cf2: what changed
cf2
Largest movements
- Financial fixed assets +€194,347
up €194,347 (+17.3%), from €1.1m to €1.3m
- Receivables within one year -€61,743
down €61,743 (-30.9%), from €200,124 to €138,381
of which Other amounts receivable: -€33,167
- Cash -€49,644
down €49,644 (-56.1%), from €88,442 to €38,798
mainly Investment in fixed assets (net) (-€194,348) and Net result for the year (-€78,089)
- Other debts +€113,403
up €113,403 (+100%), from €113,288 to €226,691
- Profit (loss) carried forward -€78,089
down €78,089 (-8.0%), from -€977,740 to -€1.1m
- Advances received +€30,638
new in 2025: €30,638
- Financial charges -€213,127
down €213,127 (-91.0%), from €234,129 to €21,002
of which Non-recurring financial charges: -€233,497
- Gross operating margin -€39,307
down €39,307 (-451%), from -€8,724 to -€48,031
- Other operating charges +€5,174
up €5,174 (+503%), from €1,030 to €6,204
- Depreciation -€963
down €963 (-22.4%), from €4,294 to €3,331
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,419,329 | €1,498,959 | +€79,630 | +5.6% |
| Formation expenses | 20 | €6,130 | €2,799 | -€3,331 | -54.3% |
| Fixed assets | 21/28 | €1,124,634 | €1,318,981 | +€194,347 | +17.3% |
| Financial fixed assets | 28 | €1,124,634 | €1,318,981 | +€194,347 | +17.3% |
| Current assets | 29/58 | €288,566 | €177,179 | -€111,387 | -38.6% |
| Amounts receivable within one year | 40/41 | €200,124 | €138,381 | -€61,743 | -30.9% |
| Trade receivables | 40 | €38,954 | €10,378 | -€28,576 | -73.4% |
| Other amounts receivable | 41 | €161,170 | €128,003 | -€33,167 | -20.6% |
| Cash at bank and in hand | 54/58 | €88,442 | €38,798 | -€49,644 | -56.1% |
| Total equity and liabilities | 10/49 | €1,419,329 | €1,498,959 | +€79,630 | +5.6% |
| Equity | 10/15 | €1,302,260 | €1,224,171 | -€78,089 | -6.0% |
| Contributions | 10/11 | €2,280,000 | €2,280,000 | = | 0.0% |
| Capital | 10 | €2,280,000 | €2,280,000 | = | 0.0% |
| Issued capital | 100 | €2,280,000 | €2,280,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€977,740 | -€1,055,829 | -€78,089 | -8.0% |
| Amounts payable | 17/49 | €117,069 | €274,788 | +€157,719 | +135% |
| Amounts payable within one year | 42/48 | €117,069 | €274,788 | +€157,719 | +135% |
| Trade debts | 44 | €3,781 | €13,945 | +€10,164 | +269% |
| Suppliers | 440/4 | €3,781 | €13,945 | +€10,164 | +269% |
| Advances received on contracts in progress | 46 | - | €30,638 | +€30,638 | |
| Taxes, remuneration and social security | 45 | - | €3,514 | +€3,514 | |
| Taxes | 450/3 | - | €3,514 | +€3,514 | |
| Other amounts payable | 47/48 | €113,288 | €226,691 | +€113,403 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,294 | €3,331 | -€963 | -22.4% |
| Other operating charges | 640/8 | €1,030 | €6,204 | +€5,174 | +503% |
| Gross operating margin | 9900 | -€8,724 | -€48,031 | -€39,307 | -451% |
| Operating profit (loss) | 9901 | -€14,047 | -€57,566 | -€43,519 | -310% |
| Financial income | 75/76B | €673 | €479 | -€194 | -28.8% |
| Recurring financial income | 75 | €673 | €479 | -€194 | -28.8% |
| Financial charges | 65/66B | €234,129 | €21,002 | -€213,127 | -91.0% |
| Recurring financial charges | 65 | €633 | €21,002 | +€20,369 | +3,220% |
| Non-recurring financial charges | 66B | €233,497 | - | -€233,497 | |
| Profit (loss) for the period before taxes | 9903 | -€247,503 | -€78,089 | +€169,414 | +68.4% |
| Profit (loss) for the period | 9904 | -€247,503 | -€78,089 | +€169,414 | +68.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€247,503 | -€78,089 | +€169,414 | +68.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.