CDR: 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.
CDR
Largest movements
- Tangible fixed assets -€66,992
down €66,992 (-6.0%), from €1.1m to €1.1m
of which Leasing and similar rights: -€41,721
- Receivables within one year -€31,336
down €31,336 (-98.3%), from €31,883 to €547
of which Other amounts receivable: -€30,879
- Cash -€26,897
down €26,897 (-25.3%), from €106,495 to €79,598
mainly Debts after one year (-€166,734) and Investment in fixed assets (net) (-€74,615)
- Intangible fixed assets +€19,230
new in 2025: €19,230
- Stocks and contracts -€13,650
down €13,650 (-16.8%), from €81,189 to €67,539
- Debts after one year -€166,734
down €166,734 (-27.3%), from €610,664 to €443,931
- Other debts +€31,929
up €31,929 (+16.1%), from €198,016 to €229,945
- Gross operating margin +€12,894
up €12,894 (+4.1%), from €311,512 to €324,406
- Staff costs +€9,311
up €9,311 (+5.5%), from €170,653 to €179,964
- Depreciation +€7,819
up €7,819 (+6.8%), from €114,557 to €122,376
- Financial charges -€3,581
down €3,581 (-16.9%), from €21,168 to €17,586
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 | €1,361,759 | €1,235,665 | -€126,094 | -9.3% |
| Fixed assets | 21/28 | €1,125,051 | €1,077,289 | -€47,761 | -4.2% |
| Intangible fixed assets | 21 | - | €19,230 | +€19,230 | |
| Tangible fixed assets | 22/27 | €1,125,051 | €1,058,059 | -€66,992 | -6.0% |
| Plant, machinery and equipment | 23 | €39,471 | €31,026 | -€8,445 | -21.4% |
| Furniture and vehicles | 24 | €50,273 | €43,887 | -€6,386 | -12.7% |
| Leasing and similar rights | 25 | €249,420 | €207,699 | -€41,721 | -16.7% |
| Other tangible fixed assets | 26 | €785,887 | €775,448 | -€10,439 | -1.3% |
| Current assets | 29/58 | €236,708 | €158,376 | -€78,333 | -33.1% |
| Stocks and contracts in progress | 3 | €81,189 | €67,539 | -€13,650 | -16.8% |
| Stocks | 30/36 | €81,189 | €67,539 | -€13,650 | -16.8% |
| Amounts receivable within one year | 40/41 | €31,883 | €547 | -€31,336 | -98.3% |
| Trade receivables | 40 | €1,004 | €547 | -€457 | -45.5% |
| Other amounts receivable | 41 | €30,879 | - | -€30,879 | |
| Cash at bank and in hand | 54/58 | €106,495 | €79,598 | -€26,897 | -25.3% |
| Deferred charges and accrued income | 490/1 | €17,141 | €10,692 | -€6,450 | -37.6% |
| Total equity and liabilities | 10/49 | €1,361,759 | €1,235,665 | -€126,094 | -9.3% |
| Equity | 10/15 | €283,566 | €285,301 | +€1,735 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €263,106 | €264,841 | +€1,735 | +0.7% |
| Amounts payable | 17/49 | €1,078,193 | €950,364 | -€127,829 | -11.9% |
| Amounts payable after more than one year | 17 | €610,664 | €443,931 | -€166,734 | -27.3% |
| Financial debts | 170/4 | €610,664 | €443,931 | -€166,734 | -27.3% |
| Amounts payable within one year | 42/48 | €466,921 | €505,934 | +€39,012 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €172,508 | €175,845 | +€3,337 | +1.9% |
| Trade debts | 44 | €68,996 | €80,122 | +€11,126 | +16.1% |
| Suppliers | 440/4 | €68,996 | €80,122 | +€11,126 | +16.1% |
| Taxes, remuneration and social security | 45 | €27,402 | €20,022 | -€7,380 | -26.9% |
| Taxes | 450/3 | €3,555 | €6,236 | +€2,681 | +75.4% |
| Remuneration and social security | 454/9 | €23,847 | €13,786 | -€10,061 | -42.2% |
| Other amounts payable | 47/48 | €198,016 | €229,945 | +€31,929 | +16.1% |
| Accrued charges and deferred income | 492/3 | €607 | €500 | -€108 | -17.7% |
| Remuneration, social security and pensions | 62 | €170,653 | €179,964 | +€9,311 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,557 | €122,376 | +€7,819 | +6.8% |
| Other operating charges | 640/8 | €1,586 | €1,691 | +€105 | +6.6% |
| Gross operating margin | 9900 | €311,512 | €324,406 | +€12,894 | +4.1% |
| Operating profit (loss) | 9901 | €24,716 | €20,375 | -€4,341 | -17.6% |
| Financial income | 75/76B | €2,051 | €3,176 | +€1,125 | +54.8% |
| Recurring financial income | 75 | €2,051 | €3,176 | +€1,125 | +54.8% |
| Financial charges | 65/66B | €21,168 | €17,586 | -€3,581 | -16.9% |
| Recurring financial charges | 65 | €21,168 | €17,586 | -€3,581 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €5,599 | €5,965 | +€366 | +6.5% |
| Income taxes | 67/77 | €3,217 | €3,028 | -€189 | -5.9% |
| Profit (loss) for the period | 9904 | €2,382 | €2,936 | +€554 | +23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,382 | €2,936 | +€554 | +23.3% |
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 11 October 2026 via checked.be.