CADR' ART: 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.
CADR' ART
Largest movements
- Receivables within one year -€113,431
down €113,431 (-47.9%), from €237,005 to €123,573
of which Trade receivables: -€126,156
- Cash +€29,421
up €29,421 (+15.1%), from €194,712 to €224,133
mainly Receivables within one year (+€113,431) and Depreciation (+€46,915)
- Tangible fixed assets -€23,462
down €23,462 (-11.4%), from €205,089 to €181,627
- Other debts -€60,771
down €60,771 (-100%), from €60,771 to €0
- Trade debts +€41,191
up €41,191 (+232%), from €17,758 to €58,948
- Current portion of long-term debt -€35,913
down €35,913 (-62.3%), from €57,646 to €21,733
- Tax, wage and social debts -€29,061
down €29,061 (-33.2%), from €87,604 to €58,543
of which Taxes: -€24,950
- Profit (loss) carried forward -€8,683
down €8,683, from €0 to -€8,683
- Gross operating margin -€111,025
down €111,025 (-19.7%), from €564,098 to €453,074
- Staff costs -€50,468
down €50,468 (-12.8%), from €394,155 to €343,688
- Other operating charges +€38,950
up €38,950 (+154%), from €25,355 to €64,305
- Taxes -€35,178
down €35,178 (-97.5%), from €36,084 to €906
- Depreciation +€26,339
up €26,339 (+128%), from €20,576 to €46,915
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 | €714,802 | €607,790 | -€107,012 | -15.0% |
| Fixed assets | 21/28 | €205,994 | €182,476 | -€23,518 | -11.4% |
| Intangible fixed assets | 21 | €57 | €0 | -€57 | -100% |
| Tangible fixed assets | 22/27 | €205,089 | €181,627 | -€23,462 | -11.4% |
| Land and buildings | 22 | €79,766 | €74,381 | -€5,385 | -6.8% |
| Plant, machinery and equipment | 23 | €66,053 | €58,449 | -€7,604 | -11.5% |
| Furniture and vehicles | 24 | €59,270 | €48,797 | -€10,473 | -17.7% |
| Financial fixed assets | 28 | €849 | €849 | = | 0.0% |
| Current assets | 29/58 | €508,808 | €425,313 | -€83,494 | -16.4% |
| Stocks and contracts in progress | 3 | €71,568 | €71,568 | = | 0.0% |
| Stocks | 30/36 | €71,568 | €71,568 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €237,005 | €123,573 | -€113,431 | -47.9% |
| Trade receivables | 40 | €199,101 | €72,944 | -€126,156 | -63.4% |
| Other amounts receivable | 41 | €37,904 | €50,629 | +€12,725 | +33.6% |
| Cash at bank and in hand | 54/58 | €194,712 | €224,133 | +€29,421 | +15.1% |
| Deferred charges and accrued income | 490/1 | €5,523 | €6,039 | +€516 | +9.3% |
| Total equity and liabilities | 10/49 | €714,802 | €607,790 | -€107,012 | -15.0% |
| Equity | 10/15 | €443,919 | €435,236 | -€8,683 | -2.0% |
| Contributions | 10/11 | €55,505 | €55,505 | = | 0.0% |
| Reserves | 13 | €388,414 | €388,414 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,550 | €5,550 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,550 | €5,550 | = | 0.0% |
| Tax-exempt reserves | 132 | €43,000 | €43,000 | = | 0.0% |
| Distributable reserves | 133 | €339,864 | €339,864 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€8,683 | -€8,683 | |
| Amounts payable | 17/49 | €270,883 | €172,553 | -€98,330 | -36.3% |
| Amounts payable after more than one year | 17 | €27,565 | €19,687 | -€7,878 | -28.6% |
| Financial debts | 170/4 | €27,565 | €19,687 | -€7,878 | -28.6% |
| Amounts payable within one year | 42/48 | €223,782 | €139,586 | -€84,196 | -37.6% |
| Current portion of amounts payable after more than one year | 42 | €57,646 | €21,733 | -€35,913 | -62.3% |
| Financial debts | 43 | €4 | €362 | +€358 | +9,005% |
| Credit institutions | 430/8 | €4 | €362 | +€358 | +9,005% |
| Trade debts | 44 | €17,758 | €58,948 | +€41,191 | +232% |
| Suppliers | 440/4 | €17,758 | €58,948 | +€41,191 | +232% |
| Taxes, remuneration and social security | 45 | €87,604 | €58,543 | -€29,061 | -33.2% |
| Taxes | 450/3 | €61,277 | €36,328 | -€24,950 | -40.7% |
| Remuneration and social security | 454/9 | €26,326 | €22,215 | -€4,112 | -15.6% |
| Other amounts payable | 47/48 | €60,771 | €0 | -€60,771 | -100% |
| Accrued charges and deferred income | 492/3 | €19,536 | €13,280 | -€6,256 | -32.0% |
| Remuneration, social security and pensions | 62 | €394,155 | €343,688 | -€50,468 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,576 | €46,915 | +€26,339 | +128% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,454 | €0 | +€2,454 | |
| Other operating charges | 640/8 | €25,355 | €64,305 | +€38,950 | +154% |
| Gross operating margin | 9900 | €564,098 | €453,074 | -€111,025 | -19.7% |
| Operating profit (loss) | 9901 | €126,466 | -€1,834 | -€128,301 | |
| Financial income | 75/76B | €0 | €2 | +€2 | +956% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +956% |
| Financial charges | 65/66B | €6,697 | €5,944 | -€753 | -11.2% |
| Recurring financial charges | 65 | €6,697 | €5,944 | -€753 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €119,770 | -€7,777 | -€127,546 | |
| Income taxes | 67/77 | €36,084 | €906 | -€35,178 | -97.5% |
| Profit (loss) for the period | 9904 | €83,686 | -€8,683 | -€92,368 | |
| Profit (loss) for the period to be appropriated | 9905 | €83,686 | -€8,683 | -€92,368 |
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 18 October 2026 via checked.be.