CMO: 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.
CMO
Largest movements
- Cash -€28,932
down €28,932 (-44.8%), from €64,562 to €35,630
mainly Other debts (-€52,230) and Provisions (-€7,251)
- Tangible fixed assets -€19,642
down €19,642 (-8.3%), from €235,306 to €215,664
of which Land and buildings: -€19,411
- Other debts -€52,230
down €52,230 (-28.7%), from €181,894 to €129,664
- Profit (loss) carried forward +€25,561
up €25,561 (+89.4%), from €28,598 to €54,159
- Reserves -€14,080
down €14,080 (-15.3%), from €92,184 to €78,104
of which Tax-exempt reserves: -€14,080
- Provisions -€7,251
down €7,251 (-16.4%), from €44,275 to €37,025
- Write-downs -€10,547
down €10,547 (-50.1%), from €21,065 to €10,518
- Gross operating margin +€8,722
up €8,722 (+24.9%), from €34,959 to €43,681
- Other operating charges -€4,700
down €4,700 (-59.4%), from €7,916 to €3,215
- Financial charges -€956
down €956 (-16.7%), from €5,714 to €4,758
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 | €449,514 | €402,709 | -€46,804 | -10.4% |
| Fixed assets | 21/28 | €235,306 | €215,664 | -€19,642 | -8.3% |
| Tangible fixed assets | 22/27 | €235,306 | €215,664 | -€19,642 | -8.3% |
| Land and buildings | 22 | €234,827 | €215,416 | -€19,411 | -8.3% |
| Furniture and vehicles | 24 | €479 | €248 | -€231 | -48.3% |
| Current assets | 29/58 | €214,208 | €187,046 | -€27,163 | -12.7% |
| Amounts receivable within one year | 40/41 | €148,228 | €149,643 | +€1,415 | +1.0% |
| Trade receivables | 40 | €129,762 | €130,565 | +€803 | +0.6% |
| Other amounts receivable | 41 | €18,466 | €19,078 | +€611 | +3.3% |
| Cash at bank and in hand | 54/58 | €64,562 | €35,630 | -€28,932 | -44.8% |
| Deferred charges and accrued income | 490/1 | €1,418 | €1,773 | +€354 | +25.0% |
| Total equity and liabilities | 10/49 | €449,514 | €402,709 | -€46,804 | -10.4% |
| Equity | 10/15 | €182,756 | €194,236 | +€11,480 | +6.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €92,184 | €78,104 | -€14,080 | -15.3% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €85,987 | €71,906 | -€14,080 | -16.4% |
| Profit (loss) carried forward | 14 | €28,598 | €54,159 | +€25,561 | +89.4% |
| Provisions and deferred taxes | 16 | €44,275 | €37,025 | -€7,251 | -16.4% |
| Deferred taxes | 168 | €44,275 | €37,025 | -€7,251 | -16.4% |
| Amounts payable | 17/49 | €222,483 | €171,449 | -€51,034 | -22.9% |
| Amounts payable within one year | 42/48 | €218,683 | €167,649 | -€51,034 | -23.3% |
| Trade debts | 44 | €36,789 | €37,985 | +€1,196 | +3.3% |
| Suppliers | 440/4 | €36,789 | €37,985 | +€1,196 | +3.3% |
| Other amounts payable | 47/48 | €181,894 | €129,664 | -€52,230 | -28.7% |
| Accrued charges and deferred income | 492/3 | €3,800 | €3,800 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,626 | €20,960 | +€335 | +1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,065 | €10,518 | -€10,547 | -50.1% |
| Other operating charges | 640/8 | €7,916 | €3,215 | -€4,700 | -59.4% |
| Gross operating margin | 9900 | €34,959 | €43,681 | +€8,722 | +24.9% |
| Operating profit (loss) | 9901 | -€14,647 | €8,988 | +€23,634 | |
| Financial charges | 65/66B | €5,714 | €4,758 | -€956 | -16.7% |
| Recurring financial charges | 65 | €5,714 | €4,758 | -€956 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | -€20,361 | €4,230 | +€24,590 | |
| Transfer from deferred taxes | 780 | €7,251 | €7,251 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€13,110 | €11,480 | +€24,590 | |
| Transfer from tax-exempt reserves | 789 | €14,080 | €14,080 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €970 | €25,561 | +€24,590 | +2534.0% |
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 6 October 2026 via checked.be.