CdMZ: 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.
What changed
CdMZ
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€157,617
2024 · -€96,101-€61,516
Equity
€3.7m
2024 · €3.9m-€157,617
Cash
€14,487
2024 · €9,174+€5,313
Balance sheet total
€5.9m
2024 · €6.1m-€151,658
Largest movements
Assets
- Current investments -€147,000
down €147,000 (-5.2%), from €2.8m to €2.7m
Equity and liabilities
- Profit (loss) carried forward -€157,617
down €157,617 (-29.2%), from -€538,889 to -€696,506
Income statement
- Financial income -€43,250
down €43,250 (-44.9%), from €96,328 to €53,078
- Financial charges +€27,054
up €27,054 (+22.1%), from €122,614 to €149,668
- Taxes -€25,787
no longer reported in 2025 (was €25,787)
- Gross operating margin -€13,025
down €13,025 (-14.7%), from €88,519 to €75,495
- Other operating charges +€6,172
up €6,172 (+83.4%), from €7,401 to €13,573
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
-€96,101
Gross operating margin
-€13,025
Depreciation
+€2,197
Other operating charges
-€6,172
Financial income
-€43,250
Financial charges
-€27,054
Taxes
+€25,787
Result 2025
-€157,617
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
+€7,313
Investment
+€48,000
Financing
-€50,000
Cash 2024
€9,174
From operations (derived)
+€7,313
Net result for the year
-€157,617
Depreciation
+€122,949
Receivables within one year
-€12,899
Deferred charges and accrued income
-€1,079
Trade debts
+€15,412
Accrued charges and deferred income
+€40,547
Investment (derived)
+€48,000
Investment in fixed assets (net)
-€99,000
Current investments
+€147,000
Financing
-€50,000
Debts after one year
-€50,000
Cash 2025
€14,487
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,079,548 | €5,927,891 | -€151,658 | -2.5% |
| Fixed assets | 21/28 | €3,237,351 | €3,213,402 | -€23,949 | -0.7% |
| Tangible fixed assets | 22/27 | €3,237,351 | €3,213,402 | -€23,949 | -0.7% |
| Land and buildings | 22 | €3,235,557 | €3,114,328 | -€121,229 | -3.7% |
| Plant, machinery and equipment | 23 | €1,794 | €74 | -€1,720 | -95.9% |
| Assets under construction and advance payments | 27 | - | €99,000 | +€99,000 | |
| Current assets | 29/58 | €2,842,198 | €2,714,489 | -€127,709 | -4.5% |
| Amounts receivable within one year | 40/41 | €3,024 | €15,923 | +€12,899 | +426.6% |
| Other amounts receivable | 41 | €3,024 | €15,923 | +€12,899 | +426.6% |
| Current investments | 50/53 | €2,830,000 | €2,683,000 | -€147,000 | -5.2% |
| Cash at bank and in hand | 54/58 | €9,174 | €14,487 | +€5,313 | +57.9% |
| Deferred charges and accrued income | 490/1 | - | €1,079 | +€1,079 | |
| Total equity and liabilities | 10/49 | €6,079,548 | €5,927,891 | -€151,658 | -2.5% |
| Equity | 10/15 | €3,861,111 | €3,703,494 | -€157,617 | -4.1% |
| Contributions | 10/11 | €4,000,000 | €4,000,000 | = | 0.0% |
| Capital | 10 | €4,000,000 | €4,000,000 | = | 0.0% |
| Issued capital | 100 | €4,000,000 | €4,000,000 | = | 0.0% |
| Reserves | 13 | €400,000 | €400,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €400,000 | €400,000 | = | 0.0% |
| Legal reserve | 130 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€538,889 | -€696,506 | -€157,617 | -29.2% |
| Amounts payable | 17/49 | €2,218,437 | €2,224,397 | +€5,960 | +0.3% |
| Amounts payable after more than one year | 17 | €2,150,000 | €2,100,000 | -€50,000 | -2.3% |
| Financial debts | 170/4 | €2,150,000 | €2,100,000 | -€50,000 | -2.3% |
| Amounts payable within one year | 42/48 | €54,000 | €69,412 | +€15,412 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €4,000 | €19,412 | +€15,412 | +385.3% |
| Suppliers | 440/4 | €4,000 | €19,412 | +€15,412 | +385.3% |
| Accrued charges and deferred income | 492/3 | €14,438 | €54,985 | +€40,547 | +280.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,145 | €122,949 | -€2,197 | -1.8% |
| Other operating charges | 640/8 | €7,401 | €13,573 | +€6,172 | +83.4% |
| Gross operating margin | 9900 | €88,519 | €75,495 | -€13,025 | -14.7% |
| Operating profit (loss) | 9901 | -€44,027 | -€61,028 | -€17,001 | -38.6% |
| Financial income | 75/76B | €96,328 | €53,078 | -€43,250 | -44.9% |
| Recurring financial income | 75 | €96,328 | €53,078 | -€43,250 | -44.9% |
| Financial charges | 65/66B | €122,614 | €149,668 | +€27,054 | +22.1% |
| Recurring financial charges | 65 | €122,614 | €149,668 | +€27,054 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | -€70,314 | -€157,617 | -€87,304 | -124.2% |
| Income taxes | 67/77 | €25,787 | - | -€25,787 | |
| Profit (loss) for the period | 9904 | -€96,101 | -€157,617 | -€61,516 | -64.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€96,101 | -€157,617 | -€61,516 | -64.0% |
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 9 October 2026 via checked.be.