Cadenzas: 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.
Cadenzas
Largest movements
- Cash -€19,538
down €19,538 (-19.8%), from €98,578 to €79,040
mainly Contributions, distributions and other (-€71,000) and Other debts (-€53,163)
- Current investments -€15,917
no longer reported in 2025 (was €15,917)
- Tangible fixed assets -€2,645
down €2,645 (-5.6%), from €47,017 to €44,372
of which Leasing and similar rights: -€11,845
- Receivables within one year -€2,108
down €2,108 (-5.3%), from €39,980 to €37,872
of which Trade receivables: -€5,554
- Other debts -€53,163
down €53,163 (-43.0%), from €123,624 to €70,461
- Reserves +€13,817
up €13,817 (+88.0%), from €15,704 to €29,520
- Tax, wage and social debts +€12,152
up €12,152 (+163%), from €7,453 to €19,605
- Debts after one year -€11,887
down €11,887 (-48.5%), from €24,525 to €12,638
- Gross operating margin -€30,019
down €30,019 (-18.6%), from €160,972 to €130,953
- Taxes -€7,723
down €7,723 (-24.8%), from €31,104 to €23,381
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 | €206,352 | €167,860 | -€38,492 | -18.7% |
| Fixed assets | 21/28 | €47,017 | €44,372 | -€2,645 | -5.6% |
| Tangible fixed assets | 22/27 | €47,017 | €44,372 | -€2,645 | -5.6% |
| Plant, machinery and equipment | 23 | €9,426 | €8,344 | -€1,082 | -11.5% |
| Furniture and vehicles | 24 | €2,386 | €11,568 | +€9,181 | +385% |
| Leasing and similar rights | 25 | €34,301 | €22,457 | -€11,845 | -34.5% |
| Other tangible fixed assets | 26 | €903 | €2,003 | +€1,100 | +122% |
| Current assets | 29/58 | €159,335 | €123,489 | -€35,846 | -22.5% |
| Amounts receivable within one year | 40/41 | €39,980 | €37,872 | -€2,108 | -5.3% |
| Trade receivables | 40 | €39,208 | €33,654 | -€5,554 | -14.2% |
| Other amounts receivable | 41 | €772 | €4,218 | +€3,446 | +446% |
| Current investments | 50/53 | €15,917 | - | -€15,917 | |
| Cash at bank and in hand | 54/58 | €98,578 | €79,040 | -€19,538 | -19.8% |
| Deferred charges and accrued income | 490/1 | €4,860 | €6,577 | +€1,717 | +35.3% |
| Total equity and liabilities | 10/49 | €206,352 | €167,860 | -€38,492 | -18.7% |
| Equity | 10/15 | €34,304 | €48,120 | +€13,817 | +40.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,704 | €29,520 | +€13,817 | +88.0% |
| Distributable reserves | 133 | €15,704 | €29,520 | +€13,817 | +88.0% |
| Amounts payable | 17/49 | €172,049 | €119,740 | -€52,309 | -30.4% |
| Amounts payable after more than one year | 17 | €24,525 | €12,638 | -€11,887 | -48.5% |
| Financial debts | 170/4 | €24,525 | €12,638 | -€11,887 | -48.5% |
| Amounts payable within one year | 42/48 | €147,523 | €107,102 | -€40,422 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €11,428 | €11,887 | +€459 | +4.0% |
| Trade debts | 44 | €5,018 | €5,149 | +€131 | +2.6% |
| Suppliers | 440/4 | €5,018 | €5,149 | +€131 | +2.6% |
| Taxes, remuneration and social security | 45 | €7,453 | €19,605 | +€12,152 | +163% |
| Taxes | 450/3 | €7,453 | €19,605 | +€12,152 | +163% |
| Other amounts payable | 47/48 | €123,624 | €70,461 | -€53,163 | -43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,245 | €16,062 | +€818 | +5.4% |
| Other operating charges | 640/8 | €6,053 | €4,725 | -€1,327 | -21.9% |
| Gross operating margin | 9900 | €160,972 | €130,953 | -€30,019 | -18.6% |
| Operating profit (loss) | 9901 | €139,675 | €110,165 | -€29,509 | -21.1% |
| Financial income | 75/76B | €1,191 | €249 | -€942 | -79.1% |
| Recurring financial income | 75 | €1,191 | €249 | -€942 | -79.1% |
| Financial charges | 65/66B | €3,657 | €2,216 | -€1,440 | -39.4% |
| Recurring financial charges | 65 | €3,657 | €2,216 | -€1,440 | -39.4% |
| Profit (loss) for the period before taxes | 9903 | €137,209 | €108,198 | -€29,011 | -21.1% |
| Income taxes | 67/77 | €31,104 | €23,381 | -€7,723 | -24.8% |
| Profit (loss) for the period | 9904 | €106,105 | €84,817 | -€21,288 | -20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €106,105 | €84,817 | -€21,288 | -20.1% |
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 23 October 2026 via checked.be.