CALHO: 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.
CALHO
Largest movements
- Tangible fixed assets -€37,071
down €37,071 (-7.8%), from €473,974 to €436,904
of which Land and buildings: -€28,870
- Receivables within one year -€16,238
down €16,238 (-100.0%), from €16,238 to €0
of which Trade receivables: -€16,238
- Profit (loss) carried forward -€39,376
down €39,376 (-6.2%), from -€633,476 to -€672,852
- Other debts +€24,885
up €24,885 (+3.9%), from €634,127 to €659,011
- Debts after one year -€20,996
down €20,996 (-6.8%), from €310,500 to €289,503
- Trade debts -€12,327
down €12,327 (-65.7%), from €18,773 to €6,446
- Current portion of long-term debt -€10,546
down €10,546 (-41.0%), from €25,698 to €15,152
- Other operating charges -€344,522
down €344,522 (-99.1%), from €347,581 to €3,060
- Gross operating margin -€23,230
down €23,230 (-34.0%), from €68,253 to €45,023
- Financial charges -€10,493
down €10,493 (-42.2%), from €24,856 to €14,363
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €505,285 | €447,951 | -€57,334 | -11.3% |
| Fixed assets | 21/28 | €473,974 | €436,904 | -€37,071 | -7.8% |
| Tangible fixed assets | 22/27 | €473,974 | €436,904 | -€37,071 | -7.8% |
| Land and buildings | 22 | €439,010 | €410,140 | -€28,870 | -6.6% |
| Furniture and vehicles | 24 | €23,861 | €15,660 | -€8,201 | -34.4% |
| Other tangible fixed assets | 26 | €11,104 | €11,104 | = | 0.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €31,311 | €11,047 | -€20,263 | -64.7% |
| Amounts receivable within one year | 40/41 | €16,238 | €0 | -€16,238 | -100.0% |
| Trade receivables | 40 | €16,238 | €0 | -€16,238 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €13,599 | €8,703 | -€4,896 | -36.0% |
| Deferred charges and accrued income | 490/1 | €1,474 | €2,344 | +€870 | +59.0% |
| Total equity and liabilities | 10/49 | €505,285 | €447,951 | -€57,334 | -11.3% |
| Equity | 10/15 | -€492,626 | -€532,003 | -€39,376 | -8.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €122,250 | €122,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €12,708 | €12,708 | = | 0.0% |
| Distributable reserves | 133 | €109,542 | €109,542 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€633,476 | -€672,852 | -€39,376 | -6.2% |
| Amounts payable | 17/49 | €997,911 | €979,954 | -€17,958 | -1.8% |
| Amounts payable after more than one year | 17 | €310,500 | €289,503 | -€20,996 | -6.8% |
| Financial debts | 170/4 | €310,500 | €289,503 | -€20,996 | -6.8% |
| Amounts payable within one year | 42/48 | €687,366 | €690,404 | +€3,038 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €25,698 | €15,152 | -€10,546 | -41.0% |
| Trade debts | 44 | €18,773 | €6,446 | -€12,327 | -65.7% |
| Suppliers | 440/4 | €18,773 | €6,446 | -€12,327 | -65.7% |
| Taxes, remuneration and social security | 45 | €8,768 | €9,794 | +€1,026 | +11.7% |
| Taxes | 450/3 | €7,118 | €8,144 | +€1,026 | +14.4% |
| Remuneration and social security | 454/9 | €1,650 | €1,650 | = | 0.0% |
| Other amounts payable | 47/48 | €634,127 | €659,011 | +€24,885 | +3.9% |
| Accrued charges and deferred income | 492/3 | €46 | €47 | +€1 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,623 | €53,423 | -€200 | -0.4% |
| Other operating charges | 640/8 | €347,581 | €3,060 | -€344,522 | -99.1% |
| Non-recurring operating charges | 66A | - | €13,080 | +€13,080 | |
| Gross operating margin | 9900 | €68,253 | €45,023 | -€23,230 | -34.0% |
| Operating profit (loss) | 9901 | -€332,952 | -€24,539 | +€308,412 | +92.6% |
| Financial income | 75/76B | €152 | €23 | -€129 | -84.7% |
| Recurring financial income | 75 | €152 | €23 | -€129 | -84.7% |
| Financial charges | 65/66B | €24,856 | €14,363 | -€10,493 | -42.2% |
| Recurring financial charges | 65 | €24,856 | €14,363 | -€10,493 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | -€357,655 | -€38,879 | +€318,776 | +89.1% |
| Income taxes | 67/77 | €555 | €497 | -€59 | -10.5% |
| Profit (loss) for the period | 9904 | -€358,210 | -€39,376 | +€318,834 | +89.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€358,210 | -€39,376 | +€318,834 | +89.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.