | -€1.1m | -16.2% |
| Current assets | 29/58 | €1,241,638 | €200,767 | -€1.0m | -83.8% |
| Amounts receivable within one year | 40/41 | €1,302 | €4,943 | +€3,641 | +279.6% |
| Other amounts receivable | 41 | €1,302 | €4,943 | +€3,641 | +279.6% |
| Current investments | 50/53 | €1,087,147 | - | -€1.1m | |
| Cash at bank and in hand | 54/58 | €133,404 | €188,738 | +€55,335 | +41.5% |
| Deferred charges and accrued income | 490/1 | €19,786 | €7,086 | -€12,700 | -64.2% |
| Total equity and liabilities | 10/49 | €11,870,226 | €10,822,065 | -€1.0m | -8.8% |
| Equity | 10/15 | €5,044,534 | €3,268,062 | -€1.8m | -35.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,619,502 | €741,346 | -€878,156 | -54.2% |
| Non-distributable reserves | 130/1 | €37,184 | €37,184 | = | 0.0% |
| Legal reserve | 130 | €37,184 | €37,184 | = | 0.0% |
| Tax-exempt reserves | 132 | €125,297 | €414,529 | +€289,232 | +230.8% |
| Distributable reserves | 133 | €1,457,021 | €289,633 | -€1.2m | -80.1% |
| Profit (loss) carried forward | 14 | €3,363,032 | €2,464,716 | -€898,316 | -26.7% |
| Provisions and deferred taxes | 16 | €41,766 | €138,176 | +€96,411 | +230.8% |
| Deferred taxes | 168 | €41,766 | €138,176 | +€96,411 | +230.8% |
| Amounts payable | 17/49 | €6,783,926 | €7,415,827 | +€631,900 | +9.3% |
| Amounts payable within one year | 42/48 | €6,755,728 | €7,387,629 | +€631,900 | +9.4% |
| Trade debts | 44 | €3,749 | €5,868 | +€2,120 | +56.5% |
| Suppliers | 440/4 | €3,749 | €5,868 | +€2,120 | +56.5% |
| Taxes, remuneration and social security | 45 | €106,681 | - | -€106,681 | |
| Taxes | 450/3 | €106,681 | - | -€106,681 | |
| Other amounts payable | 47/48 | €6,645,299 | €7,381,760 | +€736,461 | +11.1% |
| Accrued charges and deferred income | 492/3 | €28,198 | €28,198 | = | 0.0% |
| Non-recurring operating income | 76A | - | €646,300 | +€646,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,824 | €31,766 | -€131,058 | -80.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €299,871 | +€299,871 | |
| Other operating charges | 640/8 | €22,658 | €40,388 | +€17,730 | +78.2% |
| Gross operating margin | 9900 | €60,814 | €795,767 | +€734,954 | +1208.5% |
| Operating profit (loss) | 9901 | -€124,669 | €423,742 | +€548,412 | |
| Financial income | 75/76B | €657,642 | €426,835 | -€230,806 | -35.1% |
| Recurring financial income | 75 | €657,642 | €426,835 | -€230,806 | -35.1% |
| Financial charges | 65/66B | €11,173 | €1,242,611 | +€1.2m | +11021.3% |
| Recurring financial charges | 65 | €11,173 | €1,242,611 | +€1.2m | +11021.3% |
| Profit (loss) for the period before taxes | 9903 | €521,799 | -€392,033 | -€913,832 | |
| Transfer from deferred taxes | 780 | €1,333 | €4,493 | +€3,160 | +237.1% |
| Transfer to deferred taxes | 680 | - | €105,345 | +€105,345 | |
| Income taxes | 67/77 | €138,760 | €102,876 | -€35,884 | -25.9% |
| Profit (loss) for the period | 9904 | €384,372 | -€595,761 | -€980,133 | |
| Transfer from tax-exempt reserves | 789 | €3,999 | €13,480 | +€9,481 | +237.1% |
| Transfer to tax-exempt reserves | 689 | - | €316,035 | +€316,035 | |
| Profit (loss) for the period to be appropriated | 9905 | €388,371 | -€898,316 | -€1.3m |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.