CFA MANAGE: 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.
CFA MANAGE
Largest movements
- Receivables within one year -€31,928
down €31,928 (-47.0%), from €67,996 to €36,068
of which Trade receivables: -€34,825
- Current investments -€20,000
down €20,000 (-100%), from €20,000 to €0
- Cash +€6,522
up €6,522 (+110%), from €5,946 to €12,468
mainly Receivables within one year (+€31,928) and Current investments (+€20,000)
- Financial fixed assets +€1,500
up €1,500 (+600%), from €250 to €1,750
- Profit (loss) carried forward -€47,271
down €47,271 (-74.3%), from €63,644 to €16,372
- Other debts +€3,979
up €3,979 (+32.2%), from €12,338 to €16,317
- Tax, wage and social debts -€1,031
down €1,031 (-4.7%), from €21,761 to €20,729
- Gross operating margin -€34,170
down €34,170 (-62.9%), from €54,300 to €20,130
- Taxes -€7,776
down €7,776 (-65.5%), from €11,879 to €4,103
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 | €102,105 | €57,927 | -€44,178 | -43.3% |
| Fixed assets | 21/28 | €370 | €1,750 | +€1,380 | +372% |
| Tangible fixed assets | 22/27 | €120 | €0 | -€120 | -100% |
| Furniture and vehicles | 24 | €120 | €0 | -€120 | -100% |
| Financial fixed assets | 28 | €250 | €1,750 | +€1,500 | +600% |
| Current assets | 29/58 | €101,734 | €56,177 | -€45,557 | -44.8% |
| Amounts receivable after more than one year | 29 | €7,339 | €7,339 | = | 0.0% |
| Other amounts receivable | 291 | €7,339 | €7,339 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €67,996 | €36,068 | -€31,928 | -47.0% |
| Trade receivables | 40 | €67,996 | €33,171 | -€34,825 | -51.2% |
| Other amounts receivable | 41 | - | €2,897 | +€2,897 | |
| Current investments | 50/53 | €20,000 | €0 | -€20,000 | -100% |
| Cash at bank and in hand | 54/58 | €5,946 | €12,468 | +€6,522 | +110% |
| Deferred charges and accrued income | 490/1 | €453 | €302 | -€151 | -33.4% |
| Total equity and liabilities | 10/49 | €102,105 | €57,927 | -€44,178 | -43.3% |
| Equity | 10/15 | €67,144 | €19,872 | -€47,271 | -70.4% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,644 | €16,372 | -€47,271 | -74.3% |
| Amounts payable | 17/49 | €34,961 | €38,054 | +€3,094 | +8.8% |
| Amounts payable within one year | 42/48 | €34,961 | €38,054 | +€3,094 | +8.8% |
| Trade debts | 44 | €862 | €1,008 | +€146 | +17.0% |
| Suppliers | 440/4 | €862 | €1,008 | +€146 | +17.0% |
| Taxes, remuneration and social security | 45 | €21,761 | €20,729 | -€1,031 | -4.7% |
| Taxes | 450/3 | €21,761 | €20,729 | -€1,031 | -4.7% |
| Other amounts payable | 47/48 | €12,338 | €16,317 | +€3,979 | +32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €537 | €120 | -€417 | -77.6% |
| Other operating charges | 640/8 | €1,369 | €948 | -€422 | -30.8% |
| Gross operating margin | 9900 | €54,300 | €20,130 | -€34,170 | -62.9% |
| Operating profit (loss) | 9901 | €52,394 | €19,062 | -€33,331 | -63.6% |
| Financial income | 75/76B | €0 | €307 | +€307 | |
| Recurring financial income | 75 | €0 | €307 | +€307 | |
| Financial charges | 65/66B | €443 | €538 | +€95 | +21.4% |
| Recurring financial charges | 65 | €443 | €538 | +€95 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | €51,951 | €18,832 | -€33,119 | -63.8% |
| Income taxes | 67/77 | €11,879 | €4,103 | -€7,776 | -65.5% |
| Profit (loss) for the period | 9904 | €40,072 | €14,729 | -€25,343 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,072 | €14,729 | -€25,343 | -63.2% |
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 15 October 2026 via checked.be.