CMD ASSOCIATED: 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.
CMD ASSOCIATED
Largest movements
- Cash -€1.3m
down €1.3m (-90.3%), from €1.4m to €134,169
mainly Investment in fixed assets (net) (-€1.7m) and Net result for the year (-€38,787)
- Financial fixed assets +€844,498
up €844,498 (+550%), from €153,667 to €998,165
- Tangible fixed assets +€701,262
up €701,262 (+49.5%), from €1.4m to €2.1m
- Receivables within one year -€61,862
down €61,862 (-42.1%), from €146,967 to €85,105
of which Trade receivables: -€66,812
- Debts after one year +€242,298
up €242,298 (+29.2%), from €829,740 to €1.1m
- Profit (loss) carried forward -€40,864
no longer reported in 2025 (was €40,864)
- Financial income -€1.5m
down €1.5m (-86.6%), from €1.8m to €237,991
- Taxes -€151,280
no longer reported in 2025 (was €151,280)
- Depreciation +€136,534
up €136,534 (+247%), from €55,378 to €191,913
- Gross operating margin -€54,912
down €54,912, from €25,433 to -€29,479
- Other operating charges -€34,341
down €34,341 (-76.0%), from €45,190 to €10,849
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 | €3,224,878 | €3,457,338 | +€232,461 | +7.2% |
| Fixed assets | 21/28 | €1,570,834 | €3,116,594 | +€1.5m | +98.4% |
| Tangible fixed assets | 22/27 | €1,417,167 | €2,118,430 | +€701,262 | +49.5% |
| Land and buildings | 22 | €1,417,167 | €2,118,430 | +€701,262 | +49.5% |
| Financial fixed assets | 28 | €153,667 | €998,165 | +€844,498 | +550% |
| Current assets | 29/58 | €1,654,043 | €340,744 | -€1.3m | -79.4% |
| Amounts receivable within one year | 40/41 | €146,967 | €85,105 | -€61,862 | -42.1% |
| Trade receivables | 40 | €72,600 | €5,788 | -€66,812 | -92.0% |
| Other amounts receivable | 41 | €74,367 | €79,317 | +€4,950 | +6.7% |
| Current investments | 50/53 | €121,212 | €121,212 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,384,986 | €134,169 | -€1.3m | -90.3% |
| Deferred charges and accrued income | 490/1 | €879 | €258 | -€620 | -70.6% |
| Total equity and liabilities | 10/49 | €3,224,878 | €3,457,338 | +€232,461 | +7.2% |
| Equity | 10/15 | €2,128,761 | €2,057,897 | -€70,864 | -3.3% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | - | -€150,000 | |
| Issued capital | 100 | €150,000 | - | -€150,000 | |
| Reserves | 13 | €1,937,897 | €1,907,897 | -€30,000 | -1.5% |
| Non-distributable reserves | 130/1 | €129,212 | €121,212 | -€8,000 | -6.2% |
| Legal reserve | 130 | €8,000 | - | -€8,000 | |
| Reserves not available under the articles | 1311 | €121,212 | €121,212 | = | 0.0% |
| Distributable reserves | 133 | €1,808,685 | €1,786,685 | -€22,000 | -1.2% |
| Profit (loss) carried forward | 14 | €40,864 | - | -€40,864 | |
| Amounts payable | 17/49 | €1,096,117 | €1,399,441 | +€303,324 | +27.7% |
| Amounts payable after more than one year | 17 | €829,740 | €1,072,038 | +€242,298 | +29.2% |
| Financial debts | 170/4 | €829,740 | €1,072,038 | +€242,298 | +29.2% |
| Amounts payable within one year | 42/48 | €266,377 | €327,403 | +€61,026 | +22.9% |
| Current portion of amounts payable after more than one year | 42 | €56,216 | €88,214 | +€31,998 | +56.9% |
| Trade debts | 44 | €38,416 | €16,558 | -€21,858 | -56.9% |
| Suppliers | 440/4 | €38,416 | €16,558 | -€21,858 | -56.9% |
| Advances received on contracts in progress | 46 | - | €4,100 | +€4,100 | |
| Taxes, remuneration and social security | 45 | €171,744 | €195,846 | +€24,102 | +14.0% |
| Taxes | 450/3 | €171,744 | €180,030 | +€8,286 | +4.8% |
| Remuneration and social security | 454/9 | - | €15,816 | +€15,816 | |
| Other amounts payable | 47/48 | - | €22,685 | +€22,685 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,378 | €191,913 | +€136,534 | +247% |
| Other operating charges | 640/8 | €45,190 | €10,849 | -€34,341 | -76.0% |
| Gross operating margin | 9900 | €25,433 | -€29,479 | -€54,912 | |
| Operating profit (loss) | 9901 | -€75,135 | -€232,240 | -€157,105 | -209% |
| Financial income | 75/76B | €1,771,749 | €237,991 | -€1.5m | -86.6% |
| Recurring financial income | 75 | €1,771,749 | €237,991 | -€1.5m | -86.6% |
| Financial charges | 65/66B | €32,540 | €44,538 | +€11,999 | +36.9% |
| Recurring financial charges | 65 | €32,540 | €44,538 | +€11,999 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | €1,664,075 | -€38,787 | -€1.7m | |
| Income taxes | 67/77 | €151,280 | - | -€151,280 | |
| Profit (loss) for the period | 9904 | €1,512,795 | -€38,787 | -€1.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,512,795 | -€38,787 | -€1.6m |
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 17 October 2026 via checked.be.