CDM FINANCE SA: what changed
What changed
CDM FINANCE SA
NACE 64.310, Financial service activities, except insurance and pension funding
filed annual accounts (NBB)
Net result for the year
€9.2m
2024 · €1.1m+€8.1m
Equity
€35.8m
2024 · €26.6m+€9.2m
Cash
€52,010
2024 · €72,194-€20,185
Balance sheet total
€36.6m
2024 · €27.0m+€9.6m
Largest movements
Assets
- Current investments +€9.6m
up €9.6m (+222%), from €4.3m to €13.9m
Equity and liabilities
- Reserves +€9.5m
up €9.5m (+532%), from €1.8m to €11.3m
of which Distributable reserves: +€9.0m
- Tax, wage and social debts +€737,290
up €737,290 (+663%), from €111,142 to €848,431
of which Taxes: +€734,093
Income statement
- Financial income +€8.9m
up €8.9m (+696%), from €1.3m to €10.2m
of which Non-recurring financial income: +€5.0m
- Taxes +€788,947
up €788,947 (+710%), from €111,142 to €900,089
- Staff costs +€26,692
new in 2025: €26,692
- Gross operating margin -€14,068
down €14,068 (-39.1%), from -€36,014 to -€50,082
- Financial charges -€9,951
down €9,951 (-60.2%), from €16,527 to €6,577
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1.1m
Gross operating margin
-€14,068
Staff costs
-€26,692
Depreciation
-€15
Other operating charges
-€4,248
Financial income
+€8.9m
Financial charges
+€9,951
Taxes
-€788,947
Result 2025
€9.2m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€9.6m
Investment
-€9.6m
Financing
€0
Cash 2024
€72,194
From operations (derived)
+€9.6m
Net result for the year
+€9.2m
Depreciation
+€2,562
Smaller working-capital items
+€14,353
Tax, wage and social debts
+€737,290
Other debts
-€330,974
Investment (derived)
-€9.6m
Investment in fixed assets (net)
-€31,830
Current investments
-€9.6m
Cash 2025
€52,010
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,011,720 | €36,611,024 | +€9.6m | +35.5% |
| Fixed assets | 21/28 | €22,595,464 | €22,624,732 | +€29,267 | +0.1% |
| Tangible fixed assets | 22/27 | €3,477 | €2,744 | -€733 | -21.1% |
| Furniture and vehicles | 24 | €3,477 | €2,744 | -€733 | -21.1% |
| Financial fixed assets | 28 | €22,591,988 | €22,621,988 | +€30,000 | +0.1% |
| Current assets | 29/58 | €4,416,255 | €13,986,293 | +€9.6m | +217% |
| Amounts receivable within one year | 40/41 | €18,582 | €17 | -€18,565 | -99.9% |
| Trade receivables | 40 | €70 | €0 | -€70 | -100% |
| Other amounts receivable | 41 | €18,512 | €17 | -€18,495 | -99.9% |
| Current investments | 50/53 | €4,323,202 | €13,928,066 | +€9.6m | +222% |
| Cash at bank and in hand | 54/58 | €72,194 | €52,010 | -€20,185 | -28.0% |
| Deferred charges and accrued income | 490/1 | €2,277 | €6,200 | +€3,923 | +172% |
| Total equity and liabilities | 10/49 | €27,011,720 | €36,611,024 | +€9.6m | +35.5% |
| Equity | 10/15 | €26,560,766 | €35,754,043 | +€9.2m | +34.6% |
| Contributions | 10/11 | €22,657,000 | €22,657,000 | = | 0.0% |
| Capital | 10 | €22,657,000 | €22,657,000 | = | 0.0% |
| Issued capital | 100 | €22,657,000 | €22,657,000 | = | 0.0% |
| Reserves | 13 | €1,786,384 | €11,288,309 | +€9.5m | +532% |
| Non-distributable reserves | 130/1 | €197,575 | €699,501 | +€501,926 | +254% |
| Legal reserve | 130 | €197,575 | €699,501 | +€501,926 | +254% |
| Distributable reserves | 133 | €1,588,808 | €10,588,808 | +€9.0m | +566% |
| Profit (loss) carried forward | 14 | €2,117,382 | €1,808,734 | -€308,648 | -14.6% |
| Amounts payable | 17/49 | €450,954 | €856,981 | +€406,027 | +90.0% |
| Amounts payable within one year | 42/48 | €447,369 | €856,981 | +€409,612 | +91.6% |
| Trade debts | 44 | €5,254 | €8,550 | +€3,296 | +62.7% |
| Suppliers | 440/4 | €5,254 | €8,550 | +€3,296 | +62.7% |
| Taxes, remuneration and social security | 45 | €111,142 | €848,431 | +€737,290 | +663% |
| Taxes | 450/3 | €111,142 | €845,235 | +€734,093 | +661% |
| Remuneration and social security | 454/9 | - | €3,196 | +€3,196 | |
| Other amounts payable | 47/48 | €330,974 | €0 | -€330,974 | -100% |
| Accrued charges and deferred income | 492/3 | €3,584 | €0 | -€3,584 | -100% |
| Remuneration, social security and pensions | 62 | - | €26,692 | +€26,692 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,547 | €2,562 | +€15 | +0.6% |
| Other operating charges | 640/8 | €2,550 | €6,798 | +€4,248 | +167% |
| Gross operating margin | 9900 | -€36,014 | -€50,082 | -€14,068 | -39.1% |
| Operating profit (loss) | 9901 | -€41,111 | -€86,134 | -€45,023 | -110% |
| Financial income | 75/76B | €1,280,196 | €10,186,077 | +€8.9m | +696% |
| Recurring financial income | 75 | €1,280,196 | €5,189,677 | +€3.9m | +305% |
| Non-recurring financial income | 76B | - | €4,996,400 | +€5.0m | |
| Financial charges | 65/66B | €16,527 | €6,577 | -€9,951 | -60.2% |
| Recurring financial charges | 65 | €16,527 | €6,577 | -€9,951 | -60.2% |
| Profit (loss) for the period before taxes | 9903 | €1,222,558 | €10,093,366 | +€8.9m | +726% |
| Income taxes | 67/77 | €111,142 | €900,089 | +€788,947 | +710% |
| Profit (loss) for the period | 9904 | €1,111,416 | €9,193,277 | +€8.1m | +727% |
| Profit (loss) for the period to be appropriated | 9905 | €1,111,416 | €9,193,277 | +€8.1m | +727% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.