CDN MANAGEMENT: 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.
CDN MANAGEMENT
Largest movements
- Cash -€232,334
down €232,334 (-85.7%), from €271,021 to €38,687
mainly Contributions, distributions and other (-€267,225) and Other debts (-€135,648)
- Receivables within one year -€3,597
down €3,597 (-4.1%), from €86,855 to €83,258
of which Trade receivables: -€2,744
- Other debts -€135,648
down €135,648 (-64.3%), from €210,930 to €75,281
- Reserves -€91,944
down €91,944 (-98.0%), from €93,804 to €1,860
- Tax, wage and social debts -€11,898
down €11,898 (-34.6%), from €34,357 to €22,458
of which Taxes: -€14,676
- Gross operating margin -€46,248
down €46,248 (-16.9%), from €274,413 to €228,165
- Taxes -€11,974
down €11,974 (-18.7%), from €64,145 to €52,171
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 | €357,876 | €121,945 | -€235,930 | -65.9% |
| Current assets | 29/58 | €357,876 | €121,945 | -€235,930 | -65.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €86,855 | €83,258 | -€3,597 | -4.1% |
| Trade receivables | 40 | €86,000 | €83,256 | -€2,744 | -3.2% |
| Other amounts receivable | 41 | €855 | €2 | -€853 | -99.8% |
| Cash at bank and in hand | 54/58 | €271,021 | €38,687 | -€232,334 | -85.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €357,876 | €121,945 | -€235,930 | -65.9% |
| Equity | 10/15 | €112,404 | €20,460 | -€91,944 | -81.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €93,804 | €1,860 | -€91,944 | -98.0% |
| Distributable reserves | 133 | €93,804 | €1,860 | -€91,944 | -98.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €245,472 | €101,485 | -€143,987 | -58.7% |
| Amounts payable within one year | 42/48 | €245,472 | €101,485 | -€143,986 | -58.7% |
| Trade debts | 44 | €185 | €3,746 | +€3,560 | +1920.9% |
| Suppliers | 440/4 | €185 | €3,746 | +€3,560 | +1920.9% |
| Taxes, remuneration and social security | 45 | €34,357 | €22,458 | -€11,898 | -34.6% |
| Taxes | 450/3 | €34,357 | €19,681 | -€14,676 | -42.7% |
| Remuneration and social security | 454/9 | - | €2,777 | +€2,777 | |
| Other amounts payable | 47/48 | €210,930 | €75,281 | -€135,648 | -64.3% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | -€0 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €274,413 | €228,165 | -€46,248 | -16.9% |
| Operating profit (loss) | 9901 | €273,900 | €227,638 | -€46,262 | -16.9% |
| Financial income | 75/76B | €1,328 | €0 | -€1,328 | -100.0% |
| Recurring financial income | 75 | €1,328 | €0 | -€1,328 | -100.0% |
| Financial charges | 65/66B | €153 | €185 | +€32 | +20.6% |
| Recurring financial charges | 65 | €153 | €185 | +€32 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €275,075 | €227,453 | -€47,622 | -17.3% |
| Income taxes | 67/77 | €64,145 | €52,171 | -€11,974 | -18.7% |
| Profit (loss) for the period | 9904 | €210,930 | €175,281 | -€35,648 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €210,930 | €175,281 | -€35,648 | -16.9% |
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 12 October 2026 via checked.be.