CAFRED: 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.
CAFRED
Largest movements
- Financial fixed assets +€100,000
new in 2025: €100,000
- Receivables within one year +€29,922
up €29,922 (+9.0%), from €330,682 to €360,604
of which Trade receivables: +€60,000
- Deferred charges and accrued income -€13,115
down €13,115 (-97.1%), from €13,513 to €398
- Other debts +€103,700
up €103,700 (+122%), from €85,000 to €188,700
- Tax, wage and social debts -€24,758
down €24,758 (-99.3%), from €24,934 to €176
- Reserves +€20,272
up €20,272 (+22.3%), from €90,775 to €111,047
- Short-term financial debts +€12,940
new in 2025: €12,940
- Debts after one year +€5,443
up €5,443 (+5.2%), from €104,833 to €110,276
- Gross operating margin +€93,950
up €93,950, from -€37,312 to €56,638
- Other operating charges +€16,604
up €16,604 (+901%), from €1,843 to €18,446
- Financial income -€13,351
down €13,351 (-97.1%), from €13,749 to €398
- Financial charges +€2,363
up €2,363 (+15.8%), from €14,963 to €17,326
- Depreciation +€816
new in 2025: €816
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 | €344,282 | €464,234 | +€119,952 | +34.8% |
| Fixed assets | 21/28 | - | €102,676 | +€102,676 | |
| Tangible fixed assets | 22/27 | - | €2,676 | +€2,676 | |
| Furniture and vehicles | 24 | - | €2,676 | +€2,676 | |
| Financial fixed assets | 28 | - | €100,000 | +€100,000 | |
| Current assets | 29/58 | €344,282 | €361,557 | +€17,276 | +5.0% |
| Amounts receivable within one year | 40/41 | €330,682 | €360,604 | +€29,922 | +9.0% |
| Trade receivables | 40 | €0 | €60,000 | +€60,000 | |
| Other amounts receivable | 41 | €330,682 | €300,604 | -€30,078 | -9.1% |
| Cash at bank and in hand | 54/58 | €88 | €556 | +€468 | +535% |
| Deferred charges and accrued income | 490/1 | €13,513 | €398 | -€13,115 | -97.1% |
| Total equity and liabilities | 10/49 | €344,282 | €464,234 | +€119,952 | +34.8% |
| Equity | 10/15 | €114,775 | €135,047 | +€20,272 | +17.7% |
| Contributions | 10/11 | €24,000 | €24,000 | = | 0.0% |
| Reserves | 13 | €90,775 | €111,047 | +€20,272 | +22.3% |
| Distributable reserves | 133 | €90,775 | €111,047 | +€20,272 | +22.3% |
| Amounts payable | 17/49 | €229,507 | €329,187 | +€99,680 | +43.4% |
| Amounts payable after more than one year | 17 | €104,833 | €110,276 | +€5,443 | +5.2% |
| Financial debts | 170/4 | €104,833 | €110,276 | +€5,443 | +5.2% |
| Amounts payable within one year | 42/48 | €119,911 | €211,406 | +€91,495 | +76.3% |
| Current portion of amounts payable after more than one year | 42 | €4,973 | €6,559 | +€1,585 | +31.9% |
| Financial debts | 43 | - | €12,940 | +€12,940 | |
| Credit institutions | 430/8 | - | €12,940 | +€12,940 | |
| Trade debts | 44 | €5,004 | €468 | -€4,536 | -90.6% |
| Suppliers | 440/4 | €5,004 | €468 | -€4,536 | -90.6% |
| Advances received on contracts in progress | 46 | - | €2,563 | +€2,563 | |
| Taxes, remuneration and social security | 45 | €24,934 | €176 | -€24,758 | -99.3% |
| Taxes | 450/3 | €24,934 | €176 | -€24,758 | -99.3% |
| Other amounts payable | 47/48 | €85,000 | €188,700 | +€103,700 | +122% |
| Accrued charges and deferred income | 492/3 | €4,763 | €7,505 | +€2,742 | +57.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €816 | +€816 | |
| Other operating charges | 640/8 | €1,843 | €18,446 | +€16,604 | +901% |
| Gross operating margin | 9900 | -€37,312 | €56,638 | +€93,950 | |
| Operating profit (loss) | 9901 | -€39,155 | €37,376 | +€76,531 | |
| Financial income | 75/76B | €13,749 | €398 | -€13,351 | -97.1% |
| Recurring financial income | 75 | €13,749 | €398 | -€13,351 | -97.1% |
| Financial charges | 65/66B | €14,963 | €17,326 | +€2,363 | +15.8% |
| Recurring financial charges | 65 | €14,963 | €17,326 | +€2,363 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | -€40,369 | €20,448 | +€60,817 | |
| Income taxes | 67/77 | €140 | €176 | +€37 | +26.2% |
| Profit (loss) for the period | 9904 | -€40,509 | €20,272 | +€60,781 | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,509 | €20,272 | +€60,781 |
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 14 October 2026 via checked.be.