CGEM: what changed
CGEM
Largest movements
- Cash +€95,340
up €95,340 (+53.3%), from €178,858 to €274,198
mainly Net result for the year (+€196,788) and Depreciation (+€53,657)
- Receivables within one year +€38,247
up €38,247 (+119%), from €32,075 to €70,322
of which Trade receivables: +€36,214
- Tangible fixed assets +€22,631
up €22,631 (+3.0%), from €753,796 to €776,427
of which Plant, machinery and equipment: +€42,776
- Reserves +€196,788
up €196,788 (+35.1%), from €560,068 to €756,856
of which Distributable reserves: +€104,168
- Tax, wage and social debts -€21,766
down €21,766 (-48.4%), from €44,978 to €23,212
- Other debts -€19,694
down €19,694 (-6.0%), from €330,574 to €310,880
- Gross operating margin +€77,262
up €77,262 (+28.9%), from €267,097 to €344,358
- Taxes +€16,031
up €16,031 (+24.8%), from €64,559 to €80,590
- Other operating charges +€10,111
up €10,111 (+253%), from €3,993 to €14,104
- Depreciation -€8,630
down €8,630 (-13.9%), from €62,286 to €53,657
- Financial charges -€3,491
down €3,491 (-94.7%), from €3,685 to €194
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €966,535 | €1,122,651 | +€156,115 | +16.2% |
| Fixed assets | 21/28 | €753,796 | €776,427 | +€22,631 | +3.0% |
| Tangible fixed assets | 22/27 | €753,796 | €776,427 | +€22,631 | +3.0% |
| Land and buildings | 22 | €588,362 | €570,307 | -€18,055 | -3.1% |
| Plant, machinery and equipment | 23 | €133,125 | €175,900 | +€42,776 | +32.1% |
| Furniture and vehicles | 24 | €32,310 | €30,221 | -€2,089 | -6.5% |
| Current assets | 29/58 | €212,739 | €346,223 | +€133,484 | +62.7% |
| Amounts receivable within one year | 40/41 | €32,075 | €70,322 | +€38,247 | +119% |
| Trade receivables | 40 | €32,055 | €68,269 | +€36,214 | +113% |
| Other amounts receivable | 41 | €20 | €2,053 | +€2,033 | +10,089% |
| Cash at bank and in hand | 54/58 | €178,858 | €274,198 | +€95,340 | +53.3% |
| Deferred charges and accrued income | 490/1 | €1,806 | €1,703 | -€103 | -5.7% |
| Total equity and liabilities | 10/49 | €966,535 | €1,122,651 | +€156,115 | +16.2% |
| Equity | 10/15 | €578,668 | €775,456 | +€196,788 | +34.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €560,068 | €756,856 | +€196,788 | +35.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €92,620 | +€92,620 | |
| Distributable reserves | 133 | €558,208 | €662,376 | +€104,168 | +18.7% |
| Amounts payable | 17/49 | €387,867 | €347,194 | -€40,672 | -10.5% |
| Amounts payable after more than one year | 17 | - | €1,690 | +€1,690 | |
| Other amounts payable | 178/9 | - | €1,690 | +€1,690 | |
| Amounts payable within one year | 42/48 | €387,867 | €345,504 | -€42,362 | -10.9% |
| Trade debts | 44 | €12,314 | €11,412 | -€902 | -7.3% |
| Suppliers | 440/4 | €12,314 | €11,412 | -€902 | -7.3% |
| Taxes, remuneration and social security | 45 | €44,978 | €23,212 | -€21,766 | -48.4% |
| Taxes | 450/3 | €44,978 | €23,212 | -€21,766 | -48.4% |
| Other amounts payable | 47/48 | €330,574 | €310,880 | -€19,694 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,286 | €53,657 | -€8,630 | -13.9% |
| Other operating charges | 640/8 | €3,993 | €14,104 | +€10,111 | +253% |
| Gross operating margin | 9900 | €267,097 | €344,358 | +€77,262 | +28.9% |
| Operating profit (loss) | 9901 | €200,817 | €276,597 | +€75,780 | +37.7% |
| Financial income | 75/76B | €1,817 | €975 | -€842 | -46.3% |
| Recurring financial income | 75 | €1,817 | €975 | -€842 | -46.3% |
| Financial charges | 65/66B | €3,685 | €194 | -€3,491 | -94.7% |
| Recurring financial charges | 65 | €3,685 | €194 | -€3,491 | -94.7% |
| Profit (loss) for the period before taxes | 9903 | €198,949 | €277,378 | +€78,429 | +39.4% |
| Income taxes | 67/77 | €64,559 | €80,590 | +€16,031 | +24.8% |
| Profit (loss) for the period | 9904 | €134,390 | €196,788 | +€62,398 | +46.4% |
| Transfer to tax-exempt reserves | 689 | - | €92,620 | +€92,620 | |
| Profit (loss) for the period to be appropriated | 9905 | €134,390 | €104,168 | -€30,222 | -22.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.