CARDIO M: 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.
CARDIO M
Largest movements
- Cash +€32,503
up €32,503 (+37.3%), from €87,237 to €119,740
mainly Net result for the year (+€25,444) and Receivables within one year (+€20,564)
- Receivables within one year -€20,564
no longer reported in 2025 (was €20,564)
of which Other amounts receivable: -€11,470
- Tangible fixed assets -€3,056
down €3,056 (-27.4%), from €11,138 to €8,082
of which Furniture and vehicles: -€1,673
- Reserves +€12,500
up €12,500 (+19.5%), from €64,000 to €76,500
- Other debts -€10,550
down €10,550 (-87.9%), from €12,000 to €1,450
- Profit (loss) carried forward +€5,444
up €5,444 (+14.4%), from €37,743 to €43,187
- Gross operating margin -€11,942
down €11,942 (-21.3%), from €56,179 to €44,237
- Staff costs +€2,112
new in 2025: €2,112
- Depreciation -€2,029
down €2,029 (-32.4%), from €6,254 to €4,225
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 | €118,974 | €127,858 | +€8,884 | +7.5% |
| Fixed assets | 21/28 | €11,173 | €8,117 | -€3,056 | -27.4% |
| Tangible fixed assets | 22/27 | €11,138 | €8,082 | -€3,056 | -27.4% |
| Land and buildings | 22 | €8,297 | €6,914 | -€1,383 | -16.7% |
| Furniture and vehicles | 24 | €2,841 | €1,169 | -€1,673 | -58.9% |
| Financial fixed assets | 28 | €35 | €35 | = | 0.0% |
| Current assets | 29/58 | €107,801 | €119,740 | +€11,939 | +11.1% |
| Amounts receivable within one year | 40/41 | €20,564 | - | -€20,564 | |
| Trade receivables | 40 | €9,094 | - | -€9,094 | |
| Other amounts receivable | 41 | €11,470 | - | -€11,470 | |
| Cash at bank and in hand | 54/58 | €87,237 | €119,740 | +€32,503 | +37.3% |
| Total equity and liabilities | 10/49 | €118,974 | €127,858 | +€8,884 | +7.5% |
| Equity | 10/15 | €104,743 | €122,687 | +€17,944 | +17.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €64,000 | €76,500 | +€12,500 | +19.5% |
| Non-distributable reserves | 130/1 | €64,000 | €76,500 | +€12,500 | +19.5% |
| Other | 1319 | €64,000 | €76,500 | +€12,500 | +19.5% |
| Profit (loss) carried forward | 14 | €37,743 | €43,187 | +€5,444 | +14.4% |
| Amounts payable | 17/49 | €14,231 | €5,171 | -€9,060 | -63.7% |
| Amounts payable within one year | 42/48 | €14,231 | €5,171 | -€9,060 | -63.7% |
| Trade debts | 44 | €231 | €1,471 | +€1,240 | +537% |
| Suppliers | 440/4 | €231 | €1,471 | +€1,240 | +537% |
| Taxes, remuneration and social security | 45 | €2,000 | €2,250 | +€250 | +12.5% |
| Taxes | 450/3 | €2,000 | €2,250 | +€250 | +12.5% |
| Other amounts payable | 47/48 | €12,000 | €1,450 | -€10,550 | -87.9% |
| Accrued charges and deferred income | 492/3 | - | €0 | +€0 | |
| Remuneration, social security and pensions | 62 | - | €2,112 | +€2,112 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,254 | €4,225 | -€2,029 | -32.4% |
| Other operating charges | 640/8 | €655 | €939 | +€284 | +43.3% |
| Gross operating margin | 9900 | €56,179 | €44,237 | -€11,942 | -21.3% |
| Operating profit (loss) | 9901 | €49,270 | €36,962 | -€12,308 | -25.0% |
| Financial income | 75/76B | €237 | €653 | +€416 | +176% |
| Recurring financial income | 75 | €237 | €653 | +€416 | +176% |
| Non-recurring financial income | 76B | - | €0 | +€0 | |
| Financial charges | 65/66B | €96 | €332 | +€236 | +246% |
| Recurring financial charges | 65 | €96 | €332 | +€236 | +246% |
| Profit (loss) for the period before taxes | 9903 | €49,411 | €37,283 | -€12,128 | -24.5% |
| Income taxes | 67/77 | €12,070 | €11,840 | -€230 | -1.9% |
| Profit (loss) for the period | 9904 | €37,341 | €25,444 | -€11,897 | -31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,341 | €25,444 | -€11,897 | -31.9% |
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.