CAFO: 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.
CAFO
Largest movements
- Tangible fixed assets +€779,938
up €779,938 (+28.2%), from €2.8m to €3.5m
of which Land and buildings: +€694,344
- Receivables within one year -€93,115
down €93,115 (-37.9%), from €245,383 to €152,268
of which Other amounts receivable: -€71,292
- Debts after one year +€702,143
up €702,143 (+211%), from €333,152 to €1.0m
- Profit (loss) carried forward -€76,723
down €76,723 (-289%), from -€26,544 to -€103,267
- Revaluation surpluses -€73,977
down €73,977 (-6.4%), from €1.2m to €1.1m
- Reserves +€73,977
up €73,977 (+16.4%), from €450,952 to €524,929
- Staff costs +€133,191
new in 2025: €133,191
- Taxes -€62,502
down €62,502 (-99.4%), from €62,876 to €374
- Depreciation +€48,609
up €48,609 (+23.0%), from €211,703 to €260,312
- Gross operating margin -€44,097
down €44,097 (-9.9%), from €445,887 to €401,790
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 | €3,710,656 | €4,392,806 | +€682,151 | +18.4% |
| Fixed assets | 21/28 | €3,455,586 | €4,235,523 | +€779,938 | +22.6% |
| Tangible fixed assets | 22/27 | €2,763,386 | €3,543,323 | +€779,938 | +28.2% |
| Land and buildings | 22 | €2,528,210 | €3,222,555 | +€694,344 | +27.5% |
| Plant, machinery and equipment | 23 | €83,372 | €154,909 | +€71,537 | +85.8% |
| Furniture and vehicles | 24 | €149,560 | €163,082 | +€13,523 | +9.0% |
| Other tangible fixed assets | 26 | €2,244 | €2,777 | +€534 | +23.8% |
| Financial fixed assets | 28 | €692,200 | €692,200 | = | 0.0% |
| Current assets | 29/58 | €255,070 | €157,283 | -€97,787 | -38.3% |
| Amounts receivable within one year | 40/41 | €245,383 | €152,268 | -€93,115 | -37.9% |
| Trade receivables | 40 | €36,062 | €14,239 | -€21,823 | -60.5% |
| Other amounts receivable | 41 | €209,321 | €138,029 | -€71,292 | -34.1% |
| Cash at bank and in hand | 54/58 | €8,455 | €1,389 | -€7,066 | -83.6% |
| Deferred charges and accrued income | 490/1 | €1,231 | €3,626 | +€2,394 | +194% |
| Total equity and liabilities | 10/49 | €3,710,656 | €4,392,806 | +€682,151 | +18.4% |
| Equity | 10/15 | €2,126,644 | €2,049,921 | -€76,723 | -3.6% |
| Contributions | 10/11 | €548,600 | €548,600 | = | 0.0% |
| Revaluation surpluses | 12 | €1,153,636 | €1,079,659 | -€73,977 | -6.4% |
| Reserves | 13 | €450,952 | €524,929 | +€73,977 | +16.4% |
| Distributable reserves | 133 | €450,952 | €524,929 | +€73,977 | +16.4% |
| Profit (loss) carried forward | 14 | -€26,544 | -€103,267 | -€76,723 | -289% |
| Amounts payable | 17/49 | €1,584,012 | €2,342,886 | +€758,874 | +47.9% |
| Amounts payable after more than one year | 17 | €333,152 | €1,035,295 | +€702,143 | +211% |
| Financial debts | 170/4 | €333,152 | €1,035,295 | +€702,143 | +211% |
| Amounts payable within one year | 42/48 | €1,250,797 | €1,307,555 | +€56,758 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €160,008 | €179,939 | +€19,932 | +12.5% |
| Financial debts | 43 | €11 | €0 | -€11 | -100% |
| Credit institutions | 430/8 | €11 | €0 | -€11 | -100% |
| Trade debts | 44 | €31,378 | €49,875 | +€18,497 | +58.9% |
| Suppliers | 440/4 | €31,378 | €49,875 | +€18,497 | +58.9% |
| Taxes, remuneration and social security | 45 | €137,102 | €147,842 | +€10,740 | +7.8% |
| Taxes | 450/3 | €137,102 | €147,842 | +€10,740 | +7.8% |
| Other amounts payable | 47/48 | €922,299 | €929,898 | +€7,599 | +0.8% |
| Accrued charges and deferred income | 492/3 | €63 | €36 | -€27 | -42.7% |
| Remuneration, social security and pensions | 62 | - | €133,191 | +€133,191 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €211,703 | €260,312 | +€48,609 | +23.0% |
| Other operating charges | 640/8 | €7,435 | €8,141 | +€706 | +9.5% |
| Gross operating margin | 9900 | €445,887 | €401,790 | -€44,097 | -9.9% |
| Operating profit (loss) | 9901 | €226,750 | €147 | -€226,603 | -99.9% |
| Financial income | 75/76B | €2,888 | €3,393 | +€505 | +17.5% |
| Recurring financial income | 75 | €2,888 | €3,393 | +€505 | +17.5% |
| Financial charges | 65/66B | €79,538 | €79,889 | +€350 | +0.4% |
| Recurring financial charges | 65 | €79,538 | €79,889 | +€350 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €150,100 | -€76,349 | -€226,448 | |
| Income taxes | 67/77 | €62,876 | €374 | -€62,502 | -99.4% |
| Profit (loss) for the period | 9904 | €87,223 | -€76,723 | -€163,946 | |
| Profit (loss) for the period to be appropriated | 9905 | €87,223 | -€76,723 | -€163,946 |
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 15 October 2026 via checked.be.