Cardon: 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.
Cardon
Largest movements
- Receivables after one year +€27,100
new in 2025: €27,100
- Deferred charges and accrued income -€27,100
no longer reported in 2025 (was €27,100)
- Cash -€4,884
down €4,884 (-5.5%), from €89,474 to €84,590
mainly Receivables after one year (-€27,100) and Tax, wage and social debts (-€8,546)
- Tangible fixed assets -€2,574
down €2,574 (-32.0%), from €8,036 to €5,462
of which Plant, machinery and equipment: -€1,767
- Tax, wage and social debts -€8,546
no longer reported in 2025 (was €8,546)
- Trade debts +€6,918
up €6,918 (+267%), from €2,591 to €9,509
of which Bills of exchange payable: +€6,828
- Profit (loss) carried forward -€6,040
down €6,040 (-5.0%), from €120,954 to €114,914
- Gross operating margin -€49,817
down €49,817, from €48,364 to -€1,452
- Taxes -€11,855
no longer reported in 2025 (was €11,855)
- Other operating charges +€1,758
up €1,758 (+387%), from €454 to €2,212
- Depreciation +€928
up €928 (+56.4%), from €1,646 to €2,574
- Financial charges -€547
down €547 (-75.0%), from €729 to €182
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 | €138,432 | €130,764 | -€7,668 | -5.5% |
| Fixed assets | 21/28 | €8,036 | €5,462 | -€2,574 | -32.0% |
| Tangible fixed assets | 22/27 | €8,036 | €5,462 | -€2,574 | -32.0% |
| Plant, machinery and equipment | 23 | €4,865 | €3,098 | -€1,767 | -36.3% |
| Furniture and vehicles | 24 | €3,171 | €2,364 | -€807 | -25.4% |
| Current assets | 29/58 | €130,396 | €125,302 | -€5,094 | -3.9% |
| Amounts receivable after more than one year | 29 | - | €27,100 | +€27,100 | |
| Other amounts receivable | 291 | - | €27,100 | +€27,100 | |
| Amounts receivable within one year | 40/41 | €13,823 | €13,612 | -€210 | -1.5% |
| Other amounts receivable | 41 | €13,823 | €13,612 | -€210 | -1.5% |
| Cash at bank and in hand | 54/58 | €89,474 | €84,590 | -€4,884 | -5.5% |
| Deferred charges and accrued income | 490/1 | €27,100 | - | -€27,100 | |
| Total equity and liabilities | 10/49 | €138,432 | €130,764 | -€7,668 | -5.5% |
| Equity | 10/15 | €127,296 | €121,255 | -€6,040 | -4.7% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Capital | 10 | €6,197 | €6,197 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €12,395 | €12,395 | = | 0.0% |
| Reserves | 13 | €144 | €144 | = | 0.0% |
| Non-distributable reserves | 130/1 | €144 | €144 | = | 0.0% |
| Legal reserve | 130 | €144 | €144 | = | 0.0% |
| Profit (loss) carried forward | 14 | €120,954 | €114,914 | -€6,040 | -5.0% |
| Amounts payable | 17/49 | €11,137 | €9,509 | -€1,628 | -14.6% |
| Amounts payable within one year | 42/48 | €11,137 | €9,509 | -€1,628 | -14.6% |
| Trade debts | 44 | €2,591 | €9,509 | +€6,918 | +267% |
| Suppliers | 440/4 | - | €90 | +€90 | |
| Bills of exchange payable | 441 | €2,591 | €9,419 | +€6,828 | +264% |
| Taxes, remuneration and social security | 45 | €8,546 | - | -€8,546 | |
| Taxes | 450/3 | €8,546 | - | -€8,546 | |
| Non-recurring operating income | 76A | €2,000 | - | -€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,646 | €2,574 | +€928 | +56.4% |
| Other operating charges | 640/8 | €454 | €2,212 | +€1,758 | +387% |
| Gross operating margin | 9900 | €48,364 | -€1,452 | -€49,817 | |
| Operating profit (loss) | 9901 | €46,264 | -€6,238 | -€52,502 | |
| Financial income | 75/76B | - | €380 | +€380 | |
| Recurring financial income | 75 | - | €380 | +€380 | |
| Financial charges | 65/66B | €729 | €182 | -€547 | -75.0% |
| Recurring financial charges | 65 | €729 | €182 | -€547 | -75.0% |
| Profit (loss) for the period before taxes | 9903 | €45,535 | -€6,040 | -€51,575 | |
| Income taxes | 67/77 | €11,855 | - | -€11,855 | |
| Profit (loss) for the period | 9904 | €33,680 | -€6,040 | -€39,720 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,680 | -€6,040 | -€39,720 |
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 21 October 2026 via checked.be.