CMF: what changed
Two fiscal 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.
CMF
Largest movements
- Tangible fixed assets +€643,811
up €643,811 (+51.8%), from €1.2m to €1.9m
of which Assets under construction and advance payments: +€497,276
- Receivables within one year +€139,351
new in 2025: €139,351
of which Other amounts receivable: +€130,459
- Current investments -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Cash +€49,038
up €49,038 (+62.0%), from €79,115 to €128,153
mainly Debts after one year (+€670,547) and Depreciation (+€206,734)
- Debts after one year +€670,547
up €670,547 (+69.4%), from €966,058 to €1.6m
of which Financial debts: +€720,547
- Reserves +€101,469
up €101,469 (+42.6%), from €238,288 to €339,757
of which Distributable reserves: +€101,469
- Contributions -€22,108
down €22,108 (-54.4%), from €40,658 to €18,550
- Depreciation +€133,536
up €133,536 (+182.4%), from €73,198 to €206,734
- Gross operating margin +€125,230
up €125,230 (+58.8%), from €212,825 to €338,054
- Financial charges -€4,772
down €4,772 (-23.3%), from €20,482 to €15,710
- Taxes -€3,600
down €3,600 (-10.0%), from €36,175 to €32,574
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 | €1,402,483 | €2,167,133 | +€764,650 | +54.5% |
| Fixed assets | 21/28 | €1,242,535 | €1,887,841 | +€645,306 | +51.9% |
| Intangible fixed assets | 21 | - | €1,495 | +€1,495 | |
| Tangible fixed assets | 22/27 | €1,242,535 | €1,886,346 | +€643,811 | +51.8% |
| Land and buildings | 22 | €1,175,488 | €1,333,512 | +€158,024 | +13.4% |
| Plant, machinery and equipment | 23 | €64,242 | €53,859 | -€10,383 | -16.2% |
| Furniture and vehicles | 24 | €2,805 | €1,700 | -€1,105 | -39.4% |
| Assets under construction and advance payments | 27 | - | €497,276 | +€497,276 | |
| Current assets | 29/58 | €159,948 | €279,292 | +€119,344 | +74.6% |
| Amounts receivable within one year | 40/41 | - | €139,351 | +€139,351 | |
| Trade receivables | 40 | - | €8,892 | +€8,892 | |
| Other amounts receivable | 41 | - | €130,459 | +€130,459 | |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €79,115 | €128,153 | +€49,038 | +62.0% |
| Deferred charges and accrued income | 490/1 | €30,833 | €11,789 | -€19,044 | -61.8% |
| Total equity and liabilities | 10/49 | €1,402,483 | €2,167,133 | +€764,650 | +54.5% |
| Equity | 10/15 | €278,945 | €358,307 | +€79,362 | +28.5% |
| Contributions | 10/11 | €40,658 | €18,550 | -€22,108 | -54.4% |
| Reserves | 13 | €238,288 | €339,757 | +€101,469 | +42.6% |
| Tax-exempt reserves | 132 | €54,850 | €54,850 | = | 0.0% |
| Distributable reserves | 133 | €183,438 | €284,907 | +€101,469 | +55.3% |
| Amounts payable | 17/49 | €1,123,538 | €1,808,826 | +€685,288 | +61.0% |
| Amounts payable after more than one year | 17 | €966,058 | €1,636,605 | +€670,547 | +69.4% |
| Financial debts | 170/4 | €866,058 | €1,586,605 | +€720,547 | +83.2% |
| Other amounts payable | 178/9 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Amounts payable within one year | 42/48 | €154,496 | €171,814 | +€17,318 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €76,165 | €77,445 | +€1,280 | +1.7% |
| Financial debts | 43 | - | €3,013 | +€3,013 | |
| Credit institutions | 430/8 | - | €3,013 | +€3,013 | |
| Trade debts | 44 | €32,758 | €52,507 | +€19,749 | +60.3% |
| Suppliers | 440/4 | €32,758 | €52,507 | +€19,749 | +60.3% |
| Taxes, remuneration and social security | 45 | €16,175 | €13,849 | -€2,326 | -14.4% |
| Taxes | 450/3 | €16,175 | €13,849 | -€2,326 | -14.4% |
| Other amounts payable | 47/48 | €29,398 | €25,000 | -€4,398 | -15.0% |
| Accrued charges and deferred income | 492/3 | €2,983 | €407 | -€2,576 | -86.4% |
| Non-recurring operating income | 76A | - | €97,112 | +€97,112 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,198 | €206,734 | +€133,536 | +182.4% |
| Other operating charges | 640/8 | €3,934 | €5,652 | +€1,718 | +43.7% |
| Non-recurring operating charges | 66A | €1,449 | - | -€1,449 | |
| Gross operating margin | 9900 | €212,825 | €338,054 | +€125,230 | +58.8% |
| Operating profit (loss) | 9901 | €134,243 | €125,668 | -€8,575 | -6.4% |
| Financial income | 75/76B | €21 | €1,978 | +€1,957 | +9211.7% |
| Recurring financial income | 75 | €21 | €1,978 | +€1,957 | +9211.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €20,482 | €15,710 | -€4,772 | -23.3% |
| Recurring financial charges | 65 | €20,482 | €15,710 | -€4,772 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €113,782 | €111,936 | -€1,846 | -1.6% |
| Income taxes | 67/77 | €36,175 | €32,574 | -€3,600 | -10.0% |
| Profit (loss) for the period | 9904 | €77,608 | €79,362 | +€1,754 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,608 | €79,362 | +€1,754 | +2.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.