CNL: 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.
CNL
Largest movements
- Cash +€189,777
up €189,777 (+168.2%), from €112,823 to €302,600
mainly Net result for the year (+€275,618) and Depreciation (+€39,306)
- Tangible fixed assets +€65,157
up €65,157 (+14.7%), from €441,945 to €507,102
of which Other tangible fixed assets: +€69,653
- Current investments -€37,275
down €37,275 (-6.8%), from €550,000 to €512,725
- Reserves +€160,869
up €160,869 (+20.0%), from €803,050 to €963,919
of which Distributable reserves: +€160,869
- Profit (loss) carried forward +€25,618
up €25,618 (+22.4%), from €114,281 to €139,899
- Other debts +€22,442
up €22,442 (+83.9%), from €26,756 to €49,198
- Trade debts +€17,932
up €17,932 (+55.7%), from €32,174 to €50,106
- Debts after one year -€15,695
down €15,695 (-8.7%), from €180,973 to €165,278
of which Financial debts: -€15,695
- Gross operating margin +€64,547
up €64,547 (+13.7%), from €470,321 to €534,868
- Taxes +€28,961
up €28,961 (+31.4%), from €92,350 to €121,311
- Staff costs +€17,227
up €17,227 (+30.9%), from €55,748 to €72,975
- Other operating charges +€8,740
up €8,740 (+242.8%), from €3,599 to €12,339
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 | €1,272,203 | €1,497,731 | +€225,528 | +17.7% |
| Fixed assets | 21/28 | €442,043 | €507,102 | +€65,059 | +14.7% |
| Intangible fixed assets | 21 | €98 | - | -€98 | |
| Tangible fixed assets | 22/27 | €441,945 | €507,102 | +€65,157 | +14.7% |
| Land and buildings | 22 | €282,260 | €274,921 | -€7,339 | -2.6% |
| Furniture and vehicles | 24 | €48,311 | €51,154 | +€2,843 | +5.9% |
| Other tangible fixed assets | 26 | €111,374 | €181,027 | +€69,653 | +62.5% |
| Current assets | 29/58 | €830,160 | €990,629 | +€160,469 | +19.3% |
| Amounts receivable within one year | 40/41 | €150,919 | €164,729 | +€13,810 | +9.2% |
| Trade receivables | 40 | €109,931 | €138,161 | +€28,230 | +25.7% |
| Other amounts receivable | 41 | €40,988 | €26,568 | -€14,420 | -35.2% |
| Current investments | 50/53 | €550,000 | €512,725 | -€37,275 | -6.8% |
| Cash at bank and in hand | 54/58 | €112,823 | €302,600 | +€189,777 | +168.2% |
| Deferred charges and accrued income | 490/1 | €16,418 | €10,575 | -€5,843 | -35.6% |
| Total equity and liabilities | 10/49 | €1,272,203 | €1,497,731 | +€225,528 | +17.7% |
| Equity | 10/15 | €935,931 | €1,122,418 | +€186,487 | +19.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €803,050 | €963,919 | +€160,869 | +20.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €294,700 | €294,700 | = | 0.0% |
| Distributable reserves | 133 | €506,490 | €667,359 | +€160,869 | +31.8% |
| Profit (loss) carried forward | 14 | €114,281 | €139,899 | +€25,618 | +22.4% |
| Amounts payable | 17/49 | €336,272 | €375,313 | +€39,041 | +11.6% |
| Amounts payable after more than one year | 17 | €180,973 | €165,278 | -€15,695 | -8.7% |
| Financial debts | 170/4 | €135,973 | €120,278 | -€15,695 | -11.5% |
| Other amounts payable | 178/9 | €45,000 | €45,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €139,633 | €189,159 | +€49,526 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | €30,487 | €30,696 | +€209 | +0.7% |
| Trade debts | 44 | €32,174 | €50,106 | +€17,932 | +55.7% |
| Suppliers | 440/4 | €32,174 | €50,106 | +€17,932 | +55.7% |
| Taxes, remuneration and social security | 45 | €50,216 | €59,159 | +€8,943 | +17.8% |
| Taxes | 450/3 | €43,635 | €55,217 | +€11,582 | +26.5% |
| Remuneration and social security | 454/9 | €6,581 | €3,942 | -€2,639 | -40.1% |
| Other amounts payable | 47/48 | €26,756 | €49,198 | +€22,442 | +83.9% |
| Accrued charges and deferred income | 492/3 | €15,666 | €20,876 | +€5,210 | +33.3% |
| Remuneration, social security and pensions | 62 | €55,748 | €72,975 | +€17,227 | +30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,784 | €39,306 | +€4,522 | +13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,655 | €280 | -€2,375 | -89.5% |
| Other operating charges | 640/8 | €3,599 | €12,339 | +€8,740 | +242.8% |
| Non-recurring operating charges | 66A | - | €3,614 | +€3,614 | |
| Gross operating margin | 9900 | €470,321 | €534,868 | +€64,547 | +13.7% |
| Operating profit (loss) | 9901 | €373,535 | €406,354 | +€32,819 | +8.8% |
| Financial income | 75/76B | €10,212 | €5,859 | -€4,353 | -42.6% |
| Recurring financial income | 75 | €10,212 | €5,859 | -€4,353 | -42.6% |
| Financial charges | 65/66B | €10,332 | €15,284 | +€4,952 | +47.9% |
| Recurring financial charges | 65 | €10,332 | €11,422 | +€1,090 | +10.5% |
| Non-recurring financial charges | 66B | - | €3,862 | +€3,862 | |
| Profit (loss) for the period before taxes | 9903 | €373,415 | €396,929 | +€23,514 | +6.3% |
| Income taxes | 67/77 | €92,350 | €121,311 | +€28,961 | +31.4% |
| Profit (loss) for the period | 9904 | €281,065 | €275,618 | -€5,447 | -1.9% |
| Transfer to tax-exempt reserves | 689 | €210,500 | - | -€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,565 | €275,618 | +€205,053 | +290.6% |
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 12 October 2026 via checked.be.