CGM HOLDING: 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 HOLDING
Largest movements
- Tangible fixed assets -€638,227
down €638,227 (-91.6%), from €696,777 to €58,551
of which Land and buildings: -€647,124
- Cash -€162,523
down €162,523 (-64.7%), from €251,238 to €88,715
mainly Contributions, distributions and other (-€586,000) and Debts after one year (-€188,840)
- Current investments -€34,145
no longer reported in 2025 (was €34,145)
- Receivables within one year -€30,144
down €30,144 (-88.6%), from €34,035 to €3,891
of which Other amounts receivable: -€30,496
- Deferred charges and accrued income +€13,408
up €13,408 (+811%), from €1,652 to €15,061
- Reserves -€629,892
down €629,892 (-67.6%), from €931,252 to €301,360
of which Distributable reserves: -€545,000
- Debts after one year -€188,840
no longer reported in 2025 (was €188,840)
- Provisions -€28,297
no longer reported in 2025 (was €28,297)
- Current portion of long-term debt -€16,345
no longer reported in 2025 (was €16,345)
- Short-term financial debts +€13,000
new in 2025: €13,000
- Depreciation -€40,284
down €40,284 (-67.6%), from €59,617 to €19,333
- Gross operating margin -€26,945
down €26,945 (-31.5%), from €85,423 to €58,478
- Financial income +€11,046
up €11,046 (+123%), from €8,970 to €20,016
- Taxes +€6,443
up €6,443 (+64.7%), from €9,960 to €16,402
- Financial charges +€2,921
up €2,921 (+62.1%), from €4,702 to €7,623
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 | €1,179,000 | €327,370 | -€851,630 | -72.2% |
| Fixed assets | 21/28 | €857,930 | €219,703 | -€638,227 | -74.4% |
| Tangible fixed assets | 22/27 | €696,777 | €58,551 | -€638,227 | -91.6% |
| Land and buildings | 22 | €647,124 | - | -€647,124 | |
| Plant, machinery and equipment | 23 | €1,730 | €1,994 | +€264 | +15.3% |
| Furniture and vehicles | 24 | €47,923 | €56,557 | +€8,633 | +18.0% |
| Financial fixed assets | 28 | €161,152 | €161,152 | = | 0.0% |
| Current assets | 29/58 | €321,070 | €107,667 | -€213,404 | -66.5% |
| Amounts receivable within one year | 40/41 | €34,035 | €3,891 | -€30,144 | -88.6% |
| Trade receivables | 40 | - | €352 | +€352 | |
| Other amounts receivable | 41 | €34,035 | €3,538 | -€30,496 | -89.6% |
| Current investments | 50/53 | €34,145 | - | -€34,145 | |
| Cash at bank and in hand | 54/58 | €251,238 | €88,715 | -€162,523 | -64.7% |
| Deferred charges and accrued income | 490/1 | €1,652 | €15,061 | +€13,408 | +811% |
| Total equity and liabilities | 10/49 | €1,179,000 | €327,370 | -€851,630 | -72.2% |
| Equity | 10/15 | €939,006 | €309,237 | -€629,769 | -67.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €931,252 | €301,360 | -€629,892 | -67.6% |
| Tax-exempt reserves | 132 | €84,892 | - | -€84,892 | |
| Distributable reserves | 133 | €846,360 | €301,360 | -€545,000 | -64.4% |
| Profit (loss) carried forward | 14 | €1,555 | €1,677 | +€122 | +7.9% |
| Provisions and deferred taxes | 16 | €28,297 | - | -€28,297 | |
| Deferred taxes | 168 | €28,297 | - | -€28,297 | |
| Amounts payable | 17/49 | €211,697 | €18,133 | -€193,564 | -91.4% |
| Amounts payable after more than one year | 17 | €188,840 | - | -€188,840 | |
| Financial debts | 170/4 | €188,840 | - | -€188,840 | |
| Amounts payable within one year | 42/48 | €22,857 | €18,133 | -€4,724 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €16,345 | - | -€16,345 | |
| Financial debts | 43 | - | €13,000 | +€13,000 | |
| Credit institutions | 430/8 | - | €13,000 | +€13,000 | |
| Trade debts | 44 | €3,446 | €3,323 | -€122 | -3.5% |
| Suppliers | 440/4 | €3,446 | €3,323 | -€122 | -3.5% |
| Taxes, remuneration and social security | 45 | €3,042 | €627 | -€2,415 | -79.4% |
| Taxes | 450/3 | €3,042 | €627 | -€2,415 | -79.4% |
| Other amounts payable | 47/48 | €24 | €1,182 | +€1,158 | +4,890% |
| Non-recurring operating income | 76A | €4,785 | - | -€4,785 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,617 | €19,333 | -€40,284 | -67.6% |
| Other operating charges | 640/8 | €4,344 | €4,339 | -€5 | -0.1% |
| Non-recurring operating charges | 66A | - | €102,863 | +€102,863 | |
| Gross operating margin | 9900 | €85,423 | €58,478 | -€26,945 | -31.5% |
| Operating profit (loss) | 9901 | €21,462 | -€68,057 | -€89,519 | |
| Financial income | 75/76B | €8,970 | €20,016 | +€11,046 | +123% |
| Recurring financial income | 75 | €8,970 | €20,016 | +€11,046 | +123% |
| Financial charges | 65/66B | €4,702 | €7,623 | +€2,921 | +62.1% |
| Recurring financial charges | 65 | €4,702 | €7,623 | +€2,921 | +62.1% |
| Profit (loss) for the period before taxes | 9903 | €25,729 | -€55,664 | -€81,393 | |
| Transfer from deferred taxes | 780 | €1,617 | €28,297 | +€26,680 | +1,650% |
| Income taxes | 67/77 | €9,960 | €16,402 | +€6,443 | +64.7% |
| Profit (loss) for the period | 9904 | €17,387 | -€43,769 | -€61,156 | |
| Transfer from tax-exempt reserves | 789 | €4,852 | €84,892 | +€80,040 | +1,650% |
| Profit (loss) for the period to be appropriated | 9905 | €22,239 | €41,122 | +€18,884 | +84.9% |
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 28 October 2026 via checked.be.