CAERUS: 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.
CAERUS
Largest movements
- Receivables after one year +€100,000
new in 2025: €100,000
- Cash -€33,348
down €33,348 (-27.3%), from €122,009 to €88,662
mainly Receivables after one year (-€100,000) and Tax, wage and social debts (-€23,529)
- Receivables within one year -€30,915
down €30,915 (-98.3%), from €31,439 to €524
of which Trade receivables: -€23,867
- Deferred charges and accrued income -€3,598
down €3,598 (-17.2%), from €20,968 to €17,370
- Reserves +€65,279
up €65,279 (+45.8%), from €142,629 to €207,908
- Tax, wage and social debts -€23,529
down €23,529 (-58.6%), from €40,171 to €16,642
- Debts after one year -€5,775
down €5,775 (-100%), from €5,775 to €0
- Accrued charges and deferred income -€2,676
down €2,676 (-100%), from €2,676 to €0
- Depreciation +€5,463
up €5,463 (+82.2%), from €6,650 to €12,113
- Gross operating margin +€2,134
up €2,134 (+2.0%), from €107,691 to €109,825
- Taxes +€1,152
up €1,152 (+4.6%), from €25,297 to €26,449
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 | €210,716 | €244,836 | +€34,120 | +16.2% |
| Fixed assets | 21/28 | €36,299 | €38,280 | +€1,981 | +5.5% |
| Tangible fixed assets | 22/27 | €36,299 | €38,280 | +€1,981 | +5.5% |
| Plant, machinery and equipment | 23 | €1,864 | €3,420 | +€1,555 | +83.4% |
| Furniture and vehicles | 24 | €32,100 | €32,878 | +€778 | +2.4% |
| Other tangible fixed assets | 26 | €2,335 | €1,982 | -€353 | -15.1% |
| Current assets | 29/58 | €174,417 | €206,556 | +€32,140 | +18.4% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Amounts receivable within one year | 40/41 | €31,439 | €524 | -€30,915 | -98.3% |
| Trade receivables | 40 | €23,867 | €0 | -€23,867 | -100% |
| Other amounts receivable | 41 | €7,572 | €524 | -€7,048 | -93.1% |
| Cash at bank and in hand | 54/58 | €122,009 | €88,662 | -€33,348 | -27.3% |
| Deferred charges and accrued income | 490/1 | €20,968 | €17,370 | -€3,598 | -17.2% |
| Total equity and liabilities | 10/49 | €210,716 | €244,836 | +€34,120 | +16.2% |
| Equity | 10/15 | €148,829 | €214,108 | +€65,279 | +43.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €142,629 | €207,908 | +€65,279 | +45.8% |
| Distributable reserves | 133 | €142,629 | €207,908 | +€65,279 | +45.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €61,887 | €30,728 | -€31,159 | -50.3% |
| Amounts payable after more than one year | 17 | €5,775 | €0 | -€5,775 | -100% |
| Financial debts | 170/4 | €5,775 | €0 | -€5,775 | -100% |
| Amounts payable within one year | 42/48 | €53,436 | €30,728 | -€22,708 | -42.5% |
| Current portion of amounts payable after more than one year | 42 | €7,419 | €5,775 | -€1,643 | -22.2% |
| Financial debts | 43 | €5,184 | €5,222 | +€38 | +0.7% |
| Credit institutions | 430/8 | €184 | €222 | +€38 | +20.8% |
| Other loans | 439 | €5,000 | €5,000 | = | 0.0% |
| Trade debts | 44 | €662 | €1,465 | +€803 | +121% |
| Suppliers | 440/4 | €662 | €1,465 | +€803 | +121% |
| Taxes, remuneration and social security | 45 | €40,171 | €16,642 | -€23,529 | -58.6% |
| Taxes | 450/3 | €40,171 | €16,642 | -€23,529 | -58.6% |
| Other amounts payable | 47/48 | €0 | €1,624 | +€1,624 | |
| Accrued charges and deferred income | 492/3 | €2,676 | €0 | -€2,676 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,650 | €12,113 | +€5,463 | +82.2% |
| Other operating charges | 640/8 | €972 | €1,169 | +€198 | +20.3% |
| Non-recurring operating charges | 66A | €6,926 | €0 | -€6,926 | -100% |
| Gross operating margin | 9900 | €107,691 | €109,825 | +€2,134 | +2.0% |
| Operating profit (loss) | 9901 | €93,143 | €96,543 | +€3,399 | +3.6% |
| Financial income | 75/76B | €580 | €229 | -€351 | -60.5% |
| Recurring financial income | 75 | €580 | €229 | -€351 | -60.5% |
| Financial charges | 65/66B | €4,859 | €5,044 | +€184 | +3.8% |
| Recurring financial charges | 65 | €4,859 | €5,044 | +€184 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €88,864 | €91,728 | +€2,864 | +3.2% |
| Income taxes | 67/77 | €25,297 | €26,449 | +€1,152 | +4.6% |
| Profit (loss) for the period | 9904 | €63,567 | €65,279 | +€1,712 | +2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €63,567 | €65,279 | +€1,712 | +2.7% |
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 13 October 2026 via checked.be.