CMvP: 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.
CMvP
Largest movements
- Cash -€170,271
down €170,271 (-73.1%), from €232,860 to €62,589
mainly Contributions, distributions and other (-€200,000) and Current portion of long-term debt (-€103,545)
- Reserves -€149,165
down €149,165 (-11.9%), from €1.2m to €1.1m
of which Distributable reserves: -€149,165
- Current portion of long-term debt -€103,545
down €103,545 (-50.0%), from €207,091 to €103,545
- Other debts +€81,989
up €81,989 (+48.6%), from €168,628 to €250,616
- Financial income -€798,287
down €798,287 (-100.0%), from €798,333 to €47
- Gross operating margin -€20,150
down €20,150 (-11.2%), from €180,354 to €160,205
- Financial charges -€16,561
down €16,561 (-21.6%), from €76,817 to €60,256
- Depreciation -€5,536
down €5,536 (-53.6%), from €10,322 to €4,786
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 | €3,537,481 | €3,366,516 | -€170,965 | -4.8% |
| Fixed assets | 21/28 | €3,261,406 | €3,259,449 | -€1,957 | -0.1% |
| Tangible fixed assets | 22/27 | €11,264 | €9,308 | -€1,957 | -17.4% |
| Furniture and vehicles | 24 | €4,197 | €5,774 | +€1,577 | +37.6% |
| Other tangible fixed assets | 26 | €7,068 | €3,534 | -€3,534 | -50.0% |
| Financial fixed assets | 28 | €3,250,142 | €3,250,142 | = | 0.0% |
| Current assets | 29/58 | €276,075 | €107,067 | -€169,009 | -61.2% |
| Amounts receivable within one year | 40/41 | €39,028 | €43,233 | +€4,205 | +10.8% |
| Trade receivables | 40 | €27,228 | €24,840 | -€2,388 | -8.8% |
| Other amounts receivable | 41 | €11,800 | €18,393 | +€6,593 | +55.9% |
| Cash at bank and in hand | 54/58 | €232,860 | €62,589 | -€170,271 | -73.1% |
| Deferred charges and accrued income | 490/1 | €4,187 | €1,245 | -€2,943 | -70.3% |
| Total equity and liabilities | 10/49 | €3,537,481 | €3,366,516 | -€170,965 | -4.8% |
| Equity | 10/15 | €1,473,707 | €1,324,542 | -€149,165 | -10.1% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €1,248,707 | €1,099,542 | -€149,165 | -11.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,248,707 | €1,099,542 | -€149,165 | -11.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,063,775 | €2,041,974 | -€21,801 | -1.1% |
| Amounts payable after more than one year | 17 | €1,656,727 | €1,656,727 | = | 0.0% |
| Financial debts | 170/4 | €1,656,727 | €1,656,727 | = | 0.0% |
| Amounts payable within one year | 42/48 | €397,728 | €369,715 | -€28,013 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €207,091 | €103,545 | -€103,545 | -50.0% |
| Trade debts | 44 | €9,414 | €2,162 | -€7,252 | -77.0% |
| Suppliers | 440/4 | €9,414 | €2,162 | -€7,252 | -77.0% |
| Taxes, remuneration and social security | 45 | €12,595 | €13,391 | +€796 | +6.3% |
| Taxes | 450/3 | €9,800 | €10,428 | +€628 | +6.4% |
| Remuneration and social security | 454/9 | €2,795 | €2,963 | +€168 | +6.0% |
| Other amounts payable | 47/48 | €168,628 | €250,616 | +€81,989 | +48.6% |
| Accrued charges and deferred income | 492/3 | €9,319 | €15,532 | +€6,213 | +66.7% |
| Remuneration, social security and pensions | 62 | €21,801 | €22,165 | +€365 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,322 | €4,786 | -€5,536 | -53.6% |
| Other operating charges | 640/8 | €2,104 | €3,128 | +€1,024 | +48.7% |
| Gross operating margin | 9900 | €180,354 | €160,205 | -€20,150 | -11.2% |
| Operating profit (loss) | 9901 | €146,128 | €130,126 | -€16,003 | -11.0% |
| Financial income | 75/76B | €798,333 | €47 | -€798,287 | -100.0% |
| Recurring financial income | 75 | €798,333 | €47 | -€798,287 | -100.0% |
| Financial charges | 65/66B | €76,817 | €60,256 | -€16,561 | -21.6% |
| Recurring financial charges | 65 | €76,817 | €60,256 | -€16,561 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €867,644 | €69,916 | -€797,728 | -91.9% |
| Income taxes | 67/77 | €18,815 | €19,081 | +€266 | +1.4% |
| Profit (loss) for the period | 9904 | €848,829 | €50,835 | -€797,994 | -94.0% |
| Profit (loss) for the period to be appropriated | 9905 | €848,829 | €50,835 | -€797,994 | -94.0% |
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 26 October 2026 via checked.be.