CAFRA: 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.
CAFRA
Largest movements
- Receivables within one year +€89,043
up €89,043 (+59.0%), from €151,015 to €240,058
of which Trade receivables: +€95,123
- Cash -€52,168
down €52,168 (-33.2%), from €157,078 to €104,910
mainly Receivables within one year (-€89,043) and Investment in fixed assets (net) (-€56,603)
- Tangible fixed assets +€50,006
up €50,006 (+5,670%), from €882 to €50,888
of which Furniture and vehicles: +€48,652
- Receivables after one year -€40,000
down €40,000 (-16.0%), from €250,000 to €210,000
- Deferred charges and accrued income +€34,534
up €34,534 (+3,246%), from €1,064 to €35,598
- Reserves +€76,720
up €76,720 (+17.7%), from €434,340 to €511,060
- Tax, wage and social debts +€25,520
up €25,520 (+356%), from €7,165 to €32,685
- Other debts -€22,200
down €22,200 (-98.9%), from €22,451 to €251
- Gross operating margin +€69,638
up €69,638 (+322%), from €21,624 to €91,262
- Financial income +€36,245
up €36,245 (+3,624,500%), from €1 to €36,246
- Taxes +€28,737
up €28,737 (+1,496%), from €1,921 to €30,658
- Depreciation +€2,335
up €2,335 (+54.8%), from €4,262 to €6,597
- Staff costs +€1,470
up €1,470 (+13.7%), from €10,739 to €12,209
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 | €560,039 | €641,454 | +€81,415 | +14.5% |
| Fixed assets | 21/28 | €882 | €50,888 | +€50,006 | +5,670% |
| Tangible fixed assets | 22/27 | €882 | €50,888 | +€50,006 | +5,670% |
| Plant, machinery and equipment | 23 | - | €1,354 | +€1,354 | |
| Furniture and vehicles | 24 | €882 | €49,534 | +€48,652 | +5,516% |
| Current assets | 29/58 | €559,157 | €590,566 | +€31,409 | +5.6% |
| Amounts receivable after more than one year | 29 | €250,000 | €210,000 | -€40,000 | -16.0% |
| Other amounts receivable | 291 | €250,000 | €210,000 | -€40,000 | -16.0% |
| Amounts receivable within one year | 40/41 | €151,015 | €240,058 | +€89,043 | +59.0% |
| Trade receivables | 40 | €144,935 | €240,058 | +€95,123 | +65.6% |
| Other amounts receivable | 41 | €6,080 | - | -€6,080 | |
| Cash at bank and in hand | 54/58 | €157,078 | €104,910 | -€52,168 | -33.2% |
| Deferred charges and accrued income | 490/1 | €1,064 | €35,598 | +€34,534 | +3,246% |
| Total equity and liabilities | 10/49 | €560,039 | €641,454 | +€81,415 | +14.5% |
| Equity | 10/15 | €527,991 | €604,711 | +€76,720 | +14.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €434,340 | €511,060 | +€76,720 | +17.7% |
| Distributable reserves | 133 | €434,340 | €511,060 | +€76,720 | +17.7% |
| Profit (loss) carried forward | 14 | €81,251 | €81,251 | = | 0.0% |
| Amounts payable | 17/49 | €32,048 | €36,743 | +€4,695 | +14.6% |
| Amounts payable within one year | 42/48 | €32,048 | €36,743 | +€4,695 | +14.6% |
| Trade debts | 44 | €2,432 | €3,807 | +€1,375 | +56.5% |
| Suppliers | 440/4 | €2,432 | €3,807 | +€1,375 | +56.5% |
| Taxes, remuneration and social security | 45 | €7,165 | €32,685 | +€25,520 | +356% |
| Taxes | 450/3 | €7,165 | €32,685 | +€25,520 | +356% |
| Other amounts payable | 47/48 | €22,451 | €251 | -€22,200 | -98.9% |
| Remuneration, social security and pensions | 62 | €10,739 | €12,209 | +€1,470 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,262 | €6,597 | +€2,335 | +54.8% |
| Other operating charges | 640/8 | €988 | €1,217 | +€229 | +23.2% |
| Gross operating margin | 9900 | €21,624 | €91,262 | +€69,638 | +322% |
| Operating profit (loss) | 9901 | €5,635 | €71,239 | +€65,604 | +1,164% |
| Financial income | 75/76B | €1 | €36,246 | +€36,245 | +3,624,500% |
| Recurring financial income | 75 | €1 | €36,246 | +€36,245 | +3,624,500% |
| Financial charges | 65/66B | €142 | €107 | -€35 | -24.6% |
| Recurring financial charges | 65 | €142 | €107 | -€35 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €5,494 | €107,378 | +€101,884 | +1,854% |
| Income taxes | 67/77 | €1,921 | €30,658 | +€28,737 | +1,496% |
| Profit (loss) for the period | 9904 | €3,573 | €76,720 | +€73,147 | +2,047% |
| Profit (loss) for the period to be appropriated | 9905 | €3,573 | €76,720 | +€73,147 | +2,047% |
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 16 October 2026 via checked.be.