CARDINAL AVIATION: 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.
CARDINAL AVIATION
Largest movements
- Receivables within one year +€2,553
new in 2025: €2,553
of which Trade receivables: +€2,500
- Tangible fixed assets -€1,122
down €1,122 (-23.6%), from €4,755 to €3,633
- Cash +€146
up €146 (+28.9%), from €504 to €650
mainly Other debts (+€4,025) and Depreciation (+€1,122)
- Other debts +€4,025
up €4,025 (+2.7%), from €148,715 to €152,740
- Profit (loss) carried forward -€2,050
down €2,050 (-1.2%), from -€168,595 to -€170,645
- Tax, wage and social debts -€468
no longer reported in 2025 (was €468)
- Gross operating margin -€242
down €242 (-915%), from -€26 to -€268
- Financial charges +€61
up €61 (+30.9%), from €199 to €260
- Other operating charges +€12
up €12 (+3.2%), from €387 to €400
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 | €5,589 | €7,165 | +€1,576 | +28.2% |
| Fixed assets | 21/28 | €5,085 | €3,963 | -€1,122 | -22.1% |
| Tangible fixed assets | 22/27 | €4,755 | €3,633 | -€1,122 | -23.6% |
| Furniture and vehicles | 24 | €4,755 | €3,633 | -€1,122 | -23.6% |
| Financial fixed assets | 28 | €330 | €330 | = | 0.0% |
| Current assets | 29/58 | €504 | €3,202 | +€2,698 | +535% |
| Amounts receivable within one year | 40/41 | - | €2,553 | +€2,553 | |
| Trade receivables | 40 | - | €2,500 | +€2,500 | |
| Other amounts receivable | 41 | - | €53 | +€53 | |
| Cash at bank and in hand | 54/58 | €504 | €650 | +€146 | +28.9% |
| Total equity and liabilities | 10/49 | €5,589 | €7,165 | +€1,576 | +28.2% |
| Equity | 10/15 | -€143,595 | -€145,645 | -€2,050 | -1.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€168,595 | -€170,645 | -€2,050 | -1.2% |
| Amounts payable | 17/49 | €149,184 | €152,810 | +€3,626 | +2.4% |
| Amounts payable within one year | 42/48 | €149,184 | €152,810 | +€3,626 | +2.4% |
| Trade debts | 44 | - | €70 | +€70 | |
| Suppliers | 440/4 | - | €70 | +€70 | |
| Taxes, remuneration and social security | 45 | €468 | - | -€468 | |
| Taxes | 450/3 | €468 | - | -€468 | |
| Other amounts payable | 47/48 | €148,715 | €152,740 | +€4,025 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,122 | €1,122 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€26 | -€268 | -€242 | -915% |
| Operating profit (loss) | 9901 | -€1,536 | -€1,790 | -€254 | -16.5% |
| Financial charges | 65/66B | €199 | €260 | +€61 | +30.9% |
| Recurring financial charges | 65 | €199 | €260 | +€61 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,734 | -€2,050 | -€316 | -18.2% |
| Profit (loss) for the period | 9904 | -€1,734 | -€2,050 | -€316 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,734 | -€2,050 | -€316 | -18.2% |
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 18 October 2026 via checked.be.