Cabnam: 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.
Cabnam
Largest movements
- Receivables within one year +€3.2m
up €3.2m (+357.6%), from €904,512 to €4.1m
of which Trade receivables: +€3.2m
- Stocks and contracts -€2.8m
no longer reported in 2025 (was €2.8m)
- Cash -€95,384
down €95,384 (-28.4%), from €335,971 to €240,587
mainly Receivables within one year (-€3.2m) and Trade debts (-€830,594)
- Trade debts -€830,594
down €830,594 (-98.1%), from €846,758 to €16,164
- Other debts +€724,051
new in 2025: €724,051
- Tax, wage and social debts +€243,913
up €243,913 (+225.8%), from €108,029 to €351,941
of which Taxes: +€246,365
- Debts after one year +€162,010
up €162,010 (+5.8%), from €2.8m to €3.0m
of which Other amounts payable: +€171,225
- Gross operating margin +€465,323
up €465,323 (+88.1%), from €528,113 to €993,436
- Staff costs +€255,759
up €255,759 (+47.6%), from €537,457 to €793,217
- Financial charges +€161,640
up €161,640 (+1089.8%), from €14,832 to €176,472
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 | €4,141,234 | €4,455,006 | +€313,772 | +7.6% |
| Fixed assets | 21/28 | €79,355 | €72,624 | -€6,731 | -8.5% |
| Tangible fixed assets | 22/27 | €34,290 | €27,369 | -€6,920 | -20.2% |
| Furniture and vehicles | 24 | €4,214 | €6,536 | +€2,322 | +55.1% |
| Leasing and similar rights | 25 | €30,076 | €20,833 | -€9,242 | -30.7% |
| Financial fixed assets | 28 | €45,065 | €45,254 | +€189 | +0.4% |
| Current assets | 29/58 | €4,061,879 | €4,382,382 | +€320,503 | +7.9% |
| Stocks and contracts in progress | 3 | €2,819,554 | - | -€2.8m | |
| Stocks | 30/36 | €2,819,554 | - | -€2.8m | |
| Amounts receivable within one year | 40/41 | €904,512 | €4,139,484 | +€3.2m | +357.6% |
| Trade receivables | 40 | €904,363 | €4,139,244 | +€3.2m | +357.7% |
| Other amounts receivable | 41 | €149 | €239 | +€90 | +60.3% |
| Cash at bank and in hand | 54/58 | €335,971 | €240,587 | -€95,384 | -28.4% |
| Deferred charges and accrued income | 490/1 | €1,842 | €2,311 | +€469 | +25.5% |
| Total equity and liabilities | 10/49 | €4,141,234 | €4,455,006 | +€313,772 | +7.6% |
| Equity | 10/15 | €365,322 | €379,295 | +€13,973 | +3.8% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,678 | -€20,705 | +€13,973 | +40.3% |
| Amounts payable | 17/49 | €3,775,912 | €4,075,711 | +€299,799 | +7.9% |
| Amounts payable after more than one year | 17 | €2,812,329 | €2,974,339 | +€162,010 | +5.8% |
| Financial debts | 170/4 | €21,839 | €12,624 | -€9,216 | -42.2% |
| Other amounts payable | 178/9 | €2,790,489 | €2,961,715 | +€171,225 | +6.1% |
| Amounts payable within one year | 42/48 | €963,583 | €1,101,372 | +€137,789 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €8,797 | €9,216 | +€419 | +4.8% |
| Trade debts | 44 | €846,758 | €16,164 | -€830,594 | -98.1% |
| Suppliers | 440/4 | €846,758 | €16,164 | -€830,594 | -98.1% |
| Taxes, remuneration and social security | 45 | €108,029 | €351,941 | +€243,913 | +225.8% |
| Taxes | 450/3 | €3,949 | €250,314 | +€246,365 | +6238.1% |
| Remuneration and social security | 454/9 | €104,079 | €101,627 | -€2,452 | -2.4% |
| Other amounts payable | 47/48 | - | €724,051 | +€724,051 | |
| Remuneration, social security and pensions | 62 | €537,457 | €793,217 | +€255,759 | +47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,297 | €10,833 | +€3,537 | +48.5% |
| Other operating charges | 640/8 | €3,467 | €5,995 | +€2,528 | +72.9% |
| Gross operating margin | 9900 | €528,113 | €993,436 | +€465,323 | +88.1% |
| Operating profit (loss) | 9901 | -€20,108 | €183,391 | +€203,499 | |
| Financial income | 75/76B | €262 | €7,135 | +€6,873 | +2618.5% |
| Recurring financial income | 75 | €262 | €7,135 | +€6,873 | +2618.5% |
| Financial charges | 65/66B | €14,832 | €176,472 | +€161,640 | +1089.8% |
| Recurring financial charges | 65 | €14,832 | €176,472 | +€161,640 | +1089.8% |
| Profit (loss) for the period before taxes | 9903 | -€34,678 | €14,054 | +€48,732 | |
| Income taxes | 67/77 | - | €81 | +€81 | |
| Profit (loss) for the period | 9904 | -€34,678 | €13,973 | +€48,651 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,678 | €13,973 | +€48,651 |
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 2 October 2026 via checked.be.