CGO: 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.
CGO
Largest movements
- Tangible fixed assets +€20,718
up €20,718 (+129%), from €16,059 to €36,776
of which Furniture and vehicles: +€16,101
- Receivables within one year -€14,647
down €14,647 (-22.4%), from €65,499 to €50,852
of which Trade receivables: -€18,015
- Cash +€3,521
up €3,521 (+215%), from €1,639 to €5,160
mainly Receivables within one year (+€14,647) and Net result for the year (+€10,660)
- Receivables after one year +€2,500
new in 2025: €2,500
- Reserves +€10,660
up €10,660 (+24.3%), from €43,852 to €54,512
- Trade debts +€7,782
up €7,782 (+178%), from €4,369 to €12,151
- Current portion of long-term debt -€7,451
down €7,451 (-58.3%), from €12,782 to €5,331
- Tax, wage and social debts -€4,651
down €4,651 (-38.8%), from €11,987 to €7,337
- Debts after one year +€3,838
up €3,838 (+226%), from €1,700 to €5,538
- Gross operating margin -€19,304
down €19,304 (-25.6%), from €75,456 to €56,153
- Taxes -€11,544
down €11,544 (-58.9%), from €19,604 to €8,061
- Depreciation -€1,807
down €1,807 (-33.2%), from €5,443 to €3,636
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 | €84,071 | €95,288 | +€11,216 | +13.3% |
| Fixed assets | 21/28 | €16,059 | €36,776 | +€20,718 | +129% |
| Tangible fixed assets | 22/27 | €16,059 | €36,776 | +€20,718 | +129% |
| Plant, machinery and equipment | 23 | €1,321 | €881 | -€441 | -33.4% |
| Furniture and vehicles | 24 | €2,637 | €18,738 | +€16,101 | +611% |
| Leasing and similar rights | 25 | €5,328 | €0 | -€5,328 | -100% |
| Other tangible fixed assets | 26 | €6,773 | €17,158 | +€10,385 | +153% |
| Current assets | 29/58 | €68,013 | €58,512 | -€9,501 | -14.0% |
| Amounts receivable after more than one year | 29 | - | €2,500 | +€2,500 | |
| Other amounts receivable | 291 | - | €2,500 | +€2,500 | |
| Amounts receivable within one year | 40/41 | €65,499 | €50,852 | -€14,647 | -22.4% |
| Trade receivables | 40 | €23,314 | €5,299 | -€18,015 | -77.3% |
| Other amounts receivable | 41 | €42,184 | €45,553 | +€3,368 | +8.0% |
| Cash at bank and in hand | 54/58 | €1,639 | €5,160 | +€3,521 | +215% |
| Deferred charges and accrued income | 490/1 | €875 | €0 | -€875 | -100% |
| Total equity and liabilities | 10/49 | €84,071 | €95,288 | +€11,216 | +13.3% |
| Equity | 10/15 | €53,233 | €63,893 | +€10,660 | +20.0% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €43,852 | €54,512 | +€10,660 | +24.3% |
| Distributable reserves | 133 | €43,852 | €54,512 | +€10,660 | +24.3% |
| Profit (loss) carried forward | 14 | €1,881 | €1,881 | = | 0.0% |
| Amounts payable | 17/49 | €30,838 | €31,395 | +€557 | +1.8% |
| Amounts payable after more than one year | 17 | €1,700 | €5,538 | +€3,838 | +226% |
| Financial debts | 170/4 | €1,700 | €5,538 | +€3,838 | +226% |
| Amounts payable within one year | 42/48 | €29,138 | €25,857 | -€3,281 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €12,782 | €5,331 | -€7,451 | -58.3% |
| Financial debts | 43 | - | €1,038 | +€1,038 | |
| Credit institutions | 430/8 | - | €1,038 | +€1,038 | |
| Trade debts | 44 | €4,369 | €12,151 | +€7,782 | +178% |
| Suppliers | 440/4 | €4,369 | €12,151 | +€7,782 | +178% |
| Taxes, remuneration and social security | 45 | €11,987 | €7,337 | -€4,651 | -38.8% |
| Taxes | 450/3 | €11,987 | €7,337 | -€4,651 | -38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,443 | €3,636 | -€1,807 | -33.2% |
| Other operating charges | 640/8 | €1,993 | €1,305 | -€687 | -34.5% |
| Non-recurring operating charges | 66A | €5,507 | €33,569 | +€28,063 | +510% |
| Gross operating margin | 9900 | €75,456 | €56,153 | -€19,304 | -25.6% |
| Operating profit (loss) | 9901 | €62,514 | €17,642 | -€44,872 | -71.8% |
| Financial income | 75/76B | €1,487 | €2,029 | +€542 | +36.4% |
| Recurring financial income | 75 | €1,487 | €2,029 | +€542 | +36.4% |
| Financial charges | 65/66B | €544 | €951 | +€406 | +74.6% |
| Recurring financial charges | 65 | €544 | €951 | +€406 | +74.6% |
| Profit (loss) for the period before taxes | 9903 | €63,457 | €18,720 | -€44,736 | -70.5% |
| Income taxes | 67/77 | €19,604 | €8,061 | -€11,544 | -58.9% |
| Profit (loss) for the period | 9904 | €43,852 | €10,660 | -€33,193 | -75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €43,852 | €10,660 | -€33,193 | -75.7% |
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 13 October 2026 via checked.be.