CD: 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.
CD
Largest movements
- Cash +€398,409
up €398,409 (+1007.3%), from €39,552 to €437,961
mainly Net result for the year (+€253,691) and Debts after one year (+€184,107)
- Tangible fixed assets +€190,565
up €190,565 (+25.1%), from €759,406 to €949,972
of which Land and buildings: +€187,379
- Reserves +€250,303
up €250,303 (+36.6%), from €683,020 to €933,324
of which Distributable reserves: +€255,643
- Debts after one year +€184,107
up €184,107 (+109.6%), from €167,982 to €352,089
- Tax, wage and social debts +€85,611
up €85,611 (+768.7%), from €11,138 to €96,748
- Other debts +€61,545
new in 2025: €61,545
- Gross operating margin +€293,509
up €293,509 (+186.8%), from €157,146 to €450,655
- Taxes +€95,488
up €95,488 (+301.6%), from €31,660 to €127,148
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 | €941,036 | €1,540,581 | +€599,545 | +63.7% |
| Fixed assets | 21/28 | €760,318 | €950,883 | +€190,565 | +25.1% |
| Tangible fixed assets | 22/27 | €759,406 | €949,972 | +€190,565 | +25.1% |
| Land and buildings | 22 | €758,948 | €946,327 | +€187,379 | +24.7% |
| Furniture and vehicles | 24 | €459 | €3,645 | +€3,186 | +694.9% |
| Financial fixed assets | 28 | €912 | €912 | = | 0.0% |
| Current assets | 29/58 | €180,719 | €589,698 | +€408,979 | +226.3% |
| Amounts receivable within one year | 40/41 | €125 | - | -€125 | |
| Other amounts receivable | 41 | €125 | - | -€125 | |
| Current investments | 50/53 | €138,553 | €150,063 | +€11,510 | +8.3% |
| Cash at bank and in hand | 54/58 | €39,552 | €437,961 | +€398,409 | +1007.3% |
| Deferred charges and accrued income | 490/1 | €2,489 | €1,674 | -€815 | -32.7% |
| Total equity and liabilities | 10/49 | €941,036 | €1,540,581 | +€599,545 | +63.7% |
| Equity | 10/15 | €720,520 | €970,824 | +€250,303 | +34.7% |
| Contributions | 10/11 | €37,500 | €37,500 | = | 0.0% |
| Reserves | 13 | €683,020 | €933,324 | +€250,303 | +36.6% |
| Tax-exempt reserves | 132 | €30,986 | €25,647 | -€5,340 | -17.2% |
| Distributable reserves | 133 | €652,034 | €907,677 | +€255,643 | +39.2% |
| Provisions and deferred taxes | 16 | €8,899 | €7,119 | -€1,780 | -20.0% |
| Deferred taxes | 168 | €8,899 | €7,119 | -€1,780 | -20.0% |
| Amounts payable | 17/49 | €211,617 | €562,638 | +€351,021 | +165.9% |
| Amounts payable after more than one year | 17 | €167,982 | €352,089 | +€184,107 | +109.6% |
| Financial debts | 170/4 | €167,982 | €352,089 | +€184,107 | +109.6% |
| Amounts payable within one year | 42/48 | €41,495 | €207,744 | +€166,249 | +400.6% |
| Current portion of amounts payable after more than one year | 42 | €29,371 | €37,091 | +€7,720 | +26.3% |
| Trade debts | 44 | €987 | €12,360 | +€11,373 | +1152.4% |
| Suppliers | 440/4 | €987 | €12,360 | +€11,373 | +1152.4% |
| Taxes, remuneration and social security | 45 | €11,138 | €96,748 | +€85,611 | +768.7% |
| Taxes | 450/3 | €11,138 | €96,748 | +€85,611 | +768.7% |
| Other amounts payable | 47/48 | - | €61,545 | +€61,545 | |
| Accrued charges and deferred income | 492/3 | €2,140 | €2,805 | +€665 | +31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,016 | €46,257 | +€2,241 | +5.1% |
| Other operating charges | 640/8 | €15,787 | €16,450 | +€663 | +4.2% |
| Gross operating margin | 9900 | €157,146 | €450,655 | +€293,509 | +186.8% |
| Operating profit (loss) | 9901 | €97,343 | €387,948 | +€290,605 | +298.5% |
| Financial income | 75/76B | €1,749 | €3,168 | +€1,419 | +81.1% |
| Recurring financial income | 75 | €1,749 | €3,168 | +€1,419 | +81.1% |
| Financial charges | 65/66B | €7,735 | €12,056 | +€4,321 | +55.9% |
| Recurring financial charges | 65 | €7,735 | €12,056 | +€4,321 | +55.9% |
| Profit (loss) for the period before taxes | 9903 | €91,357 | €379,060 | +€287,703 | +314.9% |
| Transfer from deferred taxes | 780 | €1,780 | €1,780 | = | 0.0% |
| Income taxes | 67/77 | €31,660 | €127,148 | +€95,488 | +301.6% |
| Profit (loss) for the period | 9904 | €61,477 | €253,691 | +€192,215 | +312.7% |
| Transfer from tax-exempt reserves | 789 | €5,340 | €5,340 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,816 | €259,031 | +€192,215 | +287.7% |
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 5 October 2026 via checked.be.