Cardoen: 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.
What changed
Cardoen
NACE 42.110, Construction of roads and motorways
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€679,636
2024 · €949,954-€270,318
Equity
€10.8m
2024 · €10.1m+€679,636
Cash
€5.9m
2024 · €6.0m-€39,137
Balance sheet total
€13.3m
2024 · €12.4m+€891,151
Largest movements
Assets
- Current investments +€988,861
up €988,861 (+25.0%), from €3.9m to €4.9m
- Deferred charges and accrued income +€180,000
up €180,000 (+973.1%), from €18,497 to €198,497
- Receivables within one year -€177,117
down €177,117 (-17.2%), from €1.0m to €854,086
of which Trade receivables: -€133,574
Equity and liabilities
- Reserves +€679,636
up €679,636 (+6.9%), from €9.8m to €10.5m
of which Distributable reserves: +€679,636
Income statement
- Financial income -€296,351
down €296,351 (-44.7%), from €662,461 to €366,110
of which Financial income: -€378,851
- Financial charges +€228,556
up €228,556 (+745.6%), from €30,654 to €259,210
- Gross operating margin +€203,614
up €203,614 (+12.5%), from €1.6m to €1.8m
- Staff costs -€99,053
down €99,053 (-13.6%), from €730,715 to €631,662
- Taxes +€47,399
up €47,399 (+23.5%), from €201,281 to €248,680
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.
Result 2024
€949,954
Gross operating margin
+€203,614
Staff costs
+€99,053
Depreciation
-€7,612
Other operating charges
+€6,933
Financial income
-€296,351
Financial charges
-€228,556
Taxes
-€47,399
Result 2025
€679,636
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.
From operations
+€1.0m
Investment
-€1.2m
Financing
+€128,333
Cash 2024
€6.0m
From operations (derived)
+€1.0m
Net result for the year
+€679,636
Depreciation
+€309,559
Stocks and contracts
-€39,832
Receivables within one year
+€177,117
Deferred charges and accrued income
-€180,000
Trade debts
+€96,373
Tax, wage and social debts
-€20,235
Other debts
+€7,044
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€208,271
Current investments
-€988,861
Financing
+€128,333
Debts after one year
+€73,333
Current portion of long-term debt
+€55,000
Cash 2025
€5.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,375,546 | €13,266,696 | +€891,151 | +7.2% |
| Fixed assets | 21/28 | €1,038,578 | €937,290 | -€101,288 | -9.8% |
| Tangible fixed assets | 22/27 | €1,036,418 | €935,130 | -€101,288 | -9.8% |
| Land and buildings | 22 | €223,426 | €203,935 | -€19,491 | -8.7% |
| Plant, machinery and equipment | 23 | €484,188 | €423,068 | -€61,120 | -12.6% |
| Furniture and vehicles | 24 | €328,804 | €308,127 | -€20,677 | -6.3% |
| Financial fixed assets | 28 | €2,160 | €2,160 | = | 0.0% |
| Current assets | 29/58 | €11,336,968 | €12,329,407 | +€992,439 | +8.8% |
| Stocks and contracts in progress | 3 | €385,987 | €425,819 | +€39,832 | +10.3% |
| Stocks | 30/36 | €92,837 | €66,138 | -€26,699 | -28.8% |
| Contracts in progress | 37 | €293,150 | €359,681 | +€66,530 | +22.7% |
| Amounts receivable within one year | 40/41 | €1,031,203 | €854,086 | -€177,117 | -17.2% |
| Trade receivables | 40 | €647,928 | €514,354 | -€133,574 | -20.6% |
| Other amounts receivable | 41 | €383,275 | €339,732 | -€43,543 | -11.4% |
| Current investments | 50/53 | €3,947,974 | €4,936,835 | +€988,861 | +25.0% |
| Cash at bank and in hand | 54/58 | €5,953,307 | €5,914,170 | -€39,137 | -0.7% |
| Deferred charges and accrued income | 490/1 | €18,497 | €198,497 | +€180,000 | +973.1% |
| Total equity and liabilities | 10/49 | €12,375,546 | €13,266,696 | +€891,151 | +7.2% |
| Equity | 10/15 | €10,073,530 | €10,753,166 | +€679,636 | +6.7% |
| Contributions | 10/11 | €111,552 | €111,552 | = | 0.0% |
| Capital | 10 | €111,552 | €111,552 | = | 0.0% |
| Issued capital | 100 | €111,552 | €111,552 | = | 0.0% |
| Revaluation surpluses | 12 | €13,494 | €13,494 | = | 0.0% |
| Reserves | 13 | €9,840,236 | €10,519,871 | +€679,636 | +6.9% |
| Non-distributable reserves | 130/1 | €122,707 | €122,707 | = | 0.0% |
| Legal reserve | 130 | €11,155 | €11,155 | = | 0.0% |
| Reserves not available under the articles | 1311 | €111,552 | €111,552 | = | 0.0% |
| Tax-exempt reserves | 132 | €91,815 | €91,815 | = | 0.0% |
| Distributable reserves | 133 | €9,625,713 | €10,305,349 | +€679,636 | +7.1% |
| Profit (loss) carried forward | 14 | €108,249 | €108,249 | = | 0.0% |
| Amounts payable | 17/49 | €2,302,015 | €2,513,530 | +€211,515 | +9.2% |
| Amounts payable after more than one year | 17 | - | €73,333 | +€73,333 | |
| Financial debts | 170/4 | - | €73,333 | +€73,333 | |
| Amounts payable within one year | 42/48 | €2,302,015 | €2,440,197 | +€138,182 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €75,000 | €130,000 | +€55,000 | +73.3% |
| Trade debts | 44 | €240,482 | €336,855 | +€96,373 | +40.1% |
| Suppliers | 440/4 | €240,482 | €336,855 | +€96,373 | +40.1% |
| Taxes, remuneration and social security | 45 | €36,267 | €16,031 | -€20,235 | -55.8% |
| Taxes | 450/3 | €2,430 | €6,085 | +€3,655 | +150.4% |
| Remuneration and social security | 454/9 | €33,837 | €9,947 | -€23,890 | -70.6% |
| Other amounts payable | 47/48 | €1,950,266 | €1,957,310 | +€7,044 | +0.4% |
| Remuneration, social security and pensions | 62 | €730,715 | €631,662 | -€99,053 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €301,947 | €309,559 | +€7,612 | +2.5% |
| Other operating charges | 640/8 | €75,192 | €68,259 | -€6,933 | -9.2% |
| Gross operating margin | 9900 | €1,627,282 | €1,830,895 | +€203,614 | +12.5% |
| Operating profit (loss) | 9901 | €519,428 | €821,416 | +€301,988 | +58.1% |
| Financial income | 75/76B | €662,461 | €366,110 | -€296,351 | -44.7% |
| Recurring financial income | 75 | €662,461 | €283,610 | -€378,851 | -57.2% |
| Non-recurring financial income | 76B | - | €82,500 | +€82,500 | |
| Financial charges | 65/66B | €30,654 | €259,210 | +€228,556 | +745.6% |
| Recurring financial charges | 65 | €30,654 | €259,210 | +€228,556 | +745.6% |
| Profit (loss) for the period before taxes | 9903 | €1,151,235 | €928,316 | -€222,919 | -19.4% |
| Income taxes | 67/77 | €201,281 | €248,680 | +€47,399 | +23.5% |
| Profit (loss) for the period | 9904 | €949,954 | €679,636 | -€270,318 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €949,954 | €679,636 | -€270,318 | -28.5% |
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 12 October 2026 via checked.be.