CFO PARTNERS: 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.
CFO PARTNERS
Largest movements
- Tangible fixed assets -€73,024
down €73,024 (-6.6%), from €1.1m to €1.0m
of which Plant, machinery and equipment: -€44,544
- Debts after one year -€48,375
down €48,375 (-7.6%), from €632,988 to €584,613
- Profit (loss) carried forward -€21,112
down €21,112 (-17.6%), from -€119,620 to -€140,732
- Gross operating margin +€8,004
up €8,004 (+12.0%), from €66,614 to €74,618
- Financial charges +€1,975
up €1,975 (+15.3%), from €12,911 to €14,886
- Other operating charges +€1,010
up €1,010 (+16.8%), from €6,031 to €7,041
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 | €1,105,269 | €1,038,636 | -€66,634 | -6.0% |
| Fixed assets | 21/28 | €1,104,959 | €1,031,935 | -€73,024 | -6.6% |
| Tangible fixed assets | 22/27 | €1,104,959 | €1,031,935 | -€73,024 | -6.6% |
| Land and buildings | 22 | €842,130 | €813,650 | -€28,480 | -3.4% |
| Plant, machinery and equipment | 23 | €262,829 | €218,285 | -€44,544 | -16.9% |
| Current assets | 29/58 | €311 | €6,701 | +€6,390 | +2,057% |
| Cash at bank and in hand | 54/58 | €311 | €6,388 | +€6,077 | +1,956% |
| Deferred charges and accrued income | 490/1 | - | €313 | +€313 | |
| Total equity and liabilities | 10/49 | €1,105,269 | €1,038,636 | -€66,634 | -6.0% |
| Equity | 10/15 | -€60,355 | -€83,275 | -€22,920 | -38.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €53,065 | €51,257 | -€1,807 | -3.4% |
| Non-distributable reserves | 130/1 | €21,660 | €21,660 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,800 | €19,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,405 | €29,597 | -€1,807 | -5.8% |
| Profit (loss) carried forward | 14 | -€119,620 | -€140,732 | -€21,112 | -17.6% |
| Provisions and deferred taxes | 16 | €9,925 | €9,355 | -€571 | -5.8% |
| Deferred taxes | 168 | €9,925 | €9,355 | -€571 | -5.8% |
| Amounts payable | 17/49 | €1,155,699 | €1,112,556 | -€43,143 | -3.7% |
| Amounts payable after more than one year | 17 | €632,988 | €584,613 | -€48,375 | -7.6% |
| Financial debts | 170/4 | €632,988 | €584,613 | -€48,375 | -7.6% |
| Amounts payable within one year | 42/48 | €522,711 | €527,943 | +€5,232 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €57,057 | €52,726 | -€4,331 | -7.6% |
| Trade debts | 44 | €968 | - | -€968 | |
| Suppliers | 440/4 | €968 | - | -€968 | |
| Other amounts payable | 47/48 | €464,687 | €475,217 | +€10,530 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,618 | €76,181 | +€563 | +0.7% |
| Other operating charges | 640/8 | €6,031 | €7,041 | +€1,010 | +16.8% |
| Gross operating margin | 9900 | €66,614 | €74,618 | +€8,004 | +12.0% |
| Operating profit (loss) | 9901 | -€15,035 | -€8,605 | +€6,430 | +42.8% |
| Financial charges | 65/66B | €12,911 | €14,886 | +€1,975 | +15.3% |
| Recurring financial charges | 65 | €12,911 | €14,886 | +€1,975 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | -€27,946 | -€23,490 | +€4,455 | +15.9% |
| Transfer from deferred taxes | 780 | €571 | €571 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€27,375 | -€22,920 | +€4,455 | +16.3% |
| Transfer from tax-exempt reserves | 789 | €1,807 | €1,807 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,568 | -€21,112 | +€4,455 | +17.4% |
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.