CTD: 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.
CTD
Largest movements
- Tangible fixed assets +€830,316
up €830,316 (+136.3%), from €609,324 to €1.4m
of which Plant, machinery and equipment: +€615,571
- Cash +€493,519
up €493,519 (+37.4%), from €1.3m to €1.8m
mainly Net result for the year (+€1.1m) and Debts after one year (+€695,247)
- Receivables within one year +€172,347
up €172,347 (+12.6%), from €1.4m to €1.5m
of which Trade receivables: +€148,169
- Debts after one year +€695,247
up €695,247 (+222.1%), from €313,059 to €1.0m
- Reserves +€539,579
up €539,579 (+35.1%), from €1.5m to €2.1m
of which Distributable reserves: +€539,579
- Other debts +€250,000
up €250,000 (+71.4%), from €350,000 to €600,000
- Current portion of long-term debt +€108,117
up €108,117 (+81.3%), from €132,956 to €241,073
- Accrued charges and deferred income -€75,809
down €75,809 (-61.4%), from €123,447 to €47,638
- Gross operating margin +€691,640
up €691,640 (+32.3%), from €2.1m to €2.8m
- Depreciation +€143,547
up €143,547 (+75.2%), from €190,941 to €334,488
- Staff costs +€53,800
up €53,800 (+5.0%), from €1.1m to €1.1m
- Taxes +€37,990
up €37,990 (+29.4%), from €129,169 to €167,159
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 | €3,578,322 | €5,080,471 | +€1.5m | +42.0% |
| Fixed assets | 21/28 | €631,274 | €1,444,542 | +€813,268 | +128.8% |
| Tangible fixed assets | 22/27 | €609,324 | €1,439,640 | +€830,316 | +136.3% |
| Plant, machinery and equipment | 23 | €422,911 | €1,038,482 | +€615,571 | +145.6% |
| Furniture and vehicles | 24 | €172,000 | €133,870 | -€38,131 | -22.2% |
| Leasing and similar rights | 25 | €8,400 | €261,926 | +€253,526 | +3018.2% |
| Other tangible fixed assets | 26 | €6,013 | €5,363 | -€650 | -10.8% |
| Financial fixed assets | 28 | €21,950 | €4,902 | -€17,048 | -77.7% |
| Current assets | 29/58 | €2,947,048 | €3,635,928 | +€688,881 | +23.4% |
| Stocks and contracts in progress | 3 | €225,166 | €238,698 | +€13,532 | +6.0% |
| Stocks | 30/36 | €225,166 | €238,698 | +€13,532 | +6.0% |
| Amounts receivable within one year | 40/41 | €1,368,363 | €1,540,710 | +€172,347 | +12.6% |
| Trade receivables | 40 | €1,359,701 | €1,507,869 | +€148,169 | +10.9% |
| Other amounts receivable | 41 | €8,663 | €32,841 | +€24,178 | +279.1% |
| Cash at bank and in hand | 54/58 | €1,320,996 | €1,814,515 | +€493,519 | +37.4% |
| Deferred charges and accrued income | 490/1 | €32,523 | €42,005 | +€9,483 | +29.2% |
| Total equity and liabilities | 10/49 | €3,578,322 | €5,080,471 | +€1.5m | +42.0% |
| Equity | 10/15 | €1,635,113 | €2,174,693 | +€539,579 | +33.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,535,113 | €2,074,693 | +€539,579 | +35.1% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €1,485,113 | €2,024,693 | +€539,579 | +36.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,943,209 | €2,905,778 | +€962,569 | +49.5% |
| Amounts payable after more than one year | 17 | €313,059 | €1,008,306 | +€695,247 | +222.1% |
| Financial debts | 170/4 | €313,059 | €1,008,306 | +€695,247 | +222.1% |
| Amounts payable within one year | 42/48 | €1,506,703 | €1,849,834 | +€343,131 | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €132,956 | €241,073 | +€108,117 | +81.3% |
| Trade debts | 44 | €917,846 | €901,292 | -€16,554 | -1.8% |
| Suppliers | 440/4 | €917,846 | €901,292 | -€16,554 | -1.8% |
| Taxes, remuneration and social security | 45 | €105,900 | €107,469 | +€1,569 | +1.5% |
| Taxes | 450/3 | €4,162 | €946 | -€3,216 | -77.3% |
| Remuneration and social security | 454/9 | €101,739 | €106,523 | +€4,784 | +4.7% |
| Other amounts payable | 47/48 | €350,000 | €600,000 | +€250,000 | +71.4% |
| Accrued charges and deferred income | 492/3 | €123,447 | €47,638 | -€75,809 | -61.4% |
| Non-recurring operating income | 76A | €2,872 | €1,500 | -€1,372 | -47.8% |
| Remuneration, social security and pensions | 62 | €1,070,387 | €1,124,187 | +€53,800 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €190,941 | €334,488 | +€143,547 | +75.2% |
| Other operating charges | 640/8 | €20,913 | €21,625 | +€712 | +3.4% |
| Gross operating margin | 9900 | €2,138,722 | €2,830,362 | +€691,640 | +32.3% |
| Operating profit (loss) | 9901 | €856,481 | €1,350,062 | +€493,581 | +57.6% |
| Financial income | 75/76B | €786 | €2,694 | +€1,908 | +242.6% |
| Recurring financial income | 75 | €786 | €2,694 | +€1,908 | +242.6% |
| Financial charges | 65/66B | €22,819 | €46,018 | +€23,199 | +101.7% |
| Recurring financial charges | 65 | €22,819 | €46,018 | +€23,199 | +101.7% |
| Profit (loss) for the period before taxes | 9903 | €834,448 | €1,306,738 | +€472,290 | +56.6% |
| Income taxes | 67/77 | €129,169 | €167,159 | +€37,990 | +29.4% |
| Profit (loss) for the period | 9904 | €705,279 | €1,139,579 | +€434,300 | +61.6% |
| Profit (loss) for the period to be appropriated | 9905 | €705,279 | €1,139,579 | +€434,300 | +61.6% |
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 29 September 2026 via checked.be.