CARDO CONSTRUCT RAILWAYLOGISTICS: 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.
CARDO CONSTRUCT RAILWAYLOGISTICS
Largest movements
- Receivables within one year -€267,534
down €267,534 (-59.5%), from €449,959 to €182,426
of which Other amounts receivable: -€292,699
- Deferred charges and accrued income -€16,115
down €16,115 (-78.2%), from €20,616 to €4,502
- Trade debts -€195,495
down €195,495 (-30.2%), from €646,424 to €450,929
- Profit (loss) carried forward -€71,386
down €71,386 (-16.4%), from -€435,427 to -€506,813
- Tax, wage and social debts -€33,602
down €33,602 (-21.0%), from €160,319 to €126,717
of which Taxes: -€47,529
- Current portion of long-term debt +€28,379
up €28,379 (+52.6%), from €53,972 to €82,351
- Debts after one year -€14,272
no longer reported in 2025 (was €14,272)
- Gross operating margin -€230,716
down €230,716 (-18.7%), from €1.2m to €1.0m
- Staff costs -€179,490
down €179,490 (-16.7%), from €1.1m to €896,012
- Other operating charges +€40,285
up €40,285 (+121%), from €33,176 to €73,461
- Taxes -€21,075
down €21,075 (-87.3%), from €24,135 to €3,060
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 | €573,993 | €288,160 | -€285,833 | -49.8% |
| Fixed assets | 21/28 | €88,656 | €86,877 | -€1,779 | -2.0% |
| Tangible fixed assets | 22/27 | €87,666 | €85,887 | -€1,779 | -2.0% |
| Land and buildings | 22 | €29,738 | €24,408 | -€5,330 | -17.9% |
| Plant, machinery and equipment | 23 | €24,896 | €28,122 | +€3,226 | +13.0% |
| Furniture and vehicles | 24 | €33,031 | €33,357 | +€326 | +1.0% |
| Financial fixed assets | 28 | €990 | €990 | = | 0.0% |
| Current assets | 29/58 | €485,337 | €201,283 | -€284,054 | -58.5% |
| Amounts receivable within one year | 40/41 | €449,959 | €182,426 | -€267,534 | -59.5% |
| Trade receivables | 40 | €127,386 | €152,551 | +€25,165 | +19.8% |
| Other amounts receivable | 41 | €322,573 | €29,874 | -€292,699 | -90.7% |
| Cash at bank and in hand | 54/58 | €14,761 | €14,355 | -€406 | -2.8% |
| Deferred charges and accrued income | 490/1 | €20,616 | €4,502 | -€16,115 | -78.2% |
| Total equity and liabilities | 10/49 | €573,993 | €288,160 | -€285,833 | -49.8% |
| Equity | 10/15 | -€301,396 | -€372,782 | -€71,386 | -23.7% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €103,031 | €103,031 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Distributable reserves | 133 | €99,931 | €99,931 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€435,427 | -€506,813 | -€71,386 | -16.4% |
| Amounts payable | 17/49 | €875,389 | €660,942 | -€214,447 | -24.5% |
| Amounts payable after more than one year | 17 | €14,272 | - | -€14,272 | |
| Financial debts | 170/4 | €14,272 | - | -€14,272 | |
| Amounts payable within one year | 42/48 | €860,715 | €660,540 | -€200,175 | -23.3% |
| Current portion of amounts payable after more than one year | 42 | €53,972 | €82,351 | +€28,379 | +52.6% |
| Financial debts | 43 | - | €542 | +€542 | |
| Credit institutions | 430/8 | - | €542 | +€542 | |
| Trade debts | 44 | €646,424 | €450,929 | -€195,495 | -30.2% |
| Suppliers | 440/4 | €646,424 | €450,929 | -€195,495 | -30.2% |
| Taxes, remuneration and social security | 45 | €160,319 | €126,717 | -€33,602 | -21.0% |
| Taxes | 450/3 | €116,977 | €69,448 | -€47,529 | -40.6% |
| Remuneration and social security | 454/9 | €43,342 | €57,269 | +€13,927 | +32.1% |
| Accrued charges and deferred income | 492/3 | €403 | €403 | = | 0.0% |
| Non-recurring operating income | 76A | €3,226 | €36,227 | +€33,001 | +1,023% |
| Remuneration, social security and pensions | 62 | €1,075,502 | €896,012 | -€179,490 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,492 | €21,325 | +€3,833 | +21.9% |
| Other operating charges | 640/8 | €33,176 | €73,461 | +€40,285 | +121% |
| Non-recurring operating charges | 66A | - | €6,428 | +€6,428 | |
| Gross operating margin | 9900 | €1,233,891 | €1,003,174 | -€230,716 | -18.7% |
| Operating profit (loss) | 9901 | €107,721 | €5,947 | -€101,773 | -94.5% |
| Financial income | 75/76B | €56 | €50 | -€7 | -11.5% |
| Recurring financial income | 75 | €56 | €50 | -€7 | -11.5% |
| Financial charges | 65/66B | €72,625 | €74,323 | +€1,699 | +2.3% |
| Recurring financial charges | 65 | €72,625 | €74,323 | +€1,699 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €35,153 | -€68,326 | -€103,479 | |
| Income taxes | 67/77 | €24,135 | €3,060 | -€21,075 | -87.3% |
| Profit (loss) for the period | 9904 | €11,017 | -€71,386 | -€82,403 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,017 | -€71,386 | -€82,403 |
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 31 October 2026 via checked.be.