CAG: 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.
CAG
Largest movements
- Cash +€23,480
up €23,480 (+447.8%), from €5,244 to €28,724
mainly Net result for the year (+€33,285) and Depreciation (+€18,857)
- Tangible fixed assets -€18,857
down €18,857 (-2.7%), from €695,170 to €676,313
- Debts after one year -€44,544
down €44,544 (-10.1%), from €440,534 to €395,990
- Reserves +€33,285
up €33,285 (+20.2%), from €164,901 to €198,186
of which Distributable reserves: +€33,285
- Other debts +€12,747
up €12,747 (+18.5%), from €68,880 to €81,627
- Gross operating margin +€12,548
up €12,548 (+18.1%), from €69,446 to €81,994
- Taxes +€5,037
up €5,037 (+65.0%), from €7,754 to €12,792
- Other operating charges -€3,368
down €3,368 (-55.6%), from €6,062 to €2,694
- Financial charges -€2,022
down €2,022 (-11.0%), from €18,329 to €16,308
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 | €770,768 | €768,940 | -€1,828 | -0.2% |
| Fixed assets | 21/28 | €695,170 | €676,313 | -€18,857 | -2.7% |
| Tangible fixed assets | 22/27 | €695,170 | €676,313 | -€18,857 | -2.7% |
| Land and buildings | 22 | €695,170 | €676,313 | -€18,857 | -2.7% |
| Current assets | 29/58 | €75,598 | €92,627 | +€17,030 | +22.5% |
| Amounts receivable within one year | 40/41 | €68,868 | €62,511 | -€6,358 | -9.2% |
| Trade receivables | 40 | €14,864 | €24,280 | +€9,416 | +63.4% |
| Other amounts receivable | 41 | €54,005 | €38,231 | -€15,774 | -29.2% |
| Cash at bank and in hand | 54/58 | €5,244 | €28,724 | +€23,480 | +447.8% |
| Deferred charges and accrued income | 490/1 | €1,485 | €1,393 | -€93 | -6.3% |
| Total equity and liabilities | 10/49 | €770,768 | €768,940 | -€1,828 | -0.2% |
| Equity | 10/15 | €177,301 | €210,586 | +€33,285 | +18.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €164,901 | €198,186 | +€33,285 | +20.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €163,041 | €196,326 | +€33,285 | +20.4% |
| Amounts payable | 17/49 | €593,466 | €558,354 | -€35,113 | -5.9% |
| Amounts payable after more than one year | 17 | €440,534 | €395,990 | -€44,544 | -10.1% |
| Financial debts | 170/4 | €440,534 | €395,990 | -€44,544 | -10.1% |
| Amounts payable within one year | 42/48 | €140,758 | €150,368 | +€9,611 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €43,666 | €44,544 | +€878 | +2.0% |
| Financial debts | 43 | €11,800 | €5,885 | -€5,915 | -50.1% |
| Credit institutions | 430/8 | €11,800 | €5,885 | -€5,915 | -50.1% |
| Trade debts | 44 | €13,712 | €9,677 | -€4,035 | -29.4% |
| Suppliers | 440/4 | €13,712 | €9,677 | -€4,035 | -29.4% |
| Advances received on contracts in progress | 46 | - | €1,569 | +€1,569 | |
| Taxes, remuneration and social security | 45 | €2,700 | €7,067 | +€4,367 | +161.7% |
| Taxes | 450/3 | €2,700 | €7,067 | +€4,367 | +161.7% |
| Other amounts payable | 47/48 | €68,880 | €81,627 | +€12,747 | +18.5% |
| Accrued charges and deferred income | 492/3 | €12,174 | €11,996 | -€179 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,857 | €18,857 | = | 0.0% |
| Other operating charges | 640/8 | €6,062 | €2,694 | -€3,368 | -55.6% |
| Gross operating margin | 9900 | €69,446 | €81,994 | +€12,548 | +18.1% |
| Operating profit (loss) | 9901 | €44,527 | €60,443 | +€15,916 | +35.7% |
| Financial income | 75/76B | €1,561 | €1,942 | +€381 | +24.4% |
| Recurring financial income | 75 | €1,561 | €1,942 | +€381 | +24.4% |
| Financial charges | 65/66B | €18,329 | €16,308 | -€2,022 | -11.0% |
| Recurring financial charges | 65 | €18,329 | €16,308 | -€2,022 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €27,759 | €46,077 | +€18,318 | +66.0% |
| Income taxes | 67/77 | €7,754 | €12,792 | +€5,037 | +65.0% |
| Profit (loss) for the period | 9904 | €20,005 | €33,285 | +€13,281 | +66.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,005 | €33,285 | +€13,281 | +66.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.