CN MANAGEMENT: 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.
CN MANAGEMENT
Largest movements
- Receivables after one year -€411,986
no longer reported in 2025 (was €411,986)
- Cash -€131,281
down €131,281 (-25.8%), from €509,117 to €377,836
mainly Contributions, distributions and other (-€484,706) and Tax, wage and social debts (-€121,692)
- Receivables within one year +€12,506
up €12,506 (+116.8%), from €10,708 to €23,215
of which Trade receivables: +€8,196
- Profit (loss) carried forward -€403,911
down €403,911 (-55.6%), from €726,601 to €322,690
- Tax, wage and social debts -€121,692
down €121,692 (-52.2%), from €232,947 to €111,255
of which Taxes: -€120,833
- Gross operating margin -€309,064
down €309,064 (-76.5%), from €403,804 to €94,740
- Taxes -€72,879
down €72,879 (-77.4%), from €94,131 to €21,252
- Depreciation -€5,117
down €5,117 (-53.5%), from €9,565 to €4,448
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 | €976,456 | €450,307 | -€526,149 | -53.9% |
| Fixed assets | 21/28 | €44,372 | €48,228 | +€3,857 | +8.7% |
| Tangible fixed assets | 22/27 | €44,372 | €48,228 | +€3,857 | +8.7% |
| Furniture and vehicles | 24 | €10,190 | €15,768 | +€5,578 | +54.7% |
| Other tangible fixed assets | 26 | €34,182 | €32,460 | -€1,721 | -5.0% |
| Current assets | 29/58 | €932,084 | €402,078 | -€530,006 | -56.9% |
| Amounts receivable after more than one year | 29 | €411,986 | - | -€411,986 | |
| Other amounts receivable | 291 | €411,986 | - | -€411,986 | |
| Amounts receivable within one year | 40/41 | €10,708 | €23,215 | +€12,506 | +116.8% |
| Trade receivables | 40 | €10,708 | €18,905 | +€8,196 | +76.5% |
| Other amounts receivable | 41 | - | €4,310 | +€4,310 | |
| Cash at bank and in hand | 54/58 | €509,117 | €377,836 | -€131,281 | -25.8% |
| Deferred charges and accrued income | 490/1 | €274 | €1,028 | +€754 | +275.6% |
| Total equity and liabilities | 10/49 | €976,456 | €450,307 | -€526,149 | -53.9% |
| Equity | 10/15 | €729,601 | €325,690 | -€403,911 | -55.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €726,601 | €322,690 | -€403,911 | -55.6% |
| Amounts payable | 17/49 | €246,855 | €124,617 | -€122,239 | -49.5% |
| Amounts payable within one year | 42/48 | €246,855 | €124,617 | -€122,239 | -49.5% |
| Trade debts | 44 | - | €2,565 | +€2,565 | |
| Suppliers | 440/4 | - | €2,565 | +€2,565 | |
| Taxes, remuneration and social security | 45 | €232,947 | €111,255 | -€121,692 | -52.2% |
| Taxes | 450/3 | €232,088 | €111,255 | -€120,833 | -52.1% |
| Remuneration and social security | 454/9 | €859 | - | -€859 | |
| Other amounts payable | 47/48 | €13,909 | €10,797 | -€3,112 | -22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,565 | €4,448 | -€5,117 | -53.5% |
| Other operating charges | 640/8 | €138 | €177 | +€39 | +28.4% |
| Gross operating margin | 9900 | €403,804 | €94,740 | -€309,064 | -76.5% |
| Operating profit (loss) | 9901 | €394,101 | €90,114 | -€303,987 | -77.1% |
| Financial income | 75/76B | €10,490 | €12,223 | +€1,733 | +16.5% |
| Recurring financial income | 75 | €10,490 | €12,223 | +€1,733 | +16.5% |
| Financial charges | 65/66B | €187 | €291 | +€103 | +55.2% |
| Recurring financial charges | 65 | €187 | €291 | +€103 | +55.2% |
| Profit (loss) for the period before taxes | 9903 | €404,404 | €102,047 | -€302,357 | -74.8% |
| Income taxes | 67/77 | €94,131 | €21,252 | -€72,879 | -77.4% |
| Profit (loss) for the period | 9904 | €310,273 | €80,795 | -€229,478 | -74.0% |
| Profit (loss) for the period to be appropriated | 9905 | €310,273 | €80,795 | -€229,478 | -74.0% |
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 3 October 2026 via checked.be.