CFDS MANAGEMENT: 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.
CFDS MANAGEMENT
Largest movements
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Receivables within one year -€180,552
down €180,552 (-88.9%), from €202,987 to €22,435
of which Trade receivables: -€139,371
- Cash +€122,439
up €122,439 (+117.0%), from €104,636 to €227,074
mainly Net result for the year (+€206,584) and Current investments (+€200,000)
- Financial fixed assets +€101,442
up €101,442 (+1014.4%), from €10,000 to €111,442
- Deferred charges and accrued income -€20,250
down €20,250 (-100.0%), from €20,250 to €0
- Profit (loss) carried forward -€362,621
down €362,621 (-100.0%), from €362,621 to €0
- Reserves +€206,584
new in 2025: €206,584
- Advances received -€144,143
no longer reported in 2025 (was €144,143)
- Other debts +€82,277
new in 2025: €82,277
- Tax, wage and social debts +€36,834
up €36,834 (+121.5%), from €30,310 to €67,143
- Turnover +€347,959
new in 2025: €347,959
- Purchases and services +€80,384
new in 2025: €80,384
- Gross operating margin +€23,167
up €23,167 (+9.3%), from €250,228 to €273,395
- Financial income +€6,054
up €6,054 (+115.8%), from €5,227 to €11,281
- Taxes +€4,480
up €4,480 (+7.8%), from €57,273 to €61,753
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 | €575,265 | €386,882 | -€188,383 | -32.7% |
| Fixed assets | 21/28 | €47,393 | €137,373 | +€89,980 | +189.9% |
| Tangible fixed assets | 22/27 | €37,393 | €25,931 | -€11,461 | -30.7% |
| Furniture and vehicles | 24 | €37,393 | €25,931 | -€11,461 | -30.7% |
| Financial fixed assets | 28 | €10,000 | €111,442 | +€101,442 | +1014.4% |
| Current assets | 29/58 | €527,873 | €249,509 | -€278,364 | -52.7% |
| Amounts receivable within one year | 40/41 | €202,987 | €22,435 | -€180,552 | -88.9% |
| Trade receivables | 40 | €161,805 | €22,435 | -€139,371 | -86.1% |
| Other amounts receivable | 41 | €41,181 | €0 | -€41,181 | -100.0% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €104,636 | €227,074 | +€122,439 | +117.0% |
| Deferred charges and accrued income | 490/1 | €20,250 | €0 | -€20,250 | -100.0% |
| Total equity and liabilities | 10/49 | €575,265 | €386,882 | -€188,383 | -32.7% |
| Equity | 10/15 | €375,121 | €219,084 | -€156,036 | -41.6% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | - | €206,584 | +€206,584 | |
| Distributable reserves | 133 | - | €206,584 | +€206,584 | |
| Profit (loss) carried forward | 14 | €362,621 | €0 | -€362,621 | -100.0% |
| Amounts payable | 17/49 | €200,145 | €167,798 | -€32,347 | -16.2% |
| Amounts payable after more than one year | 17 | €17,582 | €9,965 | -€7,616 | -43.3% |
| Financial debts | 170/4 | €17,582 | €9,965 | -€7,616 | -43.3% |
| Amounts payable within one year | 42/48 | €182,563 | €157,833 | -€24,731 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €7,313 | €7,616 | +€303 | +4.1% |
| Trade debts | 44 | €798 | €796 | -€2 | -0.2% |
| Suppliers | 440/4 | €798 | €796 | -€2 | -0.2% |
| Advances received on contracts in progress | 46 | €144,143 | - | -€144,143 | |
| Taxes, remuneration and social security | 45 | €30,310 | €67,143 | +€36,834 | +121.5% |
| Taxes | 450/3 | €30,310 | €67,143 | +€36,834 | +121.5% |
| Other amounts payable | 47/48 | - | €82,277 | +€82,277 | |
| Turnover | 70 | - | €347,959 | +€347,959 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €80,384 | +€80,384 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,156 | €11,461 | +€4,305 | +60.2% |
| Other operating charges | 640/8 | €397 | €957 | +€559 | +140.7% |
| Gross operating margin | 9900 | €250,228 | €273,395 | +€23,167 | +9.3% |
| Operating profit (loss) | 9901 | €242,675 | €260,977 | +€18,302 | +7.5% |
| Financial income | 75/76B | €5,227 | €11,281 | +€6,054 | +115.8% |
| Recurring financial income | 75 | €5,227 | €11,281 | +€6,054 | +115.8% |
| Financial charges | 65/66B | €1,314 | €3,921 | +€2,607 | +198.4% |
| Recurring financial charges | 65 | €1,314 | €3,921 | +€2,607 | +198.4% |
| Profit (loss) for the period before taxes | 9903 | €246,587 | €268,337 | +€21,750 | +8.8% |
| Income taxes | 67/77 | €57,273 | €61,753 | +€4,480 | +7.8% |
| Profit (loss) for the period | 9904 | €189,314 | €206,584 | +€17,270 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €189,314 | €206,584 | +€17,270 | +9.1% |
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 9 October 2026 via checked.be.