C.A.L.E.: 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.
C.A.L.E.
Largest movements
- Current investments -€923,900
down €923,900 (-6.1%), from €15.1m to €14.2m
- Receivables after one year +€525,000
up €525,000 (+175.3%), from €299,500 to €824,500
- Cash +€387,714
up €387,714 (+73.2%), from €529,874 to €917,588
mainly Current investments (+€923,900) and Short-term financial debts (+€385,094)
- Short-term financial debts +€385,094
up €385,094 (+26.5%), from €1.5m to €1.8m
- Financial income -€609,661
down €609,661 (-56.0%), from €1.1m to €478,904
- Financial charges -€92,838
down €92,838 (-17.4%), from €533,117 to €440,280
of which Financial charges: -€57,838
- Taxes -€38,579
down €38,579 (-40.6%), from €95,051 to €56,472
- Gross operating margin -€8,846
down €8,846 (-738.5%), from -€1,198 to -€10,043
- Other operating charges +€4,187
up €4,187 (+50.0%), from €8,367 to €12,554
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 | €24,716,589 | €25,067,446 | +€350,857 | +1.4% |
| Fixed assets | 21/28 | €8,766,722 | €8,990,313 | +€223,591 | +2.6% |
| Tangible fixed assets | 22/27 | €2,991,969 | €3,029,556 | +€37,587 | +1.3% |
| Land and buildings | 22 | €2,581,817 | €2,517,629 | -€64,188 | -2.5% |
| Plant, machinery and equipment | 23 | €255,069 | €346,662 | +€91,593 | +35.9% |
| Furniture and vehicles | 24 | €29,746 | €29,940 | +€194 | +0.7% |
| Other tangible fixed assets | 26 | €125,337 | €135,326 | +€9,989 | +8.0% |
| Financial fixed assets | 28 | €5,774,753 | €5,960,757 | +€186,004 | +3.2% |
| Current assets | 29/58 | €15,949,867 | €16,077,133 | +€127,266 | +0.8% |
| Amounts receivable after more than one year | 29 | €299,500 | €824,500 | +€525,000 | +175.3% |
| Other amounts receivable | 291 | €299,500 | €824,500 | +€525,000 | +175.3% |
| Amounts receivable within one year | 40/41 | €6,775 | €134,980 | +€128,205 | +1892.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €6,775 | €134,980 | +€128,205 | +1892.3% |
| Current investments | 50/53 | €15,080,909 | €14,157,009 | -€923,900 | -6.1% |
| Cash at bank and in hand | 54/58 | €529,874 | €917,588 | +€387,714 | +73.2% |
| Deferred charges and accrued income | 490/1 | €32,809 | €43,055 | +€10,247 | +31.2% |
| Total equity and liabilities | 10/49 | €24,716,589 | €25,067,446 | +€350,857 | +1.4% |
| Equity | 10/15 | €22,404,997 | €22,270,241 | -€134,757 | -0.6% |
| Contributions | 10/11 | €1,452,000 | €1,452,000 | = | 0.0% |
| Reserves | 13 | €20,952,997 | €20,818,241 | -€134,757 | -0.6% |
| Distributable reserves | 133 | €20,952,997 | €20,818,241 | -€134,757 | -0.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,311,592 | €2,797,205 | +€485,614 | +21.0% |
| Amounts payable after more than one year | 17 | €420,385 | €353,850 | -€66,534 | -15.8% |
| Financial debts | 170/4 | €420,385 | €353,850 | -€66,534 | -15.8% |
| Amounts payable within one year | 42/48 | €1,891,207 | €2,443,355 | +€552,148 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | €64,000 | €66,534 | +€2,534 | +4.0% |
| Financial debts | 43 | €1,454,892 | €1,839,985 | +€385,094 | +26.5% |
| Credit institutions | 430/8 | €1,454,892 | €1,839,985 | +€385,094 | +26.5% |
| Trade debts | 44 | €9,826 | €77,133 | +€67,307 | +685.0% |
| Suppliers | 440/4 | €9,826 | €77,133 | +€67,307 | +685.0% |
| Taxes, remuneration and social security | 45 | €2,161 | €6,435 | +€4,275 | +197.8% |
| Taxes | 450/3 | €2,161 | €6,435 | +€4,275 | +197.8% |
| Other amounts payable | 47/48 | €360,329 | €453,268 | +€92,939 | +25.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,491 | €94,311 | +€821 | +0.9% |
| Other operating charges | 640/8 | €8,367 | €12,554 | +€4,187 | +50.0% |
| Non-recurring operating charges | 66A | €84,900 | €0 | -€84,900 | -100.0% |
| Gross operating margin | 9900 | -€1,198 | -€10,043 | -€8,846 | -738.5% |
| Operating profit (loss) | 9901 | -€187,955 | -€116,909 | +€71,046 | +37.8% |
| Financial income | 75/76B | €1,088,564 | €478,904 | -€609,661 | -56.0% |
| Recurring financial income | 75 | €1,088,564 | €478,904 | -€609,661 | -56.0% |
| Financial charges | 65/66B | €533,117 | €440,280 | -€92,838 | -17.4% |
| Recurring financial charges | 65 | €498,117 | €440,280 | -€57,838 | -11.6% |
| Non-recurring financial charges | 66B | €35,000 | €0 | -€35,000 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €367,492 | -€78,285 | -€445,776 | |
| Income taxes | 67/77 | €95,051 | €56,472 | -€38,579 | -40.6% |
| Profit (loss) for the period | 9904 | €272,441 | -€134,757 | -€407,197 | |
| Profit (loss) for the period to be appropriated | 9905 | €272,441 | -€134,757 | -€407,197 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.