CARDINAL MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year -€32,867
down €32,867 (-25.0%), from €131,392 to €98,525
of which Other amounts receivable: -€22,629
- Cash +€32,023
up €32,023 (+126%), from €25,350 to €57,373
- Tangible fixed assets -€2,185
down €2,185 (-56.3%), from €3,880 to €1,695
of which Other tangible fixed assets: -€1,094
- Deferred charges and accrued income -€2,102
down €2,102 (-72.9%), from €2,885 to €783
- Tax, wage and social debts +€28,011
up €28,011 (+299%), from €9,360 to €37,371
of which Taxes: +€25,660
- Reserves -€23,895
down €23,895 (-22.4%), from €106,508 to €82,613
of which Distributable reserves: -€23,895
- Other debts -€7,411
down €7,411 (-21.2%), from €35,000 to €27,589
- Trade debts -€1,836
down €1,836 (-39.6%), from €4,639 to €2,802
- Gross operating margin +€2,922
up €2,922 (+5.0%), from €57,885 to €60,807
- Taxes +€850
up €850 (+4.1%), from €20,490 to €21,341
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €163,507 | €158,375 | -€5,132 | -3.1% |
| Fixed assets | 21/28 | €3,880 | €1,695 | -€2,185 | -56.3% |
| Tangible fixed assets | 22/27 | €3,880 | €1,695 | -€2,185 | -56.3% |
| Furniture and vehicles | 24 | €2,263 | €1,172 | -€1,091 | -48.2% |
| Other tangible fixed assets | 26 | €1,617 | €523 | -€1,094 | -67.7% |
| Current assets | 29/58 | €159,627 | €156,680 | -€2,946 | -1.8% |
| Amounts receivable within one year | 40/41 | €131,392 | €98,525 | -€32,867 | -25.0% |
| Trade receivables | 40 | €57,701 | €47,463 | -€10,238 | -17.7% |
| Other amounts receivable | 41 | €73,692 | €51,062 | -€22,629 | -30.7% |
| Cash at bank and in hand | 54/58 | €25,350 | €57,373 | +€32,023 | +126% |
| Deferred charges and accrued income | 490/1 | €2,885 | €783 | -€2,102 | -72.9% |
| Total equity and liabilities | 10/49 | €163,507 | €158,375 | -€5,132 | -3.1% |
| Equity | 10/15 | €114,508 | €90,613 | -€23,895 | -20.9% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €106,508 | €82,613 | -€23,895 | -22.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €106,508 | €82,613 | -€23,895 | -22.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €48,999 | €67,762 | +€18,764 | +38.3% |
| Amounts payable within one year | 42/48 | €48,999 | €67,762 | +€18,764 | +38.3% |
| Trade debts | 44 | €4,639 | €2,802 | -€1,836 | -39.6% |
| Suppliers | 440/4 | €4,639 | €2,802 | -€1,836 | -39.6% |
| Taxes, remuneration and social security | 45 | €9,360 | €37,371 | +€28,011 | +299% |
| Taxes | 450/3 | €4,371 | €30,031 | +€25,660 | +587% |
| Remuneration and social security | 454/9 | €4,989 | €7,340 | +€2,351 | +47.1% |
| Other amounts payable | 47/48 | €35,000 | €27,589 | -€7,411 | -21.2% |
| Non-recurring operating income | 76A | €581 | €2 | -€579 | -99.7% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,012 | €1,093 | +€81 | +8.0% |
| Other operating charges | 640/8 | €661 | €697 | +€36 | +5.4% |
| Non-recurring operating charges | 66A | €0 | €130 | +€130 | |
| Gross operating margin | 9900 | €57,885 | €60,807 | +€2,922 | +5.0% |
| Operating profit (loss) | 9901 | €56,211 | €58,887 | +€2,676 | +4.8% |
| Financial income | 75/76B | €3,581 | €3,774 | +€192 | +5.4% |
| Recurring financial income | 75 | €3,581 | €3,774 | +€192 | +5.4% |
| Financial charges | 65/66B | €451 | €600 | +€149 | +33.0% |
| Recurring financial charges | 65 | €451 | €600 | +€149 | +33.0% |
| Profit (loss) for the period before taxes | 9903 | €59,341 | €62,060 | +€2,719 | +4.6% |
| Income taxes | 67/77 | €20,490 | €21,341 | +€850 | +4.1% |
| Profit (loss) for the period | 9904 | €38,851 | €40,720 | +€1,869 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €38,851 | €40,720 | +€1,869 | +4.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.