CMGC: 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.
CMGC
Largest movements
- Stocks and contracts +€387,438
up €387,438 (+31.0%), from €1.2m to €1.6m
- Cash -€183,098
down €183,098 (-79.9%), from €229,195 to €46,098
mainly Stocks and contracts (-€387,438) and Investment in fixed assets (net) (-€104,664)
- Tangible fixed assets +€47,984
up €47,984 (+15.3%), from €312,811 to €360,796
of which Plant, machinery and equipment: +€29,610
- Trade debts +€161,975
up €161,975 (+57.5%), from €281,680 to €443,656
- Debts after one year -€91,208
down €91,208 (-26.1%), from €349,938 to €258,731
- Other debts +€90,899
up €90,899 (+20.0%), from €455,582 to €546,481
- Advances received +€82,750
new in 2025: €82,750
- Profit (loss) carried forward +€67,405
up €67,405 (+13.0%), from €519,116 to €586,521
- Gross operating margin +€73,965
up €73,965 (+19.2%), from €385,308 to €459,273
- Staff costs +€59,526
up €59,526 (+38.9%), from €153,031 to €212,557
- Financial charges +€16,809
up €16,809 (+36.4%), from €46,196 to €63,004
- Financial income +€12,187
up €12,187 (+860.5%), from €1,416 to €13,603
- Depreciation +€11,165
up €11,165 (+24.5%), from €45,515 to €56,679
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 | €2,033,828 | €2,305,583 | +€271,755 | +13.4% |
| Fixed assets | 21/28 | €312,811 | €360,796 | +€47,984 | +15.3% |
| Tangible fixed assets | 22/27 | €312,811 | €360,796 | +€47,984 | +15.3% |
| Plant, machinery and equipment | 23 | €301,308 | €330,917 | +€29,610 | +9.8% |
| Furniture and vehicles | 24 | €11,504 | €29,878 | +€18,375 | +159.7% |
| Current assets | 29/58 | €1,721,016 | €1,944,787 | +€223,771 | +13.0% |
| Stocks and contracts in progress | 3 | €1,248,170 | €1,635,608 | +€387,438 | +31.0% |
| Stocks | 30/36 | €1,248,170 | €1,635,608 | +€387,438 | +31.0% |
| Amounts receivable within one year | 40/41 | €243,651 | €263,081 | +€19,431 | +8.0% |
| Trade receivables | 40 | €156,396 | €21,542 | -€134,854 | -86.2% |
| Other amounts receivable | 41 | €87,255 | €241,539 | +€154,284 | +176.8% |
| Cash at bank and in hand | 54/58 | €229,195 | €46,098 | -€183,098 | -79.9% |
| Total equity and liabilities | 10/49 | €2,033,828 | €2,305,583 | +€271,755 | +13.4% |
| Equity | 10/15 | €717,874 | €755,408 | +€37,534 | +5.2% |
| Contributions | 10/11 | €18,840 | €18,840 | = | 0.0% |
| Reserves | 13 | €179,918 | €150,047 | -€29,871 | -16.6% |
| Non-distributable reserves | 130/1 | €1,884 | €1,884 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,884 | €1,884 | = | 0.0% |
| Tax-exempt reserves | 132 | €178,034 | €148,163 | -€29,871 | -16.8% |
| Profit (loss) carried forward | 14 | €519,116 | €586,521 | +€67,405 | +13.0% |
| Provisions and deferred taxes | 16 | €59,345 | €49,388 | -€9,957 | -16.8% |
| Deferred taxes | 168 | €59,345 | €49,388 | -€9,957 | -16.8% |
| Amounts payable | 17/49 | €1,256,609 | €1,500,787 | +€244,178 | +19.4% |
| Amounts payable after more than one year | 17 | €349,938 | €258,731 | -€91,208 | -26.1% |
| Financial debts | 170/4 | €349,938 | €258,731 | -€91,208 | -26.1% |
| Amounts payable within one year | 42/48 | €906,670 | €1,242,056 | +€335,386 | +37.0% |
| Current portion of amounts payable after more than one year | 42 | €146,192 | €142,361 | -€3,832 | -2.6% |
| Trade debts | 44 | €281,680 | €443,656 | +€161,975 | +57.5% |
| Suppliers | 440/4 | €281,680 | €443,656 | +€161,975 | +57.5% |
| Advances received on contracts in progress | 46 | - | €82,750 | +€82,750 | |
| Taxes, remuneration and social security | 45 | €23,215 | €26,809 | +€3,594 | +15.5% |
| Taxes | 450/3 | €9,156 | €6,083 | -€3,073 | -33.6% |
| Remuneration and social security | 454/9 | €14,059 | €20,726 | +€6,666 | +47.4% |
| Other amounts payable | 47/48 | €455,582 | €546,481 | +€90,899 | +20.0% |
| Remuneration, social security and pensions | 62 | €153,031 | €212,557 | +€59,526 | +38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,515 | €56,679 | +€11,165 | +24.5% |
| Other operating charges | 640/8 | €8,376 | €8,171 | -€205 | -2.5% |
| Non-recurring operating charges | 66A | €2,169 | €1,154 | -€1,015 | -46.8% |
| Gross operating margin | 9900 | €385,308 | €459,273 | +€73,965 | +19.2% |
| Operating profit (loss) | 9901 | €176,218 | €180,712 | +€4,495 | +2.6% |
| Financial income | 75/76B | €1,416 | €13,603 | +€12,187 | +860.5% |
| Recurring financial income | 75 | €1,416 | €13,603 | +€12,187 | +860.5% |
| Financial charges | 65/66B | €46,196 | €63,004 | +€16,809 | +36.4% |
| Recurring financial charges | 65 | €46,196 | €63,004 | +€16,809 | +36.4% |
| Profit (loss) for the period before taxes | 9903 | €131,438 | €131,311 | -€127 | -0.1% |
| Transfer from deferred taxes | 780 | €7,956 | €9,957 | +€2,001 | +25.1% |
| Income taxes | 67/77 | €23,888 | €23,735 | -€153 | -0.6% |
| Profit (loss) for the period | 9904 | €115,507 | €117,534 | +€2,027 | +1.8% |
| Transfer from tax-exempt reserves | 789 | €23,869 | €29,871 | +€6,002 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €139,376 | €147,405 | +€8,029 | +5.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.