Cagima: 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.
What changed
Cagima
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€65,882
2024 · -€171,737+€105,855
Equity
€5.3m
2024 · €5.3m-€65,882
Cash
€156,162
2024 · €115,039+€41,124
Balance sheet total
€6.4m
2024 · €6.5m-€75,662
Largest movements
Assets
- Tangible fixed assets -€106,081
down €106,081 (-1.7%), from €6.3m to €6.2m
of which Land and buildings: -€106,958
Equity and liabilities
- Reserves -€150,842
down €150,842 (-3.5%), from €4.4m to €4.2m
of which Tax-exempt reserves: -€150,842
- Other debts +€100,000
new in 2025: €100,000
- Trade debts -€88,393
down €88,393 (-86.2%), from €102,571 to €14,178
- Profit (loss) carried forward +€84,960
up €84,960 (+15.4%), from €551,211 to €636,170
Income statement
- Gross operating margin +€110,272
up €110,272 (+49.8%), from €221,369 to €331,641
- Depreciation +€9,870
up €9,870 (+4.0%), from €246,525 to €256,396
- Financial charges -€7,938
down €7,938 (-88.8%), from €8,942 to €1,004
- Staff costs +€5,072
up €5,072 (+3.8%), from €134,875 to €139,947
- Other operating charges +€4,074
up €4,074 (+8.7%), from €46,846 to €50,920
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
-€171,737
Gross operating margin
+€110,272
Staff costs
-€5,072
Depreciation
-€9,870
Other operating charges
-€4,074
Financial income
-€2,995
Financial charges
+€7,938
Deferred taxes and other
+€9,656
Result 2025
-€65,882
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
+€169,838
Investment
-€150,314
Financing
+€21,600
Cash 2024
€115,039
From operations (derived)
+€169,838
Net result for the year
-€65,882
Depreciation
+€256,396
Receivables within one year
+€7,885
Deferred charges and accrued income
+€2,820
Provisions
-€50,281
Trade debts
-€88,393
Tax, wage and social debts
+€581
Other debts
+€100,000
Accrued charges and deferred income
+€6,713
Investment (derived)
-€150,314
Investment in fixed assets (net)
-€150,314
Financing
+€21,600
Debts after one year
+€21,600
Cash 2025
€156,162
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,468,765 | €6,393,103 | -€75,662 | -1.2% |
| Fixed assets | 21/28 | €6,304,166 | €6,198,084 | -€106,081 | -1.7% |
| Tangible fixed assets | 22/27 | €6,303,926 | €6,197,844 | -€106,081 | -1.7% |
| Land and buildings | 22 | €6,302,891 | €6,195,932 | -€106,958 | -1.7% |
| Furniture and vehicles | 24 | €1,035 | €1,912 | +€877 | +84.7% |
| Financial fixed assets | 28 | €240 | €240 | = | 0.0% |
| Current assets | 29/58 | €164,599 | €195,019 | +€30,420 | +18.5% |
| Amounts receivable within one year | 40/41 | €36,350 | €28,465 | -€7,885 | -21.7% |
| Trade receivables | 40 | €31,175 | €23,834 | -€7,341 | -23.5% |
| Other amounts receivable | 41 | €5,175 | €4,631 | -€543 | -10.5% |
| Cash at bank and in hand | 54/58 | €115,039 | €156,162 | +€41,124 | +35.7% |
| Deferred charges and accrued income | 490/1 | €13,211 | €10,392 | -€2,820 | -21.3% |
| Total equity and liabilities | 10/49 | €6,468,765 | €6,393,103 | -€75,662 | -1.2% |
| Equity | 10/15 | €5,346,697 | €5,280,814 | -€65,882 | -1.2% |
| Contributions | 10/11 | €425,256 | €425,256 | = | 0.0% |
| Capital | 10 | €425,256 | €425,256 | = | 0.0% |
| Issued capital | 100 | €425,256 | €425,256 | = | 0.0% |
| Reserves | 13 | €4,370,230 | €4,219,387 | -€150,842 | -3.5% |
| Non-distributable reserves | 130/1 | €453,012 | €453,012 | = | 0.0% |
| Legal reserve | 130 | €453,012 | €453,012 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,916,397 | €2,765,554 | -€150,842 | -5.2% |
| Distributable reserves | 133 | €1,000,821 | €1,000,821 | = | 0.0% |
| Profit (loss) carried forward | 14 | €551,211 | €636,170 | +€84,960 | +15.4% |
| Provisions and deferred taxes | 16 | €960,188 | €909,907 | -€50,281 | -5.2% |
| Deferred taxes | 168 | €960,188 | €909,907 | -€50,281 | -5.2% |
| Amounts payable | 17/49 | €161,881 | €202,383 | +€40,501 | +25.0% |
| Amounts payable after more than one year | 17 | €28,238 | €49,838 | +€21,600 | +76.5% |
| Other amounts payable | 178/9 | €28,238 | €49,838 | +€21,600 | +76.5% |
| Amounts payable within one year | 42/48 | €118,828 | €131,016 | +€12,188 | +10.3% |
| Trade debts | 44 | €102,571 | €14,178 | -€88,393 | -86.2% |
| Suppliers | 440/4 | €102,571 | €14,178 | -€88,393 | -86.2% |
| Taxes, remuneration and social security | 45 | €16,257 | €16,839 | +€581 | +3.6% |
| Remuneration and social security | 454/9 | €16,257 | €16,839 | +€581 | +3.6% |
| Other amounts payable | 47/48 | - | €100,000 | +€100,000 | |
| Accrued charges and deferred income | 492/3 | €14,815 | €21,528 | +€6,713 | +45.3% |
| Remuneration, social security and pensions | 62 | €134,875 | €139,947 | +€5,072 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €246,525 | €256,396 | +€9,870 | +4.0% |
| Other operating charges | 640/8 | €46,846 | €50,920 | +€4,074 | +8.7% |
| Gross operating margin | 9900 | €221,369 | €331,641 | +€110,272 | +49.8% |
| Operating profit (loss) | 9901 | -€206,876 | -€115,621 | +€91,255 | +44.1% |
| Financial income | 75/76B | €3,457 | €462 | -€2,995 | -86.6% |
| Recurring financial income | 75 | €3,457 | €462 | -€2,995 | -86.6% |
| Financial charges | 65/66B | €8,942 | €1,004 | -€7,938 | -88.8% |
| Recurring financial charges | 65 | €8,942 | €1,004 | -€7,938 | -88.8% |
| Profit (loss) for the period before taxes | 9903 | -€212,362 | -€116,163 | +€96,198 | +45.3% |
| Transfer from deferred taxes | 780 | €40,624 | €50,281 | +€9,656 | +23.8% |
| Profit (loss) for the period | 9904 | -€171,737 | -€65,882 | +€105,855 | +61.6% |
| Transfer from tax-exempt reserves | 789 | €121,873 | €150,842 | +€28,969 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,864 | €84,960 | +€134,824 |
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 3 October 2026 via checked.be.