CADS: 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.
CADS
Largest movements
- Stocks and contracts -€46,861
down €46,861 (-19.7%), from €238,320 to €191,459
- Tangible fixed assets -€16,171
down €16,171 (-31.8%), from €50,805 to €34,634
of which Furniture and vehicles: -€15,838
- Cash -€12,565
down €12,565 (-38.3%), from €32,789 to €20,225
mainly Net result for the year (-€33,718) and Trade debts (-€17,067)
- Profit (loss) carried forward -€33,718
down €33,718 (-40.6%), from -€83,076 to -€116,794
- Trade debts -€17,067
down €17,067 (-29.5%), from €57,920 to €40,853
- Debts after one year -€12,576
down €12,576 (-36.4%), from €34,536 to €21,961
- Other debts -€6,578
down €6,578 (-4.9%), from €133,425 to €126,848
- Current portion of long-term debt -€6,242
down €6,242 (-33.2%), from €18,818 to €12,576
- Gross operating margin +€20,036
up €20,036, from -€8,349 to €11,687
- Write-downs -€5,615
down €5,615 (-92.0%), from -€6,101 to -€11,715
- Other operating charges +€2,480
up €2,480 (+841.4%), from €295 to €2,775
- Financial charges +€2,310
up €2,310 (+25.3%), from €9,142 to €11,452
- Depreciation -€1,435
down €1,435 (-14.4%), from €9,960 to €8,525
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 | €326,444 | €252,666 | -€73,777 | -22.6% |
| Fixed assets | 21/28 | €51,755 | €35,584 | -€16,171 | -31.2% |
| Tangible fixed assets | 22/27 | €50,805 | €34,634 | -€16,171 | -31.8% |
| Furniture and vehicles | 24 | €44,835 | €28,997 | -€15,838 | -35.3% |
| Other tangible fixed assets | 26 | €5,970 | €5,637 | -€333 | -5.6% |
| Financial fixed assets | 28 | €950 | €950 | = | 0.0% |
| Current assets | 29/58 | €274,689 | €217,082 | -€57,607 | -21.0% |
| Stocks and contracts in progress | 3 | €238,320 | €191,459 | -€46,861 | -19.7% |
| Stocks | 30/36 | €238,320 | €191,459 | -€46,861 | -19.7% |
| Amounts receivable within one year | 40/41 | €3,579 | €5,398 | +€1,819 | +50.8% |
| Trade receivables | 40 | €1,790 | €250 | -€1,540 | -86.0% |
| Other amounts receivable | 41 | €1,790 | €5,148 | +€3,358 | +187.6% |
| Cash at bank and in hand | 54/58 | €32,789 | €20,225 | -€12,565 | -38.3% |
| Total equity and liabilities | 10/49 | €326,444 | €252,666 | -€73,777 | -22.6% |
| Equity | 10/15 | -€64,476 | -€98,194 | -€33,718 | -52.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,076 | -€116,794 | -€33,718 | -40.6% |
| Amounts payable | 17/49 | €390,920 | €350,861 | -€40,059 | -10.2% |
| Amounts payable after more than one year | 17 | €34,536 | €21,961 | -€12,576 | -36.4% |
| Financial debts | 170/4 | €34,536 | €21,961 | -€12,576 | -36.4% |
| Amounts payable within one year | 42/48 | €356,383 | €328,900 | -€27,483 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €18,818 | €12,576 | -€6,242 | -33.2% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €57,920 | €40,853 | -€17,067 | -29.5% |
| Suppliers | 440/4 | €57,920 | €40,853 | -€17,067 | -29.5% |
| Taxes, remuneration and social security | 45 | €21,220 | €23,623 | +€2,403 | +11.3% |
| Taxes | 450/3 | €14,342 | €13,130 | -€1,211 | -8.4% |
| Remuneration and social security | 454/9 | €6,878 | €10,493 | +€3,614 | +52.5% |
| Other amounts payable | 47/48 | €133,425 | €126,848 | -€6,578 | -4.9% |
| Non-recurring operating income | 76A | €0 | €5,024 | +€5,024 | |
| Remuneration, social security and pensions | 62 | €34,756 | €35,384 | +€628 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,960 | €8,525 | -€1,435 | -14.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,101 | -€11,715 | -€5,615 | -92.0% |
| Other operating charges | 640/8 | €295 | €2,775 | +€2,480 | +841.4% |
| Non-recurring operating charges | 66A | €75 | €0 | -€75 | -100.0% |
| Gross operating margin | 9900 | -€8,349 | €11,687 | +€20,036 | |
| Operating profit (loss) | 9901 | -€47,333 | -€23,281 | +€24,052 | +50.8% |
| Financial income | 75/76B | €868 | €1,402 | +€534 | +61.5% |
| Recurring financial income | 75 | €868 | €1,402 | +€534 | +61.5% |
| Financial charges | 65/66B | €9,142 | €11,452 | +€2,310 | +25.3% |
| Recurring financial charges | 65 | €9,142 | €11,452 | +€2,310 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | -€55,607 | -€33,331 | +€22,276 | +40.1% |
| Income taxes | 67/77 | €139 | €387 | +€248 | +178.1% |
| Profit (loss) for the period | 9904 | -€55,746 | -€33,718 | +€22,028 | +39.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,746 | -€33,718 | +€22,028 | +39.5% |
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 10 October 2026 via checked.be.