Cadiz: 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
Cadiz
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€101,259
2024 · €193,325-€92,066
Equity
€5.4m
2024 · €5.3m+€101,259
Cash
€140,386
2024 · €116,871+€23,514
Balance sheet total
€6.8m
2024 · €7.0m-€176,462
Largest movements
Assets
- Receivables within one year -€173,495
down €173,495 (-68.0%), from €255,045 to €81,551
of which Other amounts receivable: -€108,615
Equity and liabilities
- Current portion of long-term debt -€772,000
down €772,000 (-87.5%), from €882,000 to €110,000
- Short-term financial debts +€568,000
new in 2025: €568,000
- Debts after one year -€110,000
down €110,000 (-18.4%), from €597,500 to €487,500
- Reserves +€101,259
up €101,259 (+8.0%), from €1.3m to €1.4m
of which Distributable reserves: +€98,566
Income statement
- Gross operating margin -€138,358
down €138,358 (-33.7%), from €410,140 to €271,782
- Taxes -€36,114
down €36,114 (-38.3%), from €94,313 to €58,199
- Financial income +€5,479
up €5,479 (+9.3%), from €58,683 to €64,162
- Financial charges -€5,039
down €5,039 (-8.0%), from €62,687 to €57,648
of which Financial charges: -€9,578
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
€193,325
Gross operating margin
-€138,358
Depreciation
+€1,792
Other operating charges
-€2,132
Financial income
+€5,479
Financial charges
+€5,039
Taxes
+€36,114
Result 2025
€101,259
raises the resultlowers the result
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
+€435,359
Investment
-€97,845
Financing
-€314,000
Cash 2024
€116,871
From operations (derived)
+€435,359
Net result for the year
+€101,259
Depreciation
+€101,544
Receivables within one year
+€173,495
Deferred charges and accrued income
+€22,782
Provisions
-€1,102
Trade debts
+€26,141
Tax, wage and social debts
-€12,393
Other debts
+€26,802
Accrued charges and deferred income
-€3,170
Investment (derived)
-€97,845
Investment in fixed assets (net)
-€104,685
Current investments
+€6,840
Financing
-€314,000
Debts after one year
-€110,000
Current portion of long-term debt
-€772,000
Short-term financial debts
+€568,000
Cash 2025
€140,386
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,006,737 | €6,830,275 | -€176,462 | -2.5% |
| Fixed assets | 21/28 | €5,330,521 | €5,333,662 | +€3,141 | +0.1% |
| Tangible fixed assets | 22/27 | €4,285,451 | €4,228,436 | -€57,015 | -1.3% |
| Land and buildings | 22 | €4,268,031 | €4,180,775 | -€87,256 | -2.0% |
| Plant, machinery and equipment | 23 | €8,994 | €17,711 | +€8,717 | +96.9% |
| Furniture and vehicles | 24 | €8,426 | €29,950 | +€21,524 | +255% |
| Financial fixed assets | 28 | €1,045,070 | €1,105,226 | +€60,156 | +5.8% |
| Current assets | 29/58 | €1,676,216 | €1,496,613 | -€179,603 | -10.7% |
| Amounts receivable within one year | 40/41 | €255,045 | €81,551 | -€173,495 | -68.0% |
| Trade receivables | 40 | €97,361 | €32,481 | -€64,880 | -66.6% |
| Other amounts receivable | 41 | €157,684 | €49,070 | -€108,615 | -68.9% |
| Current investments | 50/53 | €1,267,164 | €1,260,324 | -€6,840 | -0.5% |
| Cash at bank and in hand | 54/58 | €116,871 | €140,386 | +€23,514 | +20.1% |
| Deferred charges and accrued income | 490/1 | €37,135 | €14,353 | -€22,782 | -61.3% |
| Total equity and liabilities | 10/49 | €7,006,737 | €6,830,275 | -€176,462 | -2.5% |
| Equity | 10/15 | €5,271,865 | €5,373,124 | +€101,259 | +1.9% |
| Contributions | 10/11 | €4,000,000 | €4,000,000 | = | 0.0% |
| Capital | 10 | €4,000,000 | €4,000,000 | = | 0.0% |
| Issued capital | 100 | €4,000,000 | €4,000,000 | = | 0.0% |
| Reserves | 13 | €1,271,865 | €1,373,124 | +€101,259 | +8.0% |
| Non-distributable reserves | 130/1 | €73,000 | €79,000 | +€6,000 | +8.2% |
| Legal reserve | 130 | €73,000 | €79,000 | +€6,000 | +8.2% |
| Tax-exempt reserves | 132 | €35,995 | €32,688 | -€3,307 | -9.2% |
| Distributable reserves | 133 | €1,162,870 | €1,261,436 | +€98,566 | +8.5% |
| Provisions and deferred taxes | 16 | €147,551 | €146,449 | -€1,102 | -0.7% |
| Provisions for liabilities and charges | 160/5 | €135,553 | €135,553 | = | 0.0% |
| Pensions and similar obligations | 160 | €135,553 | €135,553 | = | 0.0% |
| Deferred taxes | 168 | €11,998 | €10,896 | -€1,102 | -9.2% |
| Amounts payable | 17/49 | €1,587,321 | €1,310,702 | -€276,619 | -17.4% |
| Amounts payable after more than one year | 17 | €597,500 | €487,500 | -€110,000 | -18.4% |
| Financial debts | 170/4 | €597,500 | €487,500 | -€110,000 | -18.4% |
| Amounts payable within one year | 42/48 | €973,777 | €810,327 | -€163,450 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €882,000 | €110,000 | -€772,000 | -87.5% |
| Financial debts | 43 | - | €568,000 | +€568,000 | |
| Credit institutions | 430/8 | - | €568,000 | +€568,000 | |
| Trade debts | 44 | €15,602 | €41,743 | +€26,141 | +168% |
| Suppliers | 440/4 | €15,602 | €41,743 | +€26,141 | +168% |
| Taxes, remuneration and social security | 45 | €50,526 | €38,133 | -€12,393 | -24.5% |
| Taxes | 450/3 | €50,526 | €38,133 | -€12,393 | -24.5% |
| Other amounts payable | 47/48 | €25,649 | €52,451 | +€26,802 | +104% |
| Accrued charges and deferred income | 492/3 | €16,044 | €12,874 | -€3,170 | -19.8% |
| Non-recurring operating income | 76A | €2,715 | - | -€2,715 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,337 | €101,544 | -€1,792 | -1.7% |
| Other operating charges | 640/8 | €16,264 | €18,396 | +€2,132 | +13.1% |
| Gross operating margin | 9900 | €410,140 | €271,782 | -€138,358 | -33.7% |
| Operating profit (loss) | 9901 | €290,540 | €151,842 | -€138,698 | -47.7% |
| Financial income | 75/76B | €58,683 | €64,162 | +€5,479 | +9.3% |
| Recurring financial income | 75 | €58,683 | €64,162 | +€5,479 | +9.3% |
| Financial charges | 65/66B | €62,687 | €57,648 | -€5,039 | -8.0% |
| Recurring financial charges | 65 | €62,687 | €53,109 | -€9,578 | -15.3% |
| Non-recurring financial charges | 66B | - | €4,539 | +€4,539 | |
| Profit (loss) for the period before taxes | 9903 | €286,536 | €158,356 | -€128,180 | -44.7% |
| Transfer from deferred taxes | 780 | €1,102 | €1,102 | = | 0.0% |
| Income taxes | 67/77 | €94,313 | €58,199 | -€36,114 | -38.3% |
| Profit (loss) for the period | 9904 | €193,325 | €101,259 | -€92,066 | -47.6% |
| Transfer from tax-exempt reserves | 789 | €3,307 | €3,307 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €196,632 | €104,566 | -€92,066 | -46.8% |
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 14 October 2026 via checked.be.