CFF: 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.
CFF
Largest movements
- Receivables within one year +€231,426
up €231,426 (+30.6%), from €756,845 to €988,271
of which Trade receivables: +€273,003
- Tangible fixed assets -€54,051
down €54,051 (-18.5%), from €292,479 to €238,428
of which Furniture and vehicles: -€30,886
- Deferred charges and accrued income -€16,566
down €16,566 (-95.4%), from €17,357 to €791
- Trade debts +€233,671
up €233,671 (+222%), from €105,375 to €339,045
- Profit (loss) carried forward -€88,641
down €88,641 (-10.3%), from €861,406 to €772,764
- Advances received +€47,095
up €47,095 (+150%), from €31,500 to €78,595
- Debts after one year -€38,683
down €38,683 (-19.2%), from €201,820 to €163,136
- Other debts +€37,935
new in 2025: €37,935
- Gross operating margin -€76,868
down €76,868 (-36.3%), from €212,015 to €135,146
- Other operating charges -€6,532
down €6,532 (-63.1%), from €10,354 to €3,822
- Staff costs -€4,483
down €4,483 (-2.9%), from €154,940 to €150,457
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 | €1,384,635 | €1,557,724 | +€173,089 | +12.5% |
| Fixed assets | 21/28 | €571,895 | €517,844 | -€54,051 | -9.5% |
| Intangible fixed assets | 21 | €279,416 | €279,416 | = | 0.0% |
| Tangible fixed assets | 22/27 | €292,479 | €238,428 | -€54,051 | -18.5% |
| Land and buildings | 22 | €130,878 | €123,152 | -€7,726 | -5.9% |
| Plant, machinery and equipment | 23 | €100,148 | €84,708 | -€15,439 | -15.4% |
| Furniture and vehicles | 24 | €61,453 | €30,567 | -€30,886 | -50.3% |
| Current assets | 29/58 | €812,740 | €1,039,880 | +€227,140 | +27.9% |
| Stocks and contracts in progress | 3 | €21,865 | €29,448 | +€7,583 | +34.7% |
| Stocks | 30/36 | €21,865 | €29,448 | +€7,583 | +34.7% |
| Amounts receivable within one year | 40/41 | €756,845 | €988,271 | +€231,426 | +30.6% |
| Trade receivables | 40 | €683,742 | €956,745 | +€273,003 | +39.9% |
| Other amounts receivable | 41 | €73,103 | €31,526 | -€41,577 | -56.9% |
| Cash at bank and in hand | 54/58 | €16,673 | €21,370 | +€4,697 | +28.2% |
| Deferred charges and accrued income | 490/1 | €17,357 | €791 | -€16,566 | -95.4% |
| Total equity and liabilities | 10/49 | €1,384,635 | €1,557,724 | +€173,089 | +12.5% |
| Equity | 10/15 | €950,959 | €862,317 | -€88,641 | -9.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €70,961 | €70,961 | = | 0.0% |
| Distributable reserves | 133 | €70,961 | €70,961 | = | 0.0% |
| Profit (loss) carried forward | 14 | €861,406 | €772,764 | -€88,641 | -10.3% |
| Amounts payable | 17/49 | €433,677 | €695,407 | +€261,730 | +60.4% |
| Amounts payable after more than one year | 17 | €201,820 | €163,136 | -€38,683 | -19.2% |
| Financial debts | 170/4 | €201,820 | €163,136 | -€38,683 | -19.2% |
| Amounts payable within one year | 42/48 | €231,198 | €531,612 | +€300,414 | +130% |
| Current portion of amounts payable after more than one year | 42 | €63,024 | €38,720 | -€24,304 | -38.6% |
| Financial debts | 43 | €10,208 | €17,555 | +€7,347 | +72.0% |
| Credit institutions | 430/8 | €10,208 | €17,555 | +€7,347 | +72.0% |
| Trade debts | 44 | €105,375 | €339,045 | +€233,671 | +222% |
| Suppliers | 440/4 | €105,375 | €339,045 | +€233,671 | +222% |
| Advances received on contracts in progress | 46 | €31,500 | €78,595 | +€47,095 | +150% |
| Taxes, remuneration and social security | 45 | €21,091 | €19,761 | -€1,330 | -6.3% |
| Taxes | 450/3 | €4,903 | €7,447 | +€2,545 | +51.9% |
| Remuneration and social security | 454/9 | €16,189 | €12,314 | -€3,875 | -23.9% |
| Other amounts payable | 47/48 | - | €37,935 | +€37,935 | |
| Accrued charges and deferred income | 492/3 | €659 | €659 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €154,940 | €150,457 | -€4,483 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,498 | €54,051 | +€553 | +1.0% |
| Other operating charges | 640/8 | €10,354 | €3,822 | -€6,532 | -63.1% |
| Gross operating margin | 9900 | €212,015 | €135,146 | -€76,868 | -36.3% |
| Operating profit (loss) | 9901 | -€6,777 | -€73,185 | -€66,407 | -980% |
| Financial income | 75/76B | €47 | - | -€47 | |
| Recurring financial income | 75 | €47 | - | -€47 | |
| Financial charges | 65/66B | €16,154 | €14,817 | -€1,337 | -8.3% |
| Recurring financial charges | 65 | €16,154 | €14,817 | -€1,337 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | -€22,884 | -€88,001 | -€65,118 | -285% |
| Income taxes | 67/77 | €128 | €640 | +€512 | +400% |
| Profit (loss) for the period | 9904 | -€23,012 | -€88,641 | -€65,630 | -285% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,012 | -€88,641 | -€65,630 | -285% |
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 14 October 2026 via checked.be.