CAES-LAW: 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.
CAES-LAW
Largest movements
- Receivables within one year +€30,730
up €30,730 (+50.4%), from €60,968 to €91,698
of which Trade receivables: +€31,299
- Cash +€21,793
up €21,793 (+12.4%), from €176,246 to €198,039
mainly Net result for the year (+€96,646) and Current portion of long-term debt (+€1,105)
- Reserves +€96,646
up €96,646 (+56.1%), from €172,397 to €269,043
- Debts after one year -€28,205
down €28,205 (-22.0%), from €128,053 to €99,849
- Other debts -€7,025
down €7,025 (-6.6%), from €106,466 to €99,441
- Tax, wage and social debts -€6,630
down €6,630 (-15.7%), from €42,305 to €35,675
of which Taxes: -€6,630
- Gross operating margin -€16,206
down €16,206 (-10.2%), from €158,623 to €142,417
- Taxes -€2,825
down €2,825 (-7.5%), from €37,792 to €34,967
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 | €502,214 | €556,684 | +€54,470 | +10.8% |
| Fixed assets | 21/28 | €265,000 | €265,000 | = | 0.0% |
| Financial fixed assets | 28 | €265,000 | €265,000 | = | 0.0% |
| Current assets | 29/58 | €237,214 | €291,684 | +€54,470 | +23.0% |
| Amounts receivable within one year | 40/41 | €60,968 | €91,698 | +€30,730 | +50.4% |
| Trade receivables | 40 | €399 | €31,698 | +€31,299 | +7838.4% |
| Other amounts receivable | 41 | €60,568 | €60,000 | -€568 | -0.9% |
| Cash at bank and in hand | 54/58 | €176,246 | €198,039 | +€21,793 | +12.4% |
| Deferred charges and accrued income | 490/1 | - | €1,947 | +€1,947 | |
| Total equity and liabilities | 10/49 | €502,214 | €556,684 | +€54,470 | +10.8% |
| Equity | 10/15 | €190,997 | €287,643 | +€96,646 | +50.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €172,397 | €269,043 | +€96,646 | +56.1% |
| Distributable reserves | 133 | €172,397 | €269,043 | +€96,646 | +56.1% |
| Amounts payable | 17/49 | €311,217 | €269,041 | -€42,176 | -13.6% |
| Amounts payable after more than one year | 17 | €128,053 | €99,849 | -€28,205 | -22.0% |
| Financial debts | 170/4 | €128,053 | €99,849 | -€28,205 | -22.0% |
| Amounts payable within one year | 42/48 | €178,217 | €165,267 | -€12,949 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €27,099 | €28,205 | +€1,105 | +4.1% |
| Trade debts | 44 | €2,347 | €1,947 | -€400 | -17.0% |
| Suppliers | 440/4 | €2,347 | €1,947 | -€400 | -17.0% |
| Taxes, remuneration and social security | 45 | €42,305 | €35,675 | -€6,630 | -15.7% |
| Taxes | 450/3 | €39,205 | €32,575 | -€6,630 | -16.9% |
| Remuneration and social security | 454/9 | €3,100 | €3,100 | = | 0.0% |
| Other amounts payable | 47/48 | €106,466 | €99,441 | -€7,025 | -6.6% |
| Accrued charges and deferred income | 492/3 | €4,947 | €3,925 | -€1,022 | -20.7% |
| Other operating charges | 640/8 | €692 | €657 | -€35 | -5.1% |
| Gross operating margin | 9900 | €158,623 | €142,417 | -€16,206 | -10.2% |
| Operating profit (loss) | 9901 | €157,931 | €141,760 | -€16,171 | -10.2% |
| Financial charges | 65/66B | €11,653 | €10,146 | -€1,506 | -12.9% |
| Recurring financial charges | 65 | €11,653 | €10,146 | -€1,506 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €146,278 | €131,614 | -€14,665 | -10.0% |
| Income taxes | 67/77 | €37,792 | €34,967 | -€2,825 | -7.5% |
| Profit (loss) for the period | 9904 | €108,486 | €96,646 | -€11,840 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €108,486 | €96,646 | -€11,840 | -10.9% |
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.