Cadco: 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.
Cadco
Largest movements
- Receivables within one year -€450,644
down €450,644 (-99.6%), from €452,385 to €1,741
of which Other amounts receivable: -€449,881
- Cash +€324,361
up €324,361 (+457%), from €70,932 to €395,294
mainly Receivables within one year (+€450,644) and Net result for the year (+€150,010)
- Tangible fixed assets -€89,168
down €89,168 (-12.5%), from €711,053 to €621,885
- Other debts -€150,400
no longer reported in 2025 (was €150,400)
- Debts after one year -€86,667
down €86,667 (-12.8%), from €678,889 to €592,222
- Reserves +€44,326
up €44,326 (+22.7%), from €195,494 to €239,820
of which Distributable reserves: +€55,000
- Tax, wage and social debts -€19,602
down €19,602 (-57.6%), from €34,030 to €14,428
- Depreciation -€10,311
down €10,311 (-10.4%), from €99,479 to €89,168
- Gross operating margin +€5,616
up €5,616 (+1.8%), from €313,492 to €319,107
- Other operating charges +€5,031
up €5,031 (+18.0%), from €27,981 to €33,013
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 | €1,239,137 | €1,018,920 | -€220,217 | -17.8% |
| Fixed assets | 21/28 | €711,053 | €621,885 | -€89,168 | -12.5% |
| Tangible fixed assets | 22/27 | €711,053 | €621,885 | -€89,168 | -12.5% |
| Land and buildings | 22 | €711,053 | €621,885 | -€89,168 | -12.5% |
| Current assets | 29/58 | €528,084 | €397,035 | -€131,049 | -24.8% |
| Amounts receivable within one year | 40/41 | €452,385 | €1,741 | -€450,644 | -99.6% |
| Trade receivables | 40 | €2,504 | €1,741 | -€763 | -30.5% |
| Other amounts receivable | 41 | €449,881 | - | -€449,881 | |
| Cash at bank and in hand | 54/58 | €70,932 | €395,294 | +€324,361 | +457% |
| Deferred charges and accrued income | 490/1 | €4,767 | - | -€4,767 | |
| Total equity and liabilities | 10/49 | €1,239,137 | €1,018,920 | -€220,217 | -17.8% |
| Equity | 10/15 | €262,751 | €302,761 | +€40,010 | +15.2% |
| Contributions | 10/11 | €62,937 | €62,937 | = | 0.0% |
| Capital | 10 | €62,937 | €62,937 | = | 0.0% |
| Issued capital | 100 | €62,937 | €62,937 | = | 0.0% |
| Reserves | 13 | €195,494 | €239,820 | +€44,326 | +22.7% |
| Non-distributable reserves | 130/1 | €6,294 | €6,294 | = | 0.0% |
| Legal reserve | 130 | €6,294 | €6,294 | = | 0.0% |
| Tax-exempt reserves | 132 | €79,201 | €68,526 | -€10,674 | -13.5% |
| Distributable reserves | 133 | €110,000 | €165,000 | +€55,000 | +50.0% |
| Profit (loss) carried forward | 14 | €4,319 | €4 | -€4,315 | -99.9% |
| Provisions and deferred taxes | 16 | €26,400 | €22,842 | -€3,558 | -13.5% |
| Deferred taxes | 168 | €26,400 | €22,842 | -€3,558 | -13.5% |
| Amounts payable | 17/49 | €949,986 | €693,317 | -€256,669 | -27.0% |
| Amounts payable after more than one year | 17 | €678,889 | €592,222 | -€86,667 | -12.8% |
| Financial debts | 170/4 | €678,889 | €592,222 | -€86,667 | -12.8% |
| Amounts payable within one year | 42/48 | €271,097 | €101,095 | -€170,002 | -62.7% |
| Current portion of amounts payable after more than one year | 42 | €86,667 | €86,667 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €34,030 | €14,428 | -€19,602 | -57.6% |
| Taxes | 450/3 | €34,030 | €14,428 | -€19,602 | -57.6% |
| Other amounts payable | 47/48 | €150,400 | - | -€150,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,479 | €89,168 | -€10,311 | -10.4% |
| Other operating charges | 640/8 | €27,981 | €33,013 | +€5,031 | +18.0% |
| Gross operating margin | 9900 | €313,492 | €319,107 | +€5,616 | +1.8% |
| Operating profit (loss) | 9901 | €186,032 | €196,927 | +€10,896 | +5.9% |
| Financial income | 75/76B | €16,443 | €15,670 | -€773 | -4.7% |
| Recurring financial income | 75 | €16,443 | €15,670 | -€773 | -4.7% |
| Financial charges | 65/66B | €14,085 | €12,562 | -€1,523 | -10.8% |
| Recurring financial charges | 65 | €14,085 | €12,562 | -€1,523 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €188,389 | €200,034 | +€11,646 | +6.2% |
| Transfer from deferred taxes | 780 | €3,558 | €3,558 | = | 0.0% |
| Income taxes | 67/77 | €53,214 | €53,583 | +€368 | +0.7% |
| Profit (loss) for the period | 9904 | €138,733 | €150,010 | +€11,278 | +8.1% |
| Transfer from tax-exempt reserves | 789 | €10,674 | €10,674 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €149,407 | €160,685 | +€11,278 | +7.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.