CARDINAL: what changed
Two fiscal 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.
What changed
CARDINAL
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €1.6m+€23,205
Equity
€3.4m
2024 · €3.3m+€28,549
Cash
€772
2024 · €29,543-€28,771
Balance sheet total
€8.0m
2024 · €8.0m-€69,540
Largest movements
Assets
- Tangible fixed assets -€111,297
down €111,297 (-8.5%), from €1.3m to €1.2m
Equity and liabilities
- Debts after one year -€297,960
down €297,960 (-11.6%), from €2.6m to €2.3m
- Other debts +€203,381
up €203,381 (+12.6%), from €1.6m to €1.8m
Income statement
- Gross operating margin +€29,536
up €29,536 (+8.0%), from €370,638 to €400,174
- Taxes +€7,735
up €7,735 (+11.3%), from €68,448 to €76,183
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.
Result 2024
€1.6m
Gross operating margin
+€29,536
Depreciation
+€0
Other operating charges
-€962
Financial income
+€2,463
Financial charges
-€97
Taxes
-€7,735
Result 2025
€1.6m
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.
From operations
+€1.9m
Investment
+€303
Financing
-€1.9m
Cash 2024
€29,543
From operations (derived)
+€1.9m
Net result for the year
+€1.6m
Depreciation
+€111,297
Receivables within one year
-€70,831
Trade debts
+€8,447
Tax, wage and social debts
-€11,957
Other debts
+€203,381
Investment (derived)
+€303
Current investments
+€303
Financing
-€1.9m
Debts after one year
-€297,960
Contributions, distributions and other
-€1.6m
Cash 2025
€772
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,037,548 | €7,968,007 | -€69,540 | -0.9% |
| Fixed assets | 21/28 | €3,748,021 | €3,636,723 | -€111,297 | -3.0% |
| Tangible fixed assets | 22/27 | €1,309,979 | €1,198,682 | -€111,297 | -8.5% |
| Land and buildings | 22 | €1,309,979 | €1,198,682 | -€111,297 | -8.5% |
| Financial fixed assets | 28 | €2,438,042 | €2,438,042 | = | 0.0% |
| Current assets | 29/58 | €4,289,527 | €4,331,284 | +€41,757 | +1.0% |
| Amounts receivable after more than one year | 29 | €4,027,500 | €4,027,500 | = | 0.0% |
| Other amounts receivable | 291 | €4,027,500 | €4,027,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €232,181 | €303,012 | +€70,831 | +30.5% |
| Trade receivables | 40 | €121,000 | €192,370 | +€71,370 | +59.0% |
| Other amounts receivable | 41 | €111,181 | €110,643 | -€539 | -0.5% |
| Current investments | 50/53 | €303 | €0 | -€303 | -100.0% |
| Cash at bank and in hand | 54/58 | €29,543 | €772 | -€28,771 | -97.4% |
| Total equity and liabilities | 10/49 | €8,037,548 | €7,968,007 | -€69,540 | -0.9% |
| Equity | 10/15 | €3,342,657 | €3,371,205 | +€28,549 | +0.9% |
| Contributions | 10/11 | €964,832 | €964,832 | = | 0.0% |
| Capital | 10 | €964,832 | €964,832 | = | 0.0% |
| Issued capital | 100 | €964,832 | €964,832 | = | 0.0% |
| Reserves | 13 | €96,483 | €96,483 | = | 0.0% |
| Non-distributable reserves | 130/1 | €96,483 | €96,483 | = | 0.0% |
| Legal reserve | 130 | €96,483 | €96,483 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,281,341 | €2,309,890 | +€28,549 | +1.3% |
| Amounts payable | 17/49 | €4,694,891 | €4,596,802 | -€98,089 | -2.1% |
| Amounts payable after more than one year | 17 | €2,578,382 | €2,280,422 | -€297,960 | -11.6% |
| Financial debts | 170/4 | €2,578,382 | €2,280,422 | -€297,960 | -11.6% |
| Amounts payable within one year | 42/48 | €2,116,510 | €2,316,380 | +€199,871 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €298,060 | €298,060 | = | 0.0% |
| Trade debts | 44 | €159,262 | €167,710 | +€8,447 | +5.3% |
| Suppliers | 440/4 | €159,262 | €167,710 | +€8,447 | +5.3% |
| Taxes, remuneration and social security | 45 | €49,444 | €37,487 | -€11,957 | -24.2% |
| Taxes | 450/3 | €49,444 | €37,487 | -€11,957 | -24.2% |
| Other amounts payable | 47/48 | €1,609,743 | €1,813,124 | +€203,381 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,297 | €111,297 | -€0 | 0.0% |
| Other operating charges | 640/8 | €27,503 | €28,465 | +€962 | +3.5% |
| Gross operating margin | 9900 | €370,638 | €400,174 | +€29,536 | +8.0% |
| Operating profit (loss) | 9901 | €231,837 | €260,412 | +€28,575 | +12.3% |
| Financial income | 75/76B | €1,481,090 | €1,483,552 | +€2,463 | +0.2% |
| Recurring financial income | 75 | €1,481,090 | €1,483,552 | +€2,463 | +0.2% |
| Financial charges | 65/66B | €39,136 | €39,233 | +€97 | +0.2% |
| Recurring financial charges | 65 | €39,136 | €39,233 | +€97 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €1,673,791 | €1,704,731 | +€30,940 | +1.8% |
| Income taxes | 67/77 | €68,448 | €76,183 | +€7,735 | +11.3% |
| Profit (loss) for the period | 9904 | €1,605,344 | €1,628,549 | +€23,205 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,605,344 | €1,628,549 | +€23,205 | +1.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.