CAERSCO: 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.
CAERSCO
Largest movements
- Receivables within one year -€25,125
down €25,125 (-39.6%), from €63,405 to €38,281
of which Other amounts receivable: -€23,767
- Deferred charges and accrued income -€5,510
down €5,510 (-26.1%), from €21,131 to €15,621
- Other debts -€16,626
down €16,626 (-29.8%), from €55,783 to €39,158
- Trade debts -€9,686
down €9,686 (-69.4%), from €13,954 to €4,268
- Current portion of long-term debt -€6,382
no longer reported in 2025 (was €6,382)
- Gross operating margin +€10,740
up €10,740 (+25.0%), from €43,004 to €53,744
- Depreciation -€5,809
down €5,809 (-70.3%), from €8,258 to €2,449
- Taxes +€3,838
up €3,838 (+59.4%), from €6,458 to €10,296
- Financial charges -€1,206
down €1,206 (-22.1%), from €5,458 to €4,251
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 | €214,946 | €183,362 | -€31,584 | -14.7% |
| Fixed assets | 21/28 | €70,825 | €69,763 | -€1,062 | -1.5% |
| Tangible fixed assets | 22/27 | €5,499 | €4,437 | -€1,062 | -19.3% |
| Land and buildings | 22 | €5,499 | €3,420 | -€2,079 | -37.8% |
| Furniture and vehicles | 24 | - | €1,017 | +€1,017 | |
| Financial fixed assets | 28 | €65,326 | €65,326 | = | 0.0% |
| Current assets | 29/58 | €144,120 | €113,599 | -€30,521 | -21.2% |
| Amounts receivable within one year | 40/41 | €63,405 | €38,281 | -€25,125 | -39.6% |
| Trade receivables | 40 | €17,184 | €15,827 | -€1,357 | -7.9% |
| Other amounts receivable | 41 | €46,221 | €22,454 | -€23,767 | -51.4% |
| Cash at bank and in hand | 54/58 | €59,584 | €59,697 | +€113 | +0.2% |
| Deferred charges and accrued income | 490/1 | €21,131 | €15,621 | -€5,510 | -26.1% |
| Total equity and liabilities | 10/49 | €214,946 | €183,362 | -€31,584 | -14.7% |
| Equity | 10/15 | €130,651 | €130,651 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €112,051 | €112,051 | = | 0.0% |
| Distributable reserves | 133 | €112,051 | €112,051 | = | 0.0% |
| Amounts payable | 17/49 | €84,294 | €52,710 | -€31,584 | -37.5% |
| Amounts payable within one year | 42/48 | €82,802 | €51,574 | -€31,227 | -37.7% |
| Current portion of amounts payable after more than one year | 42 | €6,382 | - | -€6,382 | |
| Trade debts | 44 | €13,954 | €4,268 | -€9,686 | -69.4% |
| Suppliers | 440/4 | €13,954 | €4,268 | -€9,686 | -69.4% |
| Taxes, remuneration and social security | 45 | €6,682 | €8,149 | +€1,467 | +22.0% |
| Taxes | 450/3 | €6,682 | €8,149 | +€1,467 | +22.0% |
| Other amounts payable | 47/48 | €55,783 | €39,158 | -€16,626 | -29.8% |
| Accrued charges and deferred income | 492/3 | €1,493 | €1,136 | -€357 | -23.9% |
| Non-recurring operating income | 76A | - | €20,000 | +€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,258 | €2,449 | -€5,809 | -70.3% |
| Other operating charges | 640/8 | €1,251 | €974 | -€277 | -22.1% |
| Gross operating margin | 9900 | €43,004 | €53,744 | +€10,740 | +25.0% |
| Operating profit (loss) | 9901 | €33,495 | €50,321 | +€16,826 | +50.2% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €5,458 | €4,251 | -€1,206 | -22.1% |
| Recurring financial charges | 65 | €5,458 | €4,251 | -€1,206 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €28,045 | €46,070 | +€18,024 | +64.3% |
| Income taxes | 67/77 | €6,458 | €10,296 | +€3,838 | +59.4% |
| Profit (loss) for the period | 9904 | €21,587 | €35,774 | +€14,187 | +65.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,587 | €35,774 | +€14,187 | +65.7% |
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 27 October 2026 via checked.be.