Cagico: 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.
What changed
Cagico
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€672,771
2024 · €2.0m-€1.4m
Equity
€8.1m
2024 · €7.5m+€672,771
Cash
€18,439
2024 · €24,260-€5,821
Balance sheet total
€20.8m
2024 · €17.9m+€2.8m
Largest movements
Assets
- Receivables within one year +€2.8m
up €2.8m (+40.4%), from €7.0m to €9.9m
of which Other amounts receivable: +€2.8m
Equity and liabilities
- Other debts +€1.5m
up €1.5m (+22.5%), from €6.8m to €8.3m
- Profit (loss) carried forward +€672,771
up €672,771 (+23.6%), from €2.9m to €3.5m
- Short-term financial debts +€530,000
up €530,000 (+240.9%), from €220,000 to €750,000
Income statement
- Financial income -€1.3m
down €1.3m (-48.8%), from €2.6m to €1.3m
of which Non-recurring financial income: -€839,994
- Turnover -€138,860
down €138,860 (-11.9%), from €1.2m to €1.0m
- Services and other goods -€82,184
down €82,184 (-10.4%), from €788,736 to €706,551
- Taxes +€21,457
up €21,457 (+39.5%), from €54,342 to €75,799
- Staff costs +€16,068
up €16,068 (+6.2%), from €259,399 to €275,468
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.
Result 2024
€2.0m
Turnover
-€138,860
Other operating income
-€8,555
Services and other goods
+€82,184
Staff costs
-€16,068
Depreciation
-€2,876
Other operating charges
+€559
Other operating items
-€482
Financial income
-€1.3m
Financial charges
+€11,104
Taxes
-€21,457
Result 2025
€672,771
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.
From operations
-€497,322
Investment
+€22,286
Financing
+€469,214
Cash 2024
€24,260
From operations (derived)
-€497,322
Net result for the year
+€672,771
Depreciation
+€6,154
Receivables within one year
-€2.8m
Smaller working-capital items
-€4,190
Trade debts
+€112,111
Tax, wage and social debts
+€26,440
Other debts
+€1.5m
Investment (derived)
+€22,286
Investment in fixed assets (net)
+€22,286
Financing
+€469,214
Debts after one year
-€60,786
Short-term financial debts
+€530,000
Cash 2025
€18,439
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,943,656 | €20,752,703 | +€2.8m | +15.7% |
| Fixed assets | 21/28 | €10,874,769 | €10,846,328 | -€28,440 | -0.3% |
| Tangible fixed assets | 22/27 | €4,144 | €35,703 | +€31,560 | +761.6% |
| Plant, machinery and equipment | 23 | €1,838 | €4,245 | +€2,408 | +131.0% |
| Furniture and vehicles | 24 | €823 | €31,458 | +€30,636 | +3724.3% |
| Other tangible fixed assets | 26 | €1,484 | - | -€1,484 | |
| Financial fixed assets | 28 | €10,870,625 | €10,810,625 | -€60,000 | -0.6% |
| Affiliated companies | 280/1 | €8,076,446 | €8,076,446 | = | 0.0% |
| Participating interests | 280 | €5,276,446 | €5,276,446 | = | 0.0% |
| Amounts receivable | 281 | €2,800,000 | €2,800,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €2,794,179 | €2,734,179 | -€60,000 | -2.1% |
| Participating interests | 282 | €2,664,704 | €2,664,704 | = | 0.0% |
| Amounts receivable | 283 | €129,475 | €69,475 | -€60,000 | -46.3% |
| Current assets | 29/58 | €7,068,888 | €9,906,375 | +€2.8m | +40.1% |
| Amounts receivable within one year | 40/41 | €7,019,754 | €9,858,719 | +€2.8m | +40.4% |
| Trade receivables | 40 | €68,117 | €101,202 | +€33,085 | +48.6% |
| Other amounts receivable | 41 | €6,951,637 | €9,757,517 | +€2.8m | +40.4% |
| Cash at bank and in hand | 54/58 | €24,260 | €18,439 | -€5,821 | -24.0% |
| Deferred charges and accrued income | 490/1 | €24,873 | €29,217 | +€4,343 | +17.5% |
| Total equity and liabilities | 10/49 | €17,943,656 | €20,752,703 | +€2.8m | +15.7% |
| Equity | 10/15 | €7,475,919 | €8,148,691 | +€672,771 | +9.0% |
| Contributions | 10/11 | €4,623,600 | €4,623,600 | = | 0.0% |
| Reserves | 13 | €368 | €368 | = | 0.0% |
| Distributable reserves | 133 | €368 | €368 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,851,951 | €3,524,723 | +€672,771 | +23.6% |
| Amounts payable | 17/49 | €10,467,737 | €12,604,012 | +€2.1m | +20.4% |
| Amounts payable after more than one year | 17 | €3,139,714 | €3,078,929 | -€60,786 | -1.9% |
| Financial debts | 170/4 | €3,139,714 | €3,078,929 | -€60,786 | -1.9% |
| Credit institutions | 173 | €364,714 | €303,929 | -€60,786 | -16.7% |
| Other loans | 174 | €2,775,000 | €2,775,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €7,327,536 | €9,524,444 | +€2.2m | +30.0% |
| Current portion of amounts payable after more than one year | 42 | €60,786 | €60,786 | = | 0.0% |
| Financial debts | 43 | €220,000 | €750,000 | +€530,000 | +240.9% |
| Credit institutions | 430/8 | €220,000 | €750,000 | +€530,000 | +240.9% |
| Trade debts | 44 | €75,765 | €187,876 | +€112,111 | +148.0% |
| Suppliers | 440/4 | €75,765 | €187,876 | +€112,111 | +148.0% |
| Taxes, remuneration and social security | 45 | €170,852 | €197,292 | +€26,440 | +15.5% |
| Taxes | 450/3 | €149,016 | €167,156 | +€18,140 | +12.2% |
| Remuneration and social security | 454/9 | €21,836 | €30,136 | +€8,300 | +38.0% |
| Other amounts payable | 47/48 | €6,800,134 | €8,328,491 | +€1.5m | +22.5% |
| Accrued charges and deferred income | 492/3 | €487 | €640 | +€153 | +31.5% |
| Operating income | 70/76A | €1,226,798 | €1,078,901 | -€147,897 | -12.1% |
| Turnover | 70 | €1,171,068 | €1,032,207 | -€138,860 | -11.9% |
| Other operating income | 74 | €55,249 | €46,694 | -€8,555 | -15.5% |
| Non-recurring operating income | 76A | €482 | - | -€482 | |
| Operating charges | 60/66A | €1,056,181 | €992,382 | -€63,799 | -6.0% |
| Services and other goods | 61 | €788,736 | €706,551 | -€82,184 | -10.4% |
| Remuneration, social security and pensions | 62 | €259,399 | €275,468 | +€16,068 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,279 | €6,154 | +€2,876 | +87.7% |
| Other operating charges | 640/8 | €4,768 | €4,208 | -€559 | -11.7% |
| Operating profit (loss) | 9901 | €170,617 | €86,519 | -€84,097 | -49.3% |
| Financial income | 75/76B | €2,613,191 | €1,336,834 | -€1.3m | -48.8% |
| Recurring financial income | 75 | €1,773,197 | €1,336,834 | -€436,362 | -24.6% |
| Income from financial fixed assets | 750 | €1,157,077 | €639,400 | -€517,677 | -44.7% |
| Income from current assets | 751 | €616,120 | €697,434 | +€81,315 | +13.2% |
| Other financial income | 752/9 | €0 | - | -€0 | |
| Non-recurring financial income | 76B | €839,994 | - | -€839,994 | |
| Financial charges | 65/66B | €685,888 | €674,784 | -€11,104 | -1.6% |
| Recurring financial charges | 65 | €685,888 | €674,784 | -€11,104 | -1.6% |
| Debt charges | 650 | €684,639 | €671,522 | -€13,117 | -1.9% |
| Other financial charges | 652/9 | €1,249 | €3,262 | +€2,013 | +161.1% |
| Profit (loss) for the period before taxes | 9903 | €2,097,920 | €748,570 | -€1.3m | -64.3% |
| Income taxes | 67/77 | €54,342 | €75,799 | +€21,457 | +39.5% |
| Taxes | 670/3 | €54,342 | €75,799 | +€21,457 | +39.5% |
| Profit (loss) for the period | 9904 | €2,043,578 | €672,771 | -€1.4m | -67.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,043,578 | €672,771 | -€1.4m | -67.1% |
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 12 October 2026 via checked.be.