CARDESCO: 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.
CARDESCO
Largest movements
- Cash -€41,189
down €41,189 (-22.7%), from €181,598 to €140,409
mainly Net result for the year (-€49,367) and Receivables within one year (-€7,576)
- Receivables within one year +€7,576
up €7,576 (+13.0%), from €58,424 to €66,000
of which Other amounts receivable: +€4,355
- Reserves -€39,900
down €39,900 (-26.2%), from €152,163 to €112,263
- Profit (loss) carried forward -€9,467
down €9,467, from €1,224 to -€8,243
- Trade debts +€6,969
up €6,969 (+16.1%), from €43,400 to €50,368
- Other debts +€6,729
new in 2025: €6,729
- Tax, wage and social debts +€4,000
up €4,000, from €0 to €4,000
of which Remuneration and social security: +€2,500
- Gross operating margin -€52,783
down €52,783, from €33,601 to -€19,182
- Taxes -€9,096
down €9,096 (-98.1%), from €9,272 to €177
- Other operating charges -€1,228
down €1,228 (-54.3%), from €2,260 to €1,032
- Financial income -€463
down €463 (-68.6%), from €675 to €212
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 | €251,919 | €219,085 | -€32,834 | -13.0% |
| Fixed assets | 21/28 | €8,892 | €8,766 | -€126 | -1.4% |
| Tangible fixed assets | 22/27 | €1,102 | €976 | -€126 | -11.5% |
| Plant, machinery and equipment | 23 | €1,102 | €976 | -€126 | -11.5% |
| Financial fixed assets | 28 | €7,790 | €7,790 | = | 0.0% |
| Current assets | 29/58 | €243,027 | €210,319 | -€32,708 | -13.5% |
| Amounts receivable within one year | 40/41 | €58,424 | €66,000 | +€7,576 | +13.0% |
| Trade receivables | 40 | €41,314 | €44,534 | +€3,220 | +7.8% |
| Other amounts receivable | 41 | €17,110 | €21,466 | +€4,355 | +25.5% |
| Cash at bank and in hand | 54/58 | €181,598 | €140,409 | -€41,189 | -22.7% |
| Deferred charges and accrued income | 490/1 | €3,006 | €3,910 | +€905 | +30.1% |
| Total equity and liabilities | 10/49 | €251,919 | €219,085 | -€32,834 | -13.0% |
| Equity | 10/15 | €192,387 | €143,020 | -€49,367 | -25.7% |
| Contributions | 10/11 | €39,000 | €39,000 | = | 0.0% |
| Reserves | 13 | €152,163 | €112,263 | -€39,900 | -26.2% |
| Distributable reserves | 133 | €152,163 | €112,263 | -€39,900 | -26.2% |
| Profit (loss) carried forward | 14 | €1,224 | -€8,243 | -€9,467 | |
| Amounts payable | 17/49 | €59,532 | €76,064 | +€16,532 | +27.8% |
| Amounts payable within one year | 42/48 | €46,785 | €64,470 | +€17,685 | +37.8% |
| Financial debts | 43 | €3,385 | €3,373 | -€12 | -0.4% |
| Credit institutions | 430/8 | €3,385 | €3,373 | -€12 | -0.4% |
| Trade debts | 44 | €43,400 | €50,368 | +€6,969 | +16.1% |
| Suppliers | 440/4 | €43,400 | €50,368 | +€6,969 | +16.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €4,000 | +€4,000 | |
| Taxes | 450/3 | €0 | €1,500 | +€1,500 | |
| Remuneration and social security | 454/9 | €0 | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | - | €6,729 | +€6,729 | |
| Accrued charges and deferred income | 492/3 | €12,747 | €11,594 | -€1,153 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127 | €126 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,260 | €1,032 | -€1,228 | -54.3% |
| Non-recurring operating charges | 66A | - | €24,817 | +€24,817 | |
| Gross operating margin | 9900 | €33,601 | -€19,182 | -€52,783 | |
| Operating profit (loss) | 9901 | €31,215 | -€45,158 | -€76,373 | |
| Financial income | 75/76B | €675 | €212 | -€463 | -68.6% |
| Recurring financial income | 75 | €675 | €212 | -€463 | -68.6% |
| Financial charges | 65/66B | €3,932 | €4,245 | +€313 | +8.0% |
| Recurring financial charges | 65 | €3,932 | €4,245 | +€313 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €27,958 | -€49,190 | -€77,149 | |
| Income taxes | 67/77 | €9,272 | €177 | -€9,096 | -98.1% |
| Profit (loss) for the period | 9904 | €18,686 | -€49,367 | -€68,053 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,686 | -€49,367 | -€68,053 |
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.