CARDINAELS: 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.
CARDINAELS
Largest movements
- Receivables within one year -€11,534
down €11,534 (-11.2%), from €103,072 to €91,538
of which Trade receivables: -€11,740
- Financial fixed assets +€3,731
up €3,731 (+6.6%), from €56,322 to €60,054
- Current portion of long-term debt -€77,130
down €77,130 (-90.9%), from €84,897 to €7,767
- Short-term financial debts +€70,355
new in 2025: €70,355
- Debts after one year -€7,607
no longer reported in 2025 (was €7,607)
- Reserves +€5,152
up €5,152 (+60.1%), from €8,568 to €13,720
- Taxes +€1,093
up €1,093 (+163%), from €671 to €1,764
- Gross operating margin -€558
down €558 (-2.9%), from €19,099 to €18,540
- Financial charges -€376
down €376 (-4.7%), from €7,993 to €7,616
- Other operating charges +€243
up €243 (+11.8%), from €2,055 to €2,298
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 | €206,632 | €197,113 | -€9,519 | -4.6% |
| Fixed assets | 21/28 | €102,596 | €104,617 | +€2,021 | +2.0% |
| Tangible fixed assets | 22/27 | €46,273 | €44,563 | -€1,710 | -3.7% |
| Land and buildings | 22 | €45,952 | €44,445 | -€1,507 | -3.3% |
| Plant, machinery and equipment | 23 | €321 | €118 | -€203 | -63.2% |
| Financial fixed assets | 28 | €56,322 | €60,054 | +€3,731 | +6.6% |
| Current assets | 29/58 | €104,036 | €92,497 | -€11,540 | -11.1% |
| Amounts receivable within one year | 40/41 | €103,072 | €91,538 | -€11,534 | -11.2% |
| Trade receivables | 40 | €103,072 | €91,333 | -€11,740 | -11.4% |
| Other amounts receivable | 41 | - | €206 | +€206 | |
| Cash at bank and in hand | 54/58 | €166 | €166 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €798 | €792 | -€5 | -0.7% |
| Total equity and liabilities | 10/49 | €206,632 | €197,113 | -€9,519 | -4.6% |
| Equity | 10/15 | €104,418 | €109,571 | +€5,152 | +4.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €8,568 | €13,720 | +€5,152 | +60.1% |
| Distributable reserves | 133 | €8,568 | €13,720 | +€5,152 | +60.1% |
| Profit (loss) carried forward | 14 | €77,259 | €77,259 | = | 0.0% |
| Amounts payable | 17/49 | €102,213 | €87,543 | -€14,671 | -14.4% |
| Amounts payable after more than one year | 17 | €7,607 | - | -€7,607 | |
| Financial debts | 170/4 | €7,607 | - | -€7,607 | |
| Amounts payable within one year | 42/48 | €94,606 | €87,543 | -€7,063 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €84,897 | €7,767 | -€77,130 | -90.9% |
| Financial debts | 43 | - | €70,355 | +€70,355 | |
| Credit institutions | 430/8 | - | €70,355 | +€70,355 | |
| Trade debts | 44 | €7,568 | €6,986 | -€581 | -7.7% |
| Suppliers | 440/4 | €7,568 | €6,986 | -€581 | -7.7% |
| Taxes, remuneration and social security | 45 | €1,308 | €2,435 | +€1,126 | +86.1% |
| Taxes | 450/3 | €1,308 | €2,435 | +€1,126 | +86.1% |
| Other amounts payable | 47/48 | €833 | - | -€833 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,710 | €1,710 | = | 0.0% |
| Other operating charges | 640/8 | €2,055 | €2,298 | +€243 | +11.8% |
| Gross operating margin | 9900 | €19,099 | €18,540 | -€558 | -2.9% |
| Operating profit (loss) | 9901 | €15,334 | €14,532 | -€802 | -5.2% |
| Financial income | 75/76B | €39 | €0 | -€38 | -98.8% |
| Recurring financial income | 75 | €39 | €0 | -€38 | -98.8% |
| Financial charges | 65/66B | €7,993 | €7,616 | -€376 | -4.7% |
| Recurring financial charges | 65 | €7,993 | €7,616 | -€376 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €7,380 | €6,916 | -€464 | -6.3% |
| Income taxes | 67/77 | €671 | €1,764 | +€1,093 | +163% |
| Profit (loss) for the period | 9904 | €6,709 | €5,152 | -€1,557 | -23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,709 | €5,152 | -€1,557 | -23.2% |
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 26 October 2026 via checked.be.