CF 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.
CF Management
Largest movements
- Cash +€15,028
up €15,028 (+29.0%), from €51,853 to €66,881
mainly Net result for the year (+€92,937) and Other debts (+€72,844)
- Tangible fixed assets -€10,912
down €10,912 (-27.3%), from €40,043 to €29,131
of which Furniture and vehicles: -€10,732
- Receivables within one year +€10,263
up €10,263 (+3.8%), from €269,009 to €279,273
of which Other amounts receivable: +€11,521
- Other debts +€72,844
up €72,844 (+104%), from €70,000 to €142,844
- Reserves -€49,908
down €49,908 (-15.6%), from €319,275 to €269,368
- Tax, wage and social debts -€8,841
down €8,841 (-47.6%), from €18,567 to €9,726
- Gross operating margin +€31,515
up €31,515 (+31.5%), from €100,167 to €131,682
- Taxes +€11,627
up €11,627 (+40.1%), from €29,018 to €40,645
- Financial income -€2,003
down €2,003 (-12.1%), from €16,508 to €14,505
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.
Derived cash bridge
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 | €487,003 | €500,021 | +€13,017 | +2.7% |
| Fixed assets | 21/28 | €40,043 | €29,131 | -€10,912 | -27.3% |
| Tangible fixed assets | 22/27 | €40,043 | €29,131 | -€10,912 | -27.3% |
| Furniture and vehicles | 24 | €38,370 | €27,637 | -€10,732 | -28.0% |
| Other tangible fixed assets | 26 | €1,673 | €1,494 | -€179 | -10.7% |
| Current assets | 29/58 | €446,961 | €470,890 | +€23,929 | +5.4% |
| Amounts receivable within one year | 40/41 | €269,009 | €279,273 | +€10,263 | +3.8% |
| Trade receivables | 40 | €1,258 | - | -€1,258 | |
| Other amounts receivable | 41 | €267,752 | €279,273 | +€11,521 | +4.3% |
| Current investments | 50/53 | €124,998 | €123,364 | -€1,634 | -1.3% |
| Cash at bank and in hand | 54/58 | €51,853 | €66,881 | +€15,028 | +29.0% |
| Deferred charges and accrued income | 490/1 | €1,101 | €1,372 | +€271 | +24.6% |
| Total equity and liabilities | 10/49 | €487,003 | €500,021 | +€13,017 | +2.7% |
| Equity | 10/15 | €387,412 | €337,504 | -€49,908 | -12.9% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €319,275 | €269,368 | -€49,908 | -15.6% |
| Distributable reserves | 133 | €319,275 | €269,368 | -€49,908 | -15.6% |
| Profit (loss) carried forward | 14 | €60,076 | €60,076 | = | 0.0% |
| Amounts payable | 17/49 | €99,592 | €162,517 | +€62,925 | +63.2% |
| Amounts payable within one year | 42/48 | €99,592 | €162,517 | +€62,925 | +63.2% |
| Financial debts | 43 | €9,414 | €9,575 | +€161 | +1.7% |
| Credit institutions | 430/8 | €9,414 | €9,575 | +€161 | +1.7% |
| Trade debts | 44 | €1,610 | €371 | -€1,239 | -76.9% |
| Suppliers | 440/4 | €1,610 | €371 | -€1,239 | -76.9% |
| Taxes, remuneration and social security | 45 | €18,567 | €9,726 | -€8,841 | -47.6% |
| Taxes | 450/3 | €18,567 | €9,726 | -€8,841 | -47.6% |
| Other amounts payable | 47/48 | €70,000 | €142,844 | +€72,844 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,977 | €10,912 | -€65 | -0.6% |
| Other operating charges | 640/8 | €768 | €395 | -€373 | -48.5% |
| Gross operating margin | 9900 | €100,167 | €131,682 | +€31,515 | +31.5% |
| Operating profit (loss) | 9901 | €88,422 | €120,375 | +€31,953 | +36.1% |
| Financial income | 75/76B | €16,508 | €14,505 | -€2,003 | -12.1% |
| Recurring financial income | 75 | €16,508 | €14,505 | -€2,003 | -12.1% |
| Financial charges | 65/66B | €1,333 | €1,298 | -€35 | -2.6% |
| Recurring financial charges | 65 | €1,333 | €1,298 | -€35 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €103,597 | €133,582 | +€29,985 | +28.9% |
| Income taxes | 67/77 | €29,018 | €40,645 | +€11,627 | +40.1% |
| Profit (loss) for the period | 9904 | €74,579 | €92,937 | +€18,358 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €74,579 | €92,937 | +€18,358 | +24.6% |
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 20 October 2026 via checked.be.