Cagdas23: 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.
Cagdas23
Largest movements
- Cash -€17,156
down €17,156 (-16.4%), from €104,422 to €87,266
mainly Trade debts (-€65,454) and Investment in fixed assets (net) (-€600)
- Stocks and contracts -€9,758
down €9,758 (-22.2%), from €43,996 to €34,237
- Tangible fixed assets -€4,263
down €4,263 (-18.0%), from €23,655 to €19,392
of which Furniture and vehicles: -€3,083
- Receivables within one year -€4,118
down €4,118 (-24.7%), from €16,650 to €12,532
of which Other amounts receivable: -€3,212
- Trade debts -€65,454
down €65,454 (-61.6%), from €106,274 to €40,819
- Tax, wage and social debts +€22,307
up €22,307 (+64.1%), from €34,790 to €57,097
of which Remuneration and social security: +€22,740
- Profit (loss) carried forward +€7,852
up €7,852 (+38.0%), from €20,651 to €28,503
- Purchases and services -€700,583
no longer reported in 2025 (was €700,583)
- Staff costs +€53,772
up €53,772 (+37.7%), from €142,465 to €196,238
- Gross operating margin +€34,034
up €34,034 (+16.9%), from €201,425 to €235,459
- Financial charges +€4,505
up €4,505 (+53.3%), from €8,448 to €12,954
of which Financial charges: +€4,505
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 | €201,724 | €166,428 | -€35,296 | -17.5% |
| Fixed assets | 21/28 | €36,655 | €32,392 | -€4,263 | -11.6% |
| Tangible fixed assets | 22/27 | €23,655 | €19,392 | -€4,263 | -18.0% |
| Plant, machinery and equipment | 23 | €7,175 | €5,995 | -€1,180 | -16.4% |
| Furniture and vehicles | 24 | €16,480 | €13,397 | -€3,083 | -18.7% |
| Financial fixed assets | 28 | €13,000 | €13,000 | = | 0.0% |
| Current assets | 29/58 | €165,069 | €134,036 | -€31,032 | -18.8% |
| Stocks and contracts in progress | 3 | €43,996 | €34,237 | -€9,758 | -22.2% |
| Stocks | 30/36 | €43,996 | €34,237 | -€9,758 | -22.2% |
| Amounts receivable within one year | 40/41 | €16,650 | €12,532 | -€4,118 | -24.7% |
| Trade receivables | 40 | €3,860 | €2,954 | -€907 | -23.5% |
| Other amounts receivable | 41 | €12,790 | €9,579 | -€3,212 | -25.1% |
| Cash at bank and in hand | 54/58 | €104,422 | €87,266 | -€17,156 | -16.4% |
| Total equity and liabilities | 10/49 | €201,724 | €166,428 | -€35,296 | -17.5% |
| Equity | 10/15 | €60,660 | €68,511 | +€7,852 | +12.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €30,009 | €30,009 | = | 0.0% |
| Distributable reserves | 133 | €30,009 | €30,009 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,651 | €28,503 | +€7,852 | +38.0% |
| Amounts payable | 17/49 | €141,064 | €97,917 | -€43,147 | -30.6% |
| Amounts payable within one year | 42/48 | €141,064 | €97,917 | -€43,147 | -30.6% |
| Trade debts | 44 | €106,274 | €40,819 | -€65,454 | -61.6% |
| Suppliers | 440/4 | €106,274 | €40,819 | -€65,454 | -61.6% |
| Taxes, remuneration and social security | 45 | €34,790 | €57,097 | +€22,307 | +64.1% |
| Taxes | 450/3 | €16,024 | €15,591 | -€433 | -2.7% |
| Remuneration and social security | 454/9 | €18,767 | €41,507 | +€22,740 | +121.2% |
| Non-recurring operating income | 76A | - | €600 | +€600 | |
| Goods, raw materials, services and sundry goods | 60/61 | €700,583 | - | -€700,583 | |
| Remuneration, social security and pensions | 62 | €142,465 | €196,238 | +€53,772 | +37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,445 | €4,863 | +€1,418 | +41.2% |
| Other operating charges | 640/8 | €8,764 | €7,765 | -€999 | -11.4% |
| Non-recurring operating charges | 66A | €1,575 | - | -€1,575 | |
| Gross operating margin | 9900 | €201,425 | €235,459 | +€34,034 | +16.9% |
| Operating profit (loss) | 9901 | €45,176 | €26,593 | -€18,583 | -41.1% |
| Financial income | 75/76B | €334 | €263 | -€70 | -21.1% |
| Recurring financial income | 75 | €305 | €263 | -€42 | -13.8% |
| Non-recurring financial income | 76B | €28 | - | -€28 | |
| Financial charges | 65/66B | €8,448 | €12,954 | +€4,505 | +53.3% |
| Recurring financial charges | 65 | €8,448 | €12,954 | +€4,505 | +53.3% |
| Non-recurring financial charges | 66B | €0 | - | -€0 | |
| Profit (loss) for the period before taxes | 9903 | €37,062 | €13,903 | -€23,159 | -62.5% |
| Income taxes | 67/77 | €7,053 | €6,051 | -€1,002 | -14.2% |
| Profit (loss) for the period | 9904 | €30,009 | €7,852 | -€22,157 | -73.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,009 | €7,852 | -€22,157 | -73.8% |
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 8 October 2026 via checked.be.