CTMS: 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.
CTMS
Largest movements
- Receivables within one year -€95,846
down €95,846 (-89.1%), from €107,565 to €11,719
of which Trade receivables: -€60,191
- Cash +€17,634
up €17,634 (+405%), from €4,356 to €21,990
mainly Receivables within one year (+€95,846) and Stocks and contracts (+€16,069)
- Stocks and contracts -€16,069
down €16,069 (-86.5%), from €18,584 to €2,516
- Tangible fixed assets -€3,590
down €3,590 (-10.0%), from €35,900 to €32,310
of which Furniture and vehicles: -€3,736
- Financial fixed assets +€3,050
up €3,050 (+1,626%), from €188 to €3,238
- Trade debts -€48,981
down €48,981 (-74.9%), from €65,429 to €16,448
- Tax, wage and social debts -€34,795
down €34,795 (-56.7%), from €61,393 to €26,598
of which Taxes: -€33,975
- Contributions +€6,200
up €6,200 (+50.0%), from €12,400 to €18,600
- Other debts -€5,063
down €5,063 (-92.0%), from €5,502 to €439
- Debts after one year -€4,647
down €4,647 (-25.7%), from €18,101 to €13,454
- Gross operating margin +€114,399
up €114,399 (+223%), from €51,253 to €165,652
- Staff costs +€60,520
up €60,520 (+91.7%), from €66,015 to €126,535
- Write-downs +€31,892
new in 2025: €31,892
- Financial charges +€9,567
up €9,567 (+874%), from €1,094 to €10,662
- Depreciation -€7,963
down €7,963 (-53.2%), from €14,956 to €6,993
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 | €167,646 | €74,665 | -€92,981 | -55.5% |
| Fixed assets | 21/28 | €36,088 | €35,548 | -€540 | -1.5% |
| Tangible fixed assets | 22/27 | €35,900 | €32,310 | -€3,590 | -10.0% |
| Plant, machinery and equipment | 23 | €713 | €986 | +€273 | +38.3% |
| Furniture and vehicles | 24 | €12,088 | €8,352 | -€3,736 | -30.9% |
| Other tangible fixed assets | 26 | €23,099 | €22,972 | -€127 | -0.5% |
| Financial fixed assets | 28 | €188 | €3,238 | +€3,050 | +1,626% |
| Current assets | 29/58 | €131,558 | €39,117 | -€92,441 | -70.3% |
| Stocks and contracts in progress | 3 | €18,584 | €2,516 | -€16,069 | -86.5% |
| Stocks | 30/36 | €18,584 | €2,516 | -€16,069 | -86.5% |
| Amounts receivable within one year | 40/41 | €107,565 | €11,719 | -€95,846 | -89.1% |
| Trade receivables | 40 | €64,488 | €4,297 | -€60,191 | -93.3% |
| Other amounts receivable | 41 | €43,077 | €7,422 | -€35,655 | -82.8% |
| Cash at bank and in hand | 54/58 | €4,356 | €21,990 | +€17,634 | +405% |
| Deferred charges and accrued income | 490/1 | €1,052 | €2,893 | +€1,840 | +175% |
| Total equity and liabilities | 10/49 | €167,646 | €74,665 | -€92,981 | -55.5% |
| Equity | 10/15 | €11,341 | €13,079 | +€1,738 | +15.3% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€1,059 | -€5,521 | -€4,462 | -421% |
| Amounts payable | 17/49 | €156,305 | €61,586 | -€94,719 | -60.6% |
| Amounts payable after more than one year | 17 | €18,101 | €13,454 | -€4,647 | -25.7% |
| Financial debts | 170/4 | €18,101 | €13,454 | -€4,647 | -25.7% |
| Amounts payable within one year | 42/48 | €138,204 | €48,132 | -€90,072 | -65.2% |
| Current portion of amounts payable after more than one year | 42 | €4,472 | €4,647 | +€176 | +3.9% |
| Financial debts | 43 | €1,409 | €0 | -€1,409 | -100% |
| Credit institutions | 430/8 | €1,409 | €0 | -€1,409 | -100% |
| Trade debts | 44 | €65,429 | €16,448 | -€48,981 | -74.9% |
| Suppliers | 440/4 | €65,429 | €16,448 | -€48,981 | -74.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €61,393 | €26,598 | -€34,795 | -56.7% |
| Taxes | 450/3 | €38,994 | €5,019 | -€33,975 | -87.1% |
| Remuneration and social security | 454/9 | €22,399 | €21,580 | -€820 | -3.7% |
| Other amounts payable | 47/48 | €5,502 | €439 | -€5,063 | -92.0% |
| Non-recurring operating income | 76A | €69,391 | €0 | -€69,391 | -100% |
| Remuneration, social security and pensions | 62 | €66,015 | €126,535 | +€60,520 | +91.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,956 | €6,993 | -€7,963 | -53.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €31,892 | +€31,892 | |
| Other operating charges | 640/8 | €568 | €1,265 | +€697 | +123% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €51,253 | €165,652 | +€114,399 | +223% |
| Operating profit (loss) | 9901 | -€30,287 | -€1,034 | +€29,253 | +96.6% |
| Financial income | 75/76B | €2,350 | €7,446 | +€5,096 | +217% |
| Recurring financial income | 75 | €2,350 | €7,446 | +€5,096 | +217% |
| Financial charges | 65/66B | €1,094 | €10,662 | +€9,567 | +874% |
| Recurring financial charges | 65 | €1,094 | €10,662 | +€9,567 | +874% |
| Profit (loss) for the period before taxes | 9903 | -€29,031 | -€4,249 | +€24,781 | +85.4% |
| Income taxes | 67/77 | €212 | €212 | +€0 | +0.1% |
| Profit (loss) for the period | 9904 | -€29,243 | -€4,462 | +€24,781 | +84.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,243 | -€4,462 | +€24,781 | +84.7% |
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 25 October 2026 via checked.be.