CARDEAL: 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.
CARDEAL
Largest movements
- Stocks and contracts -€11,255
down €11,255 (-1.5%), from €727,505 to €716,250
- Cash -€9,372
down €9,372 (-14.5%), from €64,614 to €55,241
mainly Debts after one year (-€111,565) and Advances received (-€30,933)
- Receivables within one year +€9,013
up €9,013 (+16.2%), from €55,730 to €64,744
of which Trade receivables: +€41,623
- Reserves +€141,637
up €141,637 (+72.3%), from €195,788 to €337,425
- Debts after one year -€111,565
down €111,565 (-45.8%), from €243,403 to €131,838
of which Other amounts payable: -€61,479
- Advances received -€30,933
down €30,933 (-59.5%), from €51,953 to €21,020
- Trade debts -€23,506
down €23,506 (-66.2%), from €35,494 to €11,988
- Tax, wage and social debts +€18,996
up €18,996, from €0 to €18,996
- Write-downs -€76,513
down €76,513, from €42,014 to -€34,499
- Taxes +€21,163
up €21,163 (+92.7%), from €22,825 to €43,988
- Gross operating margin +€9,839
up €9,839 (+5.4%), from €182,457 to €192,297
- Financial charges +€8,183
up €8,183 (+35.8%), from €22,838 to €31,021
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 | €862,714 | €859,556 | -€3,158 | -0.4% |
| Fixed assets | 21/28 | €5,671 | €11,413 | +€5,742 | +101% |
| Tangible fixed assets | 22/27 | €5,671 | €11,413 | +€5,742 | +101% |
| Furniture and vehicles | 24 | €1,072 | €643 | -€429 | -40.0% |
| Other tangible fixed assets | 26 | €4,598 | €10,770 | +€6,171 | +134% |
| Current assets | 29/58 | €857,043 | €848,144 | -€8,900 | -1.0% |
| Stocks and contracts in progress | 3 | €727,505 | €716,250 | -€11,255 | -1.5% |
| Stocks | 30/36 | €727,505 | €716,250 | -€11,255 | -1.5% |
| Amounts receivable within one year | 40/41 | €55,730 | €64,744 | +€9,013 | +16.2% |
| Trade receivables | 40 | €4,679 | €46,302 | +€41,623 | +890% |
| Other amounts receivable | 41 | €51,051 | €18,442 | -€32,609 | -63.9% |
| Cash at bank and in hand | 54/58 | €64,614 | €55,241 | -€9,372 | -14.5% |
| Deferred charges and accrued income | 490/1 | €9,194 | €11,908 | +€2,714 | +29.5% |
| Total equity and liabilities | 10/49 | €862,714 | €859,556 | -€3,158 | -0.4% |
| Equity | 10/15 | €214,388 | €356,025 | +€141,637 | +66.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €195,788 | €337,425 | +€141,637 | +72.3% |
| Distributable reserves | 133 | €195,788 | €337,425 | +€141,637 | +72.3% |
| Amounts payable | 17/49 | €648,326 | €503,532 | -€144,795 | -22.3% |
| Amounts payable after more than one year | 17 | €243,403 | €131,838 | -€111,565 | -45.8% |
| Financial debts | 170/4 | €152,911 | €102,826 | -€50,086 | -32.8% |
| Other amounts payable | 178/9 | €90,491 | €29,012 | -€61,479 | -67.9% |
| Amounts payable within one year | 42/48 | €397,878 | €364,694 | -€33,184 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €47,788 | €50,086 | +€2,297 | +4.8% |
| Financial debts | 43 | €262,642 | €262,604 | -€38 | 0.0% |
| Credit institutions | 430/8 | €262,642 | €262,604 | -€38 | 0.0% |
| Trade debts | 44 | €35,494 | €11,988 | -€23,506 | -66.2% |
| Suppliers | 440/4 | €35,494 | €11,988 | -€23,506 | -66.2% |
| Advances received on contracts in progress | 46 | €51,953 | €21,020 | -€30,933 | -59.5% |
| Taxes, remuneration and social security | 45 | €0 | €18,996 | +€18,996 | |
| Taxes | 450/3 | €0 | €18,996 | +€18,996 | |
| Accrued charges and deferred income | 492/3 | €7,046 | €7,000 | -€46 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €966 | €2,258 | +€1,292 | +134% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €42,014 | -€34,499 | -€76,513 | |
| Other operating charges | 640/8 | €7,128 | €8,726 | +€1,598 | +22.4% |
| Gross operating margin | 9900 | €182,457 | €192,297 | +€9,839 | +5.4% |
| Operating profit (loss) | 9901 | €132,349 | €215,812 | +€83,463 | +63.1% |
| Financial income | 75/76B | €796 | €834 | +€38 | +4.7% |
| Recurring financial income | 75 | €796 | €834 | +€38 | +4.7% |
| Financial charges | 65/66B | €22,838 | €31,021 | +€8,183 | +35.8% |
| Recurring financial charges | 65 | €22,838 | €31,021 | +€8,183 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | €110,308 | €185,625 | +€75,317 | +68.3% |
| Income taxes | 67/77 | €22,825 | €43,988 | +€21,163 | +92.7% |
| Profit (loss) for the period | 9904 | €87,483 | €141,637 | +€54,154 | +61.9% |
| Profit (loss) for the period to be appropriated | 9905 | €87,483 | €141,637 | +€54,154 | +61.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.