Caluwé & Partners: 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.
Caluwé & Partners
Largest movements
- Receivables within one year -€22,791
down €22,791 (-45.3%), from €50,269 to €27,478
of which Trade receivables: -€49,184
- Tangible fixed assets +€14,382
up €14,382 (+1,399%), from €1,028 to €15,410
of which Furniture and vehicles: +€14,504
- Cash -€9,916
down €9,916 (-12.0%), from €82,727 to €72,811
mainly Tax, wage and social debts (-€17,225) and Investment in fixed assets (net) (-€15,850)
- Reserves +€17,829
up €17,829 (+21.3%), from €83,878 to €101,707
- Tax, wage and social debts -€17,225
down €17,225 (-66.8%), from €25,770 to €8,545
of which Taxes: -€14,712
- Accrued charges and deferred income -€10,753
down €10,753 (-100%), from €10,753 to €0
- Trade debts -€5,955
down €5,955 (-64.7%), from €9,201 to €3,246
- Other debts -€1,728
down €1,728 (-100%), from €1,728 to €0
- Gross operating margin -€46,756
down €46,756 (-39.8%), from €117,380 to €70,624
- Staff costs +€35,898
up €35,898 (+708%), from €5,072 to €40,970
- Taxes -€14,798
down €14,798 (-63.6%), from €23,257 to €8,459
- Financial income +€1,192
up €1,192 (+596,015%), from €0 to €1,192
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 | €134,830 | €116,998 | -€17,833 | -13.2% |
| Fixed assets | 21/28 | €1,090 | €15,472 | +€14,382 | +1,320% |
| Tangible fixed assets | 22/27 | €1,028 | €15,410 | +€14,382 | +1,399% |
| Furniture and vehicles | 24 | - | €14,504 | +€14,504 | |
| Other tangible fixed assets | 26 | €1,028 | €906 | -€122 | -11.8% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €133,741 | €101,526 | -€32,215 | -24.1% |
| Amounts receivable within one year | 40/41 | €50,269 | €27,478 | -€22,791 | -45.3% |
| Trade receivables | 40 | €50,269 | €1,085 | -€49,184 | -97.8% |
| Other amounts receivable | 41 | - | €26,393 | +€26,393 | |
| Cash at bank and in hand | 54/58 | €82,727 | €72,811 | -€9,916 | -12.0% |
| Deferred charges and accrued income | 490/1 | €745 | €1,237 | +€493 | +66.1% |
| Total equity and liabilities | 10/49 | €134,830 | €116,998 | -€17,833 | -13.2% |
| Equity | 10/15 | €87,378 | €105,207 | +€17,829 | +20.4% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €83,878 | €101,707 | +€17,829 | +21.3% |
| Distributable reserves | 133 | €83,878 | €101,707 | +€17,829 | +21.3% |
| Amounts payable | 17/49 | €47,452 | €11,791 | -€35,661 | -75.2% |
| Amounts payable within one year | 42/48 | €36,699 | €11,791 | -€24,909 | -67.9% |
| Trade debts | 44 | €9,201 | €3,246 | -€5,955 | -64.7% |
| Suppliers | 440/4 | €9,201 | €3,246 | -€5,955 | -64.7% |
| Taxes, remuneration and social security | 45 | €25,770 | €8,545 | -€17,225 | -66.8% |
| Taxes | 450/3 | €23,257 | €8,545 | -€14,712 | -63.3% |
| Remuneration and social security | 454/9 | €2,513 | €0 | -€2,513 | -100% |
| Other amounts payable | 47/48 | €1,728 | €0 | -€1,728 | -100% |
| Accrued charges and deferred income | 492/3 | €10,753 | €0 | -€10,753 | -100% |
| Remuneration, social security and pensions | 62 | €5,072 | €40,970 | +€35,898 | +708% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,849 | €1,468 | -€381 | -20.6% |
| Other operating charges | 640/8 | €3,228 | €3,040 | -€188 | -5.8% |
| Gross operating margin | 9900 | €117,380 | €70,624 | -€46,756 | -39.8% |
| Operating profit (loss) | 9901 | €107,230 | €25,146 | -€82,085 | -76.5% |
| Financial income | 75/76B | €0 | €1,192 | +€1,192 | +596,015% |
| Recurring financial income | 75 | €0 | €1,192 | +€1,192 | +596,015% |
| Financial charges | 65/66B | €95 | €51 | -€45 | -46.9% |
| Recurring financial charges | 65 | €95 | €51 | -€45 | -46.9% |
| Profit (loss) for the period before taxes | 9903 | €107,136 | €26,288 | -€80,848 | -75.5% |
| Income taxes | 67/77 | €23,257 | €8,459 | -€14,798 | -63.6% |
| Profit (loss) for the period | 9904 | €83,878 | €17,829 | -€66,050 | -78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €83,878 | €17,829 | -€66,050 | -78.7% |
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 21 October 2026 via checked.be.