CAD BELGIUM: what changed
What changed
CAD BELGIUM
NACE 90.202, Performing arts by artistic ensembles
filed annual accounts (NBB)
Net result for the year
-€37,274
2024 · -€23,870-€13,403
Equity
€9,364
2024 · €46,637-€37,274
Cash
€3,117
2024 · €2,850+€267
Balance sheet total
€53,168
2024 · €97,226-€44,058
Largest movements
Assets
- Current investments -€24,116
down €24,116 (-35.2%), from €68,553 to €44,437
- Financial fixed assets -€14,000
no longer reported in 2025 (was €14,000)
- Receivables within one year -€6,028
down €6,028 (-65.2%), from €9,251 to €3,223
of which Trade receivables: -€7,250
Equity and liabilities
- Profit (loss) carried forward -€37,274
down €37,274 (-71.9%), from -€51,814 to -€89,088
- Other debts -€8,930
down €8,930 (-20.3%), from €44,023 to €35,093
- Tax, wage and social debts +€3,010
up €3,010 (+72.6%), from €4,148 to €7,158
of which Remuneration and social security: +€4,130
Income statement
- Gross operating margin -€54,100
down €54,100, from €19,925 to -€34,175
- Financial charges -€38,850
down €38,850 (-94.8%), from €40,961 to €2,111
- Depreciation -€524
down €524 (-45.1%), from €1,163 to €639
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€23,870
Gross operating margin
-€54,100
Depreciation
+€524
Other operating charges
+€29
Other operating items
+€1,358
Financial income
-€108
Financial charges
+€38,850
Taxes
+€44
Result 2025
-€37,274
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€37,848
Investment
+€38,116
Financing
€0
Cash 2024
€2,850
From operations (derived)
-€37,848
Net result for the year
-€37,274
Depreciation
+€639
Receivables within one year
+€6,028
Deferred charges and accrued income
-€457
Trade debts
-€864
Tax, wage and social debts
+€3,010
Other debts
-€8,930
Investment (derived)
+€38,116
Investment in fixed assets (net)
+€14,000
Current investments
+€24,116
Cash 2025
€3,117
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €97,226 | €53,168 | -€44,058 | -45.3% |
| Fixed assets | 21/28 | €14,639 | - | -€14,639 | |
| Tangible fixed assets | 22/27 | €639 | - | -€639 | |
| Furniture and vehicles | 24 | €639 | - | -€639 | |
| Financial fixed assets | 28 | €14,000 | - | -€14,000 | |
| Current assets | 29/58 | €82,587 | €53,168 | -€29,419 | -35.6% |
| Amounts receivable within one year | 40/41 | €9,251 | €3,223 | -€6,028 | -65.2% |
| Trade receivables | 40 | €7,250 | - | -€7,250 | |
| Other amounts receivable | 41 | €2,001 | €3,223 | +€1,222 | +61.0% |
| Current investments | 50/53 | €68,553 | €44,437 | -€24,116 | -35.2% |
| Cash at bank and in hand | 54/58 | €2,850 | €3,117 | +€267 | +9.4% |
| Deferred charges and accrued income | 490/1 | €1,933 | €2,390 | +€457 | +23.6% |
| Total equity and liabilities | 10/49 | €97,226 | €53,168 | -€44,058 | -45.3% |
| Equity | 10/15 | €46,637 | €9,364 | -€37,274 | -79.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €79,859 | €79,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €78,000 | €78,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,814 | -€89,088 | -€37,274 | -71.9% |
| Amounts payable | 17/49 | €50,589 | €43,804 | -€6,785 | -13.4% |
| Amounts payable within one year | 42/48 | €50,589 | €43,804 | -€6,785 | -13.4% |
| Trade debts | 44 | €2,418 | €1,553 | -€864 | -35.8% |
| Suppliers | 440/4 | €2,418 | €1,553 | -€864 | -35.8% |
| Taxes, remuneration and social security | 45 | €4,148 | €7,158 | +€3,010 | +72.6% |
| Taxes | 450/3 | €1,278 | €158 | -€1,120 | -87.7% |
| Remuneration and social security | 454/9 | €2,870 | €7,000 | +€4,130 | +144% |
| Other amounts payable | 47/48 | €44,023 | €35,093 | -€8,930 | -20.3% |
| Non-recurring operating income | 76A | - | €532 | +€532 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,163 | €639 | -€524 | -45.1% |
| Other operating charges | 640/8 | €773 | €745 | -€29 | -3.7% |
| Non-recurring operating charges | 66A | €1,358 | - | -€1,358 | |
| Gross operating margin | 9900 | €19,925 | -€34,175 | -€54,100 | |
| Operating profit (loss) | 9901 | €16,631 | -€35,558 | -€52,189 | |
| Financial income | 75/76B | €657 | €549 | -€108 | -16.5% |
| Recurring financial income | 75 | €657 | €549 | -€108 | -16.5% |
| Financial charges | 65/66B | €40,961 | €2,111 | -€38,850 | -94.8% |
| Recurring financial charges | 65 | €40,961 | €2,111 | -€38,850 | -94.8% |
| Profit (loss) for the period before taxes | 9903 | -€23,673 | -€37,120 | -€13,447 | -56.8% |
| Income taxes | 67/77 | €197 | €153 | -€44 | -22.3% |
| Profit (loss) for the period | 9904 | -€23,870 | -€37,274 | -€13,403 | -56.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,870 | -€37,274 | -€13,403 | -56.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.