Cadema: 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.
Cadema
Largest movements
- Tangible fixed assets +€22,808
up €22,808 (+33.9%), from €67,302 to €90,110
of which Land and buildings: +€20,028
- Receivables within one year -€5,275
down €5,275 (-9.6%), from €55,167 to €49,892
of which Trade receivables: -€10,665
- Reserves +€22,431
up €22,431 (+34.6%), from €64,746 to €87,176
- Tax, wage and social debts -€6,399
down €6,399 (-15.8%), from €40,411 to €34,012
of which Taxes: -€4,338
- Gross operating margin -€66,128
down €66,128 (-43.2%), from €152,920 to €86,792
- Taxes -€17,185
down €17,185 (-54.0%), from €31,795 to €14,610
- Depreciation -€10,654
down €10,654 (-58.5%), from €18,206 to €7,552
- Financial charges +€6,254
up €6,254 (+220.3%), from €2,838 to €9,092
of which Non-recurring financial charges: +€6,569
- Staff costs -€3,947
down €3,947 (-12.3%), from €32,178 to €28,231
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 | €176,155 | €193,233 | +€17,078 | +9.7% |
| Fixed assets | 21/28 | €67,302 | €90,110 | +€22,808 | +33.9% |
| Tangible fixed assets | 22/27 | €67,302 | €90,110 | +€22,808 | +33.9% |
| Land and buildings | 22 | €40,826 | €60,854 | +€20,028 | +49.1% |
| Plant, machinery and equipment | 23 | €11,310 | €8,584 | -€2,727 | -24.1% |
| Furniture and vehicles | 24 | €6,547 | €12,623 | +€6,077 | +92.8% |
| Other tangible fixed assets | 26 | €8,618 | €8,049 | -€569 | -6.6% |
| Current assets | 29/58 | €108,853 | €103,123 | -€5,730 | -5.3% |
| Amounts receivable within one year | 40/41 | €55,167 | €49,892 | -€5,275 | -9.6% |
| Trade receivables | 40 | €55,167 | €44,502 | -€10,665 | -19.3% |
| Other amounts receivable | 41 | - | €5,390 | +€5,390 | |
| Cash at bank and in hand | 54/58 | €50,193 | €49,187 | -€1,006 | -2.0% |
| Deferred charges and accrued income | 490/1 | €3,493 | €4,043 | +€551 | +15.8% |
| Total equity and liabilities | 10/49 | €176,155 | €193,233 | +€17,078 | +9.7% |
| Equity | 10/15 | €126,719 | €149,150 | +€22,431 | +17.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €64,746 | €87,176 | +€22,431 | +34.6% |
| Distributable reserves | 133 | €64,746 | €87,176 | +€22,431 | +34.6% |
| Amounts payable | 17/49 | €49,436 | €44,083 | -€5,352 | -10.8% |
| Amounts payable within one year | 42/48 | €49,436 | €44,083 | -€5,352 | -10.8% |
| Trade debts | 44 | €6,891 | €6,851 | -€40 | -0.6% |
| Suppliers | 440/4 | €6,891 | €6,851 | -€40 | -0.6% |
| Taxes, remuneration and social security | 45 | €40,411 | €34,012 | -€6,399 | -15.8% |
| Taxes | 450/3 | €32,205 | €27,867 | -€4,338 | -13.5% |
| Remuneration and social security | 454/9 | €8,206 | €6,145 | -€2,061 | -25.1% |
| Other amounts payable | 47/48 | €2,133 | €3,220 | +€1,087 | +51.0% |
| Remuneration, social security and pensions | 62 | €32,178 | €28,231 | -€3,947 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,206 | €7,552 | -€10,654 | -58.5% |
| Other operating charges | 640/8 | €4,715 | €5,052 | +€336 | +7.1% |
| Gross operating margin | 9900 | €152,920 | €86,792 | -€66,128 | -43.2% |
| Operating profit (loss) | 9901 | €97,821 | €45,957 | -€51,864 | -53.0% |
| Financial income | 75/76B | €127 | €176 | +€49 | +38.7% |
| Recurring financial income | 75 | €127 | €176 | +€49 | +38.7% |
| Financial charges | 65/66B | €2,838 | €9,092 | +€6,254 | +220.3% |
| Recurring financial charges | 65 | €2,838 | €2,523 | -€315 | -11.1% |
| Non-recurring financial charges | 66B | - | €6,569 | +€6,569 | |
| Profit (loss) for the period before taxes | 9903 | €95,109 | €37,040 | -€58,069 | -61.1% |
| Income taxes | 67/77 | €31,795 | €14,610 | -€17,185 | -54.0% |
| Profit (loss) for the period | 9904 | €63,314 | €22,431 | -€40,884 | -64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €63,314 | €22,431 | -€40,884 | -64.6% |
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 10 October 2026 via checked.be.