CADRAN-TUNNEL: what changed
What changed
CADRAN-TUNNEL
filed annual accounts (NBB)
Net result for the year
-€144,265
2024 · -€262,298+€118,033
Equity
-€478,101
2024 · -€333,835-€144,265
Cash
€201
2024 · €3,651-€3,450
Balance sheet total
€1.9m
2024 · €2.0m-€67,622
Largest movements
Assets
- Financial fixed assets -€742,000
no longer reported in 2025 (was €742,000)
- Receivables after one year +€664,500
new in 2025: €664,500
- Deferred charges and accrued income +€82,175
up €82,175 (+4,471%), from €1,838 to €84,012
- Tangible fixed assets -€63,841
down €63,841 (-5.1%), from €1.3m to €1.2m
Equity and liabilities
- Profit (loss) carried forward -€144,265
down €144,265 (-41.7%), from -€346,235 to -€490,501
- Debts after one year +€138,642
up €138,642 (+6.2%), from €2.2m to €2.4m
- Current portion of long-term debt -€59,286
down €59,286 (-50.1%), from €118,289 to €59,003
Income statement
- Other operating charges -€183,491
down €183,491 (-97.3%), from €188,496 to €5,005
- Financial charges +€79,949
up €79,949 (+395%), from €20,247 to €100,196
- Gross operating margin +€11,368
up €11,368 (+111%), from €10,286 to €21,654
- Financial income +€3,123
new in 2025: €3,123
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€262,298
Gross operating margin
+€11,368
Other operating charges
+€183,491
Financial income
+€3,123
Financial charges
-€79,949
Result 2025
-€144,265
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€824,807
Investment
+€742,000
Financing
+€79,356
Cash 2024
€3,651
From operations (derived)
-€824,807
Net result for the year
-€144,265
Depreciation
+€63,841
Receivables after one year
-€664,500
Receivables within one year
+€5,005
Deferred charges and accrued income
-€82,175
Trade debts
-€2,713
Investment (derived)
+€742,000
Investment in fixed assets (net)
+€742,000
Financing
+€79,356
Debts after one year
+€138,642
Current portion of long-term debt
-€59,286
Cash 2025
€201
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,008,783 | €1,941,161 | -€67,622 | -3.4% |
| Fixed assets | 21/28 | €1,998,289 | €1,192,448 | -€805,841 | -40.3% |
| Tangible fixed assets | 22/27 | €1,256,289 | €1,192,448 | -€63,841 | -5.1% |
| Land and buildings | 22 | €1,256,289 | €1,192,448 | -€63,841 | -5.1% |
| Financial fixed assets | 28 | €742,000 | - | -€742,000 | |
| Current assets | 29/58 | €10,494 | €748,713 | +€738,219 | +7,034% |
| Amounts receivable after more than one year | 29 | - | €664,500 | +€664,500 | |
| Other amounts receivable | 291 | - | €664,500 | +€664,500 | |
| Amounts receivable within one year | 40/41 | €5,005 | - | -€5,005 | |
| Trade receivables | 40 | €5,005 | - | -€5,005 | |
| Cash at bank and in hand | 54/58 | €3,651 | €201 | -€3,450 | -94.5% |
| Deferred charges and accrued income | 490/1 | €1,838 | €84,012 | +€82,175 | +4,471% |
| Total equity and liabilities | 10/49 | €2,008,783 | €1,941,161 | -€67,622 | -3.4% |
| Equity | 10/15 | -€333,835 | -€478,101 | -€144,265 | -43.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€346,235 | -€490,501 | -€144,265 | -41.7% |
| Amounts payable | 17/49 | €2,342,619 | €2,419,262 | +€76,643 | +3.3% |
| Amounts payable after more than one year | 17 | €2,221,617 | €2,360,259 | +€138,642 | +6.2% |
| Financial debts | 170/4 | €2,221,617 | €2,360,259 | +€138,642 | +6.2% |
| Amounts payable within one year | 42/48 | €121,002 | €59,003 | -€61,999 | -51.2% |
| Current portion of amounts payable after more than one year | 42 | €118,289 | €59,003 | -€59,286 | -50.1% |
| Trade debts | 44 | €2,713 | - | -€2,713 | |
| Suppliers | 440/4 | €2,713 | - | -€2,713 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,841 | €63,841 | = | 0.0% |
| Other operating charges | 640/8 | €188,496 | €5,005 | -€183,491 | -97.3% |
| Gross operating margin | 9900 | €10,286 | €21,654 | +€11,368 | +111% |
| Operating profit (loss) | 9901 | -€242,051 | -€47,192 | +€194,859 | +80.5% |
| Financial income | 75/76B | - | €3,123 | +€3,123 | |
| Recurring financial income | 75 | - | €3,123 | +€3,123 | |
| Financial charges | 65/66B | €20,247 | €100,196 | +€79,949 | +395% |
| Recurring financial charges | 65 | €20,247 | €100,196 | +€79,949 | +395% |
| Profit (loss) for the period before taxes | 9903 | -€262,298 | -€144,265 | +€118,033 | +45.0% |
| Profit (loss) for the period | 9904 | -€262,298 | -€144,265 | +€118,033 | +45.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€262,298 | -€144,265 | +€118,033 | +45.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.