CARDIFF: 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.
CARDIFF
Largest movements
- Current investments -€1.1m
down €1.1m (-53.2%), from €2.1m to €980,539
- Cash -€375,481
down €375,481 (-22.1%), from €1.7m to €1.3m
mainly Contributions, distributions and other (-€1.5m) and Investment in fixed assets (net) (-€229,314)
- Stocks and contracts +€136,209
up €136,209 (+12.9%), from €1.1m to €1.2m
- Receivables within one year +€114,875
up €114,875 (+16.5%), from €695,714 to €810,589
of which Other amounts receivable: +€93,889
- Reserves -€1.1m
down €1.1m (-21.4%), from €5.3m to €4.2m
of which Distributable reserves: -€1.1m
- Tax, wage and social debts -€100,968
down €100,968 (-53.6%), from €188,278 to €87,310
of which Taxes: -€104,410
- Trade debts +€67,631
up €67,631 (+43.7%), from €154,732 to €222,363
- Gross operating margin -€1.3m
down €1.3m (-49.4%), from €2.6m to €1.3m
- Taxes -€429,184
down €429,184 (-76.4%), from €561,491 to €132,307
- Write-downs -€149,220
no longer reported in 2025 (was €149,220)
- Financial income -€81,054
down €81,054 (-59.0%), from €137,439 to €56,385
- Staff costs +€75,451
up €75,451 (+18.0%), from €419,829 to €495,281
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 | €6,312,920 | €5,097,724 | -€1.2m | -19.2% |
| Fixed assets | 21/28 | €720,811 | €745,017 | +€24,205 | +3.4% |
| Intangible fixed assets | 21 | €92,388 | €48,240 | -€44,148 | -47.8% |
| Tangible fixed assets | 22/27 | €408,362 | €462,493 | +€54,132 | +13.3% |
| Land and buildings | 22 | €126,937 | €147,849 | +€20,912 | +16.5% |
| Plant, machinery and equipment | 23 | €85,881 | €73,720 | -€12,161 | -14.2% |
| Furniture and vehicles | 24 | €195,544 | €240,924 | +€45,381 | +23.2% |
| Financial fixed assets | 28 | €220,062 | €234,283 | +€14,222 | +6.5% |
| Current assets | 29/58 | €5,592,108 | €4,352,707 | -€1.2m | -22.2% |
| Stocks and contracts in progress | 3 | €1,053,973 | €1,190,182 | +€136,209 | +12.9% |
| Stocks | 30/36 | €1,053,973 | €1,190,182 | +€136,209 | +12.9% |
| Amounts receivable within one year | 40/41 | €695,714 | €810,589 | +€114,875 | +16.5% |
| Trade receivables | 40 | €627,400 | €648,386 | +€20,986 | +3.3% |
| Other amounts receivable | 41 | €68,314 | €162,203 | +€93,889 | +137.4% |
| Current investments | 50/53 | €2,093,314 | €980,539 | -€1.1m | -53.2% |
| Cash at bank and in hand | 54/58 | €1,699,841 | €1,324,360 | -€375,481 | -22.1% |
| Deferred charges and accrued income | 490/1 | €49,266 | €47,037 | -€2,229 | -4.5% |
| Total equity and liabilities | 10/49 | €6,312,920 | €5,097,724 | -€1.2m | -19.2% |
| Equity | 10/15 | €5,379,335 | €4,243,711 | -€1.1m | -21.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €5,317,335 | €4,181,711 | -€1.1m | -21.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €5,311,135 | €4,175,511 | -€1.1m | -21.4% |
| Amounts payable | 17/49 | €933,584 | €854,013 | -€79,572 | -8.5% |
| Amounts payable within one year | 42/48 | €933,584 | €854,013 | -€79,572 | -8.5% |
| Trade debts | 44 | €154,732 | €222,363 | +€67,631 | +43.7% |
| Suppliers | 440/4 | €154,732 | €222,363 | +€67,631 | +43.7% |
| Taxes, remuneration and social security | 45 | €188,278 | €87,310 | -€100,968 | -53.6% |
| Taxes | 450/3 | €155,344 | €50,934 | -€104,410 | -67.2% |
| Remuneration and social security | 454/9 | €32,934 | €36,376 | +€3,442 | +10.5% |
| Other amounts payable | 47/48 | €590,575 | €544,340 | -€46,235 | -7.8% |
| Non-recurring operating income | 76A | €4,215 | €18,799 | +€14,584 | +346.0% |
| Remuneration, social security and pensions | 62 | €419,829 | €495,281 | +€75,451 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210,903 | €205,108 | -€5,795 | -2.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €149,220 | - | -€149,220 | |
| Other operating charges | 640/8 | €10,333 | €8,983 | -€1,351 | -13.1% |
| Non-recurring operating charges | 66A | €144,729 | - | -€144,729 | |
| Gross operating margin | 9900 | €2,623,686 | €1,328,126 | -€1.3m | -49.4% |
| Operating profit (loss) | 9901 | €1,688,670 | €618,755 | -€1.1m | -63.4% |
| Financial income | 75/76B | €137,439 | €56,385 | -€81,054 | -59.0% |
| Recurring financial income | 75 | €137,439 | €56,385 | -€81,054 | -59.0% |
| Financial charges | 65/66B | €57,769 | €129,946 | +€72,177 | +124.9% |
| Recurring financial charges | 65 | €57,769 | €124,946 | +€67,177 | +116.3% |
| Non-recurring financial charges | 66B | - | €5,000 | +€5,000 | |
| Profit (loss) for the period before taxes | 9903 | €1,768,340 | €545,194 | -€1.2m | -69.2% |
| Income taxes | 67/77 | €561,491 | €132,307 | -€429,184 | -76.4% |
| Profit (loss) for the period | 9904 | €1,206,849 | €412,887 | -€793,962 | -65.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,206,849 | €412,887 | -€793,962 | -65.8% |
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 9 October 2026 via checked.be.