Cagi: 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.
Cagi
Largest movements
- Receivables within one year -€32,155
down €32,155 (-34.2%), from €94,085 to €61,929
of which Other amounts receivable: -€40,370
- Tangible fixed assets -€13,977
down €13,977 (-7.4%), from €189,934 to €175,957
of which Land and buildings: -€23,291
- Cash -€3,730
down €3,730 (-16.6%), from €22,451 to €18,721
mainly Debts after one year (-€28,517) and Net result for the year (-€17,459)
- Debts after one year -€28,517
down €28,517 (-24.3%), from €117,163 to €88,646
- Other debts +€22,692
up €22,692 (+49.7%), from €45,617 to €68,310
- Profit (loss) carried forward -€17,459
down €17,459 (-17.0%), from -€102,449 to -€119,907
- Current portion of long-term debt -€13,416
down €13,416 (-21.4%), from €62,741 to €49,325
- Trade debts -€13,237
down €13,237 (-100.0%), from €13,237 to €0
- Gross operating margin -€97,481
down €97,481 (-18.8%), from €517,375 to €419,894
- Staff costs -€81,572
down €81,572 (-16.9%), from €482,938 to €401,366
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 | €310,767 | €259,423 | -€51,344 | -16.5% |
| Fixed assets | 21/28 | €192,614 | €178,637 | -€13,977 | -7.3% |
| Tangible fixed assets | 22/27 | €189,934 | €175,957 | -€13,977 | -7.4% |
| Land and buildings | 22 | €188,249 | €164,958 | -€23,291 | -12.4% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €1,685 | €10,999 | +€9,315 | +552.9% |
| Financial fixed assets | 28 | €2,680 | €2,680 | = | 0.0% |
| Current assets | 29/58 | €118,153 | €80,786 | -€37,367 | -31.6% |
| Amounts receivable within one year | 40/41 | €94,085 | €61,929 | -€32,155 | -34.2% |
| Trade receivables | 40 | - | €8,214 | +€8,214 | |
| Other amounts receivable | 41 | €94,085 | €53,715 | -€40,370 | -42.9% |
| Cash at bank and in hand | 54/58 | €22,451 | €18,721 | -€3,730 | -16.6% |
| Deferred charges and accrued income | 490/1 | €1,618 | €136 | -€1,482 | -91.6% |
| Total equity and liabilities | 10/49 | €310,767 | €259,423 | -€51,344 | -16.5% |
| Equity | 10/15 | €19,205 | €1,746 | -€17,459 | -90.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €46,654 | €46,654 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,860 | €3,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,860 | €3,860 | = | 0.0% |
| Distributable reserves | 133 | €42,794 | €42,794 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,449 | -€119,907 | -€17,459 | -17.0% |
| Amounts payable | 17/49 | €291,562 | €257,677 | -€33,885 | -11.6% |
| Amounts payable after more than one year | 17 | €117,163 | €88,646 | -€28,517 | -24.3% |
| Financial debts | 170/4 | €117,163 | €88,646 | -€28,517 | -24.3% |
| Amounts payable within one year | 42/48 | €174,399 | €169,031 | -€5,368 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €62,741 | €49,325 | -€13,416 | -21.4% |
| Trade debts | 44 | €13,237 | €0 | -€13,237 | -100.0% |
| Suppliers | 440/4 | €13,237 | €0 | -€13,237 | -100.0% |
| Taxes, remuneration and social security | 45 | €52,804 | €51,397 | -€1,407 | -2.7% |
| Taxes | 450/3 | €1,534 | €39 | -€1,495 | -97.5% |
| Remuneration and social security | 454/9 | €51,271 | €51,358 | +€87 | +0.2% |
| Other amounts payable | 47/48 | €45,617 | €68,310 | +€22,692 | +49.7% |
| Non-recurring operating income | 76A | - | €84 | +€84 | |
| Remuneration, social security and pensions | 62 | €482,938 | €401,366 | -€81,572 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,303 | €24,076 | -€227 | -0.9% |
| Other operating charges | 640/8 | €3,016 | €2,867 | -€149 | -4.9% |
| Non-recurring operating charges | 66A | - | €253 | +€253 | |
| Gross operating margin | 9900 | €517,375 | €419,894 | -€97,481 | -18.8% |
| Operating profit (loss) | 9901 | €7,118 | -€8,667 | -€15,785 | |
| Financial income | 75/76B | €28 | €9 | -€20 | -69.5% |
| Recurring financial income | 75 | €28 | €9 | -€20 | -69.5% |
| Financial charges | 65/66B | €12,999 | €8,529 | -€4,471 | -34.4% |
| Recurring financial charges | 65 | €12,999 | €8,529 | -€4,471 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | -€5,853 | -€17,187 | -€11,334 | -193.6% |
| Income taxes | 67/77 | €1,534 | €271 | -€1,263 | -82.3% |
| Profit (loss) for the period | 9904 | -€7,387 | -€17,459 | -€10,072 | -136.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,387 | -€17,459 | -€10,072 | -136.3% |
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 29 September 2026 via checked.be.