CTM Advisory: 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.
CTM Advisory
Largest movements
- Current investments -€115,000
down €115,000 (-27.1%), from €425,000 to €310,000
- Cash +€40,021
up €40,021 (+144.2%), from €27,761 to €67,782
mainly Current investments (+€115,000) and Net result for the year (+€40,508)
- Tangible fixed assets -€10,203
down €10,203 (-59.9%), from €17,035 to €6,832
- Tax, wage and social debts -€124,942
down €124,942 (-87.3%), from €143,059 to €18,117
- Reserves +€40,500
up €40,500 (+12.8%), from €316,850 to €357,350
- Gross operating margin -€410,966
down €410,966 (-87.5%), from €469,630 to €58,664
- Taxes -€127,545
down €127,545 (-88.1%), from €144,759 to €17,214
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 | €470,330 | €386,312 | -€84,018 | -17.9% |
| Fixed assets | 21/28 | €17,035 | €6,832 | -€10,203 | -59.9% |
| Tangible fixed assets | 22/27 | €17,035 | €6,832 | -€10,203 | -59.9% |
| Furniture and vehicles | 24 | €17,035 | €6,832 | -€10,203 | -59.9% |
| Current assets | 29/58 | €453,295 | €379,480 | -€73,815 | -16.3% |
| Amounts receivable within one year | 40/41 | €85 | €1,004 | +€919 | +1081.2% |
| Trade receivables | 40 | - | €1,004 | +€1,004 | |
| Other amounts receivable | 41 | €85 | - | -€85 | |
| Current investments | 50/53 | €425,000 | €310,000 | -€115,000 | -27.1% |
| Cash at bank and in hand | 54/58 | €27,761 | €67,782 | +€40,021 | +144.2% |
| Deferred charges and accrued income | 490/1 | €449 | €694 | +€245 | +54.6% |
| Total equity and liabilities | 10/49 | €470,330 | €386,312 | -€84,018 | -17.9% |
| Equity | 10/15 | €321,876 | €362,384 | +€40,508 | +12.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €316,850 | €357,350 | +€40,500 | +12.8% |
| Distributable reserves | 133 | €316,850 | €357,350 | +€40,500 | +12.8% |
| Profit (loss) carried forward | 14 | €26 | €34 | +€8 | +30.8% |
| Amounts payable | 17/49 | €148,454 | €23,928 | -€124,526 | -83.9% |
| Amounts payable within one year | 42/48 | €148,454 | €23,928 | -€124,526 | -83.9% |
| Trade debts | 44 | €3,187 | €2,536 | -€651 | -20.4% |
| Suppliers | 440/4 | €3,187 | €2,536 | -€651 | -20.4% |
| Taxes, remuneration and social security | 45 | €143,059 | €18,117 | -€124,942 | -87.3% |
| Taxes | 450/3 | €143,059 | €18,117 | -€124,942 | -87.3% |
| Other amounts payable | 47/48 | €2,208 | €3,275 | +€1,067 | +48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,604 | €10,203 | -€3,401 | -25.0% |
| Other operating charges | 640/8 | €266 | €71 | -€195 | -73.3% |
| Gross operating margin | 9900 | €469,630 | €58,664 | -€410,966 | -87.5% |
| Operating profit (loss) | 9901 | €455,760 | €48,390 | -€407,370 | -89.4% |
| Financial income | 75/76B | €5,892 | €9,934 | +€4,042 | +68.6% |
| Recurring financial income | 75 | €5,892 | €9,934 | +€4,042 | +68.6% |
| Financial charges | 65/66B | €17 | €602 | +€585 | +3441.2% |
| Recurring financial charges | 65 | €17 | €602 | +€585 | +3441.2% |
| Profit (loss) for the period before taxes | 9903 | €461,635 | €57,722 | -€403,913 | -87.5% |
| Income taxes | 67/77 | €144,759 | €17,214 | -€127,545 | -88.1% |
| Profit (loss) for the period | 9904 | €316,876 | €40,508 | -€276,368 | -87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €316,876 | €40,508 | -€276,368 | -87.2% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.