CAAAP: 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.
What changed
CAAAP
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€819,743
2024 · €767,839+€51,904
Equity
€17.1m
2024 · €16.3m+€819,743
Cash
€2.7m
2024 · €7.2m-€4.5m
Balance sheet total
€76.3m
2024 · €64.7m+€11.6m
Largest movements
Assets
- Stocks and contracts +€12.5m
up €12.5m (+27.0%), from €46.4m to €58.9m
of which Contracts in progress: +€11.9m
- Receivables within one year +€5.5m
up €5.5m (+70.3%), from €7.9m to €13.4m
of which Trade receivables: +€5.3m
- Cash -€4.5m
down €4.5m (-62.9%), from €7.2m to €2.7m
mainly Stocks and contracts (-€12.5m) and Advances received (-€6.2m)
- Financial fixed assets -€1.4m
down €1.4m (-62.4%), from €2.3m to €863,410
of which Affiliated companies: -€1.4m
Equity and liabilities
- Short-term financial debts +€20.5m
up €20.5m (+751.0%), from €2.7m to €23.2m
- Advances received -€6.2m
down €6.2m (-49.4%), from €12.6m to €6.3m
- Other debts -€4.9m
down €4.9m (-33.9%), from €14.6m to €9.6m
- Trade debts +€1.6m
up €1.6m (+9.9%), from €16.2m to €17.8m
- Profit (loss) carried forward +€819,743
up €819,743 (+7.4%), from €11.0m to €11.9m
Income statement
- Turnover +€20.3m
up €20.3m (+63.2%), from €32.1m to €52.4m
- Goods and materials +€16.4m
up €16.4m (+37.9%), from €43.2m to €59.5m
- Financial income -€851,545
down €851,545 (-38.9%), from €2.2m to €1.3m
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.
Result 2024
€767,839
Turnover
+€20.3m
Other operating income
-€10,686
Goods and materials
-€16.4m
Services and other goods
+€142,134
Staff costs
+€81,271
Depreciation
+€19,580
Write-downs
-€214,960
Other operating charges
-€72,366
Other operating items
-€2.8m
Financial income
-€851,545
Financial charges
-€202,516
Taxes
+€497
Result 2025
€819,743
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.
From operations
-€26.3m
Investment
+€1.4m
Financing
+€20.5m
Cash 2024
€7.2m
From operations (derived)
-€26.3m
Net result for the year
+€819,743
Depreciation
+€109,638
Stocks and contracts
-€12.5m
Receivables within one year
-€5.5m
Deferred charges and accrued income
+€425,643
Trade debts
+€1.6m
Tax, wage and social debts
+€112,033
Advances received
-€6.2m
Other debts
-€4.9m
Accrued charges and deferred income
-€192,422
Investment (derived)
+€1.4m
Investment in fixed assets (net)
+€1.4m
Financing
+€20.5m
Short-term financial debts
+€20.5m
Cash 2025
€2.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,662,904 | €76,296,430 | +€11.6m | +18.0% |
| Fixed assets | 21/28 | €2,651,033 | €1,189,271 | -€1.5m | -55.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €354,327 | €325,861 | -€28,466 | -8.0% |
| Furniture and vehicles | 24 | €149,843 | €124,412 | -€25,431 | -17.0% |
| Other tangible fixed assets | 26 | €204,484 | €201,449 | -€3,035 | -1.5% |
| Financial fixed assets | 28 | €2,296,707 | €863,410 | -€1.4m | -62.4% |
| Affiliated companies | 280/1 | €2,092,425 | €693,359 | -€1.4m | -66.9% |
| Participating interests | 280 | €693,359 | €693,359 | = | 0.0% |
| Amounts receivable | 281 | €1,399,066 | - | -€1.4m | |
| Other financial fixed assets | 284/8 | €204,281 | €170,051 | -€34,230 | -16.8% |
| Shares | 284 | €7,500 | €7,500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €196,781 | €162,551 | -€34,230 | -17.4% |
| Current assets | 29/58 | €62,011,871 | €75,107,159 | +€13.1m | +21.1% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €46,366,861 | €58,876,060 | +€12.5m | +27.0% |
| Stocks | 30/36 | €3,357,733 | €4,001,874 | +€644,141 | +19.2% |
| Property held for sale | 35 | €3,357,733 | €4,001,874 | +€644,141 | +19.2% |
| Contracts in progress | 37 | €43,009,128 | €54,874,186 | +€11.9m | +27.6% |
| Amounts receivable within one year | 40/41 | €7,852,408 | €13,369,819 | +€5.5m | +70.3% |
| Trade receivables | 40 | €5,178,388 | €10,514,686 | +€5.3m | +103.0% |
| Other amounts receivable | 41 | €2,674,020 | €2,855,133 | +€181,113 | +6.8% |
| Cash at bank and in hand | 54/58 | €7,165,484 | €2,659,805 | -€4.5m | -62.9% |
| Deferred charges and accrued income | 490/1 | €577,118 | €151,475 | -€425,643 | -73.8% |
| Total equity and liabilities | 10/49 | €64,662,904 | €76,296,430 | +€11.6m | +18.0% |
| Equity | 10/15 | €16,271,082 | €17,090,825 | +€819,743 | +5.0% |
| Contributions | 10/11 | €705,388 | €705,388 | = | 0.0% |
| Capital | 10 | €705,388 | €705,388 | = | 0.0% |
| Issued capital | 100 | €705,388 | €705,388 | = | 0.0% |
| Reserves | 13 | €4,520,381 | €4,520,381 | = | 0.0% |
| Non-distributable reserves | 130/1 | €492,738 | €492,738 | = | 0.0% |
| Legal reserve | 130 | €70,539 | €70,539 | = | 0.0% |
| Reserves not available under the articles | 1311 | €422,199 | €422,199 | = | 0.0% |
| Tax-exempt reserves | 132 | €220,458 | €220,458 | = | 0.0% |
| Distributable reserves | 133 | €3,807,186 | €3,807,186 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,045,313 | €11,865,056 | +€819,743 | +7.4% |
| Provisions and deferred taxes | 16 | €100,000 | €100,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €100,000 | €100,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable | 17/49 | €48,291,822 | €59,105,605 | +€10.8m | +22.4% |
| Amounts payable after more than one year | 17 | €1,000,000 | €1,000,000 | = | 0.0% |
| Other amounts payable | 178/9 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €46,621,586 | €57,627,791 | +€11.0m | +23.6% |
| Financial debts | 43 | €2,724,168 | €23,182,211 | +€20.5m | +751.0% |
| Credit institutions | 430/8 | €2,724,168 | €23,182,211 | +€20.5m | +751.0% |
| Trade debts | 44 | €16,157,277 | €17,750,274 | +€1.6m | +9.9% |
| Suppliers | 440/4 | €16,157,277 | €17,750,274 | +€1.6m | +9.9% |
| Advances received on contracts in progress | 46 | €12,553,491 | €6,346,591 | -€6.2m | -49.4% |
| Taxes, remuneration and social security | 45 | €605,112 | €717,145 | +€112,033 | +18.5% |
| Taxes | 450/3 | €439,153 | €566,827 | +€127,674 | +29.1% |
| Remuneration and social security | 454/9 | €165,958 | €150,317 | -€15,641 | -9.4% |
| Other amounts payable | 47/48 | €14,581,538 | €9,631,571 | -€4.9m | -33.9% |
| Accrued charges and deferred income | 492/3 | €670,236 | €477,813 | -€192,422 | -28.7% |
| Operating income | 70/76A | €48,832,351 | €66,349,852 | +€17.5m | +35.9% |
| Turnover | 70 | €32,132,048 | €52,435,279 | +€20.3m | +63.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €15,429,413 | €12,623,590 | -€2.8m | -18.2% |
| Other operating income | 74 | €1,255,890 | €1,245,204 | -€10,686 | -0.9% |
| Non-recurring operating income | 76A | €15,000 | €45,779 | +€30,779 | +205.2% |
| Operating charges | 60/66A | €49,162,160 | €65,574,193 | +€16.4m | +33.4% |
| Goods for resale, raw materials and consumables | 60 | €43,172,792 | €59,543,585 | +€16.4m | +37.9% |
| Purchases | 600/8 | €43,172,792 | €59,543,585 | +€16.4m | +37.9% |
| Services and other goods | 61 | €4,484,671 | €4,342,537 | -€142,134 | -3.2% |
| Remuneration, social security and pensions | 62 | €1,475,558 | €1,394,287 | -€81,271 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,218 | €109,638 | -€19,580 | -15.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€135,570 | €79,391 | +€214,960 | |
| Other operating charges | 640/8 | €32,389 | €104,756 | +€72,366 | +223.4% |
| Non-recurring operating charges | 66A | €3,103 | - | -€3,103 | |
| Operating profit (loss) | 9901 | -€329,809 | €775,659 | +€1.1m | |
| Financial income | 75/76B | €2,186,303 | €1,334,757 | -€851,545 | -38.9% |
| Recurring financial income | 75 | €2,186,303 | €1,334,757 | -€851,545 | -38.9% |
| Income from financial fixed assets | 750 | €1,980,000 | €1,237,500 | -€742,500 | -37.5% |
| Income from current assets | 751 | €206,229 | €97,012 | -€109,217 | -53.0% |
| Other financial income | 752/9 | €74 | €245 | +€171 | +232.0% |
| Financial charges | 65/66B | €1,085,396 | €1,287,913 | +€202,516 | +18.7% |
| Recurring financial charges | 65 | €1,085,396 | €1,287,913 | +€202,516 | +18.7% |
| Debt charges | 650 | €783,220 | €1,022,869 | +€239,649 | +30.6% |
| Other financial charges | 652/9 | €302,176 | €265,043 | -€37,133 | -12.3% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €771,097 | €822,504 | +€51,407 | +6.7% |
| Income taxes | 67/77 | €3,258 | €2,761 | -€497 | -15.3% |
| Taxes | 670/3 | €3,258 | €2,761 | -€497 | -15.3% |
| Profit (loss) for the period | 9904 | €767,839 | €819,743 | +€51,904 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €767,839 | €819,743 | +€51,904 | +6.8% |
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 30 September 2026 via checked.be.