CAJO: 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.
CAJO
Largest movements
- Tangible fixed assets -€1.1m
down €1.1m (-76.5%), from €1.4m to €327,734
of which Land and buildings: -€1.1m
- Cash +€398,682
up €398,682 (+2,620%), from €15,218 to €413,900
mainly Investment in fixed assets (net) (+€1.1m) and Net result for the year (+€144,598)
- Stocks and contracts +€186,941
new in 2025: €186,941
- Receivables within one year -€77,604
down €77,604 (-69.9%), from €111,073 to €33,469
of which Other amounts receivable: -€74,075
- Revaluation surpluses -€390,000
down €390,000 (-88.9%), from €438,810 to €48,810
- Other debts -€255,608
down €255,608 (-13.3%), from €1.9m to €1.7m
- Profit (loss) carried forward +€144,598
up €144,598 (+38.1%), from -€379,606 to -€235,009
- Debts after one year -€35,469
down €35,469 (-23.6%), from €150,088 to €114,618
- Short-term financial debts -€30,000
no longer reported in 2025 (was €30,000)
- Gross operating margin +€212,472
up €212,472 (+2,050%), from €10,362 to €222,834
- Depreciation -€19,833
down €19,833 (-54.5%), from €36,402 to €16,569
- Other operating charges -€3,682
down €3,682 (-45.7%), from €8,057 to €4,375
- Financial income -€2,358
down €2,358 (-42.2%), from €5,582 to €3,224
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 | €2,344,339 | €1,767,536 | -€576,803 | -24.6% |
| Fixed assets | 21/28 | €2,196,740 | €1,128,434 | -€1.1m | -48.6% |
| Tangible fixed assets | 22/27 | €1,396,040 | €327,734 | -€1.1m | -76.5% |
| Land and buildings | 22 | €1,390,180 | €327,734 | -€1.1m | -76.4% |
| Plant, machinery and equipment | 23 | €5,860 | - | -€5,860 | |
| Financial fixed assets | 28 | €800,700 | €800,700 | = | 0.0% |
| Current assets | 29/58 | €147,598 | €639,102 | +€491,504 | +333% |
| Stocks and contracts in progress | 3 | - | €186,941 | +€186,941 | |
| Stocks | 30/36 | - | €186,941 | +€186,941 | |
| Amounts receivable within one year | 40/41 | €111,073 | €33,469 | -€77,604 | -69.9% |
| Trade receivables | 40 | €17,674 | €14,146 | -€3,529 | -20.0% |
| Other amounts receivable | 41 | €93,399 | €19,324 | -€74,075 | -79.3% |
| Cash at bank and in hand | 54/58 | €15,218 | €413,900 | +€398,682 | +2,620% |
| Deferred charges and accrued income | 490/1 | €21,307 | €4,792 | -€16,515 | -77.5% |
| Total equity and liabilities | 10/49 | €2,344,339 | €1,767,536 | -€576,803 | -24.6% |
| Equity | 10/15 | €140,644 | -€104,758 | -€245,403 | |
| Contributions | 10/11 | €62,735 | €62,735 | = | 0.0% |
| Capital | 10 | €62,735 | €62,735 | = | 0.0% |
| Issued capital | 100 | €62,735 | €62,735 | = | 0.0% |
| Revaluation surpluses | 12 | €438,810 | €48,810 | -€390,000 | -88.9% |
| Reserves | 13 | €18,706 | €18,706 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,274 | €6,274 | = | 0.0% |
| Legal reserve | 130 | €6,274 | €6,274 | = | 0.0% |
| Distributable reserves | 133 | €12,433 | €12,433 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€379,606 | -€235,009 | +€144,598 | +38.1% |
| Amounts payable | 17/49 | €2,203,694 | €1,872,294 | -€331,400 | -15.0% |
| Amounts payable after more than one year | 17 | €150,088 | €114,618 | -€35,469 | -23.6% |
| Financial debts | 170/4 | €150,088 | €114,618 | -€35,469 | -23.6% |
| Amounts payable within one year | 42/48 | €1,999,852 | €1,703,926 | -€295,927 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €42,384 | €37,264 | -€5,120 | -12.1% |
| Financial debts | 43 | €30,000 | - | -€30,000 | |
| Credit institutions | 430/8 | €30,000 | - | -€30,000 | |
| Trade debts | 44 | €5,687 | €228 | -€5,459 | -96.0% |
| Suppliers | 440/4 | €5,687 | €228 | -€5,459 | -96.0% |
| Taxes, remuneration and social security | 45 | €2,848 | €3,107 | +€260 | +9.1% |
| Taxes | 450/3 | €2,848 | €3,107 | +€260 | +9.1% |
| Other amounts payable | 47/48 | €1,918,934 | €1,663,327 | -€255,608 | -13.3% |
| Accrued charges and deferred income | 492/3 | €53,754 | €53,750 | -€4 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,402 | €16,569 | -€19,833 | -54.5% |
| Other operating charges | 640/8 | €8,057 | €4,375 | -€3,682 | -45.7% |
| Gross operating margin | 9900 | €10,362 | €222,834 | +€212,472 | +2,050% |
| Operating profit (loss) | 9901 | -€34,097 | €201,890 | +€235,987 | |
| Financial income | 75/76B | €5,582 | €3,224 | -€2,358 | -42.2% |
| Recurring financial income | 75 | €5,582 | €3,224 | -€2,358 | -42.2% |
| Financial charges | 65/66B | €58,880 | €59,007 | +€126 | +0.2% |
| Recurring financial charges | 65 | €58,880 | €59,007 | +€126 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | -€87,395 | €146,108 | +€233,503 | |
| Income taxes | 67/77 | €1,597 | €1,510 | -€87 | -5.5% |
| Profit (loss) for the period | 9904 | -€88,992 | €144,598 | +€233,590 | |
| Profit (loss) for the period to be appropriated | 9905 | -€88,992 | €144,598 | +€233,590 |
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 18 October 2026 via checked.be.