Cardiogyn: 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.
Cardiogyn
Largest movements
- Receivables within one year -€123,571
no longer reported in 2025 (was €123,571)
- Tangible fixed assets -€45,592
down €45,592 (-2.8%), from €1.6m to €1.6m
of which Land and buildings: -€63,415
- Cash +€42,573
up €42,573 (+27.9%), from €152,462 to €195,034
mainly Other debts (+€282,805) and Net result for the year (+€251,985)
- Deferred charges and accrued income -€35,108
down €35,108 (-17.0%), from €206,390 to €171,282
- Other debts +€282,805
new in 2025: €282,805
- Reserves -€282,155
down €282,155 (-23.7%), from €1.2m to €907,155
of which Distributable reserves: -€267,407
- Debts after one year -€127,890
down €127,890 (-14.7%), from €869,953 to €742,062
- Tax, wage and social debts -€31,995
down €31,995 (-37.4%), from €85,633 to €53,637
- Gross operating margin +€94,517
up €94,517 (+23.0%), from €411,115 to €505,632
- Taxes +€34,063
up €34,063 (+36.5%), from €93,415 to €127,477
- Financial income +€5,473
up €5,473 (+199.0%), from €2,750 to €8,223
- Other operating charges -€5,470
down €5,470 (-49.8%), from €10,988 to €5,517
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 | €2,340,098 | €2,177,598 | -€162,501 | -6.9% |
| Fixed assets | 21/28 | €1,622,735 | €1,577,143 | -€45,592 | -2.8% |
| Tangible fixed assets | 22/27 | €1,622,735 | €1,577,143 | -€45,592 | -2.8% |
| Land and buildings | 22 | €1,442,475 | €1,379,059 | -€63,415 | -4.4% |
| Plant, machinery and equipment | 23 | €162,900 | €189,976 | +€27,076 | +16.6% |
| Furniture and vehicles | 24 | €17,360 | €8,108 | -€9,252 | -53.3% |
| Current assets | 29/58 | €717,364 | €600,455 | -€116,909 | -16.3% |
| Amounts receivable after more than one year | 29 | €234,941 | €234,138 | -€803 | -0.3% |
| Other amounts receivable | 291 | €234,941 | €234,138 | -€803 | -0.3% |
| Amounts receivable within one year | 40/41 | €123,571 | - | -€123,571 | |
| Other amounts receivable | 41 | €123,571 | - | -€123,571 | |
| Cash at bank and in hand | 54/58 | €152,462 | €195,034 | +€42,573 | +27.9% |
| Deferred charges and accrued income | 490/1 | €206,390 | €171,282 | -€35,108 | -17.0% |
| Total equity and liabilities | 10/49 | €2,340,098 | €2,177,598 | -€162,501 | -6.9% |
| Equity | 10/15 | €1,196,113 | €913,958 | -€282,155 | -23.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,189,310 | €907,155 | -€282,155 | -23.7% |
| Tax-exempt reserves | 132 | €135,017 | €120,269 | -€14,748 | -10.9% |
| Distributable reserves | 133 | €1,054,292 | €786,885 | -€267,407 | -25.4% |
| Profit (loss) carried forward | 14 | €603 | €603 | = | 0.0% |
| Provisions and deferred taxes | 16 | €45,012 | €40,096 | -€4,916 | -10.9% |
| Deferred taxes | 168 | €45,012 | €40,096 | -€4,916 | -10.9% |
| Amounts payable | 17/49 | €1,098,974 | €1,223,544 | +€124,570 | +11.3% |
| Amounts payable after more than one year | 17 | €869,953 | €742,062 | -€127,890 | -14.7% |
| Financial debts | 170/4 | €869,953 | €742,062 | -€127,890 | -14.7% |
| Amounts payable within one year | 42/48 | €229,021 | €481,482 | +€252,461 | +110.2% |
| Current portion of amounts payable after more than one year | 42 | €140,293 | €140,755 | +€462 | +0.3% |
| Trade debts | 44 | €3,095 | €4,284 | +€1,189 | +38.4% |
| Suppliers | 440/4 | €3,095 | €4,284 | +€1,189 | +38.4% |
| Taxes, remuneration and social security | 45 | €85,633 | €53,637 | -€31,995 | -37.4% |
| Taxes | 450/3 | €85,633 | €53,637 | -€31,995 | -37.4% |
| Other amounts payable | 47/48 | - | €282,805 | +€282,805 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,997 | €102,524 | -€1,473 | -1.4% |
| Other operating charges | 640/8 | €10,988 | €5,517 | -€5,470 | -49.8% |
| Gross operating margin | 9900 | €411,115 | €505,632 | +€94,517 | +23.0% |
| Operating profit (loss) | 9901 | €296,130 | €397,591 | +€101,460 | +34.3% |
| Financial income | 75/76B | €2,750 | €8,223 | +€5,473 | +199.0% |
| Recurring financial income | 75 | €2,750 | €8,223 | +€5,473 | +199.0% |
| Financial charges | 65/66B | €33,925 | €31,268 | -€2,657 | -7.8% |
| Recurring financial charges | 65 | €33,925 | €31,268 | -€2,657 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €264,956 | €374,546 | +€109,591 | +41.4% |
| Transfer from deferred taxes | 780 | €4,916 | €4,916 | = | 0.0% |
| Income taxes | 67/77 | €93,415 | €127,477 | +€34,063 | +36.5% |
| Profit (loss) for the period | 9904 | €176,457 | €251,985 | +€75,528 | +42.8% |
| Transfer from tax-exempt reserves | 789 | €14,748 | €14,748 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €191,205 | €266,733 | +€75,528 | +39.5% |
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 2 October 2026 via checked.be.