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.
CMG2
Largest movements
- Receivables after one year -€750,000
down €750,000 (-100.0%), from €750,000 to €0
- Cash +€712,479
up €712,479 (+2450.5%), from €29,075 to €741,554
mainly Receivables after one year (+€750,000) and Depreciation (+€32,664)
- Tangible fixed assets -€38,544
down €38,544 (-9.3%), from €413,150 to €374,606
of which Land and buildings: -€31,548
- Reserves -€46,274
down €46,274 (-2.3%), from €2.0m to €2.0m
of which Distributable reserves: -€46,274
- Profit (loss) carried forward -€30,848
down €30,848, from €0 to -€30,848
- Other debts -€24,672
down €24,672 (-14.9%), from €165,645 to €140,972
- Gross operating margin -€552,927
down €552,927, from €500,198 to -€52,729
- Taxes -€135,069
down €135,069 (-99.0%), from €136,493 to €1,425
- Financial income -€15,603
down €15,603 (-29.1%), from €53,581 to €37,978
- Financial charges +€12,613
up €12,613 (+638.6%), from €1,975 to €14,588
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 | €2,220,040 | €2,117,272 | -€102,769 | -4.6% |
| Fixed assets | 21/28 | €413,150 | €374,606 | -€38,544 | -9.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €413,150 | €374,606 | -€38,544 | -9.3% |
| Land and buildings | 22 | €361,254 | €329,706 | -€31,548 | -8.7% |
| Plant, machinery and equipment | 23 | €7,221 | €800 | -€6,421 | -88.9% |
| Furniture and vehicles | 24 | €1,250 | €675 | -€575 | -46.0% |
| Other tangible fixed assets | 26 | €43,425 | €43,425 | = | 0.0% |
| Current assets | 29/58 | €1,806,890 | €1,742,666 | -€64,225 | -3.6% |
| Amounts receivable after more than one year | 29 | €750,000 | €0 | -€750,000 | -100.0% |
| Other amounts receivable | 291 | €750,000 | €0 | -€750,000 | -100.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €0 | €34 | +€34 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | €34 | +€34 | |
| Current investments | 50/53 | €1,007,986 | €996,425 | -€11,561 | -1.1% |
| Cash at bank and in hand | 54/58 | €29,075 | €741,554 | +€712,479 | +2450.5% |
| Deferred charges and accrued income | 490/1 | €19,829 | €4,652 | -€15,177 | -76.5% |
| Total equity and liabilities | 10/49 | €2,220,040 | €2,117,272 | -€102,769 | -4.6% |
| Equity | 10/15 | €2,020,622 | €1,943,500 | -€77,122 | -3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,002,022 | €1,955,748 | -€46,274 | -2.3% |
| 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 | €2,000,162 | €1,953,888 | -€46,274 | -2.3% |
| Profit (loss) carried forward | 14 | €0 | -€30,848 | -€30,848 | |
| Amounts payable | 17/49 | €199,418 | €173,772 | -€25,647 | -12.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €199,418 | €173,772 | -€25,647 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,600 | €1,418 | -€183 | -11.4% |
| Suppliers | 440/4 | €1,600 | €1,418 | -€183 | -11.4% |
| Taxes, remuneration and social security | 45 | €32,173 | €31,382 | -€791 | -2.5% |
| Taxes | 450/3 | €32,173 | €31,382 | -€791 | -2.5% |
| Other amounts payable | 47/48 | €165,645 | €140,972 | -€24,672 | -14.9% |
| Non-recurring operating income | 76A | €547,894 | €0 | -€547,894 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,831 | €32,664 | -€167 | -0.5% |
| Other operating charges | 640/8 | €15,319 | €13,693 | -€1,625 | -10.6% |
| Non-recurring operating charges | 66A | €785 | €0 | -€785 | -100.0% |
| Gross operating margin | 9900 | €500,198 | -€52,729 | -€552,927 | |
| Operating profit (loss) | 9901 | €451,263 | -€99,087 | -€550,350 | |
| Financial income | 75/76B | €53,581 | €37,978 | -€15,603 | -29.1% |
| Recurring financial income | 75 | €53,581 | €37,978 | -€15,603 | -29.1% |
| Financial charges | 65/66B | €1,975 | €14,588 | +€12,613 | +638.6% |
| Recurring financial charges | 65 | €1,975 | €14,588 | +€12,613 | +638.6% |
| Profit (loss) for the period before taxes | 9903 | €502,869 | -€75,697 | -€578,566 | |
| Income taxes | 67/77 | €136,493 | €1,425 | -€135,069 | -99.0% |
| Profit (loss) for the period | 9904 | €366,375 | -€77,122 | -€443,498 | |
| Profit (loss) for the period to be appropriated | 9905 | €366,375 | -€77,122 | -€443,498 |
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 27 September 2026 via checked.be.