CF&O: 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&O
Largest movements
- Financial fixed assets -€70,500
no longer reported in 2025 (was €70,500)
- Current investments +€10,000
new in 2025: €10,000
- Receivables after one year +€8,000
up €8,000 (+9.1%), from €87,500 to €95,500
- Cash +€5,788
up €5,788 (+18.0%), from €32,092 to €37,880
mainly Investment in fixed assets (net) (+€70,500) and Receivables within one year (+€1,184)
- Other debts -€21,979
no longer reported in 2025 (was €21,979)
- Profit (loss) carried forward -€19,636
down €19,636 (-13.0%), from €150,962 to €131,326
- Tax, wage and social debts -€3,626
down €3,626 (-36.5%), from €9,924 to €6,298
- Other operating charges +€70,391
up €70,391 (+9,008%), from €781 to €71,173
- Gross operating margin +€10,370
up €10,370 (+25.0%), from €41,452 to €51,822
- Taxes -€4,819
down €4,819 (-96.6%), from €4,988 to €168
- Depreciation -€717
no longer reported in 2025 (was €717)
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 | €206,443 | €160,313 | -€46,130 | -22.3% |
| Fixed assets | 21/28 | €70,500 | - | -€70,500 | |
| Financial fixed assets | 28 | €70,500 | - | -€70,500 | |
| Current assets | 29/58 | €135,943 | €160,313 | +€24,370 | +17.9% |
| Amounts receivable after more than one year | 29 | €87,500 | €95,500 | +€8,000 | +9.1% |
| Other amounts receivable | 291 | €87,500 | €95,500 | +€8,000 | +9.1% |
| Amounts receivable within one year | 40/41 | €14,668 | €13,484 | -€1,184 | -8.1% |
| Trade receivables | 40 | €14,627 | €13,038 | -€1,590 | -10.9% |
| Other amounts receivable | 41 | €41 | €446 | +€405 | +987% |
| Current investments | 50/53 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €32,092 | €37,880 | +€5,788 | +18.0% |
| Deferred charges and accrued income | 490/1 | €1,682 | €3,449 | +€1,767 | +105% |
| Total equity and liabilities | 10/49 | €206,443 | €160,313 | -€46,130 | -22.3% |
| Equity | 10/15 | €171,540 | €151,904 | -€19,636 | -11.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,978 | €1,978 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €118 | €118 | = | 0.0% |
| Profit (loss) carried forward | 14 | €150,962 | €131,326 | -€19,636 | -13.0% |
| Amounts payable | 17/49 | €34,903 | €8,409 | -€26,495 | -75.9% |
| Amounts payable within one year | 42/48 | €34,903 | €8,409 | -€26,495 | -75.9% |
| Trade debts | 44 | €3,001 | €2,111 | -€889 | -29.6% |
| Suppliers | 440/4 | €3,001 | €2,111 | -€889 | -29.6% |
| Taxes, remuneration and social security | 45 | €9,924 | €6,298 | -€3,626 | -36.5% |
| Taxes | 450/3 | €9,924 | €6,298 | -€3,626 | -36.5% |
| Other amounts payable | 47/48 | €21,979 | - | -€21,979 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €717 | - | -€717 | |
| Other operating charges | 640/8 | €781 | €71,173 | +€70,391 | +9,008% |
| Gross operating margin | 9900 | €41,452 | €51,822 | +€10,370 | +25.0% |
| Operating profit (loss) | 9901 | €39,953 | -€19,351 | -€59,304 | |
| Financial income | 75/76B | €96 | €184 | +€88 | +91.3% |
| Recurring financial income | 75 | €96 | €184 | +€88 | +91.3% |
| Financial charges | 65/66B | €317 | €300 | -€17 | -5.4% |
| Recurring financial charges | 65 | €317 | €300 | -€17 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €39,732 | -€19,467 | -€59,199 | |
| Income taxes | 67/77 | €4,988 | €168 | -€4,819 | -96.6% |
| Profit (loss) for the period | 9904 | €34,744 | -€19,636 | -€54,380 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,744 | -€19,636 | -€54,380 |
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 26 October 2026 via checked.be.