CT&M: 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.
CT&M
Largest movements
- Receivables within one year -€402,907
down €402,907 (-77.0%), from €523,578 to €120,672
of which Trade receivables: -€397,171
- Tangible fixed assets +€77,081
up €77,081 (+77.5%), from €99,412 to €176,493
of which Plant, machinery and equipment: +€85,434
- Deferred charges and accrued income -€16,414
down €16,414 (-47.1%), from €34,817 to €18,403
- Cash -€13,303
down €13,303 (-45.9%), from €28,968 to €15,666
- Trade debts -€294,704
down €294,704 (-89.4%), from €329,570 to €34,866
- Profit (loss) carried forward -€177,471
down €177,471, from €1,822 to -€175,649
- Debts after one year +€175,061
up €175,061 (+63.7%), from €275,000 to €450,061
- Reserves -€28,711
down €28,711 (-89.6%), from €32,049 to €3,339
of which Distributable reserves: -€28,711
- Tax, wage and social debts -€15,647
down €15,647 (-90.1%), from €17,358 to €1,711
of which Taxes: -€11,905
- Gross operating margin -€94,617
down €94,617, from €59,997 to -€34,620
- Taxes +€35,598
up €35,598 (+766%), from €4,649 to €40,247
- Staff costs -€18,607
down €18,607 (-84.0%), from €22,143 to €3,536
- Depreciation -€7,414
down €7,414 (-83.9%), from €8,837 to €1,423
- Financial charges -€7,158
down €7,158 (-45.6%), from €15,714 to €8,556
From the 2022 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2022 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €686,800 | €331,258 | -€355,543 | -51.8% |
| Fixed assets | 21/28 | €99,437 | €176,518 | +€77,081 | +77.5% |
| Tangible fixed assets | 22/27 | €99,412 | €176,493 | +€77,081 | +77.5% |
| Plant, machinery and equipment | 23 | €4,457 | €89,891 | +€85,434 | +1,917% |
| Furniture and vehicles | 24 | €94,955 | €86,602 | -€8,353 | -8.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €587,363 | €154,740 | -€432,624 | -73.7% |
| Amounts receivable within one year | 40/41 | €523,578 | €120,672 | -€402,907 | -77.0% |
| Trade receivables | 40 | €517,842 | €120,672 | -€397,171 | -76.7% |
| Other amounts receivable | 41 | €5,736 | - | -€5,736 | |
| Cash at bank and in hand | 54/58 | €28,968 | €15,666 | -€13,303 | -45.9% |
| Deferred charges and accrued income | 490/1 | €34,817 | €18,403 | -€16,414 | -47.1% |
| Total equity and liabilities | 10/49 | €686,800 | €331,258 | -€355,543 | -51.8% |
| Equity | 10/15 | €46,272 | -€159,910 | -€206,182 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €32,049 | €3,339 | -€28,711 | -89.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €30,189 | €1,479 | -€28,711 | -95.1% |
| Profit (loss) carried forward | 14 | €1,822 | -€175,649 | -€177,471 | |
| Amounts payable | 17/49 | €640,529 | €491,168 | -€149,361 | -23.3% |
| Amounts payable after more than one year | 17 | €275,000 | €450,061 | +€175,061 | +63.7% |
| Financial debts | 170/4 | €275,000 | €450,061 | +€175,061 | +63.7% |
| Amounts payable within one year | 42/48 | €365,529 | €41,107 | -€324,422 | -88.8% |
| Current portion of amounts payable after more than one year | 42 | €6,686 | - | -€6,686 | |
| Trade debts | 44 | €329,570 | €34,866 | -€294,704 | -89.4% |
| Suppliers | 440/4 | €329,570 | €34,866 | -€294,704 | -89.4% |
| Taxes, remuneration and social security | 45 | €17,358 | €1,711 | -€15,647 | -90.1% |
| Taxes | 450/3 | €13,616 | €1,711 | -€11,905 | -87.4% |
| Remuneration and social security | 454/9 | €3,742 | - | -€3,742 | |
| Other amounts payable | 47/48 | €11,915 | €4,530 | -€7,385 | -62.0% |
| Remuneration, social security and pensions | 62 | €22,143 | €3,536 | -€18,607 | -84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,837 | €1,423 | -€7,414 | -83.9% |
| Other operating charges | 640/8 | €2,634 | €3,945 | +€1,311 | +49.8% |
| Non-recurring operating charges | 66A | €4,329 | - | -€4,329 | |
| Gross operating margin | 9900 | €59,997 | -€34,620 | -€94,617 | |
| Operating profit (loss) | 9901 | €22,054 | -€43,523 | -€65,577 | |
| Financial income | 75/76B | €131 | €471 | +€340 | +261% |
| Recurring financial income | 75 | €131 | €471 | +€340 | +261% |
| Financial charges | 65/66B | €15,714 | €8,556 | -€7,158 | -45.6% |
| Recurring financial charges | 65 | €15,714 | €8,556 | -€7,158 | -45.6% |
| Profit (loss) for the period before taxes | 9903 | €6,471 | -€51,608 | -€58,079 | |
| Income taxes | 67/77 | €4,649 | €40,247 | +€35,598 | +766% |
| Profit (loss) for the period | 9904 | €1,822 | -€91,855 | -€93,677 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,822 | -€91,855 | -€93,677 |
Source: filed annual accounts (NBB), financial years ended 30 September 2022 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.