CARDIO PS: 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.
CARDIO PS
Largest movements
- Tangible fixed assets +€76,901
up €76,901 (+65.8%), from €116,813 to €193,715
of which Leasing and similar rights: +€86,160
- Receivables within one year +€36,329
up €36,329 (+18.2%), from €199,930 to €236,259
of which Trade receivables: +€85,187
- Cash +€32,695
up €32,695 (+18.2%), from €179,966 to €212,661
mainly Net result for the year (+€192,842) and Debts after one year (+€68,225)
- Reserves +€154,187
up €154,187 (+35.9%), from €428,935 to €583,122
- Other debts -€114,560
down €114,560 (-83.8%), from €136,650 to €22,090
- Debts after one year +€68,225
new in 2025: €68,225
- Tax, wage and social debts +€31,233
up €31,233 (+365.2%), from €8,553 to €39,786
- Current portion of long-term debt +€16,354
new in 2025: €16,354
- Gross operating margin +€95,110
up €95,110 (+46.3%), from €205,544 to €300,654
- Taxes +€37,473
up €37,473 (+77.3%), from €48,474 to €85,947
- Depreciation +€6,936
up €6,936 (+73.2%), from €9,481 to €16,418
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €589,713 | €744,221 | +€154,508 | +26.2% |
| Fixed assets | 21/28 | €116,813 | €193,715 | +€76,901 | +65.8% |
| Tangible fixed assets | 22/27 | €116,813 | €193,715 | +€76,901 | +65.8% |
| Land and buildings | 22 | €100,211 | €95,685 | -€4,525 | -4.5% |
| Plant, machinery and equipment | 23 | €347 | €141 | -€206 | -59.4% |
| Furniture and vehicles | 24 | €8,171 | €4,994 | -€3,177 | -38.9% |
| Leasing and similar rights | 25 | - | €86,160 | +€86,160 | |
| Other tangible fixed assets | 26 | €8,085 | €6,734 | -€1,351 | -16.7% |
| Current assets | 29/58 | €472,900 | €550,506 | +€77,606 | +16.4% |
| Stocks and contracts in progress | 3 | €300 | €300 | = | 0.0% |
| Stocks | 30/36 | €300 | €300 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €199,930 | €236,259 | +€36,329 | +18.2% |
| Trade receivables | 40 | €128,880 | €214,067 | +€85,187 | +66.1% |
| Other amounts receivable | 41 | €71,050 | €22,192 | -€48,857 | -68.8% |
| Current investments | 50/53 | €88,843 | €96,080 | +€7,237 | +8.1% |
| Cash at bank and in hand | 54/58 | €179,966 | €212,661 | +€32,695 | +18.2% |
| Deferred charges and accrued income | 490/1 | €3,861 | €5,206 | +€1,345 | +34.8% |
| Total equity and liabilities | 10/49 | €589,713 | €744,221 | +€154,508 | +26.2% |
| Equity | 10/15 | €441,335 | €595,522 | +€154,187 | +34.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €428,935 | €583,122 | +€154,187 | +35.9% |
| Distributable reserves | 133 | €428,935 | €583,122 | +€154,187 | +35.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €148,378 | €148,699 | +€321 | +0.2% |
| Amounts payable after more than one year | 17 | - | €68,225 | +€68,225 | |
| Financial debts | 170/4 | - | €68,225 | +€68,225 | |
| Amounts payable within one year | 42/48 | €148,378 | €80,473 | -€67,905 | -45.8% |
| Current portion of amounts payable after more than one year | 42 | - | €16,354 | +€16,354 | |
| Trade debts | 44 | €3,175 | €2,244 | -€931 | -29.3% |
| Suppliers | 440/4 | €3,175 | €2,244 | -€931 | -29.3% |
| Taxes, remuneration and social security | 45 | €8,553 | €39,786 | +€31,233 | +365.2% |
| Taxes | 450/3 | €8,553 | €39,786 | +€31,233 | +365.2% |
| Other amounts payable | 47/48 | €136,650 | €22,090 | -€114,560 | -83.8% |
| Non-recurring operating income | 76A | €91 | €0 | -€91 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,481 | €16,418 | +€6,936 | +73.2% |
| Other operating charges | 640/8 | €2,343 | €4,203 | +€1,860 | +79.4% |
| Non-recurring operating charges | 66A | €1,036 | €0 | -€1,036 | -100.0% |
| Gross operating margin | 9900 | €205,544 | €300,654 | +€95,110 | +46.3% |
| Operating profit (loss) | 9901 | €192,685 | €280,034 | +€87,349 | +45.3% |
| Financial income | 75/76B | €2,002 | €705 | -€1,298 | -64.8% |
| Recurring financial income | 75 | €2,002 | €705 | -€1,298 | -64.8% |
| Financial charges | 65/66B | €1,812 | €1,950 | +€138 | +7.6% |
| Recurring financial charges | 65 | €1,812 | €1,950 | +€138 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | €192,875 | €278,789 | +€85,914 | +44.5% |
| Income taxes | 67/77 | €48,474 | €85,947 | +€37,473 | +77.3% |
| Profit (loss) for the period | 9904 | €144,401 | €192,842 | +€48,441 | +33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €144,401 | €192,842 | +€48,441 | +33.5% |
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 6 October 2026 via checked.be.