ANTONIO CATALANO: 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.
ANTONIO CATALANO
Largest movements
- Tangible fixed assets -€213,393
down €213,393 (-35.3%), from €604,243 to €390,850
of which Land and buildings: -€213,123
- Cash +€75,428
up €75,428 (+1,178%), from €6,401 to €81,829
mainly Investment in fixed assets (net) (+€200,852) and Net result for the year (+€176,073)
- Debts after one year -€233,547
down €233,547 (-98.7%), from €236,547 to €3,000
of which Financial debts: -€233,547
- Profit (loss) carried forward +€179,429
up €179,429 (+412%), from €43,597 to €223,026
- Other debts -€148,821
down €148,821 (-81.0%), from €183,754 to €34,933
- Tax, wage and social debts +€78,000
up €78,000 (+433%), from €18,000 to €96,000
- Current portion of long-term debt -€12,153
no longer reported in 2025 (was €12,153)
- Gross operating margin +€189,617
up €189,617 (+198%), from €95,925 to €285,542
- Taxes +€71,199
up €71,199 (+593%), from €12,000 to €83,199
- Depreciation -€20,523
down €20,523 (-62.1%), from €33,064 to €12,541
- Other operating charges -€8,128
down €8,128 (-69.7%), from €11,655 to €3,527
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.
Derived cash bridge
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 | €613,209 | €473,463 | -€139,746 | -22.8% |
| Fixed assets | 21/28 | €604,243 | €390,850 | -€213,393 | -35.3% |
| Tangible fixed assets | 22/27 | €604,243 | €390,850 | -€213,393 | -35.3% |
| Land and buildings | 22 | €603,022 | €389,899 | -€213,123 | -35.3% |
| Furniture and vehicles | 24 | €1,221 | €951 | -€270 | -22.1% |
| Current assets | 29/58 | €8,966 | €82,613 | +€73,647 | +821% |
| Amounts receivable within one year | 40/41 | €1,039 | - | -€1,039 | |
| Other amounts receivable | 41 | €1,039 | - | -€1,039 | |
| Cash at bank and in hand | 54/58 | €6,401 | €81,829 | +€75,428 | +1,178% |
| Deferred charges and accrued income | 490/1 | €1,526 | €784 | -€742 | -48.6% |
| Total equity and liabilities | 10/49 | €613,209 | €473,463 | -€139,746 | -22.8% |
| Equity | 10/15 | €162,755 | €338,828 | +€176,073 | +108% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €98,698 | €95,342 | -€3,356 | -3.4% |
| Tax-exempt reserves | 132 | €90,698 | €87,342 | -€3,356 | -3.7% |
| Distributable reserves | 133 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,597 | €223,026 | +€179,429 | +412% |
| Amounts payable | 17/49 | €450,454 | €134,635 | -€315,819 | -70.1% |
| Amounts payable after more than one year | 17 | €236,547 | €3,000 | -€233,547 | -98.7% |
| Financial debts | 170/4 | €233,547 | - | -€233,547 | |
| Other amounts payable | 178/9 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €213,907 | €131,635 | -€82,272 | -38.5% |
| Current portion of amounts payable after more than one year | 42 | €12,153 | - | -€12,153 | |
| Trade debts | 44 | - | €702 | +€702 | |
| Suppliers | 440/4 | - | €702 | +€702 | |
| Taxes, remuneration and social security | 45 | €18,000 | €96,000 | +€78,000 | +433% |
| Taxes | 450/3 | €18,000 | €96,000 | +€78,000 | +433% |
| Other amounts payable | 47/48 | €183,754 | €34,933 | -€148,821 | -81.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,064 | €12,541 | -€20,523 | -62.1% |
| Other operating charges | 640/8 | €11,655 | €3,527 | -€8,128 | -69.7% |
| Gross operating margin | 9900 | €95,925 | €285,542 | +€189,617 | +198% |
| Operating profit (loss) | 9901 | €51,206 | €269,474 | +€218,268 | +426% |
| Financial income | 75/76B | - | €1,597 | +€1,597 | |
| Recurring financial income | 75 | - | €1,597 | +€1,597 | |
| Financial charges | 65/66B | €9,254 | €11,799 | +€2,545 | +27.5% |
| Recurring financial charges | 65 | €9,254 | €11,799 | +€2,545 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €41,952 | €259,272 | +€217,320 | +518% |
| Income taxes | 67/77 | €12,000 | €83,199 | +€71,199 | +593% |
| Profit (loss) for the period | 9904 | €29,952 | €176,073 | +€146,121 | +488% |
| Transfer from tax-exempt reserves | 789 | €3,355 | €3,356 | +€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €33,307 | €179,429 | +€146,122 | +439% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.