CABEZA: 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.
CABEZA
Largest movements
- Cash +€1.1m
up €1.1m (+2,366%), from €47,671 to €1.2m
mainly Receivables within one year (+€639,097) and Net result for the year (+€602,965)
- Receivables within one year -€639,097
down €639,097 (-98.6%), from €647,983 to €8,886
of which Other amounts receivable: -€641,303
- Tangible fixed assets +€349,936
up €349,936 (+57.0%), from €613,598 to €963,534
of which Land and buildings: +€353,394
- Financial fixed assets -€137,880
down €137,880 (-100%), from €137,880 to €0
- Current investments -€118,725
down €118,725 (-7.4%), from €1.6m to €1.5m
- Reserves +€422,965
up €422,965 (+24.6%), from €1.7m to €2.1m
- Trade debts +€87,051
up €87,051 (+1,274%), from €6,835 to €93,886
- Tax, wage and social debts +€52,905
up €52,905 (+216%), from €24,506 to €77,411
- Gross operating margin +€275,554
up €275,554 (+89.4%), from €308,106 to €583,660
- Financial income +€127,499
up €127,499 (+193%), from €66,152 to €193,651
- Depreciation +€23,570
up €23,570 (+81.8%), from €28,822 to €52,392
- Taxes -€11,816
down €11,816 (-11.8%), from €99,765 to €87,949
- Financial charges +€7,478
up €7,478, from -€2,161 to €5,317
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 | €3,099,376 | €3,650,680 | +€551,304 | +17.8% |
| Fixed assets | 21/28 | €751,478 | €963,534 | +€212,056 | +28.2% |
| Tangible fixed assets | 22/27 | €613,598 | €963,534 | +€349,936 | +57.0% |
| Land and buildings | 22 | €512,669 | €866,063 | +€353,394 | +68.9% |
| Plant, machinery and equipment | 23 | €10,858 | €9,251 | -€1,607 | -14.8% |
| Furniture and vehicles | 24 | €13,821 | €11,970 | -€1,851 | -13.4% |
| Other tangible fixed assets | 26 | €76,250 | €76,250 | = | 0.0% |
| Financial fixed assets | 28 | €137,880 | €0 | -€137,880 | -100% |
| Current assets | 29/58 | €2,347,898 | €2,687,146 | +€339,248 | +14.4% |
| Amounts receivable within one year | 40/41 | €647,983 | €8,886 | -€639,097 | -98.6% |
| Trade receivables | 40 | - | €2,206 | +€2,206 | |
| Other amounts receivable | 41 | €647,983 | €6,680 | -€641,303 | -99.0% |
| Current investments | 50/53 | €1,602,835 | €1,484,110 | -€118,725 | -7.4% |
| Cash at bank and in hand | 54/58 | €47,671 | €1,175,745 | +€1.1m | +2,366% |
| Deferred charges and accrued income | 490/1 | €49,408 | €18,404 | -€31,004 | -62.8% |
| Total equity and liabilities | 10/49 | €3,099,376 | €3,650,680 | +€551,304 | +17.8% |
| Equity | 10/15 | €3,019,369 | €3,442,335 | +€422,965 | +14.0% |
| Contributions | 10/11 | €1,300,000 | €1,300,000 | = | 0.0% |
| Reserves | 13 | €1,719,369 | €2,142,335 | +€422,965 | +24.6% |
| Distributable reserves | 133 | €1,719,369 | €2,142,335 | +€422,965 | +24.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €80,006 | €208,346 | +€128,339 | +160% |
| Amounts payable within one year | 42/48 | €38,349 | €181,260 | +€142,912 | +373% |
| Financial debts | 43 | €15 | €0 | -€15 | -100% |
| Credit institutions | 430/8 | €15 | €0 | -€15 | -100% |
| Trade debts | 44 | €6,835 | €93,886 | +€87,051 | +1,274% |
| Suppliers | 440/4 | €6,835 | €93,886 | +€87,051 | +1,274% |
| Taxes, remuneration and social security | 45 | €24,506 | €77,411 | +€52,905 | +216% |
| Taxes | 450/3 | €24,506 | €77,411 | +€52,905 | +216% |
| Other amounts payable | 47/48 | €6,993 | €9,964 | +€2,971 | +42.5% |
| Accrued charges and deferred income | 492/3 | €41,658 | €27,085 | -€14,572 | -35.0% |
| Non-recurring operating income | 76A | - | €396,793 | +€396,793 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,822 | €52,392 | +€23,570 | +81.8% |
| Other operating charges | 640/8 | €32,825 | €28,688 | -€4,137 | -12.6% |
| Gross operating margin | 9900 | €308,106 | €583,660 | +€275,554 | +89.4% |
| Operating profit (loss) | 9901 | €246,459 | €502,580 | +€256,121 | +104% |
| Financial income | 75/76B | €66,152 | €193,651 | +€127,499 | +193% |
| Recurring financial income | 75 | €66,152 | €193,651 | +€127,499 | +193% |
| Financial charges | 65/66B | -€2,161 | €5,317 | +€7,478 | |
| Recurring financial charges | 65 | -€2,161 | €5,317 | +€7,478 | |
| Profit (loss) for the period before taxes | 9903 | €314,772 | €690,914 | +€376,142 | +119% |
| Income taxes | 67/77 | €99,765 | €87,949 | -€11,816 | -11.8% |
| Profit (loss) for the period | 9904 | €215,007 | €602,965 | +€387,958 | +180% |
| Profit (loss) for the period to be appropriated | 9905 | €215,007 | €602,965 | +€387,958 | +180% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.