CAF MGMT: 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.
CAF MGMT
Largest movements
- Financial fixed assets +€102,000
up €102,000 (+48.0%), from €212,500 to €314,500
- Cash +€70,988
up €70,988 (+259.1%), from €27,398 to €98,386
mainly Net result for the year (+€58,075) and Receivables within one year (+€50,011)
- Receivables within one year -€50,011
down €50,011 (-76.8%), from €65,136 to €15,125
of which Other amounts receivable: -€51,000
- Profit (loss) carried forward +€58,075
up €58,075 (+182.5%), from €31,829 to €89,905
- Other debts +€46,655
up €46,655 (+576.4%), from €8,095 to €54,750
- Tax, wage and social debts +€20,673
up €20,673 (+71.2%), from €29,018 to €49,691
of which Taxes: +€19,063
- Gross operating margin +€38,695
up €38,695 (+64.5%), from €59,999 to €98,694
- Taxes +€9,087
up €9,087 (+66.9%), from €13,586 to €22,673
- Financial charges +€4,294
up €4,294 (+33.9%), from €12,657 to €16,951
- Other operating charges -€1,164
down €1,164 (-76.8%), from €1,515 to €351
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 | €308,388 | €432,556 | +€124,168 | +40.3% |
| Fixed assets | 21/28 | €213,753 | €316,035 | +€102,282 | +47.9% |
| Tangible fixed assets | 22/27 | €1,253 | €1,535 | +€282 | +22.5% |
| Furniture and vehicles | 24 | €1,253 | €1,535 | +€282 | +22.5% |
| Financial fixed assets | 28 | €212,500 | €314,500 | +€102,000 | +48.0% |
| Current assets | 29/58 | €94,635 | €116,521 | +€21,886 | +23.1% |
| Amounts receivable within one year | 40/41 | €65,136 | €15,125 | -€50,011 | -76.8% |
| Trade receivables | 40 | €14,136 | €15,125 | +€989 | +7.0% |
| Other amounts receivable | 41 | €51,000 | - | -€51,000 | |
| Cash at bank and in hand | 54/58 | €27,398 | €98,386 | +€70,988 | +259.1% |
| Deferred charges and accrued income | 490/1 | €2,101 | €3,009 | +€909 | +43.3% |
| Total equity and liabilities | 10/49 | €308,388 | €432,556 | +€124,168 | +40.3% |
| Equity | 10/15 | €96,829 | €154,905 | +€58,075 | +60.0% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,829 | €89,905 | +€58,075 | +182.5% |
| Amounts payable | 17/49 | €211,559 | €277,651 | +€66,093 | +31.2% |
| Amounts payable after more than one year | 17 | €137,587 | €133,972 | -€3,615 | -2.6% |
| Financial debts | 170/4 | €137,587 | €133,972 | -€3,615 | -2.6% |
| Amounts payable within one year | 42/48 | €73,424 | €143,679 | +€70,255 | +95.7% |
| Current portion of amounts payable after more than one year | 42 | €31,048 | €33,620 | +€2,572 | +8.3% |
| Trade debts | 44 | €5,264 | €5,619 | +€355 | +6.7% |
| Suppliers | 440/4 | €5,264 | €5,619 | +€355 | +6.7% |
| Taxes, remuneration and social security | 45 | €29,018 | €49,691 | +€20,673 | +71.2% |
| Taxes | 450/3 | €29,018 | €48,081 | +€19,063 | +65.7% |
| Remuneration and social security | 454/9 | - | €1,609 | +€1,609 | |
| Other amounts payable | 47/48 | €8,095 | €54,750 | +€46,655 | +576.4% |
| Accrued charges and deferred income | 492/3 | €548 | - | -€548 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €532 | €822 | +€290 | +54.6% |
| Other operating charges | 640/8 | €1,515 | €351 | -€1,164 | -76.8% |
| Gross operating margin | 9900 | €59,999 | €98,694 | +€38,695 | +64.5% |
| Operating profit (loss) | 9901 | €57,952 | €97,521 | +€39,568 | +68.3% |
| Financial income | 75/76B | €119 | €178 | +€59 | +49.2% |
| Recurring financial income | 75 | €119 | €178 | +€59 | +49.2% |
| Financial charges | 65/66B | €12,657 | €16,951 | +€4,294 | +33.9% |
| Recurring financial charges | 65 | €12,657 | €16,951 | +€4,294 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €45,415 | €80,748 | +€35,333 | +77.8% |
| Income taxes | 67/77 | €13,586 | €22,673 | +€9,087 | +66.9% |
| Profit (loss) for the period | 9904 | €31,829 | €58,075 | +€26,246 | +82.5% |
| Profit (loss) for the period to be appropriated | 9905 | €31,829 | €58,075 | +€26,246 | +82.5% |
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 6 October 2026 via checked.be.