CADENZA: 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.
CADENZA
Largest movements
- Financial fixed assets +€950,000
new in 2025: €950,000
- Cash -€843,295
down €843,295 (-83.1%), from €1.0m to €171,393
mainly Investment in fixed assets (net) (-€951,319) and Deferred charges and accrued income (-€246,210)
- Deferred charges and accrued income +€246,210
up €246,210 (+33,329%), from €739 to €246,948
- Reserves +€291,958
up €291,958 (+204%), from €143,091 to €435,049
- Other debts +€145,340
up €145,340 (+225%), from €64,566 to €209,906
- Debts after one year -€143,000
down €143,000 (-17.9%), from €800,000 to €657,000
- Tax, wage and social debts +€36,069
up €36,069 (+77.9%), from €46,302 to €82,371
of which Taxes: +€36,069
- Financial income +€160,871
up €160,871 (+2,699,174%), from €6 to €160,877
- Gross operating margin +€65,248
up €65,248 (+48.9%), from €133,456 to €198,703
- Taxes +€18,678
up €18,678 (+71.3%), from €26,195 to €44,873
- Financial charges +€9,795
up €9,795 (+3,969%), from €247 to €10,041
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 | €1,061,123 | €1,399,945 | +€338,822 | +31.9% |
| Fixed assets | 21/28 | €42,671 | €981,604 | +€938,932 | +2,200% |
| Tangible fixed assets | 22/27 | €42,671 | €31,604 | -€11,068 | -25.9% |
| Plant, machinery and equipment | 23 | €5,247 | €5,534 | +€287 | +5.5% |
| Furniture and vehicles | 24 | €37,425 | €26,070 | -€11,355 | -30.3% |
| Financial fixed assets | 28 | - | €950,000 | +€950,000 | |
| Current assets | 29/58 | €1,018,452 | €418,342 | -€600,110 | -58.9% |
| Amounts receivable within one year | 40/41 | €3,025 | - | -€3,025 | |
| Trade receivables | 40 | €3,025 | - | -€3,025 | |
| Cash at bank and in hand | 54/58 | €1,014,688 | €171,393 | -€843,295 | -83.1% |
| Deferred charges and accrued income | 490/1 | €739 | €246,948 | +€246,210 | +33,329% |
| Total equity and liabilities | 10/49 | €1,061,123 | €1,399,945 | +€338,822 | +31.9% |
| Equity | 10/15 | €148,091 | €440,049 | +€291,958 | +197% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €143,091 | €435,049 | +€291,958 | +204% |
| Distributable reserves | 133 | €143,091 | €435,049 | +€291,958 | +204% |
| Amounts payable | 17/49 | €913,032 | €959,896 | +€46,864 | +5.1% |
| Amounts payable after more than one year | 17 | €800,000 | €657,000 | -€143,000 | -17.9% |
| Financial debts | 170/4 | €800,000 | €657,000 | -€143,000 | -17.9% |
| Amounts payable within one year | 42/48 | €112,679 | €292,603 | +€179,924 | +160% |
| Trade debts | 44 | €1,811 | €325 | -€1,485 | -82.0% |
| Suppliers | 440/4 | €1,811 | €325 | -€1,485 | -82.0% |
| Taxes, remuneration and social security | 45 | €46,302 | €82,371 | +€36,069 | +77.9% |
| Taxes | 450/3 | €44,802 | €80,871 | +€36,069 | +80.5% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €64,566 | €209,906 | +€145,340 | +225% |
| Accrued charges and deferred income | 492/3 | €353 | €10,293 | +€9,940 | +2,814% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,984 | €12,387 | +€403 | +3.4% |
| Other operating charges | 640/8 | €190 | €320 | +€130 | +68.4% |
| Gross operating margin | 9900 | €133,456 | €198,703 | +€65,248 | +48.9% |
| Operating profit (loss) | 9901 | €121,282 | €185,996 | +€64,715 | +53.4% |
| Financial income | 75/76B | €6 | €160,877 | +€160,871 | +2,699,174% |
| Recurring financial income | 75 | €6 | €160,877 | +€160,871 | +2,699,174% |
| Financial charges | 65/66B | €247 | €10,041 | +€9,795 | +3,969% |
| Recurring financial charges | 65 | €247 | €10,041 | +€9,795 | +3,969% |
| Profit (loss) for the period before taxes | 9903 | €121,041 | €336,832 | +€215,791 | +178% |
| Income taxes | 67/77 | €26,195 | €44,873 | +€18,678 | +71.3% |
| Profit (loss) for the period | 9904 | €94,846 | €291,958 | +€197,113 | +208% |
| Profit (loss) for the period to be appropriated | 9905 | €94,846 | €291,958 | +€197,113 | +208% |
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 26 October 2026 via checked.be.