CAGA: 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.
CAGA
Largest movements
- Receivables within one year -€79,505
down €79,505 (-93.4%), from €85,137 to €5,631
of which Other amounts receivable: -€78,860
- Deferred charges and accrued income +€60,320
up €60,320 (+37.0%), from €162,837 to €223,157
- Cash -€45,729
down €45,729 (-29.2%), from €156,780 to €111,051
mainly Contributions, distributions and other (-€592,570) and Deferred charges and accrued income (-€60,320)
- Receivables after one year -€30,000
no longer reported in 2025 (was €30,000)
- Tangible fixed assets +€11,692
up €11,692 (+673.8%), from €1,735 to €13,427
- Reserves -€333,814
down €333,814 (-99.4%), from €335,814 to €2,000
- Other debts +€256,755
new in 2025: €256,755
- Gross operating margin +€12,197
up €12,197 (+3.7%), from €328,299 to €340,496
- Taxes +€4,682
up €4,682 (+6.0%), from €77,674 to €82,356
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 | €437,239 | €354,016 | -€83,222 | -19.0% |
| Fixed assets | 21/28 | €2,485 | €14,177 | +€11,692 | +470.5% |
| Tangible fixed assets | 22/27 | €1,735 | €13,427 | +€11,692 | +673.8% |
| Other tangible fixed assets | 26 | €1,735 | €13,427 | +€11,692 | +673.8% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €434,754 | €339,839 | -€94,914 | -21.8% |
| Amounts receivable after more than one year | 29 | €30,000 | - | -€30,000 | |
| Other amounts receivable | 291 | €30,000 | - | -€30,000 | |
| Amounts receivable within one year | 40/41 | €85,137 | €5,631 | -€79,505 | -93.4% |
| Trade receivables | 40 | €646 | - | -€646 | |
| Other amounts receivable | 41 | €84,491 | €5,631 | -€78,860 | -93.3% |
| Cash at bank and in hand | 54/58 | €156,780 | €111,051 | -€45,729 | -29.2% |
| Deferred charges and accrued income | 490/1 | €162,837 | €223,157 | +€60,320 | +37.0% |
| Total equity and liabilities | 10/49 | €437,239 | €354,016 | -€83,222 | -19.0% |
| Equity | 10/15 | €335,914 | €2,100 | -€333,814 | -99.4% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €335,814 | €2,000 | -€333,814 | -99.4% |
| Distributable reserves | 133 | €335,814 | €2,000 | -€333,814 | -99.4% |
| Amounts payable | 17/49 | €101,324 | €351,916 | +€250,592 | +247.3% |
| Amounts payable within one year | 42/48 | €101,324 | €351,916 | +€250,592 | +247.3% |
| Trade debts | 44 | €2,920 | €131 | -€2,789 | -95.5% |
| Suppliers | 440/4 | €2,920 | €131 | -€2,789 | -95.5% |
| Taxes, remuneration and social security | 45 | €98,404 | €95,030 | -€3,374 | -3.4% |
| Taxes | 450/3 | €98,404 | €95,030 | -€3,374 | -3.4% |
| Other amounts payable | 47/48 | - | €256,755 | +€256,755 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131 | €856 | +€725 | +555.3% |
| Other operating charges | 640/8 | €225 | €768 | +€543 | +241.1% |
| Non-recurring operating charges | 66A | - | €579 | +€579 | |
| Gross operating margin | 9900 | €328,299 | €340,496 | +€12,197 | +3.7% |
| Operating profit (loss) | 9901 | €327,943 | €338,294 | +€10,351 | +3.2% |
| Financial income | 75/76B | €1,905 | €2,863 | +€957 | +50.3% |
| Recurring financial income | 75 | €1,905 | €2,863 | +€957 | +50.3% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.4% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €329,805 | €341,111 | +€11,307 | +3.4% |
| Income taxes | 67/77 | €77,674 | €82,356 | +€4,682 | +6.0% |
| Profit (loss) for the period | 9904 | €252,130 | €258,755 | +€6,625 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €252,130 | €258,755 | +€6,625 | +2.6% |
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 7 October 2026 via checked.be.