CAF Management: 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.
CAF Management
Largest movements
- Receivables within one year +€156,823
up €156,823 (+168%), from €93,416 to €250,239
of which Other amounts receivable: +€155,050
- Tangible fixed assets +€79,979
new in 2025: €79,979
- Trade debts +€170,220
up €170,220 (+1,014%), from €16,784 to €187,004
- Debts after one year +€26,205
up €26,205 (+25.9%), from €101,121 to €127,326
- Current portion of long-term debt +€17,141
up €17,141 (+57.3%), from €29,932 to €47,073
- Tax, wage and social debts +€11,120
up €11,120 (+34.6%), from €32,152 to €43,272
- Other debts +€7,895
up €7,895 (+4.1%), from €192,524 to €200,419
- Gross operating margin -€84,805
down €84,805 (-78.6%), from €107,858 to €23,052
- Taxes -€15,448
down €15,448 (-67.5%), from €22,879 to €7,430
- Other operating charges -€14,561
down €14,561 (-96.9%), from €15,031 to €470
- Depreciation +€7,686
new in 2025: €7,686
- Financial income +€4,786
up €4,786 (+199%), from €2,404 to €7,191
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €458,425 | €695,218 | +€236,793 | +51.7% |
| Fixed assets | 21/28 | €365,000 | €444,979 | +€79,979 | +21.9% |
| Tangible fixed assets | 22/27 | - | €79,979 | +€79,979 | |
| Furniture and vehicles | 24 | - | €79,979 | +€79,979 | |
| Financial fixed assets | 28 | €365,000 | €365,000 | = | 0.0% |
| Current assets | 29/58 | €93,425 | €250,239 | +€156,814 | +168% |
| Amounts receivable within one year | 40/41 | €93,416 | €250,239 | +€156,823 | +168% |
| Trade receivables | 40 | - | €1,773 | +€1,773 | |
| Other amounts receivable | 41 | €93,416 | €248,466 | +€155,050 | +166% |
| Current investments | 50/53 | €9 | - | -€9 | |
| Total equity and liabilities | 10/49 | €458,425 | €695,218 | +€236,793 | +51.7% |
| Equity | 10/15 | €85,911 | €87,590 | +€1,678 | +2.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €75,911 | €77,590 | +€1,678 | +2.2% |
| Distributable reserves | 133 | €75,911 | €77,590 | +€1,678 | +2.2% |
| Amounts payable | 17/49 | €372,513 | €607,628 | +€235,115 | +63.1% |
| Amounts payable after more than one year | 17 | €101,121 | €127,326 | +€26,205 | +25.9% |
| Financial debts | 170/4 | €101,121 | €127,326 | +€26,205 | +25.9% |
| Amounts payable within one year | 42/48 | €271,392 | €480,302 | +€208,910 | +77.0% |
| Current portion of amounts payable after more than one year | 42 | €29,932 | €47,073 | +€17,141 | +57.3% |
| Financial debts | 43 | - | €2,534 | +€2,534 | |
| Credit institutions | 430/8 | - | €15 | +€15 | |
| Other loans | 439 | - | €2,520 | +€2,520 | |
| Trade debts | 44 | €16,784 | €187,004 | +€170,220 | +1,014% |
| Suppliers | 440/4 | €16,784 | €187,004 | +€170,220 | +1,014% |
| Taxes, remuneration and social security | 45 | €32,152 | €43,272 | +€11,120 | +34.6% |
| Taxes | 450/3 | €32,152 | €43,272 | +€11,120 | +34.6% |
| Other amounts payable | 47/48 | €192,524 | €200,419 | +€7,895 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,686 | +€7,686 | |
| Other operating charges | 640/8 | €15,031 | €470 | -€14,561 | -96.9% |
| Non-recurring operating charges | 66A | €3,622 | - | -€3,622 | |
| Gross operating margin | 9900 | €107,858 | €23,052 | -€84,805 | -78.6% |
| Operating profit (loss) | 9901 | €89,205 | €14,897 | -€74,308 | -83.3% |
| Financial income | 75/76B | €2,404 | €7,191 | +€4,786 | +199% |
| Recurring financial income | 75 | €2,404 | €7,191 | +€4,786 | +199% |
| Financial charges | 65/66B | €15,731 | €12,979 | -€2,753 | -17.5% |
| Recurring financial charges | 65 | €15,731 | €12,979 | -€2,753 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €75,878 | €9,109 | -€66,769 | -88.0% |
| Income taxes | 67/77 | €22,879 | €7,430 | -€15,448 | -67.5% |
| Profit (loss) for the period | 9904 | €53,000 | €1,678 | -€51,321 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,000 | €1,678 | -€51,321 | -96.8% |
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 29 October 2026 via checked.be.