CDM: 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.
CDM
Largest movements
- Current investments +€227,140
up €227,140 (+75.9%), from €299,182 to €526,322
- Cash -€221,985
down €221,985 (-57.6%), from €385,167 to €163,181
mainly Current investments (-€227,140) and Contributions, distributions and other (-€107,719)
- Tangible fixed assets -€56,442
down €56,442 (-6.0%), from €934,456 to €878,014
of which Land and buildings: -€50,566
- Financial fixed assets -€50,000
down €50,000 (-50.8%), from €98,400 to €48,400
- Receivables within one year +€49,083
up €49,083 (+57.6%), from €85,226 to €134,309
of which Other amounts receivable: +€31,085
- Debts after one year -€56,397
down €56,397 (-16.8%), from €335,969 to €279,573
- Reserves -€38,645
down €38,645 (-6.7%), from €574,316 to €535,671
of which Distributable reserves: -€38,645
- Other debts +€38,232
up €38,232 (+31.5%), from €121,456 to €159,688
- Gross operating margin -€97,340
down €97,340 (-37.2%), from €261,664 to €164,324
- Taxes -€31,085
down €31,085 (-54.2%), from €57,364 to €26,279
- Depreciation -€3,657
down €3,657 (-5.4%), from €67,961 to €64,305
- Financial income +€3,482
up €3,482 (+53.2%), from €6,549 to €10,031
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 | €1,805,572 | €1,753,604 | -€51,968 | -2.9% |
| Fixed assets | 21/28 | €1,032,856 | €926,414 | -€106,442 | -10.3% |
| Tangible fixed assets | 22/27 | €934,456 | €878,014 | -€56,442 | -6.0% |
| Land and buildings | 22 | €791,258 | €740,693 | -€50,566 | -6.4% |
| Plant, machinery and equipment | 23 | €116,490 | €112,956 | -€3,534 | -3.0% |
| Furniture and vehicles | 24 | €15,581 | €14,914 | -€667 | -4.3% |
| Other tangible fixed assets | 26 | €11,127 | €9,451 | -€1,676 | -15.1% |
| Financial fixed assets | 28 | €98,400 | €48,400 | -€50,000 | -50.8% |
| Current assets | 29/58 | €772,716 | €827,190 | +€54,475 | +7.0% |
| Amounts receivable within one year | 40/41 | €85,226 | €134,309 | +€49,083 | +57.6% |
| Trade receivables | 40 | €77,590 | €95,589 | +€17,998 | +23.2% |
| Other amounts receivable | 41 | €7,636 | €38,721 | +€31,085 | +407.1% |
| Current investments | 50/53 | €299,182 | €526,322 | +€227,140 | +75.9% |
| Cash at bank and in hand | 54/58 | €385,167 | €163,181 | -€221,985 | -57.6% |
| Deferred charges and accrued income | 490/1 | €3,140 | €3,378 | +€237 | +7.6% |
| Total equity and liabilities | 10/49 | €1,805,572 | €1,753,604 | -€51,968 | -2.9% |
| Equity | 10/15 | €1,241,604 | €1,202,959 | -€38,645 | -3.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €574,316 | €535,671 | -€38,645 | -6.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €572,456 | €533,811 | -€38,645 | -6.8% |
| Profit (loss) carried forward | 14 | €654,888 | €654,888 | = | 0.0% |
| Amounts payable | 17/49 | €563,968 | €550,645 | -€13,323 | -2.4% |
| Amounts payable after more than one year | 17 | €335,969 | €279,573 | -€56,397 | -16.8% |
| Financial debts | 170/4 | €335,969 | €279,573 | -€56,397 | -16.8% |
| Amounts payable within one year | 42/48 | €227,998 | €271,073 | +€43,074 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €55,911 | €56,397 | +€486 | +0.9% |
| Financial debts | 43 | €37,049 | €37,058 | +€9 | 0.0% |
| Credit institutions | 430/8 | €37,049 | €37,058 | +€9 | 0.0% |
| Trade debts | 44 | €4,411 | €9,381 | +€4,969 | +112.6% |
| Suppliers | 440/4 | €4,411 | €9,381 | +€4,969 | +112.6% |
| Taxes, remuneration and social security | 45 | €9,171 | €8,549 | -€622 | -6.8% |
| Taxes | 450/3 | €6,392 | €5,386 | -€1,006 | -15.7% |
| Remuneration and social security | 454/9 | €2,779 | €3,163 | +€384 | +13.8% |
| Other amounts payable | 47/48 | €121,456 | €159,688 | +€38,232 | +31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,961 | €64,305 | -€3,657 | -5.4% |
| Other operating charges | 640/8 | €7,178 | €6,135 | -€1,044 | -14.5% |
| Gross operating margin | 9900 | €261,664 | €164,324 | -€97,340 | -37.2% |
| Operating profit (loss) | 9901 | €186,524 | €93,884 | -€92,639 | -49.7% |
| Financial income | 75/76B | €6,549 | €10,031 | +€3,482 | +53.2% |
| Recurring financial income | 75 | €6,549 | €10,031 | +€3,482 | +53.2% |
| Financial charges | 65/66B | €7,645 | €8,563 | +€918 | +12.0% |
| Recurring financial charges | 65 | €7,645 | €8,563 | +€918 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | €185,429 | €95,353 | -€90,076 | -48.6% |
| Income taxes | 67/77 | €57,364 | €26,279 | -€31,085 | -54.2% |
| Profit (loss) for the period | 9904 | €128,065 | €69,074 | -€58,991 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €128,065 | €69,074 | -€58,991 | -46.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.