CADM: what changed
Two fiscal 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.
CADM
Largest movements
- Receivables within one year -€32,651
down €32,651 (-51.8%), from €63,084 to €30,434
of which Trade receivables: -€23,963
- Tangible fixed assets -€13,426
down €13,426 (-3.3%), from €400,969 to €387,544
of which Land and buildings: -€12,912
- Profit (loss) carried forward -€72,837
down €72,837 (-35.9%), from -€203,099 to -€275,936
- Other debts +€33,843
up €33,843 (+16.1%), from €209,850 to €243,693
- Debts after one year -€21,255
down €21,255 (-7.5%), from €282,905 to €261,649
- Current portion of long-term debt +€13,833
up €13,833 (+66.7%), from €20,749 to €34,582
- Financial income -€177,303
down €177,303 (-100.0%), from €177,303 to €0
of which Non-recurring financial income: -€177,300
- Financial charges -€153,723
down €153,723 (-96.2%), from €159,871 to €6,149
of which Non-recurring financial charges: -€148,424
- Gross operating margin -€21,537
down €21,537 (-224.1%), from -€9,610 to -€31,148
- Other operating charges +€10,886
up €10,886 (+96.9%), from €11,229 to €22,115
- Taxes -€4,252
down €4,252 (-100.0%), from €4,253 to €1
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 | €466,248 | €420,068 | -€46,180 | -9.9% |
| Fixed assets | 21/28 | €402,319 | €388,894 | -€13,426 | -3.3% |
| Tangible fixed assets | 22/27 | €400,969 | €387,544 | -€13,426 | -3.3% |
| Land and buildings | 22 | €400,456 | €387,544 | -€12,912 | -3.2% |
| Furniture and vehicles | 24 | €513 | €0 | -€513 | -100.0% |
| Financial fixed assets | 28 | €1,350 | €1,350 | = | 0.0% |
| Current assets | 29/58 | €63,929 | €31,174 | -€32,755 | -51.2% |
| Amounts receivable within one year | 40/41 | €63,084 | €30,434 | -€32,651 | -51.8% |
| Trade receivables | 40 | €24,119 | €157 | -€23,963 | -99.4% |
| Other amounts receivable | 41 | €38,965 | €30,277 | -€8,688 | -22.3% |
| Cash at bank and in hand | 54/58 | €845 | €31 | -€813 | -96.3% |
| Deferred charges and accrued income | 490/1 | - | €709 | +€709 | |
| Total equity and liabilities | 10/49 | €466,248 | €420,068 | -€46,180 | -9.9% |
| Equity | 10/15 | -€61,852 | -€134,690 | -€72,837 | -117.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €133,187 | €133,187 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€203,099 | -€275,936 | -€72,837 | -35.9% |
| Amounts payable | 17/49 | €528,100 | €554,758 | +€26,657 | +5.0% |
| Amounts payable after more than one year | 17 | €282,905 | €261,649 | -€21,255 | -7.5% |
| Financial debts | 170/4 | €282,905 | €261,649 | -€21,255 | -7.5% |
| Amounts payable within one year | 42/48 | €245,196 | €293,108 | +€47,912 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €20,749 | €34,582 | +€13,833 | +66.7% |
| Trade debts | 44 | €10,344 | €10,580 | +€236 | +2.3% |
| Suppliers | 440/4 | €10,344 | €10,580 | +€236 | +2.3% |
| Taxes, remuneration and social security | 45 | €4,253 | €4,253 | +€1 | 0.0% |
| Taxes | 450/3 | €4,253 | €4,253 | +€1 | 0.0% |
| Other amounts payable | 47/48 | €209,850 | €243,693 | +€33,843 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,167 | €13,426 | -€741 | -5.2% |
| Other operating charges | 640/8 | €11,229 | €22,115 | +€10,886 | +96.9% |
| Gross operating margin | 9900 | -€9,610 | -€31,148 | -€21,537 | -224.1% |
| Operating profit (loss) | 9901 | -€35,006 | -€66,688 | -€31,682 | -90.5% |
| Financial income | 75/76B | €177,303 | €0 | -€177,303 | -100.0% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100.0% |
| Non-recurring financial income | 76B | €177,300 | €0 | -€177,300 | -100.0% |
| Financial charges | 65/66B | €159,871 | €6,149 | -€153,723 | -96.2% |
| Recurring financial charges | 65 | €11,447 | €6,149 | -€5,298 | -46.3% |
| Non-recurring financial charges | 66B | €148,424 | €0 | -€148,424 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€17,574 | -€72,837 | -€55,262 | -314.5% |
| Income taxes | 67/77 | €4,253 | €1 | -€4,252 | -100.0% |
| Profit (loss) for the period | 9904 | -€21,827 | -€72,837 | -€51,010 | -233.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,827 | -€72,837 | -€51,010 | -233.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.