Calfo: 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.
Calfo
Largest movements
- Current investments +€40,000
up €40,000 (+36.4%), from €110,000 to €150,000
- Cash +€32,995
up €32,995 (+234.3%), from €14,083 to €47,077
mainly Net result for the year (+€71,156) and Receivables within one year (+€11,093)
- Receivables within one year -€11,093
down €11,093 (-30.9%), from €35,899 to €24,806
of which Trade receivables: -€17,047
- Reserves +€71,156
up €71,156 (+43.3%), from €164,242 to €235,399
- Tax, wage and social debts -€10,172
down €10,172 (-76.5%), from €13,291 to €3,119
- Gross operating margin -€35,920
down €35,920 (-27.4%), from €131,000 to €95,080
- Taxes -€9,134
down €9,134 (-32.4%), from €28,186 to €19,052
- Depreciation +€2,105
up €2,105 (+104.9%), from €2,007 to €4,111
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 | €192,025 | €252,062 | +€60,037 | +31.3% |
| Fixed assets | 21/28 | €30,226 | €27,074 | -€3,152 | -10.4% |
| Intangible fixed assets | 21 | €1,579 | €765 | -€814 | -51.6% |
| Tangible fixed assets | 22/27 | €28,647 | €26,309 | -€2,338 | -8.2% |
| Land and buildings | 22 | €27,901 | €25,008 | -€2,893 | -10.4% |
| Plant, machinery and equipment | 23 | €465 | €564 | +€99 | +21.2% |
| Furniture and vehicles | 24 | €282 | €737 | +€456 | +161.9% |
| Current assets | 29/58 | €161,799 | €224,988 | +€63,189 | +39.1% |
| Amounts receivable within one year | 40/41 | €35,899 | €24,806 | -€11,093 | -30.9% |
| Trade receivables | 40 | €35,899 | €18,852 | -€17,047 | -47.5% |
| Other amounts receivable | 41 | €0 | €5,954 | +€5,954 | |
| Current investments | 50/53 | €110,000 | €150,000 | +€40,000 | +36.4% |
| Cash at bank and in hand | 54/58 | €14,083 | €47,077 | +€32,995 | +234.3% |
| Deferred charges and accrued income | 490/1 | €1,817 | €3,105 | +€1,288 | +70.8% |
| Total equity and liabilities | 10/49 | €192,025 | €252,062 | +€60,037 | +31.3% |
| Equity | 10/15 | €174,242 | €245,399 | +€71,156 | +40.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €164,242 | €235,399 | +€71,156 | +43.3% |
| Distributable reserves | 133 | €164,242 | €235,399 | +€71,156 | +43.3% |
| Amounts payable | 17/49 | €17,783 | €6,663 | -€11,119 | -62.5% |
| Amounts payable within one year | 42/48 | €17,783 | €4,570 | -€13,212 | -74.3% |
| Trade debts | 44 | €3,452 | €1,275 | -€2,177 | -63.1% |
| Suppliers | 440/4 | €3,452 | €1,275 | -€2,177 | -63.1% |
| Taxes, remuneration and social security | 45 | €13,291 | €3,119 | -€10,172 | -76.5% |
| Taxes | 450/3 | €13,291 | €3,119 | -€10,172 | -76.5% |
| Other amounts payable | 47/48 | €1,040 | €176 | -€863 | -83.0% |
| Accrued charges and deferred income | 492/3 | - | €2,093 | +€2,093 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,007 | €4,111 | +€2,105 | +104.9% |
| Other operating charges | 640/8 | €195 | €1,051 | +€856 | +438.7% |
| Gross operating margin | 9900 | €131,000 | €95,080 | -€35,920 | -27.4% |
| Operating profit (loss) | 9901 | €128,798 | €89,918 | -€38,880 | -30.2% |
| Financial income | 75/76B | €32 | €464 | +€432 | +1360.8% |
| Recurring financial income | 75 | €32 | €464 | +€432 | +1360.8% |
| Financial charges | 65/66B | €120 | €174 | +€54 | +44.9% |
| Recurring financial charges | 65 | €120 | €174 | +€54 | +44.9% |
| Profit (loss) for the period before taxes | 9903 | €128,710 | €90,209 | -€38,502 | -29.9% |
| Income taxes | 67/77 | €28,186 | €19,052 | -€9,134 | -32.4% |
| Profit (loss) for the period | 9904 | €100,524 | €71,156 | -€29,368 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €100,524 | €71,156 | -€29,368 | -29.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.