CFM: 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.
What changed
CFM
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.1m
2024 · €293,274+€1.8m
Equity
€71.2m
2024 · €69.2m+€2.1m
Cash
€13.8m
2024 · €5.8m+€8.1m
Balance sheet total
€81.3m
2024 · €79.7m+€1.6m
Largest movements
Assets
- Current investments -€9.7m
down €9.7m (-29.5%), from €32.7m to €23.0m
of which Other investments: -€9.7m
- Cash +€8.1m
up €8.1m (+140%), from €5.8m to €13.8m
mainly Current investments (+€9.7m) and Net result for the year (+€2.1m)
- Receivables within one year +€3.0m
up €3.0m (+72.4%), from €4.1m to €7.0m
of which Other amounts receivable: +€3.0m
- Financial fixed assets +€1.6m
up €1.6m (+8.3%), from €19.8m to €21.4m
of which Other financial fixed assets: +€1.6m
- Tangible fixed assets -€1.4m
down €1.4m (-8.1%), from €17.0m to €15.7m
of which Land and buildings: -€1.4m
Equity and liabilities
- Profit (loss) carried forward +€2.1m
up €2.1m (+13.9%), from -€15.4m to -€13.3m
Income statement
- Financial charges -€1.4m
down €1.4m (-79.6%), from €1.7m to €347,747
of which Financial charges: -€958,895
- Turnover -€496,367
down €496,367 (-30.4%), from €1.6m to €1.1m
- Financial income -€339,461
down €339,461 (-17.3%), from €2.0m to €1.6m
of which Non-recurring financial income: -€395,742
- Depreciation -€222,996
down €222,996 (-28.8%), from €772,959 to €549,963
- Services and other goods -€174,154
down €174,154 (-37.5%), from €464,657 to €290,503
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.
Result 2024
€293,274
Turnover
-€496,367
Other operating income
-€58,085
Goods and materials
+€58,018
Services and other goods
+€174,154
Staff costs
+€38,265
Depreciation
+€222,996
Write-downs
+€36,152
Other operating charges
+€6
Other operating items
+€913,588
Financial income
-€339,461
Financial charges
+€1.4m
Taxes
-€98,579
Deferred taxes and other
-€15,945
Result 2025
€2.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€457,355
Investment
+€8.9m
Financing
-€312,661
Cash 2024
€5.8m
From operations (derived)
-€457,355
Net result for the year
+€2.1m
Depreciation
+€549,963
Receivables within one year
-€3.0m
Deferred charges and accrued income
+€39,937
Smaller working-capital items
+€9,640
Other debts
+€42,240
Accrued charges and deferred income
-€230,126
Investment (derived)
+€8.9m
Investment in fixed assets (net)
-€809,213
Current investments
+€9.7m
Financing
-€312,661
Debts after one year
-€236,179
Current portion of long-term debt
-€76,483
Cash 2025
€13.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €79,707,777 | €81,301,504 | +€1.6m | +2.0% |
| Fixed assets | 21/28 | €36,832,145 | €37,091,395 | +€259,250 | +0.7% |
| Tangible fixed assets | 22/27 | €17,049,444 | €15,662,884 | -€1.4m | -8.1% |
| Land and buildings | 22 | €16,371,939 | €14,985,379 | -€1.4m | -8.5% |
| Other tangible fixed assets | 26 | €677,505 | €677,505 | = | 0.0% |
| Financial fixed assets | 28 | €19,782,701 | €21,428,511 | +€1.6m | +8.3% |
| Affiliated companies | 280/1 | €16,922,675 | €16,922,675 | = | 0.0% |
| Participating interests | 280 | €16,922,675 | €16,922,675 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €500,000 | €500,000 | = | 0.0% |
| Participating interests | 282 | €500,000 | €500,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,360,026 | €4,005,836 | +€1.6m | +69.7% |
| Shares | 284 | €2,199,963 | €3,845,993 | +€1.6m | +74.8% |
| Amounts receivable and cash guarantees | 285/8 | €160,063 | €159,843 | -€220 | -0.1% |
| Current assets | 29/58 | €42,875,632 | €44,210,109 | +€1.3m | +3.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €4,077,491 | €7,031,135 | +€3.0m | +72.4% |
| Trade receivables | 40 | €19,221 | €214 | -€19,007 | -98.9% |
| Other amounts receivable | 41 | €4,058,270 | €7,030,921 | +€3.0m | +73.2% |
| Current investments | 50/53 | €32,713,335 | €23,049,296 | -€9.7m | -29.5% |
| Own shares | 50 | €8,446,265 | €8,446,265 | = | 0.0% |
| Other investments | 51/53 | €24,267,070 | €14,603,031 | -€9.7m | -39.8% |
| Cash at bank and in hand | 54/58 | €5,759,690 | €13,844,499 | +€8.1m | +140% |
| Deferred charges and accrued income | 490/1 | €325,116 | €285,179 | -€39,937 | -12.3% |
| Total equity and liabilities | 10/49 | €79,707,777 | €81,301,504 | +€1.6m | +2.0% |
| Equity | 10/15 | €69,161,811 | €71,246,446 | +€2.1m | +3.0% |
| Contributions | 10/11 | €75,250,000 | €75,250,000 | = | 0.0% |
| Reserves | 13 | €9,352,752 | €9,290,757 | -€61,995 | -0.7% |
| Non-distributable reserves | 130/1 | €8,446,265 | €8,446,265 | = | 0.0% |
| Own shares acquired | 1312 | €8,446,265 | €8,446,265 | = | 0.0% |
| Tax-exempt reserves | 132 | €815,981 | €753,986 | -€61,995 | -7.6% |
| Distributable reserves | 133 | €90,507 | €90,507 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,440,941 | -€13,294,311 | +€2.1m | +13.9% |
| Provisions and deferred taxes | 16 | €271,994 | €251,329 | -€20,665 | -7.6% |
| Deferred taxes | 168 | €271,994 | €251,329 | -€20,665 | -7.6% |
| Amounts payable | 17/49 | €10,273,972 | €9,803,729 | -€470,243 | -4.6% |
| Amounts payable after more than one year | 17 | €761,721 | €525,542 | -€236,179 | -31.0% |
| Financial debts | 170/4 | €761,721 | €525,542 | -€236,179 | -31.0% |
| Credit institutions | 173 | €761,721 | €525,542 | -€236,179 | -31.0% |
| Amounts payable within one year | 42/48 | €9,012,572 | €9,008,634 | -€3,937 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €312,661 | €236,179 | -€76,483 | -24.5% |
| Trade debts | 44 | €67,350 | €79,762 | +€12,413 | +18.4% |
| Suppliers | 440/4 | €67,350 | €79,762 | +€12,413 | +18.4% |
| Taxes, remuneration and social security | 45 | €12,868 | €30,761 | +€17,893 | +139% |
| Taxes | 450/3 | €1,198 | €19,136 | +€17,938 | +1,497% |
| Remuneration and social security | 454/9 | €11,670 | €11,625 | -€45 | -0.4% |
| Other amounts payable | 47/48 | €8,619,692 | €8,661,932 | +€42,240 | +0.5% |
| Accrued charges and deferred income | 492/3 | €499,679 | €269,553 | -€230,126 | -46.1% |
| Operating income | 70/76A | €1,947,618 | €2,306,755 | +€359,137 | +18.4% |
| Turnover | 70 | €1,633,927 | €1,137,560 | -€496,367 | -30.4% |
| Other operating income | 74 | €88,099 | €30,014 | -€58,085 | -65.9% |
| Non-recurring operating income | 76A | €225,593 | €1,139,181 | +€913,588 | +405% |
| Operating charges | 60/66A | €1,944,238 | €1,414,647 | -€529,590 | -27.2% |
| Goods for resale, raw materials and consumables | 60 | €527,037 | €469,020 | -€58,018 | -11.0% |
| Purchases | 600/8 | €527,037 | €469,020 | -€58,018 | -11.0% |
| Services and other goods | 61 | €464,657 | €290,503 | -€174,154 | -37.5% |
| Remuneration, social security and pensions | 62 | €135,591 | €97,326 | -€38,265 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €772,959 | €549,963 | -€222,996 | -28.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €36,509 | €357 | -€36,152 | -99.0% |
| Other operating charges | 640/8 | €7,484 | €7,479 | -€6 | -0.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €3,380 | €892,108 | +€888,727 | +26,290% |
| Financial income | 75/76B | €1,958,182 | €1,618,721 | -€339,461 | -17.3% |
| Recurring financial income | 75 | €1,560,457 | €1,616,738 | +€56,280 | +3.6% |
| Income from current assets | 751 | €1,282,013 | €784,684 | -€497,330 | -38.8% |
| Other financial income | 752/9 | €278,444 | €832,054 | +€553,610 | +199% |
| Non-recurring financial income | 76B | €397,725 | €1,983 | -€395,742 | -99.5% |
| Financial charges | 65/66B | €1,704,367 | €347,747 | -€1.4m | -79.6% |
| Recurring financial charges | 65 | €1,306,642 | €347,747 | -€958,895 | -73.4% |
| Debt charges | 650 | €490,637 | €288,271 | -€202,366 | -41.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €64,640 | -€109,158 | -€173,798 | |
| Other financial charges | 652/9 | €751,364 | €168,633 | -€582,731 | -77.6% |
| Non-recurring financial charges | 66B | €397,725 | €0 | -€397,725 | -100% |
| Profit (loss) for the period before taxes | 9903 | €257,196 | €2,163,081 | +€1.9m | +741% |
| Transfer from deferred taxes | 780 | €36,610 | €20,665 | -€15,945 | -43.6% |
| Income taxes | 67/77 | €532 | €99,111 | +€98,579 | +18,516% |
| Taxes | 670/3 | €532 | €99,111 | +€98,579 | +18,516% |
| Profit (loss) for the period | 9904 | €293,274 | €2,084,635 | +€1.8m | +611% |
| Transfer from tax-exempt reserves | 789 | €109,831 | €61,995 | -€47,836 | -43.6% |
| Profit (loss) for the period to be appropriated | 9905 | €403,105 | €2,146,630 | +€1.7m | +433% |
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 19 October 2026 via checked.be.