CARDIOVEL: 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.
CARDIOVEL
Largest movements
- Receivables within one year -€77,607
down €77,607 (-96.8%), from €80,186 to €2,579
of which Other amounts receivable: -€76,361
- Deferred charges and accrued income +€58,944
up €58,944 (+165%), from €35,663 to €94,607
- Tangible fixed assets -€27,829
down €27,829 (-7.7%), from €361,629 to €333,801
of which Land and buildings: -€19,605
- Cash -€19,115
down €19,115 (-12.5%), from €153,308 to €134,194
mainly Contributions, distributions and other (-€103,400) and Deferred charges and accrued income (-€58,944)
- Reserves -€44,387
down €44,387 (-15.4%), from €288,000 to €243,613
- Debts after one year -€28,657
down €28,657 (-10.0%), from €285,524 to €256,867
- Gross operating margin -€15,081
down €15,081 (-9.6%), from €157,158 to €142,077
- Taxes -€4,438
down €4,438 (-13.1%), from €33,895 to €29,457
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 | €641,575 | €573,631 | -€67,944 | -10.6% |
| Fixed assets | 21/28 | €372,418 | €342,251 | -€30,167 | -8.1% |
| Intangible fixed assets | 21 | €10,789 | €8,451 | -€2,338 | -21.7% |
| Tangible fixed assets | 22/27 | €361,629 | €333,801 | -€27,829 | -7.7% |
| Land and buildings | 22 | €284,901 | €265,296 | -€19,605 | -6.9% |
| Plant, machinery and equipment | 23 | €74,207 | €67,165 | -€7,042 | -9.5% |
| Furniture and vehicles | 24 | €2,521 | €1,340 | -€1,182 | -46.9% |
| Current assets | 29/58 | €269,157 | €231,380 | -€37,777 | -14.0% |
| Amounts receivable within one year | 40/41 | €80,186 | €2,579 | -€77,607 | -96.8% |
| Trade receivables | 40 | €3,825 | €2,579 | -€1,245 | -32.6% |
| Other amounts receivable | 41 | €76,361 | - | -€76,361 | |
| Cash at bank and in hand | 54/58 | €153,308 | €134,194 | -€19,115 | -12.5% |
| Deferred charges and accrued income | 490/1 | €35,663 | €94,607 | +€58,944 | +165% |
| Total equity and liabilities | 10/49 | €641,575 | €573,631 | -€67,944 | -10.6% |
| Equity | 10/15 | €289,220 | €244,833 | -€44,387 | -15.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €288,000 | €243,613 | -€44,387 | -15.4% |
| Distributable reserves | 133 | €288,000 | €243,613 | -€44,387 | -15.4% |
| Profit (loss) carried forward | 14 | €220 | €220 | = | 0.0% |
| Amounts payable | 17/49 | €352,355 | €328,798 | -€23,557 | -6.7% |
| Amounts payable after more than one year | 17 | €285,524 | €256,867 | -€28,657 | -10.0% |
| Financial debts | 170/4 | €285,524 | €256,867 | -€28,657 | -10.0% |
| Amounts payable within one year | 42/48 | €66,430 | €71,213 | +€4,784 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €38,377 | €43,032 | +€4,655 | +12.1% |
| Trade debts | 44 | €15,273 | €12,544 | -€2,728 | -17.9% |
| Suppliers | 440/4 | €15,273 | €12,544 | -€2,728 | -17.9% |
| Taxes, remuneration and social security | 45 | €11,873 | €9,958 | -€1,915 | -16.1% |
| Taxes | 450/3 | €11,873 | €9,958 | -€1,915 | -16.1% |
| Other amounts payable | 47/48 | €907 | €5,679 | +€4,773 | +526% |
| Accrued charges and deferred income | 492/3 | €402 | €717 | +€316 | +78.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,883 | €40,185 | +€302 | +0.8% |
| Other operating charges | 640/8 | €5,616 | €5,724 | +€108 | +1.9% |
| Gross operating margin | 9900 | €157,158 | €142,077 | -€15,081 | -9.6% |
| Operating profit (loss) | 9901 | €111,658 | €96,167 | -€15,491 | -13.9% |
| Financial income | 75/76B | €2,588 | €2,284 | -€304 | -11.7% |
| Recurring financial income | 75 | €2,588 | €2,284 | -€304 | -11.7% |
| Financial charges | 65/66B | €9,755 | €9,981 | +€226 | +2.3% |
| Recurring financial charges | 65 | €9,755 | €9,981 | +€226 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €104,491 | €88,470 | -€16,021 | -15.3% |
| Income taxes | 67/77 | €33,895 | €29,457 | -€4,438 | -13.1% |
| Profit (loss) for the period | 9904 | €70,596 | €59,013 | -€11,582 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €70,596 | €59,013 | -€11,582 | -16.4% |
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.