CARDIOFT: 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.
CARDIOFT
Largest movements
- Cash -€418,221
down €418,221 (-47.6%), from €878,928 to €460,708
mainly Contributions, distributions and other (-€3.8m) and Investment in fixed assets (net) (-€506,214)
- Tangible fixed assets +€325,920
up €325,920 (+9.7%), from €3.4m to €3.7m
of which Land and buildings: +€200,920
- Receivables within one year -€67,907
down €67,907 (-23.3%), from €291,053 to €223,146
of which Other amounts receivable: -€81,965
- Reserves -€2.9m
down €2.9m (-93.3%), from €3.1m to €211,326
- Other debts +€2.9m
up €2.9m (+18,612%), from €15,542 to €2.9m
- Debts after one year -€180,574
down €180,574 (-13.9%), from €1.3m to €1.1m
- Gross operating margin +€179,888
up €179,888 (+14.3%), from €1.3m to €1.4m
- Depreciation -€103,265
down €103,265 (-36.4%), from €283,559 to €180,294
- Taxes +€58,922
up €58,922 (+25.4%), from €231,862 to €290,785
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 | €4,648,955 | €4,453,402 | -€195,553 | -4.2% |
| Fixed assets | 21/28 | €3,366,433 | €3,692,354 | +€325,920 | +9.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €3,366,433 | €3,692,354 | +€325,920 | +9.7% |
| Land and buildings | 22 | €3,177,433 | €3,378,354 | +€200,920 | +6.3% |
| Other tangible fixed assets | 26 | €189,000 | €314,000 | +€125,000 | +66.1% |
| Current assets | 29/58 | €1,282,522 | €761,049 | -€521,473 | -40.7% |
| Amounts receivable within one year | 40/41 | €291,053 | €223,146 | -€67,907 | -23.3% |
| Trade receivables | 40 | €0 | €14,058 | +€14,058 | |
| Other amounts receivable | 41 | €291,053 | €209,088 | -€81,965 | -28.2% |
| Cash at bank and in hand | 54/58 | €878,928 | €460,708 | -€418,221 | -47.6% |
| Deferred charges and accrued income | 490/1 | €112,540 | €77,195 | -€35,346 | -31.4% |
| Total equity and liabilities | 10/49 | €4,648,955 | €4,453,402 | -€195,553 | -4.2% |
| Equity | 10/15 | €3,150,321 | €229,926 | -€2.9m | -92.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,131,721 | €211,326 | -€2.9m | -93.3% |
| Distributable reserves | 133 | €3,131,721 | €211,326 | -€2.9m | -93.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,498,634 | €4,223,476 | +€2.7m | +182% |
| Amounts payable after more than one year | 17 | €1,295,569 | €1,114,995 | -€180,574 | -13.9% |
| Financial debts | 170/4 | €1,295,569 | €1,114,995 | -€180,574 | -13.9% |
| Amounts payable within one year | 42/48 | €203,064 | €3,108,480 | +€2.9m | +1,431% |
| Current portion of amounts payable after more than one year | 42 | €178,785 | €180,574 | +€1,790 | +1.0% |
| Trade debts | 44 | €6,003 | €8,869 | +€2,866 | +47.7% |
| Suppliers | 440/4 | €6,003 | €8,869 | +€2,866 | +47.7% |
| Advances received on contracts in progress | 46 | €0 | €847 | +€847 | |
| Taxes, remuneration and social security | 45 | €2,734 | €9,859 | +€7,125 | +261% |
| Taxes | 450/3 | €2,734 | €9,859 | +€7,125 | +261% |
| Other amounts payable | 47/48 | €15,542 | €2,908,331 | +€2.9m | +18,612% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283,559 | €180,294 | -€103,265 | -36.4% |
| Other operating charges | 640/8 | €17,953 | €13,140 | -€4,812 | -26.8% |
| Gross operating margin | 9900 | €1,260,247 | €1,440,134 | +€179,888 | +14.3% |
| Operating profit (loss) | 9901 | €958,735 | €1,246,700 | +€287,965 | +30.0% |
| Financial income | 75/76B | €62 | €0 | -€61 | -99.6% |
| Recurring financial income | 75 | €62 | €0 | -€61 | -99.6% |
| Financial charges | 65/66B | €33,925 | €44,590 | +€10,664 | +31.4% |
| Recurring financial charges | 65 | €33,925 | €44,590 | +€10,664 | +31.4% |
| Profit (loss) for the period before taxes | 9903 | €924,871 | €1,202,111 | +€277,240 | +30.0% |
| Income taxes | 67/77 | €231,862 | €290,785 | +€58,922 | +25.4% |
| Profit (loss) for the period | 9904 | €693,009 | €911,326 | +€218,318 | +31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €693,009 | €911,326 | +€218,318 | +31.5% |
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 16 October 2026 via checked.be.