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 within one year -€133,688
down €133,688 (-38.1%), from €351,223 to €217,535
of which Trade receivables: -€69,892
- Tangible fixed assets -€63,631
down €63,631 (-100.0%), from €63,631 to €0
- Deferred charges and accrued income +€8,876
up €8,876 (+187.0%), from €4,746 to €13,622
- Cash -€5,237
down €5,237 (-72.2%), from €7,248 to €2,011
mainly Contributions, distributions and other (-€212,993) and Debts after one year (-€30,443)
- Profit (loss) carried forward -€237,405
down €237,405, from €212,993 to -€24,412
- Other debts +€71,635
up €71,635 (+99.3%), from €72,163 to €143,798
- Short-term financial debts +€32,845
new in 2025: €32,845
- Debts after one year -€30,443
down €30,443 (-100.0%), from €30,443 to €0
- Tax, wage and social debts -€10,247
down €10,247 (-25.9%), from €39,539 to €29,292
- Financial charges +€64,638
up €64,638 (+92.1%), from €70,185 to €134,824
of which Financial charges: +€64,638
- Depreciation -€21,686
down €21,686 (-100.0%), from €21,686 to €0
- Taxes -€11,270
down €11,270 (-94.9%), from €11,870 to €600
- Other operating charges +€6,960
up €6,960 (+1101.9%), from €632 to €7,591
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 | €426,848 | €233,169 | -€193,680 | -45.4% |
| Fixed assets | 21/28 | €63,631 | €0 | -€63,631 | -100.0% |
| Tangible fixed assets | 22/27 | €63,631 | €0 | -€63,631 | -100.0% |
| Furniture and vehicles | 24 | €63,631 | €0 | -€63,631 | -100.0% |
| Current assets | 29/58 | €363,217 | €233,169 | -€130,049 | -35.8% |
| Amounts receivable within one year | 40/41 | €351,223 | €217,535 | -€133,688 | -38.1% |
| Trade receivables | 40 | €77,195 | €7,303 | -€69,892 | -90.5% |
| Other amounts receivable | 41 | €274,028 | €210,232 | -€63,796 | -23.3% |
| Cash at bank and in hand | 54/58 | €7,248 | €2,011 | -€5,237 | -72.2% |
| Deferred charges and accrued income | 490/1 | €4,746 | €13,622 | +€8,876 | +187.0% |
| Total equity and liabilities | 10/49 | €426,848 | €233,169 | -€193,680 | -45.4% |
| Equity | 10/15 | €215,993 | -€21,412 | -€237,405 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €212,993 | -€24,412 | -€237,405 | |
| Amounts payable | 17/49 | €210,855 | €254,581 | +€43,726 | +20.7% |
| Amounts payable after more than one year | 17 | €30,443 | €0 | -€30,443 | -100.0% |
| Financial debts | 170/4 | €30,443 | €0 | -€30,443 | -100.0% |
| Amounts payable within one year | 42/48 | €170,578 | €254,581 | +€84,003 | +49.2% |
| Current portion of amounts payable after more than one year | 42 | €31,762 | €30,443 | -€1,319 | -4.2% |
| Financial debts | 43 | - | €32,845 | +€32,845 | |
| Credit institutions | 430/8 | - | €32,845 | +€32,845 | |
| Trade debts | 44 | €27,115 | €18,204 | -€8,910 | -32.9% |
| Suppliers | 440/4 | €27,115 | €18,204 | -€8,910 | -32.9% |
| Taxes, remuneration and social security | 45 | €39,539 | €29,292 | -€10,247 | -25.9% |
| Taxes | 450/3 | €39,539 | €29,292 | -€10,247 | -25.9% |
| Other amounts payable | 47/48 | €72,163 | €143,798 | +€71,635 | +99.3% |
| Accrued charges and deferred income | 492/3 | €9,834 | €0 | -€9,834 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,686 | €0 | -€21,686 | -100.0% |
| Other operating charges | 640/8 | €632 | €7,591 | +€6,960 | +1101.9% |
| Non-recurring operating charges | 66A | - | €29,332 | +€29,332 | |
| Gross operating margin | 9900 | €147,943 | €147,635 | -€308 | -0.2% |
| Operating profit (loss) | 9901 | €125,626 | €110,711 | -€14,915 | -11.9% |
| Financial income | 75/76B | €848 | €300 | -€548 | -64.6% |
| Recurring financial income | 75 | €848 | €300 | -€548 | -64.6% |
| Financial charges | 65/66B | €70,185 | €134,824 | +€64,638 | +92.1% |
| Recurring financial charges | 65 | €70,185 | €134,824 | +€64,638 | +92.1% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €56,288 | -€23,812 | -€80,100 | |
| Income taxes | 67/77 | €11,870 | €600 | -€11,270 | -94.9% |
| Profit (loss) for the period | 9904 | €44,419 | -€24,412 | -€68,831 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,419 | -€24,412 | -€68,831 |
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.