CAEDES: 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.
CAEDES
Largest movements
- Financial fixed assets +€375,000
up €375,000 (+13.1%), from €2.9m to €3.2m
- Receivables within one year +€357,369
up €357,369 (+816%), from €43,774 to €401,143
of which Other amounts receivable: +€250,115
- Debts after one year +€1.4m
up €1.4m (+675%), from €200,000 to €1.6m
- Other debts -€772,865
down €772,865 (-40.8%), from €1.9m to €1.1m
- Trade debts +€148,463
up €148,463 (+551%), from €26,945 to €175,408
- Financial income +€128,468
up €128,468 (+474%), from €27,083 to €155,551
- Gross operating margin -€81,550
down €81,550, from €3,616 to -€77,934
- Financial charges +€65,709
up €65,709 (+1,709%), from €3,844 to €69,553
- Taxes -€5,033
down €5,033 (-70.9%), from €7,102 to €2,069
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 | €3,412,195 | €4,150,130 | +€737,935 | +21.6% |
| Fixed assets | 21/28 | €2,867,249 | €3,243,110 | +€375,861 | +13.1% |
| Tangible fixed assets | 22/27 | - | €861 | +€861 | |
| Furniture and vehicles | 24 | - | €861 | +€861 | |
| Financial fixed assets | 28 | €2,867,249 | €3,242,249 | +€375,000 | +13.1% |
| Current assets | 29/58 | €544,946 | €907,020 | +€362,074 | +66.4% |
| Amounts receivable after more than one year | 29 | €500,000 | €500,000 | = | 0.0% |
| Other amounts receivable | 291 | €500,000 | €500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €43,774 | €401,143 | +€357,369 | +816% |
| Trade receivables | 40 | €36,711 | €143,966 | +€107,254 | +292% |
| Other amounts receivable | 41 | €7,063 | €257,178 | +€250,115 | +3,541% |
| Cash at bank and in hand | 54/58 | €955 | €501 | -€454 | -47.5% |
| Deferred charges and accrued income | 490/1 | €217 | €5,375 | +€5,158 | +2,377% |
| Total equity and liabilities | 10/49 | €3,412,195 | €4,150,130 | +€737,935 | +21.6% |
| Equity | 10/15 | €1,282,616 | €1,287,765 | +€5,148 | +0.4% |
| Contributions | 10/11 | €1,263,844 | €1,263,844 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,772 | €23,921 | +€5,148 | +27.4% |
| Amounts payable | 17/49 | €2,129,579 | €2,862,366 | +€732,786 | +34.4% |
| Amounts payable after more than one year | 17 | €200,000 | €1,550,000 | +€1.4m | +675% |
| Financial debts | 170/4 | €200,000 | €1,550,000 | +€1.4m | +675% |
| Amounts payable within one year | 42/48 | €1,926,396 | €1,304,918 | -€621,478 | -32.3% |
| Trade debts | 44 | €26,945 | €175,408 | +€148,463 | +551% |
| Suppliers | 440/4 | €26,945 | €175,408 | +€148,463 | +551% |
| Taxes, remuneration and social security | 45 | €7,252 | €10,175 | +€2,923 | +40.3% |
| Taxes | 450/3 | €7,252 | €10,175 | +€2,923 | +40.3% |
| Other amounts payable | 47/48 | €1,892,200 | €1,119,335 | -€772,865 | -40.8% |
| Accrued charges and deferred income | 492/3 | €3,183 | €7,448 | +€4,265 | +134% |
| Non-recurring operating income | 76A | €5,279 | €0 | -€5,279 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €194 | +€194 | |
| Other operating charges | 640/8 | €982 | €654 | -€328 | -33.4% |
| Gross operating margin | 9900 | €3,616 | -€77,934 | -€81,550 | |
| Operating profit (loss) | 9901 | €2,634 | -€78,781 | -€81,416 | |
| Financial income | 75/76B | €27,083 | €155,551 | +€128,468 | +474% |
| Recurring financial income | 75 | €27,083 | €155,551 | +€128,468 | +474% |
| Financial charges | 65/66B | €3,844 | €69,553 | +€65,709 | +1,709% |
| Recurring financial charges | 65 | €3,844 | €69,553 | +€65,709 | +1,709% |
| Profit (loss) for the period before taxes | 9903 | €25,874 | €7,217 | -€18,657 | -72.1% |
| Income taxes | 67/77 | €7,102 | €2,069 | -€5,033 | -70.9% |
| Profit (loss) for the period | 9904 | €18,772 | €5,148 | -€13,624 | -72.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,772 | €5,148 | -€13,624 | -72.6% |
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 24 October 2026 via checked.be.