CAERS J: 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.
CAERS J
Largest movements
- Cash -€30,815
down €30,815 (-37.8%), from €81,492 to €50,677
mainly Contributions, distributions and other (-€25,134) and Investment in fixed assets (net) (-€11,190)
- Tangible fixed assets -€13,844
down €13,844 (-14.1%), from €97,967 to €84,123
of which Furniture and vehicles: -€18,349
- Reserves -€24,744
down €24,744 (-16.8%), from €146,890 to €122,146
- Debts after one year -€9,935
down €9,935 (-30.8%), from €32,268 to €22,333
- Trade debts -€5,918
down €5,918 (-71.6%), from €8,264 to €2,346
- Tax, wage and social debts -€2,975
no longer reported in 2025 (was €2,975)
- Gross operating margin -€60,397
down €60,397 (-65.2%), from €92,677 to €32,281
- Taxes -€18,198
down €18,198 (-94.6%), from €19,241 to €1,043
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 | €212,250 | €169,154 | -€43,096 | -20.3% |
| Fixed assets | 21/28 | €98,387 | €84,543 | -€13,844 | -14.1% |
| Tangible fixed assets | 22/27 | €97,967 | €84,123 | -€13,844 | -14.1% |
| Land and buildings | 22 | €15,423 | €13,388 | -€2,035 | -13.2% |
| Plant, machinery and equipment | 23 | €5,796 | €10,764 | +€4,968 | +85.7% |
| Furniture and vehicles | 24 | €76,748 | €58,399 | -€18,349 | -23.9% |
| Other tangible fixed assets | 26 | - | €1,572 | +€1,572 | |
| Financial fixed assets | 28 | €420 | €420 | = | 0.0% |
| Current assets | 29/58 | €113,863 | €84,611 | -€29,252 | -25.7% |
| Stocks and contracts in progress | 3 | - | €70 | +€70 | |
| Stocks | 30/36 | - | €70 | +€70 | |
| Amounts receivable within one year | 40/41 | €25,668 | €26,811 | +€1,143 | +4.5% |
| Trade receivables | 40 | €20,898 | €10,119 | -€10,779 | -51.6% |
| Other amounts receivable | 41 | €4,770 | €16,692 | +€11,922 | +249.9% |
| Cash at bank and in hand | 54/58 | €81,492 | €50,677 | -€30,815 | -37.8% |
| Deferred charges and accrued income | 490/1 | €6,703 | €7,053 | +€350 | +5.2% |
| Total equity and liabilities | 10/49 | €212,250 | €169,154 | -€43,096 | -20.3% |
| Equity | 10/15 | €159,284 | €134,540 | -€24,744 | -15.5% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €146,890 | €122,146 | -€24,744 | -16.8% |
| Distributable reserves | 133 | €146,890 | €122,146 | -€24,744 | -16.8% |
| Amounts payable | 17/49 | €52,966 | €34,614 | -€18,352 | -34.6% |
| Amounts payable after more than one year | 17 | €32,268 | €22,333 | -€9,935 | -30.8% |
| Financial debts | 170/4 | €32,268 | €22,333 | -€9,935 | -30.8% |
| Amounts payable within one year | 42/48 | €20,698 | €12,281 | -€8,417 | -40.7% |
| Current portion of amounts payable after more than one year | 42 | €9,459 | €9,935 | +€476 | +5.0% |
| Trade debts | 44 | €8,264 | €2,346 | -€5,918 | -71.6% |
| Suppliers | 440/4 | €8,264 | €2,346 | -€5,918 | -71.6% |
| Taxes, remuneration and social security | 45 | €2,975 | - | -€2,975 | |
| Taxes | 450/3 | €2,975 | - | -€2,975 | |
| Other amounts payable | 47/48 | - | €0 | +€0 | |
| Non-recurring operating income | 76A | €30,558 | - | -€30,558 | |
| Remuneration, social security and pensions | 62 | €387 | €1,072 | +€684 | +176.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,279 | €25,034 | -€245 | -1.0% |
| Other operating charges | 640/8 | €1,863 | €2,050 | +€187 | +10.0% |
| Non-recurring operating charges | 66A | - | €703 | +€703 | |
| Gross operating margin | 9900 | €92,677 | €32,281 | -€60,397 | -65.2% |
| Operating profit (loss) | 9901 | €65,148 | €3,423 | -€61,725 | -94.7% |
| Financial charges | 65/66B | €2,135 | €1,990 | -€146 | -6.8% |
| Recurring financial charges | 65 | €2,135 | €1,990 | -€146 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €63,012 | €1,433 | -€61,580 | -97.7% |
| Income taxes | 67/77 | €19,241 | €1,043 | -€18,198 | -94.6% |
| Profit (loss) for the period | 9904 | €43,771 | €390 | -€43,381 | -99.1% |
| Profit (loss) for the period to be appropriated | 9905 | €43,771 | €390 | -€43,381 | -99.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.