ENGELS-CMF: 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.
ENGELS-CMF
Largest movements
- Cash -€120,743
down €120,743 (-45.7%), from €264,392 to €143,649
mainly Contributions, distributions and other (-€220,000) and Trade debts (-€29,165)
- Tangible fixed assets -€8,810
down €8,810 (-47.4%), from €18,576 to €9,766
- Deferred charges and accrued income +€6,815
up €6,815 (+415.4%), from €1,641 to €8,456
- Profit (loss) carried forward -€161,918
down €161,918 (-69.9%), from €231,779 to €69,861
- Provisions +€78,077
up €78,077 (+134.6%), from €58,000 to €136,077
- Trade debts -€29,165
down €29,165 (-97.3%), from €29,962 to €797
- Tax, wage and social debts -€5,654
no longer reported in 2025 (was €5,654)
- Gross operating margin -€41,271
down €41,271 (-18.2%), from €227,122 to €185,851
- Provisions +€20,077
up €20,077 (+34.6%), from €58,000 to €78,077
- Taxes -€10,753
down €10,753 (-20.8%), from €51,654 to €40,901
- Financial income -€2,291
down €2,291 (-53.6%), from €4,274 to €1,983
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 | €396,277 | €274,197 | -€122,081 | -30.8% |
| Fixed assets | 21/28 | €18,576 | €9,766 | -€8,810 | -47.4% |
| Tangible fixed assets | 22/27 | €18,576 | €9,766 | -€8,810 | -47.4% |
| Furniture and vehicles | 24 | €18,576 | €9,766 | -€8,810 | -47.4% |
| Current assets | 29/58 | €377,702 | €264,431 | -€113,271 | -30.0% |
| Amounts receivable within one year | 40/41 | €111,669 | €112,326 | +€657 | +0.6% |
| Trade receivables | 40 | €41,618 | €39,468 | -€2,150 | -5.2% |
| Other amounts receivable | 41 | €70,051 | €72,858 | +€2,807 | +4.0% |
| Cash at bank and in hand | 54/58 | €264,392 | €143,649 | -€120,743 | -45.7% |
| Deferred charges and accrued income | 490/1 | €1,641 | €8,456 | +€6,815 | +415.4% |
| Total equity and liabilities | 10/49 | €396,277 | €274,197 | -€122,081 | -30.8% |
| Equity | 10/15 | €298,929 | €137,011 | -€161,918 | -54.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €63,150 | €63,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €231,779 | €69,861 | -€161,918 | -69.9% |
| Provisions and deferred taxes | 16 | €58,000 | €136,077 | +€78,077 | +134.6% |
| Provisions for liabilities and charges | 160/5 | €58,000 | €136,077 | +€78,077 | +134.6% |
| Other liabilities and charges | 164/5 | €58,000 | €136,077 | +€78,077 | +134.6% |
| Amounts payable | 17/49 | €39,349 | €1,109 | -€38,239 | -97.2% |
| Amounts payable within one year | 42/48 | €39,349 | €797 | -€38,552 | -98.0% |
| Current portion of amounts payable after more than one year | 42 | €3,733 | - | -€3,733 | |
| Trade debts | 44 | €29,962 | €797 | -€29,165 | -97.3% |
| Suppliers | 440/4 | €29,962 | €797 | -€29,165 | -97.3% |
| Taxes, remuneration and social security | 45 | €5,654 | - | -€5,654 | |
| Taxes | 450/3 | €5,654 | - | -€5,654 | |
| Accrued charges and deferred income | 492/3 | - | €313 | +€313 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,769 | €8,810 | +€41 | +0.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €58,000 | €78,077 | +€20,077 | +34.6% |
| Other operating charges | 640/8 | €1,132 | €1,816 | +€684 | +60.5% |
| Gross operating margin | 9900 | €227,122 | €185,851 | -€41,271 | -18.2% |
| Operating profit (loss) | 9901 | €159,221 | €97,149 | -€62,073 | -39.0% |
| Financial income | 75/76B | €4,274 | €1,983 | -€2,291 | -53.6% |
| Recurring financial income | 75 | €4,274 | €1,983 | -€2,291 | -53.6% |
| Financial charges | 65/66B | €342 | €148 | -€194 | -56.6% |
| Recurring financial charges | 65 | €342 | €148 | -€194 | -56.6% |
| Profit (loss) for the period before taxes | 9903 | €163,153 | €98,983 | -€64,170 | -39.3% |
| Income taxes | 67/77 | €51,654 | €40,901 | -€10,753 | -20.8% |
| Profit (loss) for the period | 9904 | €111,499 | €58,082 | -€53,417 | -47.9% |
| Transfer to tax-exempt reserves | 689 | €63,150 | - | -€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,349 | €58,082 | +€9,733 | +20.1% |
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 7 October 2026 via checked.be.