CMVM: 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.
CMVM
Largest movements
- Cash -€30,894
down €30,894 (-24.6%), from €125,748 to €94,854
mainly Other debts (-€37,265) and Contributions, distributions and other (-€20,000)
- Receivables within one year -€9,113
down €9,113 (-44.8%), from €20,328 to €11,215
of which Trade receivables: -€20,328
- Other debts -€37,265
down €37,265 (-55.7%), from €66,956 to €29,691
- Profit (loss) carried forward -€16,174
down €16,174 (-75.2%), from €21,514 to €5,340
- Reserves +€15,000
up €15,000 (+30.0%), from €50,000 to €65,000
- Tax, wage and social debts -€2,683
down €2,683 (-36.9%), from €7,266 to €4,583
- Gross operating margin -€59,595
down €59,595 (-64.2%), from €92,877 to €33,282
- Taxes -€12,512
down €12,512 (-57.3%), from €21,833 to €9,321
- Depreciation -€2,435
down €2,435 (-69.5%), from €3,501 to €1,066
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 | €153,161 | €111,842 | -€41,319 | -27.0% |
| Fixed assets | 21/28 | €1,898 | €832 | -€1,066 | -56.2% |
| Tangible fixed assets | 22/27 | €1,898 | €832 | -€1,066 | -56.2% |
| Furniture and vehicles | 24 | €1,898 | €832 | -€1,066 | -56.2% |
| Current assets | 29/58 | €151,263 | €111,011 | -€40,253 | -26.6% |
| Amounts receivable within one year | 40/41 | €20,328 | €11,215 | -€9,113 | -44.8% |
| Trade receivables | 40 | €20,328 | - | -€20,328 | |
| Other amounts receivable | 41 | - | €11,215 | +€11,215 | |
| Cash at bank and in hand | 54/58 | €125,748 | €94,854 | -€30,894 | -24.6% |
| Deferred charges and accrued income | 490/1 | €5,187 | €4,941 | -€246 | -4.7% |
| Total equity and liabilities | 10/49 | €153,161 | €111,842 | -€41,319 | -27.0% |
| Equity | 10/15 | €75,514 | €74,340 | -€1,174 | -1.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €50,000 | €65,000 | +€15,000 | +30.0% |
| Distributable reserves | 133 | €50,000 | €65,000 | +€15,000 | +30.0% |
| Profit (loss) carried forward | 14 | €21,514 | €5,340 | -€16,174 | -75.2% |
| Amounts payable | 17/49 | €77,647 | €37,502 | -€40,145 | -51.7% |
| Amounts payable within one year | 42/48 | €76,723 | €37,502 | -€39,221 | -51.1% |
| Financial debts | 43 | €60 | €637 | +€577 | +961.9% |
| Credit institutions | 430/8 | €60 | €637 | +€577 | +961.9% |
| Trade debts | 44 | €2,442 | €2,592 | +€150 | +6.1% |
| Suppliers | 440/4 | €2,442 | €2,592 | +€150 | +6.1% |
| Taxes, remuneration and social security | 45 | €7,266 | €4,583 | -€2,683 | -36.9% |
| Taxes | 450/3 | €7,266 | €4,583 | -€2,683 | -36.9% |
| Other amounts payable | 47/48 | €66,956 | €29,691 | -€37,265 | -55.7% |
| Accrued charges and deferred income | 492/3 | €924 | - | -€924 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,501 | €1,066 | -€2,435 | -69.5% |
| Other operating charges | 640/8 | €1,630 | €971 | -€659 | -40.4% |
| Gross operating margin | 9900 | €92,877 | €33,282 | -€59,595 | -64.2% |
| Operating profit (loss) | 9901 | €87,746 | €31,244 | -€56,502 | -64.4% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €2,892 | €3,097 | +€205 | +7.1% |
| Recurring financial charges | 65 | €2,892 | €3,097 | +€205 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €84,858 | €28,147 | -€56,711 | -66.8% |
| Income taxes | 67/77 | €21,833 | €9,321 | -€12,512 | -57.3% |
| Profit (loss) for the period | 9904 | €63,025 | €18,826 | -€44,199 | -70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €63,025 | €18,826 | -€44,199 | -70.1% |
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 9 October 2026 via checked.be.