CARADES: 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.
CARADES
Largest movements
- Receivables after one year -€181,617
down €181,617 (-43.0%), from €421,981 to €240,364
- Cash +€46,871
up €46,871 (+665%), from €7,048 to €53,919
mainly Receivables after one year (+€181,617) and Depreciation (+€88,459)
- Tangible fixed assets -€29,082
down €29,082 (-5.3%), from €552,742 to €523,660
of which Land and buildings: -€54,146
- Reserves -€119,506
down €119,506 (-31.7%), from €377,221 to €257,715
- Debts after one year -€27,342
down €27,342 (-7.4%), from €370,314 to €342,972
- Trade debts -€20,443
down €20,443 (-71.3%), from €28,681 to €8,239
- Gross operating margin +€37,787
up €37,787 (+15.7%), from €240,322 to €278,110
- Financial charges +€10,485
up €10,485 (+102%), from €10,249 to €20,734
- Taxes +€6,050
up €6,050 (+18.5%), from €32,749 to €38,799
- Depreciation +€4,695
up €4,695 (+5.6%), from €83,764 to €88,459
- Financial income -€3,753
down €3,753 (-29.4%), from €12,766 to €9,013
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 | €1,108,805 | €953,558 | -€155,247 | -14.0% |
| Fixed assets | 21/28 | €552,742 | €523,660 | -€29,082 | -5.3% |
| Tangible fixed assets | 22/27 | €552,742 | €523,660 | -€29,082 | -5.3% |
| Land and buildings | 22 | €495,256 | €441,110 | -€54,146 | -10.9% |
| Plant, machinery and equipment | 23 | €39,358 | €68,133 | +€28,774 | +73.1% |
| Furniture and vehicles | 24 | €18,128 | €14,417 | -€3,710 | -20.5% |
| Current assets | 29/58 | €556,063 | €429,899 | -€126,164 | -22.7% |
| Amounts receivable after more than one year | 29 | €421,981 | €240,364 | -€181,617 | -43.0% |
| Other amounts receivable | 291 | €421,981 | €240,364 | -€181,617 | -43.0% |
| Amounts receivable within one year | 40/41 | €124,854 | €126,315 | +€1,460 | +1.2% |
| Trade receivables | 40 | €118,808 | €126,241 | +€7,433 | +6.3% |
| Other amounts receivable | 41 | €6,046 | €74 | -€5,973 | -98.8% |
| Cash at bank and in hand | 54/58 | €7,048 | €53,919 | +€46,871 | +665% |
| Deferred charges and accrued income | 490/1 | €2,180 | €9,301 | +€7,121 | +327% |
| Total equity and liabilities | 10/49 | €1,108,805 | €953,558 | -€155,247 | -14.0% |
| Equity | 10/15 | €588,684 | €469,178 | -€119,506 | -20.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €377,221 | €257,715 | -€119,506 | -31.7% |
| Distributable reserves | 133 | €377,221 | €257,715 | -€119,506 | -31.7% |
| Profit (loss) carried forward | 14 | €199,063 | €199,063 | = | 0.0% |
| Amounts payable | 17/49 | €520,121 | €484,381 | -€35,740 | -6.9% |
| Amounts payable after more than one year | 17 | €370,314 | €342,972 | -€27,342 | -7.4% |
| Financial debts | 170/4 | €370,314 | €342,972 | -€27,342 | -7.4% |
| Amounts payable within one year | 42/48 | €148,464 | €141,269 | -€7,195 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €82,666 | €90,615 | +€7,949 | +9.6% |
| Financial debts | 43 | €10,093 | €10,069 | -€25 | -0.2% |
| Credit institutions | 430/8 | €10,093 | €10,069 | -€25 | -0.2% |
| Trade debts | 44 | €28,681 | €8,239 | -€20,443 | -71.3% |
| Suppliers | 440/4 | €28,681 | €8,239 | -€20,443 | -71.3% |
| Taxes, remuneration and social security | 45 | €26,123 | €31,447 | +€5,324 | +20.4% |
| Taxes | 450/3 | €10,393 | €18,442 | +€8,049 | +77.4% |
| Remuneration and social security | 454/9 | €15,730 | €13,005 | -€2,725 | -17.3% |
| Other amounts payable | 47/48 | €900 | €900 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,344 | €140 | -€1,204 | -89.6% |
| Remuneration, social security and pensions | 62 | €42,507 | €41,418 | -€1,089 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,764 | €88,459 | +€4,695 | +5.6% |
| Other operating charges | 640/8 | €15,992 | €13,310 | -€2,682 | -16.8% |
| Gross operating margin | 9900 | €240,322 | €278,110 | +€37,787 | +15.7% |
| Operating profit (loss) | 9901 | €98,060 | €134,923 | +€36,863 | +37.6% |
| Financial income | 75/76B | €12,766 | €9,013 | -€3,753 | -29.4% |
| Recurring financial income | 75 | €12,766 | €9,013 | -€3,753 | -29.4% |
| Financial charges | 65/66B | €10,249 | €20,734 | +€10,485 | +102% |
| Recurring financial charges | 65 | €10,249 | €20,734 | +€10,485 | +102% |
| Profit (loss) for the period before taxes | 9903 | €100,577 | €123,202 | +€22,625 | +22.5% |
| Income taxes | 67/77 | €32,749 | €38,799 | +€6,050 | +18.5% |
| Profit (loss) for the period | 9904 | €67,828 | €84,403 | +€16,575 | +24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €67,828 | €84,403 | +€16,575 | +24.4% |
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 14 October 2026 via checked.be.