CFAG: 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.
CFAG
Largest movements
- Receivables within one year -€47,530
down €47,530 (-30.2%), from €157,238 to €109,709
of which Other amounts receivable: -€54,907
- Tangible fixed assets -€22,182
down €22,182 (-20.4%), from €108,832 to €86,650
- Cash +€16,767
up €16,767 (+55.5%), from €30,204 to €46,972
mainly Receivables within one year (+€47,530) and Depreciation (+€31,687)
- Deferred charges and accrued income +€3,680
up €3,680 (+480.8%), from €765 to €4,446
- Other debts -€26,683
no longer reported in 2025 (was €26,683)
- Tax, wage and social debts -€16,475
down €16,475 (-52.3%), from €31,494 to €15,020
of which Taxes: -€20,331
- Debts after one year -€15,325
down €15,325 (-26.5%), from €57,872 to €42,547
- Trade debts -€14,630
down €14,630 (-68.8%), from €21,267 to €6,637
- Profit (loss) carried forward +€14,043
up €14,043 (+18.6%), from €75,473 to €89,516
- Gross operating margin -€19,911
down €19,911 (-11.7%), from €170,137 to €150,226
- Write-downs +€11,676
no longer reported in 2025 (was -€11,676)
- Other operating charges -€9,795
down €9,795 (-63.0%), from €15,552 to €5,758
- Taxes -€8,105
down €8,105 (-44.2%), from €18,352 to €10,247
- Staff costs +€4,918
up €4,918 (+7.0%), from €70,401 to €75,318
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 | €312,940 | €263,675 | -€49,265 | -15.7% |
| Fixed assets | 21/28 | €124,732 | €102,550 | -€22,182 | -17.8% |
| Tangible fixed assets | 22/27 | €108,832 | €86,650 | -€22,182 | -20.4% |
| Plant, machinery and equipment | 23 | €514 | €234 | -€280 | -54.4% |
| Furniture and vehicles | 24 | €28,499 | €21,335 | -€7,164 | -25.1% |
| Leasing and similar rights | 25 | €29,017 | €20,821 | -€8,196 | -28.2% |
| Other tangible fixed assets | 26 | €50,801 | €44,259 | -€6,542 | -12.9% |
| Financial fixed assets | 28 | €15,900 | €15,900 | = | 0.0% |
| Current assets | 29/58 | €188,208 | €161,126 | -€27,082 | -14.4% |
| Amounts receivable within one year | 40/41 | €157,238 | €109,709 | -€47,530 | -30.2% |
| Trade receivables | 40 | €94,913 | €102,289 | +€7,377 | +7.8% |
| Other amounts receivable | 41 | €62,326 | €7,419 | -€54,907 | -88.1% |
| Cash at bank and in hand | 54/58 | €30,204 | €46,972 | +€16,767 | +55.5% |
| Deferred charges and accrued income | 490/1 | €765 | €4,446 | +€3,680 | +480.8% |
| Total equity and liabilities | 10/49 | €312,940 | €263,675 | -€49,265 | -15.7% |
| Equity | 10/15 | €129,073 | €153,116 | +€24,043 | +18.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €35,000 | €45,000 | +€10,000 | +28.6% |
| Distributable reserves | 133 | €35,000 | €45,000 | +€10,000 | +28.6% |
| Profit (loss) carried forward | 14 | €75,473 | €89,516 | +€14,043 | +18.6% |
| Amounts payable | 17/49 | €183,867 | €110,559 | -€73,308 | -39.9% |
| Amounts payable after more than one year | 17 | €57,872 | €42,547 | -€15,325 | -26.5% |
| Financial debts | 170/4 | €57,872 | €42,547 | -€15,325 | -26.5% |
| Amounts payable within one year | 42/48 | €125,995 | €68,012 | -€57,983 | -46.0% |
| Current portion of amounts payable after more than one year | 42 | €46,551 | €46,356 | -€196 | -0.4% |
| Trade debts | 44 | €21,267 | €6,637 | -€14,630 | -68.8% |
| Suppliers | 440/4 | €21,267 | €6,637 | -€14,630 | -68.8% |
| Taxes, remuneration and social security | 45 | €31,494 | €15,020 | -€16,475 | -52.3% |
| Taxes | 450/3 | €22,619 | €2,288 | -€20,331 | -89.9% |
| Remuneration and social security | 454/9 | €8,875 | €12,732 | +€3,856 | +43.5% |
| Other amounts payable | 47/48 | €26,683 | - | -€26,683 | |
| Non-recurring operating income | 76A | - | €2,210 | +€2,210 | |
| Remuneration, social security and pensions | 62 | €70,401 | €75,318 | +€4,918 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,791 | €31,687 | -€104 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,676 | - | +€11,676 | |
| Other operating charges | 640/8 | €15,552 | €5,758 | -€9,795 | -63.0% |
| Non-recurring operating charges | 66A | €3,919 | €409 | -€3,511 | -89.6% |
| Gross operating margin | 9900 | €170,137 | €150,226 | -€19,911 | -11.7% |
| Operating profit (loss) | 9901 | €60,150 | €37,054 | -€23,096 | -38.4% |
| Financial income | 75/76B | €1,498 | €1,443 | -€55 | -3.7% |
| Recurring financial income | 75 | €1,498 | €1,443 | -€55 | -3.7% |
| Financial charges | 65/66B | €3,230 | €4,208 | +€977 | +30.2% |
| Recurring financial charges | 65 | €3,230 | €4,208 | +€977 | +30.2% |
| Profit (loss) for the period before taxes | 9903 | €58,418 | €34,290 | -€24,128 | -41.3% |
| Income taxes | 67/77 | €18,352 | €10,247 | -€8,105 | -44.2% |
| Profit (loss) for the period | 9904 | €40,066 | €24,043 | -€16,023 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,066 | €24,043 | -€16,023 | -40.0% |
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 4 October 2026 via checked.be.