Cardon & Partners: 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 & Partners
Largest movements
- Cash -€775,387
down €775,387 (-88.7%), from €873,891 to €98,504
mainly Investment in fixed assets (net) (-€315,177) and Tax, wage and social debts (-€168,462)
- Tangible fixed assets +€290,950
up €290,950 (+56.2%), from €518,078 to €809,027
of which Land and buildings: +€201,495
- Receivables within one year +€134,234
up €134,234 (+12.1%), from €1.1m to €1.2m
of which Other amounts receivable: +€279,830
- Tax, wage and social debts -€168,462
down €168,462 (-74.5%), from €226,016 to €57,554
of which Remuneration and social security: -€84,297
- Short-term financial debts -€104,065
down €104,065 (-99.5%), from €104,559 to €494
of which Other loans: -€53,992
- Reserves -€73,554
down €73,554 (-2.2%), from €3.4m to €3.3m
of which Tax-exempt reserves: -€68,721
- Other debts +€69,491
up €69,491 (+82.7%), from €83,984 to €153,475
- Trade debts -€65,955
down €65,955 (-31.0%), from €213,098 to €147,144
- Gross operating margin -€4.1m
down €4.1m (-99.0%), from €4.1m to €42,954
- Staff costs -€639,706
down €639,706 (-98.0%), from €653,016 to €13,310
- Taxes -€72,867
down €72,867 (-83.5%), from €87,284 to €14,417
- Financial income +€72,604
up €72,604 (+432%), from €16,805 to €89,409
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 | €5,360,663 | €5,002,659 | -€358,004 | -6.7% |
| Fixed assets | 21/28 | €647,853 | €930,232 | +€282,380 | +43.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €518,078 | €809,027 | +€290,950 | +56.2% |
| Land and buildings | 22 | €498,940 | €700,435 | +€201,495 | +40.4% |
| Plant, machinery and equipment | 23 | €2,367 | €2,873 | +€506 | +21.4% |
| Furniture and vehicles | 24 | €16,770 | €11,465 | -€5,305 | -31.6% |
| Leasing and similar rights | 25 | €0 | €94,254 | +€94,254 | |
| Financial fixed assets | 28 | €129,775 | €121,205 | -€8,570 | -6.6% |
| Current assets | 29/58 | €4,712,811 | €4,072,427 | -€640,384 | -13.6% |
| Amounts receivable after more than one year | 29 | €2,644,629 | €2,633,520 | -€11,110 | -0.4% |
| Other amounts receivable | 291 | €2,644,629 | €2,633,520 | -€11,110 | -0.4% |
| Amounts receivable within one year | 40/41 | €1,106,961 | €1,241,195 | +€134,234 | +12.1% |
| Trade receivables | 40 | €805,014 | €659,419 | -€145,596 | -18.1% |
| Other amounts receivable | 41 | €301,947 | €581,777 | +€279,830 | +92.7% |
| Current investments | 50/53 | - | €8,400 | +€8,400 | |
| Cash at bank and in hand | 54/58 | €873,891 | €98,504 | -€775,387 | -88.7% |
| Deferred charges and accrued income | 490/1 | €87,329 | €90,808 | +€3,479 | +4.0% |
| Total equity and liabilities | 10/49 | €5,360,663 | €5,002,659 | -€358,004 | -6.7% |
| Equity | 10/15 | €3,411,978 | €3,338,424 | -€73,554 | -2.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,405,778 | €3,332,224 | -€73,554 | -2.2% |
| Tax-exempt reserves | 132 | €2,762,725 | €2,694,004 | -€68,721 | -2.5% |
| Distributable reserves | 133 | €643,052 | €638,220 | -€4,833 | -0.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €784,083 | €782,226 | -€1,857 | -0.2% |
| Deferred taxes | 168 | €784,083 | €782,226 | -€1,857 | -0.2% |
| Amounts payable | 17/49 | €1,164,602 | €882,009 | -€282,594 | -24.3% |
| Amounts payable after more than one year | 17 | €429,719 | €435,392 | +€5,673 | +1.3% |
| Financial debts | 170/4 | €429,719 | €435,392 | +€5,673 | +1.3% |
| Amounts payable within one year | 42/48 | €707,384 | €446,617 | -€260,767 | -36.9% |
| Current portion of amounts payable after more than one year | 42 | €79,727 | €87,950 | +€8,223 | +10.3% |
| Financial debts | 43 | €104,559 | €494 | -€104,065 | -99.5% |
| Credit institutions | 430/8 | €50,566 | €494 | -€50,072 | -99.0% |
| Other loans | 439 | €53,992 | €0 | -€53,992 | -100% |
| Trade debts | 44 | €213,098 | €147,144 | -€65,955 | -31.0% |
| Suppliers | 440/4 | €213,098 | €147,144 | -€65,955 | -31.0% |
| Taxes, remuneration and social security | 45 | €226,016 | €57,554 | -€168,462 | -74.5% |
| Taxes | 450/3 | €133,827 | €49,662 | -€84,166 | -62.9% |
| Remuneration and social security | 454/9 | €92,189 | €7,892 | -€84,297 | -91.4% |
| Other amounts payable | 47/48 | €83,984 | €153,475 | +€69,491 | +82.7% |
| Accrued charges and deferred income | 492/3 | €27,500 | €0 | -€27,500 | -100% |
| Non-recurring operating income | 76A | €1,227 | €2,783 | +€1,556 | +127% |
| Remuneration, social security and pensions | 62 | €653,016 | €13,310 | -€639,706 | -98.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,988 | €32,797 | +€9,809 | +42.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,938 | €0 | -€27,938 | -100% |
| Other operating charges | 640/8 | €7,063 | €40,504 | +€33,441 | +473% |
| Non-recurring operating charges | 66A | €486 | €0 | -€486 | -100% |
| Gross operating margin | 9900 | €4,117,132 | €42,954 | -€4.1m | -99.0% |
| Operating profit (loss) | 9901 | €3,405,641 | -€43,658 | -€3.4m | |
| Financial income | 75/76B | €16,805 | €89,409 | +€72,604 | +432% |
| Recurring financial income | 75 | €16,805 | €89,409 | +€72,604 | +432% |
| Financial charges | 65/66B | €38,885 | €31,725 | -€7,160 | -18.4% |
| Recurring financial charges | 65 | €38,885 | €30,329 | -€8,556 | -22.0% |
| Non-recurring financial charges | 66B | - | €1,396 | +€1,396 | |
| Profit (loss) for the period before taxes | 9903 | €3,383,561 | €14,026 | -€3.4m | -99.6% |
| Transfer from deferred taxes | 780 | €446 | €1,857 | +€1,411 | +316% |
| Transfer to deferred taxes | 680 | €784,529 | €0 | -€784,529 | -100% |
| Income taxes | 67/77 | €87,284 | €14,417 | -€72,867 | -83.5% |
| Profit (loss) for the period | 9904 | €2,512,194 | €1,466 | -€2.5m | -99.9% |
| Transfer from tax-exempt reserves | 789 | €43,438 | €68,721 | +€25,283 | +58.2% |
| Transfer to tax-exempt reserves | 689 | €2,469,363 | €0 | -€2.5m | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €86,269 | €70,187 | -€16,082 | -18.6% |
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.