CGM 48: 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.
CGM 48
Largest movements
- Tangible fixed assets -€26,294
down €26,294 (-4.6%), from €570,183 to €543,889
of which Land and buildings: -€25,464
- Debts after one year -€18,413
down €18,413 (-3.1%), from €592,352 to €573,939
of which Financial debts: -€22,989
- Gross operating margin +€5,179
up €5,179 (+17.8%), from €29,035 to €34,214
- Financial charges -€434
down €434 (-4.4%), from €9,887 to €9,453
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 | €578,489 | €558,232 | -€20,256 | -3.5% |
| Formation expenses | 20 | €356 | - | -€356 | |
| Fixed assets | 21/28 | €570,183 | €543,889 | -€26,294 | -4.6% |
| Tangible fixed assets | 22/27 | €570,183 | €543,889 | -€26,294 | -4.6% |
| Land and buildings | 22 | €564,314 | €538,851 | -€25,464 | -4.5% |
| Furniture and vehicles | 24 | €5,869 | €5,038 | -€831 | -14.2% |
| Current assets | 29/58 | €7,950 | €14,344 | +€6,394 | +80.4% |
| Amounts receivable within one year | 40/41 | €245 | €2,212 | +€1,967 | +804% |
| Trade receivables | 40 | €245 | €2,212 | +€1,967 | +804% |
| Cash at bank and in hand | 54/58 | €5,862 | €10,228 | +€4,366 | +74.5% |
| Deferred charges and accrued income | 490/1 | €1,843 | €1,903 | +€61 | +3.3% |
| Total equity and liabilities | 10/49 | €578,489 | €558,232 | -€20,256 | -3.5% |
| Equity | 10/15 | -€43,645 | -€45,776 | -€2,131 | -4.9% |
| Contributions | 10/11 | €10,200 | €10,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,845 | -€55,976 | -€2,131 | -4.0% |
| Amounts payable | 17/49 | €622,133 | €604,008 | -€18,125 | -2.9% |
| Amounts payable after more than one year | 17 | €592,352 | €573,939 | -€18,413 | -3.1% |
| Financial debts | 170/4 | €376,437 | €353,447 | -€22,989 | -6.1% |
| Other amounts payable | 178/9 | €215,915 | €220,491 | +€4,577 | +2.1% |
| Amounts payable within one year | 42/48 | €29,280 | €29,189 | -€91 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €22,711 | €22,989 | +€279 | +1.2% |
| Trade debts | 44 | €369 | - | -€369 | |
| Suppliers | 440/4 | €369 | - | -€369 | |
| Other amounts payable | 47/48 | €6,200 | €6,200 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €501 | €880 | +€379 | +75.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,790 | €26,650 | -€139 | -0.5% |
| Other operating charges | 640/8 | €242 | €242 | = | 0.0% |
| Gross operating margin | 9900 | €29,035 | €34,214 | +€5,179 | +17.8% |
| Operating profit (loss) | 9901 | €2,003 | €7,322 | +€5,319 | +266% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €9,887 | €9,453 | -€434 | -4.4% |
| Recurring financial charges | 65 | €9,887 | €9,453 | -€434 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,884 | -€2,131 | +€5,753 | +73.0% |
| Profit (loss) for the period | 9904 | -€7,884 | -€2,131 | +€5,753 | +73.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,884 | -€2,131 | +€5,753 | +73.0% |
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 21 October 2026 via checked.be.