CMW: 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.
CMW
Largest movements
- Receivables within one year +€26,372
up €26,372 (+36.7%), from €71,808 to €98,180
of which Trade receivables: +€24,512
- Tangible fixed assets -€15,338
down €15,338 (-5.3%), from €288,986 to €273,648
of which Land and buildings: -€12,206
- Debts after one year -€14,576
down €14,576 (-5.0%), from €291,682 to €277,106
of which Financial debts: -€14,576
- Short-term financial debts +€13,908
new in 2025: €13,908
- Profit (loss) carried forward +€5,856
up €5,856 (+28.0%), from -€20,920 to -€15,064
- Advances received +€4,620
up €4,620 (+7.2%), from €64,000 to €68,620
- Staff costs -€21,024
down €21,024 (-37.0%), from €56,765 to €35,741
- Gross operating margin -€18,346
down €18,346 (-20.1%), from €91,224 to €72,878
- Depreciation -€2,910
down €2,910 (-15.9%), from €18,248 to €15,338
- Taxes +€1,002
up €1,002 (+122%), from €824 to €1,825
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 | €396,254 | €400,009 | +€3,755 | +0.9% |
| Fixed assets | 21/28 | €291,536 | €276,198 | -€15,338 | -5.3% |
| Tangible fixed assets | 22/27 | €288,986 | €273,648 | -€15,338 | -5.3% |
| Land and buildings | 22 | €279,271 | €267,066 | -€12,206 | -4.4% |
| Plant, machinery and equipment | 23 | €2,914 | €2,707 | -€206 | -7.1% |
| Furniture and vehicles | 24 | €1,021 | €0 | -€1,021 | -100% |
| Other tangible fixed assets | 26 | €5,780 | €3,875 | -€1,905 | -33.0% |
| Financial fixed assets | 28 | €2,550 | €2,550 | = | 0.0% |
| Current assets | 29/58 | €104,718 | €123,811 | +€19,093 | +18.2% |
| Stocks and contracts in progress | 3 | €15,976 | €13,825 | -€2,151 | -13.5% |
| Stocks | 30/36 | €15,976 | €13,825 | -€2,151 | -13.5% |
| Amounts receivable within one year | 40/41 | €71,808 | €98,180 | +€26,372 | +36.7% |
| Trade receivables | 40 | €71,708 | €96,220 | +€24,512 | +34.2% |
| Other amounts receivable | 41 | €100 | €1,961 | +€1,861 | +1,861% |
| Current investments | 50/53 | €10,076 | €10,076 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,207 | €0 | -€1,207 | -100% |
| Deferred charges and accrued income | 490/1 | €5,652 | €1,730 | -€3,922 | -69.4% |
| Total equity and liabilities | 10/49 | €396,254 | €400,009 | +€3,755 | +0.9% |
| Equity | 10/15 | -€1,378 | €4,478 | +€5,856 | |
| Contributions | 10/11 | €248 | €248 | = | 0.0% |
| Reserves | 13 | €19,294 | €19,294 | = | 0.0% |
| Distributable reserves | 133 | €19,294 | €19,294 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,920 | -€15,064 | +€5,856 | +28.0% |
| Amounts payable | 17/49 | €397,632 | €395,531 | -€2,101 | -0.5% |
| Amounts payable after more than one year | 17 | €291,682 | €277,106 | -€14,576 | -5.0% |
| Financial debts | 170/4 | €241,682 | €227,106 | -€14,576 | -6.0% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €105,950 | €118,425 | +€12,475 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €13,905 | €14,576 | +€671 | +4.8% |
| Financial debts | 43 | - | €13,908 | +€13,908 | |
| Credit institutions | 430/8 | - | €13,908 | +€13,908 | |
| Trade debts | 44 | €13,981 | €11,764 | -€2,217 | -15.9% |
| Suppliers | 440/4 | €13,981 | €11,764 | -€2,217 | -15.9% |
| Advances received on contracts in progress | 46 | €64,000 | €68,620 | +€4,620 | +7.2% |
| Taxes, remuneration and social security | 45 | €10,669 | €7,114 | -€3,555 | -33.3% |
| Taxes | 450/3 | €5,053 | €3,464 | -€1,589 | -31.4% |
| Remuneration and social security | 454/9 | €5,616 | €3,649 | -€1,966 | -35.0% |
| Other amounts payable | 47/48 | €3,396 | €2,444 | -€952 | -28.0% |
| Remuneration, social security and pensions | 62 | €56,765 | €35,741 | -€21,024 | -37.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,248 | €15,338 | -€2,910 | -15.9% |
| Other operating charges | 640/8 | €2,512 | €2,677 | +€165 | +6.6% |
| Gross operating margin | 9900 | €91,224 | €72,878 | -€18,346 | -20.1% |
| Operating profit (loss) | 9901 | €13,699 | €19,122 | +€5,423 | +39.6% |
| Financial income | 75/76B | €857 | €45 | -€812 | -94.7% |
| Recurring financial income | 75 | €857 | €45 | -€812 | -94.7% |
| Financial charges | 65/66B | €12,212 | €11,485 | -€727 | -6.0% |
| Recurring financial charges | 65 | €12,212 | €11,485 | -€727 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €2,343 | €7,682 | +€5,338 | +228% |
| Income taxes | 67/77 | €824 | €1,825 | +€1,002 | +122% |
| Profit (loss) for the period | 9904 | €1,520 | €5,856 | +€4,337 | +285% |
| Profit (loss) for the period to be appropriated | 9905 | €1,520 | €5,856 | +€4,337 | +285% |
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 21 October 2026 via checked.be.