C&F Participations S.A.: what changed
What changed
C&F Participations S.A.
filed annual accounts (NBB)
Net result for the year
€944,053
2024 · €1.5m-€529,996
Equity
€58.5m
2024 · €57.5m+€944,053
Cash
€481,453
2024 · €1.5m-€1.0m
Balance sheet total
€175.4m
2024 · €174.5m+€950,640
Largest movements
Assets
- Current investments +€16.3m
new in 2025: €16.3m
- Financial fixed assets -€14.3m
down €14.3m (-8.3%), from €172.8m to €158.4m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial charges +€359,343
up €359,343 (+113%), from €317,569 to €676,912
- Financial income -€144,755
down €144,755 (-7.9%), from €1.8m to €1.7m
- Gross operating margin -€33,489
down €33,489 (-117%), from -€28,593 to -€62,082
- Taxes -€7,475
down €7,475, from €4,005 to -€3,470
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1.5m
Gross operating margin
-€33,489
Other operating charges
+€117
Financial income
-€144,755
Financial charges
-€359,343
Taxes
+€7,475
Result 2025
€944,053
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€979,643
Investment
-€2.0m
Financing
€0
Cash 2024
€1.5m
From operations (derived)
+€979,643
Net result for the year
+€944,053
Smaller working-capital items
+€35,590
Investment (derived)
-€2.0m
Investment in fixed assets (net)
+€14.3m
Current investments
-€16.3m
Cash 2025
€481,453
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €174,461,426 | €175,412,066 | +€950,640 | +0.5% |
| Fixed assets | 21/28 | €172,757,975 | €158,433,525 | -€14.3m | -8.3% |
| Financial fixed assets | 28 | €172,757,975 | €158,433,525 | -€14.3m | -8.3% |
| Current assets | 29/58 | €1,703,450 | €16,978,541 | +€15.3m | +897% |
| Amounts receivable within one year | 40/41 | €187,793 | €158,790 | -€29,003 | -15.4% |
| Other amounts receivable | 41 | €187,793 | €158,790 | -€29,003 | -15.4% |
| Current investments | 50/53 | - | €16,338,298 | +€16.3m | |
| Cash at bank and in hand | 54/58 | €1,515,657 | €481,453 | -€1.0m | -68.2% |
| Total equity and liabilities | 10/49 | €174,461,426 | €175,412,066 | +€950,640 | +0.5% |
| Equity | 10/15 | €57,538,075 | €58,482,128 | +€944,053 | +1.6% |
| Contributions | 10/11 | €5,000,000 | €5,000,000 | = | 0.0% |
| Capital | 10 | €5,000,000 | €5,000,000 | = | 0.0% |
| Issued capital | 100 | €5,000,000 | €5,000,000 | = | 0.0% |
| Reserves | 13 | €2,326,970 | €2,326,970 | = | 0.0% |
| Non-distributable reserves | 130/1 | €500,000 | €500,000 | = | 0.0% |
| Legal reserve | 130 | €500,000 | €500,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,826,970 | €1,826,970 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,211,105 | €51,155,158 | +€944,053 | +1.9% |
| Provisions and deferred taxes | 16 | €638,275 | €638,275 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €638,275 | €638,275 | = | 0.0% |
| Taxes | 161 | €638,275 | €638,275 | = | 0.0% |
| Amounts payable | 17/49 | €116,285,076 | €116,291,663 | +€6,587 | 0.0% |
| Amounts payable after more than one year | 17 | €68,217,072 | €68,217,072 | = | 0.0% |
| Financial debts | 170/4 | €68,217,072 | €68,217,072 | = | 0.0% |
| Amounts payable within one year | 42/48 | €48,068,004 | €48,074,591 | +€6,587 | 0.0% |
| Trade debts | 44 | - | €5,420 | +€5,420 | |
| Suppliers | 440/4 | - | €5,420 | +€5,420 | |
| Other amounts payable | 47/48 | €48,068,004 | €48,069,170 | +€1,167 | 0.0% |
| Other operating charges | 640/8 | €517 | €400 | -€117 | -22.7% |
| Gross operating margin | 9900 | -€28,593 | -€62,082 | -€33,489 | -117% |
| Operating profit (loss) | 9901 | -€29,110 | -€62,482 | -€33,372 | -115% |
| Financial income | 75/76B | €1,824,732 | €1,679,977 | -€144,755 | -7.9% |
| Recurring financial income | 75 | €1,824,732 | €1,679,977 | -€144,755 | -7.9% |
| Financial charges | 65/66B | €317,569 | €676,912 | +€359,343 | +113% |
| Recurring financial charges | 65 | €317,569 | €676,912 | +€359,343 | +113% |
| Profit (loss) for the period before taxes | 9903 | €1,478,054 | €940,583 | -€537,471 | -36.4% |
| Income taxes | 67/77 | €4,005 | -€3,470 | -€7,475 | |
| Profit (loss) for the period | 9904 | €1,474,049 | €944,053 | -€529,996 | -36.0% |
| Transfer to tax-exempt reserves | 689 | €1,826,970 | - | -€1.8m | |
| Profit (loss) for the period to be appropriated | 9905 | -€352,921 | €944,053 | +€1.3m |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.