CAIRN: 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.
CAIRN
Largest movements
- Current investments +€85,363
up €85,363 (+37.5%), from €227,831 to €313,194
- Tangible fixed assets -€81,441
down €81,441 (-42.4%), from €192,140 to €110,698
of which Land and buildings: -€52,503
- Cash -€6,703
down €6,703 (-6.0%), from €111,997 to €105,294
mainly Contributions, distributions and other (-€89,895) and Current investments (-€85,363)
- Reserves +€23,043
up €23,043 (+4.5%), from €509,753 to €532,796
of which Distributable reserves: +€24,105
- Other debts -€16,004
down €16,004 (-36.0%), from €44,430 to €28,427
- Tax, wage and social debts -€10,134
down €10,134 (-68.2%), from €14,859 to €4,725
- Gross operating margin +€15,588
up €15,588 (+9.6%), from €163,225 to €178,813
- Taxes +€9,780
up €9,780 (+38.1%), from €25,678 to €35,459
- Depreciation -€8,218
down €8,218 (-18.4%), from €44,678 to €36,460
- Financial charges +€2,158
up €2,158 (+413%), from €523 to €2,681
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.
Derived cash bridge
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 | €586,879 | €586,140 | -€738 | -0.1% |
| Fixed assets | 21/28 | €192,140 | €110,698 | -€81,441 | -42.4% |
| Tangible fixed assets | 22/27 | €192,140 | €110,698 | -€81,441 | -42.4% |
| Land and buildings | 22 | €91,807 | €39,304 | -€52,503 | -57.2% |
| Furniture and vehicles | 24 | €63,946 | €44,391 | -€19,555 | -30.6% |
| Other tangible fixed assets | 26 | €36,386 | €27,003 | -€9,383 | -25.8% |
| Current assets | 29/58 | €394,739 | €475,442 | +€80,703 | +20.4% |
| Amounts receivable within one year | 40/41 | €31,151 | €28,886 | -€2,265 | -7.3% |
| Trade receivables | 40 | €19,713 | €19,242 | -€471 | -2.4% |
| Other amounts receivable | 41 | €11,438 | €9,644 | -€1,794 | -15.7% |
| Current investments | 50/53 | €227,831 | €313,194 | +€85,363 | +37.5% |
| Cash at bank and in hand | 54/58 | €111,997 | €105,294 | -€6,703 | -6.0% |
| Deferred charges and accrued income | 490/1 | €23,760 | €28,068 | +€4,308 | +18.1% |
| Total equity and liabilities | 10/49 | €586,879 | €586,140 | -€738 | -0.1% |
| Equity | 10/15 | €522,602 | €545,713 | +€23,111 | +4.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €509,753 | €532,796 | +€23,043 | +4.5% |
| Non-distributable reserves | 130/1 | €8,701 | €8,701 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,701 | €8,701 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,247 | €3,185 | -€1,062 | -25.0% |
| Distributable reserves | 133 | €496,805 | €520,910 | +€24,105 | +4.9% |
| Profit (loss) carried forward | 14 | €449 | €516 | +€67 | +15.0% |
| Provisions and deferred taxes | 16 | €2,187 | €1,640 | -€547 | -25.0% |
| Deferred taxes | 168 | €2,187 | €1,640 | -€547 | -25.0% |
| Amounts payable | 17/49 | €62,090 | €38,788 | -€23,302 | -37.5% |
| Amounts payable within one year | 42/48 | €61,806 | €38,788 | -€23,018 | -37.2% |
| Financial debts | 43 | €57 | €673 | +€616 | +1,073% |
| Credit institutions | 430/8 | €57 | €673 | +€616 | +1,073% |
| Trade debts | 44 | €2,459 | €4,963 | +€2,503 | +102% |
| Suppliers | 440/4 | €2,459 | €4,963 | +€2,503 | +102% |
| Taxes, remuneration and social security | 45 | €14,859 | €4,725 | -€10,134 | -68.2% |
| Taxes | 450/3 | €14,859 | €4,725 | -€10,134 | -68.2% |
| Other amounts payable | 47/48 | €44,430 | €28,427 | -€16,004 | -36.0% |
| Accrued charges and deferred income | 492/3 | €284 | - | -€284 | |
| Non-recurring operating income | 76A | - | €39,449 | +€39,449 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,678 | €36,460 | -€8,218 | -18.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€3,856 | -€3,856 | = | 0.0% |
| Other operating charges | 640/8 | €2,048 | €1,891 | -€157 | -7.6% |
| Gross operating margin | 9900 | €163,225 | €178,813 | +€15,588 | +9.6% |
| Operating profit (loss) | 9901 | €120,355 | €144,317 | +€23,963 | +19.9% |
| Financial income | 75/76B | €5,109 | €6,281 | +€1,172 | +22.9% |
| Recurring financial income | 75 | €5,109 | €6,281 | +€1,172 | +22.9% |
| Financial charges | 65/66B | €523 | €2,681 | +€2,158 | +413% |
| Recurring financial charges | 65 | €523 | €2,681 | +€2,158 | +413% |
| Profit (loss) for the period before taxes | 9903 | €124,941 | €147,918 | +€22,976 | +18.4% |
| Transfer from deferred taxes | 780 | €547 | €547 | = | 0.0% |
| Income taxes | 67/77 | €25,678 | €35,459 | +€9,780 | +38.1% |
| Profit (loss) for the period | 9904 | €99,809 | €113,006 | +€13,196 | +13.2% |
| Transfer from tax-exempt reserves | 789 | €1,062 | €1,062 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €100,871 | €114,067 | +€13,196 | +13.1% |
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 21 October 2026 via checked.be.