CF PROJECTS: what changed
Two fiscal 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 PROJECTS
Largest movements
- Stocks and contracts +€25,504
up €25,504 (+12.1%), from €210,820 to €236,324
of which Stocks: +€25,504
- Cash -€3,517
down €3,517 (-92.7%), from €3,796 to €279
mainly Stocks and contracts (-€25,504) and Debts after one year (-€23,177)
- Other debts +€45,367
up €45,367 (+48.8%), from €92,995 to €138,362
- Debts after one year -€23,177
down €23,177 (-34.0%), from €68,073 to €44,896
- Reserves -€5,898
down €5,898 (-22.5%), from €26,174 to €20,276
- Gross operating margin -€16,189
down €16,189 (-93.3%), from €17,347 to €1,158
- Financial charges +€2,935
up €2,935 (+272.5%), from €1,077 to €4,012
- Taxes -€1,230
no longer reported in 2025 (was €1,230)
- Other operating charges +€305
up €305 (+11.1%), from €2,740 to €3,044
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 | €229,726 | €251,766 | +€22,040 | +9.6% |
| Current assets | 29/58 | €229,726 | €251,766 | +€22,040 | +9.6% |
| Stocks and contracts in progress | 3 | €210,820 | €236,324 | +€25,504 | +12.1% |
| Stocks | 30/36 | €204,339 | €229,843 | +€25,504 | +12.5% |
| Contracts in progress | 37 | €6,481 | €6,481 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,955 | €15,000 | +€45 | +0.3% |
| Trade receivables | 40 | - | €15,000 | +€15,000 | |
| Other amounts receivable | 41 | €14,955 | - | -€14,955 | |
| Cash at bank and in hand | 54/58 | €3,796 | €279 | -€3,517 | -92.7% |
| Deferred charges and accrued income | 490/1 | €156 | €163 | +€8 | +4.9% |
| Total equity and liabilities | 10/49 | €229,726 | €251,766 | +€22,040 | +9.6% |
| Equity | 10/15 | €44,774 | €38,876 | -€5,898 | -13.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,174 | €20,276 | -€5,898 | -22.5% |
| Distributable reserves | 133 | €26,174 | €20,276 | -€5,898 | -22.5% |
| Amounts payable | 17/49 | €184,952 | €212,890 | +€27,938 | +15.1% |
| Amounts payable after more than one year | 17 | €68,073 | €44,896 | -€23,177 | -34.0% |
| Financial debts | 170/4 | €68,073 | €44,896 | -€23,177 | -34.0% |
| Amounts payable within one year | 42/48 | €116,879 | €167,994 | +€51,115 | +43.7% |
| Current portion of amounts payable after more than one year | 42 | €22,296 | €23,177 | +€882 | +4.0% |
| Trade debts | 44 | €358 | €2,778 | +€2,420 | +676.1% |
| Suppliers | 440/4 | €358 | €2,778 | +€2,420 | +676.1% |
| Taxes, remuneration and social security | 45 | €1,230 | €3,676 | +€2,446 | +198.9% |
| Taxes | 450/3 | €1,230 | €3,676 | +€2,446 | +198.9% |
| Other amounts payable | 47/48 | €92,995 | €138,362 | +€45,367 | +48.8% |
| Other operating charges | 640/8 | €2,740 | €3,044 | +€305 | +11.1% |
| Gross operating margin | 9900 | €17,347 | €1,158 | -€16,189 | -93.3% |
| Operating profit (loss) | 9901 | €14,607 | -€1,886 | -€16,493 | |
| Financial charges | 65/66B | €1,077 | €4,012 | +€2,935 | +272.5% |
| Recurring financial charges | 65 | €1,077 | €4,012 | +€2,935 | +272.5% |
| Profit (loss) for the period before taxes | 9903 | €13,530 | -€5,898 | -€19,428 | |
| Income taxes | 67/77 | €1,230 | - | -€1,230 | |
| Profit (loss) for the period | 9904 | €12,300 | -€5,898 | -€18,198 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,300 | -€5,898 | -€18,198 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.