CADO: 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.
CADO
Largest movements
- Tangible fixed assets -€22,717
down €22,717 (-12.2%), from €186,121 to €163,404
of which Other tangible fixed assets: -€12,802
- Cash +€19,906
up €19,906 (+15.6%), from €127,760 to €147,666
mainly Net result for the year (+€59,529) and Accrued charges and deferred income (+€39,634)
- Stocks and contracts +€18,453
up €18,453 (+9.3%), from €198,342 to €216,795
- Trade debts -€60,340
down €60,340 (-34.9%), from €172,803 to €112,463
- Reserves +€60,000
up €60,000 (+15.8%), from €379,000 to €439,000
of which Distributable reserves: +€60,000
- Accrued charges and deferred income +€39,634
new in 2025: €39,634
- Current portion of long-term debt -€9,689
no longer reported in 2025 (was €9,689)
- Gross operating margin -€43,490
down €43,490 (-7.7%), from €566,479 to €522,989
- Taxes -€9,545
down €9,545 (-32.4%), from €29,467 to €19,922
- Staff costs -€9,293
down €9,293 (-2.3%), from €407,989 to €398,695
- Financial charges -€5,824
down €5,824 (-49.9%), from €11,665 to €5,841
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 | €714,645 | €731,651 | +€17,006 | +2.4% |
| Fixed assets | 21/28 | €188,307 | €165,589 | -€22,717 | -12.1% |
| Tangible fixed assets | 22/27 | €186,121 | €163,404 | -€22,717 | -12.2% |
| Plant, machinery and equipment | 23 | €54,242 | €44,001 | -€10,241 | -18.9% |
| Furniture and vehicles | 24 | €4,382 | €4,709 | +€326 | +7.4% |
| Other tangible fixed assets | 26 | €127,496 | €114,694 | -€12,802 | -10.0% |
| Financial fixed assets | 28 | €2,186 | €2,186 | = | 0.0% |
| Current assets | 29/58 | €526,339 | €566,062 | +€39,723 | +7.5% |
| Stocks and contracts in progress | 3 | €198,342 | €216,795 | +€18,453 | +9.3% |
| Stocks | 30/36 | €198,342 | €216,795 | +€18,453 | +9.3% |
| Amounts receivable within one year | 40/41 | €195,708 | €201,601 | +€5,893 | +3.0% |
| Trade receivables | 40 | €1,002 | €1,939 | +€937 | +93.4% |
| Other amounts receivable | 41 | €194,706 | €199,662 | +€4,956 | +2.5% |
| Cash at bank and in hand | 54/58 | €127,760 | €147,666 | +€19,906 | +15.6% |
| Deferred charges and accrued income | 490/1 | €4,529 | - | -€4,529 | |
| Total equity and liabilities | 10/49 | €714,645 | €731,651 | +€17,006 | +2.4% |
| Equity | 10/15 | €469,665 | €529,194 | +€59,529 | +12.7% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €379,000 | €439,000 | +€60,000 | +15.8% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €370,000 | €430,000 | +€60,000 | +16.2% |
| Profit (loss) carried forward | 14 | €665 | €194 | -€471 | -70.9% |
| Amounts payable | 17/49 | €244,980 | €202,457 | -€42,523 | -17.4% |
| Amounts payable within one year | 42/48 | €244,980 | €162,823 | -€82,157 | -33.5% |
| Current portion of amounts payable after more than one year | 42 | €9,689 | - | -€9,689 | |
| Financial debts | 43 | €3,007 | €554 | -€2,453 | -81.6% |
| Credit institutions | 430/8 | €3,007 | €554 | -€2,453 | -81.6% |
| Trade debts | 44 | €172,803 | €112,463 | -€60,340 | -34.9% |
| Suppliers | 440/4 | €172,803 | €112,463 | -€60,340 | -34.9% |
| Taxes, remuneration and social security | 45 | €55,542 | €49,738 | -€5,804 | -10.4% |
| Remuneration and social security | 454/9 | €55,542 | €49,738 | -€5,804 | -10.4% |
| Other amounts payable | 47/48 | €3,938 | €67 | -€3,872 | -98.3% |
| Accrued charges and deferred income | 492/3 | - | €39,634 | +€39,634 | |
| Remuneration, social security and pensions | 62 | €407,989 | €398,695 | -€9,293 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,635 | €36,450 | +€815 | +2.3% |
| Other operating charges | 640/8 | €2,585 | €2,602 | +€17 | +0.7% |
| Gross operating margin | 9900 | €566,479 | €522,989 | -€43,490 | -7.7% |
| Operating profit (loss) | 9901 | €120,270 | €85,241 | -€35,029 | -29.1% |
| Financial income | 75/76B | €71 | €51 | -€20 | -28.3% |
| Recurring financial income | 75 | €71 | €51 | -€20 | -28.3% |
| Financial charges | 65/66B | €11,665 | €5,841 | -€5,824 | -49.9% |
| Recurring financial charges | 65 | €11,665 | €5,841 | -€5,824 | -49.9% |
| Profit (loss) for the period before taxes | 9903 | €108,675 | €79,451 | -€29,225 | -26.9% |
| Income taxes | 67/77 | €29,467 | €19,922 | -€9,545 | -32.4% |
| Profit (loss) for the period | 9904 | €79,209 | €59,529 | -€19,680 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €79,209 | €59,529 | -€19,680 | -24.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.