cnm-axe: 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.
cnm-axe
Largest movements
- Receivables after one year -€112,482
down €112,482 (-100%), from €112,482 to €0
- Tangible fixed assets +€78,955
up €78,955 (+17.5%), from €451,896 to €530,851
of which Land and buildings: +€78,955
- Cash -€35,533
down €35,533 (-90.3%), from €39,358 to €3,826
mainly Contributions, distributions and other (-€225,000) and Investment in fixed assets (net) (-€97,971)
- Receivables within one year +€11,156
up €11,156 (+46.7%), from €23,869 to €35,025
of which Other amounts receivable: +€10,014
- Reserves -€135,663
down €135,663 (-53.8%), from €252,212 to €116,549
- Other debts +€60,861
up €60,861 (+2,107%), from €2,889 to €63,750
- Current portion of long-term debt +€24,077
up €24,077 (+702%), from €3,428 to €27,506
- Debts after one year -€19,128
down €19,128 (-5.7%), from €337,062 to €317,934
- Gross operating margin +€26,066
up €26,066 (+22.4%), from €116,146 to €142,213
- Financial charges +€8,037
up €8,037 (+114%), from €7,071 to €15,107
- Taxes +€3,623
up €3,623 (+17.6%), from €20,588 to €24,211
- Other operating charges -€3,252
down €3,252 (-71.5%), from €4,551 to €1,299
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 | €631,997 | €574,248 | -€57,749 | -9.1% |
| Fixed assets | 21/28 | €451,896 | €530,851 | +€78,955 | +17.5% |
| Tangible fixed assets | 22/27 | €451,896 | €530,851 | +€78,955 | +17.5% |
| Land and buildings | 22 | €451,896 | €530,851 | +€78,955 | +17.5% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €180,102 | €43,398 | -€136,704 | -75.9% |
| Amounts receivable after more than one year | 29 | €112,482 | €0 | -€112,482 | -100% |
| Other amounts receivable | 291 | €112,482 | €0 | -€112,482 | -100% |
| Amounts receivable within one year | 40/41 | €23,869 | €35,025 | +€11,156 | +46.7% |
| Trade receivables | 40 | €23,869 | €25,011 | +€1,141 | +4.8% |
| Other amounts receivable | 41 | - | €10,014 | +€10,014 | |
| Cash at bank and in hand | 54/58 | €39,358 | €3,826 | -€35,533 | -90.3% |
| Deferred charges and accrued income | 490/1 | €4,393 | €4,547 | +€154 | +3.5% |
| Total equity and liabilities | 10/49 | €631,997 | €574,248 | -€57,749 | -9.1% |
| Equity | 10/15 | €257,212 | €121,549 | -€135,663 | -52.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €252,212 | €116,549 | -€135,663 | -53.8% |
| Distributable reserves | 133 | €252,212 | €116,549 | -€135,663 | -53.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €374,785 | €452,699 | +€77,914 | +20.8% |
| Amounts payable after more than one year | 17 | €337,062 | €317,934 | -€19,128 | -5.7% |
| Financial debts | 170/4 | €337,062 | €317,934 | -€19,128 | -5.7% |
| Amounts payable within one year | 42/48 | €37,723 | €133,765 | +€96,042 | +255% |
| Current portion of amounts payable after more than one year | 42 | €3,428 | €27,506 | +€24,077 | +702% |
| Trade debts | 44 | €5,979 | €10,912 | +€4,933 | +82.5% |
| Suppliers | 440/4 | €5,979 | €10,912 | +€4,933 | +82.5% |
| Taxes, remuneration and social security | 45 | €25,427 | €31,598 | +€6,171 | +24.3% |
| Taxes | 450/3 | €25,427 | €31,598 | +€6,171 | +24.3% |
| Other amounts payable | 47/48 | €2,889 | €63,750 | +€60,861 | +2,107% |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,265 | €19,015 | -€249 | -1.3% |
| Other operating charges | 640/8 | €4,551 | €1,299 | -€3,252 | -71.5% |
| Gross operating margin | 9900 | €116,146 | €142,213 | +€26,066 | +22.4% |
| Operating profit (loss) | 9901 | €92,331 | €121,899 | +€29,568 | +32.0% |
| Financial income | 75/76B | €7,660 | €6,757 | -€903 | -11.8% |
| Recurring financial income | 75 | €7,660 | €6,757 | -€903 | -11.8% |
| Financial charges | 65/66B | €7,071 | €15,107 | +€8,037 | +114% |
| Recurring financial charges | 65 | €7,071 | €15,107 | +€8,037 | +114% |
| Profit (loss) for the period before taxes | 9903 | €92,920 | €113,548 | +€20,628 | +22.2% |
| Income taxes | 67/77 | €20,588 | €24,211 | +€3,623 | +17.6% |
| Profit (loss) for the period | 9904 | €72,332 | €89,337 | +€17,005 | +23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €72,332 | €89,337 | +€17,005 | +23.5% |
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 23 October 2026 via checked.be.