CGM: 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.
CGM
Largest movements
- Cash -€94,867
down €94,867 (-72.4%), from €131,043 to €36,177
mainly Investment in fixed assets (net) (-€38,426) and Contributions, distributions and other (-€35,294)
- Receivables within one year +€21,180
up €21,180 (+736.0%), from €2,878 to €24,057
of which Trade receivables: +€14,053
- Tangible fixed assets +€14,420
up €14,420 (+28.1%), from €51,235 to €65,655
of which Plant, machinery and equipment: +€8,904
- Financial fixed assets +€6,000
up €6,000 (+72.0%), from €8,335 to €14,335
- Deferred charges and accrued income +€3,757
new in 2025: €3,757
- Reserves -€35,294
down €35,294 (-35.2%), from €100,328 to €65,033
- Profit (loss) carried forward -€22,482
new in 2025: -€22,482
- Trade debts +€8,331
up €8,331 (+38.7%), from €21,524 to €29,855
- Tax, wage and social debts -€8,120
down €8,120 (-31.4%), from €25,853 to €17,733
of which Taxes: -€5,977
- Current portion of long-term debt +€4,404
up €4,404 (+43.6%), from €10,100 to €14,504
- Gross operating margin -€52,153
down €52,153 (-36.1%), from €144,496 to €92,344
- Taxes -€7,745
down €7,745 (-100.0%), from €7,745 to €0
- Staff costs -€4,485
down €4,485 (-4.6%), from €96,454 to €91,969
- Depreciation +€2,498
up €2,498 (+16.1%), from €15,509 to €18,006
- Other operating charges +€1,951
up €1,951 (+167.6%), from €1,164 to €3,115
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 | €198,391 | €150,111 | -€48,280 | -24.3% |
| Fixed assets | 21/28 | €59,570 | €79,990 | +€20,420 | +34.3% |
| Tangible fixed assets | 22/27 | €51,235 | €65,655 | +€14,420 | +28.1% |
| Plant, machinery and equipment | 23 | €4,790 | €13,694 | +€8,904 | +185.9% |
| Furniture and vehicles | 24 | €46,445 | €51,961 | +€5,516 | +11.9% |
| Financial fixed assets | 28 | €8,335 | €14,335 | +€6,000 | +72.0% |
| Current assets | 29/58 | €138,821 | €70,121 | -€68,700 | -49.5% |
| Stocks and contracts in progress | 3 | €4,900 | €6,130 | +€1,230 | +25.1% |
| Stocks | 30/36 | €4,900 | €6,130 | +€1,230 | +25.1% |
| Amounts receivable within one year | 40/41 | €2,878 | €24,057 | +€21,180 | +736.0% |
| Trade receivables | 40 | €5 | €14,057 | +€14,053 | +312288.2% |
| Other amounts receivable | 41 | €2,873 | €10,000 | +€7,127 | +248.1% |
| Cash at bank and in hand | 54/58 | €131,043 | €36,177 | -€94,867 | -72.4% |
| Deferred charges and accrued income | 490/1 | - | €3,757 | +€3,757 | |
| Total equity and liabilities | 10/49 | €198,391 | €150,111 | -€48,280 | -24.3% |
| Equity | 10/15 | €106,528 | €48,751 | -€57,776 | -54.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €100,328 | €65,033 | -€35,294 | -35.2% |
| Distributable reserves | 133 | €100,328 | €65,033 | -€35,294 | -35.2% |
| Profit (loss) carried forward | 14 | - | -€22,482 | -€22,482 | |
| Amounts payable | 17/49 | €91,863 | €101,359 | +€9,496 | +10.3% |
| Amounts payable after more than one year | 17 | €13,279 | €13,775 | +€496 | +3.7% |
| Financial debts | 170/4 | €13,279 | €13,775 | +€496 | +3.7% |
| Amounts payable within one year | 42/48 | €78,584 | €85,522 | +€6,937 | +8.8% |
| Current portion of amounts payable after more than one year | 42 | €10,100 | €14,504 | +€4,404 | +43.6% |
| Trade debts | 44 | €21,524 | €29,855 | +€8,331 | +38.7% |
| Suppliers | 440/4 | €21,524 | €29,855 | +€8,331 | +38.7% |
| Advances received on contracts in progress | 46 | €5 | €0 | -€5 | -100.0% |
| Taxes, remuneration and social security | 45 | €25,853 | €17,733 | -€8,120 | -31.4% |
| Taxes | 450/3 | €12,281 | €6,304 | -€5,977 | -48.7% |
| Remuneration and social security | 454/9 | €13,572 | €11,429 | -€2,143 | -15.8% |
| Other amounts payable | 47/48 | €21,103 | €23,429 | +€2,326 | +11.0% |
| Accrued charges and deferred income | 492/3 | €0 | €2,063 | +€2,063 | |
| Non-recurring operating income | 76A | €0 | €180 | +€180 | |
| Remuneration, social security and pensions | 62 | €96,454 | €91,969 | -€4,485 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,509 | €18,006 | +€2,498 | +16.1% |
| Other operating charges | 640/8 | €1,164 | €3,115 | +€1,951 | +167.6% |
| Gross operating margin | 9900 | €144,496 | €92,344 | -€52,153 | -36.1% |
| Operating profit (loss) | 9901 | €31,370 | -€20,747 | -€52,117 | |
| Financial income | 75/76B | €719 | €25 | -€694 | -96.5% |
| Recurring financial income | 75 | €719 | €25 | -€694 | -96.5% |
| Financial charges | 65/66B | €2,291 | €1,760 | -€532 | -23.2% |
| Recurring financial charges | 65 | €2,291 | €1,760 | -€532 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €29,798 | -€22,482 | -€52,280 | |
| Income taxes | 67/77 | €7,745 | €0 | -€7,745 | -100.0% |
| Profit (loss) for the period | 9904 | €22,053 | -€22,482 | -€44,535 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,053 | -€22,482 | -€44,535 |
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 6 October 2026 via checked.be.