CALMAN: 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.
CALMAN
Largest movements
- Tangible fixed assets -€108,828
down €108,828 (-6.2%), from €1.8m to €1.6m
of which Other tangible fixed assets: -€95,447
- Receivables within one year -€81,563
down €81,563 (-19.5%), from €417,536 to €335,974
- Cash +€28,440
up €28,440 (+93.2%), from €30,499 to €58,939
mainly Depreciation (+€108,828) and Receivables within one year (+€81,563)
- Debts after one year -€81,539
down €81,539 (-15.3%), from €532,962 to €451,422
of which Financial debts: -€81,539
- Reserves -€43,211
down €43,211 (-4.9%), from €880,302 to €837,091
of which Tax-exempt reserves: -€43,211
- Depreciation -€59,540
down €59,540 (-35.4%), from €168,369 to €108,828
- Gross operating margin -€2,180
down €2,180 (-4.2%), from €51,983 to €49,803
- Financial income -€1,197
down €1,197 (-17.2%), from €6,970 to €5,773
- Financial charges -€1,118
down €1,118 (-15.5%), from €7,197 to €6,079
- Taxes +€597
up €597 (+192%), from €312 to €909
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 | €2,202,789 | €2,040,837 | -€161,951 | -7.4% |
| Fixed assets | 21/28 | €1,754,753 | €1,645,925 | -€108,828 | -6.2% |
| Tangible fixed assets | 22/27 | €1,754,753 | €1,645,925 | -€108,828 | -6.2% |
| Furniture and vehicles | 24 | €42,027 | €28,646 | -€13,381 | -31.8% |
| Other tangible fixed assets | 26 | €1,712,726 | €1,617,279 | -€95,447 | -5.6% |
| Current assets | 29/58 | €448,036 | €394,913 | -€53,123 | -11.9% |
| Amounts receivable within one year | 40/41 | €417,536 | €335,974 | -€81,563 | -19.5% |
| Other amounts receivable | 41 | €417,536 | €335,974 | -€81,563 | -19.5% |
| Cash at bank and in hand | 54/58 | €30,499 | €58,939 | +€28,440 | +93.2% |
| Total equity and liabilities | 10/49 | €2,202,789 | €2,040,837 | -€161,951 | -7.4% |
| Equity | 10/15 | €830,872 | €777,529 | -€53,343 | -6.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €880,302 | €837,091 | -€43,211 | -4.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €546,270 | €503,059 | -€43,211 | -7.9% |
| Distributable reserves | 133 | €327,832 | €327,832 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€111,430 | -€121,562 | -€10,132 | -9.1% |
| Provisions and deferred taxes | 16 | €181,089 | €166,686 | -€14,404 | -8.0% |
| Deferred taxes | 168 | €181,089 | €166,686 | -€14,404 | -8.0% |
| Amounts payable | 17/49 | €1,190,827 | €1,096,622 | -€94,205 | -7.9% |
| Amounts payable after more than one year | 17 | €532,962 | €451,422 | -€81,539 | -15.3% |
| Financial debts | 170/4 | €347,962 | €266,422 | -€81,539 | -23.4% |
| Other amounts payable | 178/9 | €185,000 | €185,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €656,366 | €643,700 | -€12,666 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €80,326 | €81,539 | +€1,213 | +1.5% |
| Trade debts | 44 | €941 | €453 | -€488 | -51.8% |
| Suppliers | 440/4 | €941 | €453 | -€488 | -51.8% |
| Taxes, remuneration and social security | 45 | €2,250 | €1,353 | -€897 | -39.9% |
| Taxes | 450/3 | €2,250 | €1,353 | -€897 | -39.9% |
| Other amounts payable | 47/48 | €572,848 | €560,354 | -€12,494 | -2.2% |
| Accrued charges and deferred income | 492/3 | €1,500 | €1,500 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | €870 | +€870 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,369 | €108,828 | -€59,540 | -35.4% |
| Other operating charges | 640/8 | €8,074 | €7,505 | -€569 | -7.0% |
| Gross operating margin | 9900 | €51,983 | €49,803 | -€2,180 | -4.2% |
| Operating profit (loss) | 9901 | -€124,459 | -€66,531 | +€57,928 | +46.5% |
| Financial income | 75/76B | €6,970 | €5,773 | -€1,197 | -17.2% |
| Recurring financial income | 75 | €6,970 | €5,773 | -€1,197 | -17.2% |
| Financial charges | 65/66B | €7,197 | €6,079 | -€1,118 | -15.5% |
| Recurring financial charges | 65 | €7,197 | €6,079 | -€1,118 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | -€124,687 | -€66,837 | +€57,850 | +46.4% |
| Transfer from deferred taxes | 780 | €24,621 | €14,404 | -€10,217 | -41.5% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €312 | €909 | +€597 | +192% |
| Profit (loss) for the period | 9904 | -€100,378 | -€53,343 | +€47,035 | +46.9% |
| Transfer from tax-exempt reserves | 789 | €73,862 | €43,211 | -€30,651 | -41.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,517 | -€10,132 | +€16,384 | +61.8% |
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 30 October 2026 via checked.be.