CGMA: 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.
CGMA
Largest movements
- Receivables within one year +€85,285
up €85,285 (+37.2%), from €229,487 to €314,771
of which Trade receivables: +€84,005
- Tangible fixed assets -€19,416
down €19,416 (-41.5%), from €46,735 to €27,319
of which Furniture and vehicles: -€18,010
- Stocks and contracts -€17,712
down €17,712 (-46.3%), from €38,217 to €20,504
- Cash -€15,347
down €15,347 (-96.7%), from €15,877 to €530
mainly Receivables within one year (-€85,285) and Debts after one year (-€25,204)
- Trade debts +€73,942
up €73,942 (+33.4%), from €221,136 to €295,077
- Debts after one year -€25,204
down €25,204 (-74.3%), from €33,910 to €8,706
- Current portion of long-term debt -€9,435
down €9,435 (-27.2%), from €34,640 to €25,204
- Gross operating margin -€100,039
down €100,039 (-80.9%), from €123,714 to €23,676
- Taxes -€15,110
down €15,110 (-88.2%), from €17,127 to €2,017
- Financial income -€4,242
down €4,242 (-100.0%), from €4,242 to €0
- Financial charges -€1,758
down €1,758 (-35.7%), from €4,920 to €3,163
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 | €333,277 | €368,878 | +€35,601 | +10.7% |
| Fixed assets | 21/28 | €46,735 | €27,319 | -€19,416 | -41.5% |
| Tangible fixed assets | 22/27 | €46,735 | €27,319 | -€19,416 | -41.5% |
| Plant, machinery and equipment | 23 | €2,525 | €1,118 | -€1,406 | -55.7% |
| Furniture and vehicles | 24 | €44,210 | €26,200 | -€18,010 | -40.7% |
| Current assets | 29/58 | €286,542 | €341,559 | +€55,017 | +19.2% |
| Stocks and contracts in progress | 3 | €38,217 | €20,504 | -€17,712 | -46.3% |
| Stocks | 30/36 | €38,217 | €20,504 | -€17,712 | -46.3% |
| Amounts receivable within one year | 40/41 | €229,487 | €314,771 | +€85,285 | +37.2% |
| Trade receivables | 40 | €183,202 | €267,207 | +€84,005 | +45.9% |
| Other amounts receivable | 41 | €46,284 | €47,564 | +€1,280 | +2.8% |
| Cash at bank and in hand | 54/58 | €15,877 | €530 | -€15,347 | -96.7% |
| Deferred charges and accrued income | 490/1 | €2,962 | €5,753 | +€2,791 | +94.2% |
| Total equity and liabilities | 10/49 | €333,277 | €368,878 | +€35,601 | +10.7% |
| Equity | 10/15 | €19,041 | €17,247 | -€1,794 | -9.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €441 | -€1,353 | -€1,794 | |
| Amounts payable | 17/49 | €314,237 | €351,631 | +€37,394 | +11.9% |
| Amounts payable after more than one year | 17 | €33,910 | €8,706 | -€25,204 | -74.3% |
| Financial debts | 170/4 | €33,910 | €8,706 | -€25,204 | -74.3% |
| Amounts payable within one year | 42/48 | €280,326 | €342,925 | +€62,598 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €34,640 | €25,204 | -€9,435 | -27.2% |
| Trade debts | 44 | €221,136 | €295,077 | +€73,942 | +33.4% |
| Suppliers | 440/4 | €221,136 | €295,077 | +€73,942 | +33.4% |
| Taxes, remuneration and social security | 45 | €24,551 | €22,643 | -€1,908 | -7.8% |
| Taxes | 450/3 | €24,551 | €22,643 | -€1,908 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,154 | €19,416 | -€737 | -3.7% |
| Other operating charges | 640/8 | €983 | €874 | -€109 | -11.1% |
| Gross operating margin | 9900 | €123,714 | €23,676 | -€100,039 | -80.9% |
| Operating profit (loss) | 9901 | €102,578 | €3,386 | -€99,192 | -96.7% |
| Financial income | 75/76B | €4,242 | €0 | -€4,242 | -100.0% |
| Recurring financial income | 75 | €4,242 | €0 | -€4,242 | -100.0% |
| Financial charges | 65/66B | €4,920 | €3,163 | -€1,758 | -35.7% |
| Recurring financial charges | 65 | €4,920 | €3,163 | -€1,758 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | €101,900 | €224 | -€101,676 | -99.8% |
| Income taxes | 67/77 | €17,127 | €2,017 | -€15,110 | -88.2% |
| Profit (loss) for the period | 9904 | €84,773 | -€1,794 | -€86,566 | |
| Profit (loss) for the period to be appropriated | 9905 | €84,773 | -€1,794 | -€86,566 |
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 9 October 2026 via checked.be.