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.
C.M. Construct
Largest movements
- Receivables after one year +€206,808
new in 2025: €206,808
- Receivables within one year -€173,326
no longer reported in 2025 (was €173,326)
of which Trade receivables: -€170,430
- Cash -€29,365
down €29,365 (-56.1%), from €52,377 to €23,012
mainly Receivables after one year (-€206,808) and Net result for the year (-€20,875)
- Tangible fixed assets -€26,841
down €26,841 (-8.5%), from €317,157 to €290,316
of which Land and buildings: -€26,223
- Profit (loss) carried forward -€20,875
down €20,875 (-13.7%), from -€151,880 to -€172,755
- Gross operating margin +€10,236
up €10,236 (+110.7%), from €9,244 to €19,481
- Financial income -€1,747
down €1,747 (-88.7%), from €1,969 to €222
- Depreciation -€1,131
down €1,131 (-3.2%), from €34,843 to €33,712
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 | €543,826 | €521,102 | -€22,724 | -4.2% |
| Fixed assets | 21/28 | €317,157 | €290,316 | -€26,841 | -8.5% |
| Tangible fixed assets | 22/27 | €317,157 | €290,316 | -€26,841 | -8.5% |
| Land and buildings | 22 | €286,360 | €260,137 | -€26,223 | -9.2% |
| Plant, machinery and equipment | 23 | €20,841 | €21,662 | +€821 | +3.9% |
| Furniture and vehicles | 24 | €9,956 | €8,517 | -€1,439 | -14.5% |
| Current assets | 29/58 | €226,669 | €230,786 | +€4,117 | +1.8% |
| Amounts receivable after more than one year | 29 | - | €206,808 | +€206,808 | |
| Trade receivables | 290 | - | €206,808 | +€206,808 | |
| Amounts receivable within one year | 40/41 | €173,326 | - | -€173,326 | |
| Trade receivables | 40 | €170,430 | - | -€170,430 | |
| Other amounts receivable | 41 | €2,896 | - | -€2,896 | |
| Cash at bank and in hand | 54/58 | €52,377 | €23,012 | -€29,365 | -56.1% |
| Deferred charges and accrued income | 490/1 | €966 | €966 | = | 0.0% |
| Total equity and liabilities | 10/49 | €543,826 | €521,102 | -€22,724 | -4.2% |
| Equity | 10/15 | €1,772 | -€19,103 | -€20,875 | |
| Contributions | 10/11 | €6,247 | €6,247 | = | 0.0% |
| Reserves | 13 | €147,405 | €147,405 | = | 0.0% |
| Non-distributable reserves | 130/1 | €96 | - | -€96 | |
| Reserves not available under the articles | 1311 | €96 | - | -€96 | |
| Tax-exempt reserves | 132 | €138,133 | €138,133 | = | 0.0% |
| Distributable reserves | 133 | €9,175 | €9,272 | +€96 | +1.0% |
| Profit (loss) carried forward | 14 | -€151,880 | -€172,755 | -€20,875 | -13.7% |
| Provisions and deferred taxes | 16 | €46,044 | €46,044 | = | 0.0% |
| Deferred taxes | 168 | €46,044 | €46,044 | = | 0.0% |
| Amounts payable | 17/49 | €496,010 | €494,161 | -€1,849 | -0.4% |
| Amounts payable after more than one year | 17 | €439,225 | €439,225 | = | 0.0% |
| Other amounts payable | 178/9 | €439,225 | €439,225 | = | 0.0% |
| Amounts payable within one year | 42/48 | €56,785 | €54,936 | -€1,849 | -3.3% |
| Trade debts | 44 | €38,137 | €38,215 | +€78 | +0.2% |
| Suppliers | 440/4 | €38,137 | €38,215 | +€78 | +0.2% |
| Taxes, remuneration and social security | 45 | €3,931 | €1,974 | -€1,957 | -49.8% |
| Taxes | 450/3 | €3,931 | €1,974 | -€1,957 | -49.8% |
| Other amounts payable | 47/48 | €14,717 | €14,747 | +€30 | +0.2% |
| Non-recurring operating income | 76A | - | €1,400 | +€1,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,843 | €33,712 | -€1,131 | -3.2% |
| Other operating charges | 640/8 | €6,913 | €6,796 | -€117 | -1.7% |
| Gross operating margin | 9900 | €9,244 | €19,481 | +€10,236 | +110.7% |
| Operating profit (loss) | 9901 | -€32,512 | -€21,027 | +€11,484 | +35.3% |
| Financial income | 75/76B | €1,969 | €222 | -€1,747 | -88.7% |
| Recurring financial income | 75 | €1,969 | €222 | -€1,747 | -88.7% |
| Financial charges | 65/66B | €119 | €69 | -€50 | -41.7% |
| Recurring financial charges | 65 | €119 | €69 | -€50 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | -€30,661 | -€20,875 | +€9,787 | +31.9% |
| Profit (loss) for the period | 9904 | -€30,661 | -€20,875 | +€9,787 | +31.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,661 | -€20,875 | +€9,787 | +31.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 September 2026 via checked.be.