CADFIN: 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.
What changed
CADFIN
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€70,104
2024 · -€112,782+€42,678
Equity
€864,581
2024 · €934,685-€70,104
Cash
€2,342
2024 · €11,165-€8,824
Balance sheet total
€5.1m
2024 · €5.4m-€327,140
Largest movements
Assets
- Receivables after one year +€517,353
up €517,353 (+35.6%), from €1.5m to €2.0m
- Tangible fixed assets -€496,699
down €496,699 (-14.6%), from €3.4m to €2.9m
of which Other tangible fixed assets: -€485,866
- Receivables within one year -€338,970
down €338,970 (-58.8%), from €576,820 to €237,850
of which Other amounts receivable: -€307,383
Equity and liabilities
- Debts after one year -€215,651
down €215,651 (-8.1%), from €2.7m to €2.4m
- Reserves -€200,797
down €200,797 (-13.7%), from €1.5m to €1.3m
of which Tax-exempt reserves: -€200,797
- Profit (loss) carried forward +€130,693
up €130,693 (+8.3%), from -€1.6m to -€1.4m
- Trade debts +€108,647
up €108,647 (+29.1%), from €372,779 to €481,426
- Short-term financial debts -€83,333
down €83,333 (-33.3%), from €250,000 to €166,667
Income statement
- Gross operating margin +€55,505
up €55,505 (+67.4%), from €82,376 to €137,881
- Taxes +€29,619
new in 2025: €29,619
- Financial charges +€25,605
up €25,605 (+35.3%), from €72,580 to €98,185
- Depreciation -€15,505
down €15,505 (-6.5%), from €240,245 to €224,741
- Financial income -€1,762
down €1,762 (-2.0%), from €89,925 to €88,162
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.
Result 2024
-€112,782
Gross operating margin
+€55,505
Depreciation
+€15,505
Other operating charges
-€1,129
Financial income
-€1,762
Financial charges
-€25,605
Taxes
-€29,619
Deferred taxes and other
+€29,784
Result 2025
-€70,104
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€13,854
Investment
+€271,959
Financing
-€294,637
Cash 2024
€11,165
From operations (derived)
+€13,854
Net result for the year
-€70,104
Depreciation
+€224,741
Receivables after one year
-€517,353
Receivables within one year
+€338,970
Provisions
-€66,932
Trade debts
+€108,647
Tax, wage and social debts
+€28,887
Other debts
-€13,000
Accrued charges and deferred income
-€20,000
Investment (derived)
+€271,959
Investment in fixed assets (net)
+€271,959
Financing
-€294,637
Debts after one year
-€215,651
Current portion of long-term debt
+€4,347
Short-term financial debts
-€83,333
Cash 2025
€2,342
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,439,280 | €5,112,140 | -€327,140 | -6.0% |
| Fixed assets | 21/28 | €3,396,876 | €2,900,176 | -€496,699 | -14.6% |
| Tangible fixed assets | 22/27 | €3,396,318 | €2,899,619 | -€496,699 | -14.6% |
| Leasing and similar rights | 25 | €184,253 | €173,420 | -€10,833 | -5.9% |
| Other tangible fixed assets | 26 | €3,212,065 | €2,726,199 | -€485,866 | -15.1% |
| Financial fixed assets | 28 | €558 | €558 | = | 0.0% |
| Current assets | 29/58 | €2,042,405 | €2,211,964 | +€169,559 | +8.3% |
| Amounts receivable after more than one year | 29 | €1,454,420 | €1,971,773 | +€517,353 | +35.6% |
| Other amounts receivable | 291 | €1,454,420 | €1,971,773 | +€517,353 | +35.6% |
| Amounts receivable within one year | 40/41 | €576,820 | €237,850 | -€338,970 | -58.8% |
| Trade receivables | 40 | €60,723 | €29,136 | -€31,587 | -52.0% |
| Other amounts receivable | 41 | €516,097 | €208,714 | -€307,383 | -59.6% |
| Cash at bank and in hand | 54/58 | €11,165 | €2,342 | -€8,824 | -79.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €5,439,280 | €5,112,140 | -€327,140 | -6.0% |
| Equity | 10/15 | €934,685 | €864,581 | -€70,104 | -7.5% |
| Contributions | 10/11 | €1,041,956 | €1,041,956 | = | 0.0% |
| Capital | 10 | €1,041,956 | €1,041,956 | = | 0.0% |
| Issued capital | 100 | €1,041,956 | €1,041,956 | = | 0.0% |
| Reserves | 13 | €1,469,602 | €1,268,805 | -€200,797 | -13.7% |
| Non-distributable reserves | 130/1 | €111,552 | €111,552 | = | 0.0% |
| Legal reserve | 130 | €111,552 | €111,552 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,284,230 | €1,083,432 | -€200,797 | -15.6% |
| Distributable reserves | 133 | €73,820 | €73,820 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,576,872 | -€1,446,179 | +€130,693 | +8.3% |
| Provisions and deferred taxes | 16 | €766,425 | €699,492 | -€66,932 | -8.7% |
| Provisions for liabilities and charges | 160/5 | €468,536 | €468,536 | = | 0.0% |
| Major repairs and maintenance | 162 | €468,536 | €468,536 | = | 0.0% |
| Deferred taxes | 168 | €297,889 | €230,957 | -€66,932 | -22.5% |
| Amounts payable | 17/49 | €3,738,170 | €3,548,067 | -€190,103 | -5.1% |
| Amounts payable after more than one year | 17 | €2,656,686 | €2,441,035 | -€215,651 | -8.1% |
| Financial debts | 170/4 | €2,656,686 | €2,441,035 | -€215,651 | -8.1% |
| Amounts payable within one year | 42/48 | €861,484 | €907,032 | +€45,548 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €168,054 | €172,401 | +€4,347 | +2.6% |
| Financial debts | 43 | €250,000 | €166,667 | -€83,333 | -33.3% |
| Credit institutions | 430/8 | €250,000 | €166,667 | -€83,333 | -33.3% |
| Trade debts | 44 | €372,779 | €481,426 | +€108,647 | +29.1% |
| Suppliers | 440/4 | €372,779 | €481,426 | +€108,647 | +29.1% |
| Taxes, remuneration and social security | 45 | €19,151 | €48,038 | +€28,887 | +151% |
| Taxes | 450/3 | €19,151 | €48,038 | +€28,887 | +151% |
| Other amounts payable | 47/48 | €51,500 | €38,500 | -€13,000 | -25.2% |
| Accrued charges and deferred income | 492/3 | €220,000 | €200,000 | -€20,000 | -9.1% |
| Non-recurring operating income | 76A | - | €164,770 | +€164,770 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €240,245 | €224,741 | -€15,505 | -6.5% |
| Other operating charges | 640/8 | €9,406 | €10,535 | +€1,129 | +12.0% |
| Gross operating margin | 9900 | €82,376 | €137,881 | +€55,505 | +67.4% |
| Operating profit (loss) | 9901 | -€167,275 | -€97,395 | +€69,880 | +41.8% |
| Financial income | 75/76B | €89,925 | €88,162 | -€1,762 | -2.0% |
| Recurring financial income | 75 | €89,925 | €88,162 | -€1,762 | -2.0% |
| Financial charges | 65/66B | €72,580 | €98,185 | +€25,605 | +35.3% |
| Recurring financial charges | 65 | €72,580 | €98,185 | +€25,605 | +35.3% |
| Profit (loss) for the period before taxes | 9903 | -€149,931 | -€107,418 | +€42,513 | +28.4% |
| Transfer from deferred taxes | 780 | €37,149 | €66,932 | +€29,784 | +80.2% |
| Income taxes | 67/77 | - | €29,619 | +€29,619 | |
| Profit (loss) for the period | 9904 | -€112,782 | -€70,104 | +€42,678 | +37.8% |
| Transfer from tax-exempt reserves | 789 | €111,446 | €200,797 | +€89,351 | +80.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,336 | €130,693 | +€132,029 |
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 27 October 2026 via checked.be.