CALSEM: 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.
CALSEM
Largest movements
- Tangible fixed assets -€9,642
down €9,642 (-25.8%), from €37,412 to €27,770
of which Plant, machinery and equipment: -€5,660
- Cash +€7,048
up €7,048 (+165.0%), from €4,272 to €11,320
mainly Depreciation (+€8,718) and Stocks and contracts (+€3,944)
- Stocks and contracts -€3,944
down €3,944 (-8.5%), from €46,642 to €42,697
- Receivables within one year -€3,692
down €3,692 (-21.7%), from €17,047 to €13,355
of which Trade receivables: -€5,666
- Deferred charges and accrued income -€2,526
no longer reported in 2025 (was €2,526)
- Other debts -€10,511
down €10,511 (-13.3%), from €78,812 to €68,301
- Tax, wage and social debts -€2,194
down €2,194 (-90.1%), from €2,434 to €240
- Write-downs +€2,214
new in 2025: €2,214
- Gross operating margin +€2,149
up €2,149 (+23.0%), from €9,323 to €11,472
- Depreciation +€1,227
up €1,227 (+16.4%), from €7,491 to €8,718
- Taxes -€240
no longer reported in 2025 (was €240)
- Financial income -€186
down €186 (-94.9%), from €196 to €10
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 | €107,899 | €95,142 | -€12,756 | -11.8% |
| Fixed assets | 21/28 | €37,412 | €27,770 | -€9,642 | -25.8% |
| Tangible fixed assets | 22/27 | €37,412 | €27,770 | -€9,642 | -25.8% |
| Plant, machinery and equipment | 23 | €33,430 | €27,770 | -€5,660 | -16.9% |
| Furniture and vehicles | 24 | €3,982 | - | -€3,982 | |
| Current assets | 29/58 | €70,487 | €67,372 | -€3,114 | -4.4% |
| Stocks and contracts in progress | 3 | €46,642 | €42,697 | -€3,944 | -8.5% |
| Stocks | 30/36 | €46,642 | €42,697 | -€3,944 | -8.5% |
| Amounts receivable within one year | 40/41 | €17,047 | €13,355 | -€3,692 | -21.7% |
| Trade receivables | 40 | €13,987 | €8,321 | -€5,666 | -40.5% |
| Other amounts receivable | 41 | €3,060 | €5,034 | +€1,974 | +64.5% |
| Cash at bank and in hand | 54/58 | €4,272 | €11,320 | +€7,048 | +165.0% |
| Deferred charges and accrued income | 490/1 | €2,526 | - | -€2,526 | |
| Total equity and liabilities | 10/49 | €107,899 | €95,142 | -€12,756 | -11.8% |
| Equity | 10/15 | €24,695 | €24,938 | +€243 | +1.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €4,695 | €4,938 | +€243 | +5.2% |
| Distributable reserves | 133 | €4,695 | €4,938 | +€243 | +5.2% |
| Amounts payable | 17/49 | €83,203 | €70,204 | -€12,999 | -15.6% |
| Amounts payable within one year | 42/48 | €83,203 | €70,204 | -€12,999 | -15.6% |
| Trade debts | 44 | €1,958 | €1,506 | -€452 | -23.1% |
| Suppliers | 440/4 | €1,958 | €1,506 | -€452 | -23.1% |
| Advances received on contracts in progress | 46 | - | €157 | +€157 | |
| Taxes, remuneration and social security | 45 | €2,434 | €240 | -€2,194 | -90.1% |
| Taxes | 450/3 | €2,434 | €240 | -€2,194 | -90.1% |
| Other amounts payable | 47/48 | €78,812 | €68,301 | -€10,511 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,491 | €8,718 | +€1,227 | +16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,214 | +€2,214 | |
| Other operating charges | 640/8 | €262 | €144 | -€117 | -44.9% |
| Gross operating margin | 9900 | €9,323 | €11,472 | +€2,149 | +23.0% |
| Operating profit (loss) | 9901 | €1,571 | €397 | -€1,175 | -74.8% |
| Financial income | 75/76B | €196 | €10 | -€186 | -94.9% |
| Recurring financial income | 75 | €196 | €10 | -€186 | -94.9% |
| Financial charges | 65/66B | €139 | €164 | +€25 | +17.8% |
| Recurring financial charges | 65 | €139 | €164 | +€25 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €1,628 | €243 | -€1,385 | -85.1% |
| Income taxes | 67/77 | €240 | - | -€240 | |
| Profit (loss) for the period | 9904 | €1,388 | €243 | -€1,145 | -82.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,388 | €243 | -€1,145 | -82.5% |
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 11 October 2026 via checked.be.