CARDOSO CONSTRUCT: what changed
Two fiscal 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.
CARDOSO CONSTRUCT
Largest movements
- Receivables within one year +€31,320
up €31,320 (+4.7%), from €662,658 to €693,978
of which Other amounts receivable: +€49,510
- Cash -€27,328
down €27,328 (-36.2%), from €75,419 to €48,091
mainly Trade debts (-€147,927) and Contributions, distributions and other (-€75,000)
- Trade debts -€147,927
no longer reported in 2025 (was €147,927)
- Reserves +€84,097
up €84,097 (+22.9%), from €367,976 to €452,074
of which Distributable reserves: +€84,097
- Other debts +€57,219
up €57,219 (+321.8%), from €17,781 to €75,000
- Tax, wage and social debts +€9,829
up €9,829 (+7.2%), from €137,421 to €147,250
of which Remuneration and social security: +€9,295
- Turnover +€578,296
up €578,296 (+32.7%), from €1.8m to €2.3m
- Purchases and services +€460,850
up €460,850 (+28.4%), from €1.6m to €2.1m
- Gross operating margin +€111,615
up €111,615 (+66.8%), from €167,151 to €278,767
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €748,375 | €751,594 | +€3,219 | +0.4% |
| Fixed assets | 21/28 | €7,263 | €4,334 | -€2,929 | -40.3% |
| Tangible fixed assets | 22/27 | €6,263 | €3,334 | -€2,929 | -46.8% |
| Furniture and vehicles | 24 | €6,263 | €3,334 | -€2,929 | -46.8% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €741,111 | €747,260 | +€6,149 | +0.8% |
| Amounts receivable within one year | 40/41 | €662,658 | €693,978 | +€31,320 | +4.7% |
| Trade receivables | 40 | €545,221 | €527,031 | -€18,191 | -3.3% |
| Other amounts receivable | 41 | €117,437 | €166,947 | +€49,510 | +42.2% |
| Cash at bank and in hand | 54/58 | €75,419 | €48,091 | -€27,328 | -36.2% |
| Deferred charges and accrued income | 490/1 | €3,034 | €5,191 | +€2,157 | +71.1% |
| Total equity and liabilities | 10/49 | €748,375 | €751,594 | +€3,219 | +0.4% |
| Equity | 10/15 | €384,776 | €468,874 | +€84,097 | +21.9% |
| Contributions | 10/11 | €16,800 | €16,800 | = | 0.0% |
| Reserves | 13 | €367,976 | €452,074 | +€84,097 | +22.9% |
| Non-distributable reserves | 130/1 | €8,972 | €8,972 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,972 | €8,972 | = | 0.0% |
| Distributable reserves | 133 | €359,004 | €443,102 | +€84,097 | +23.4% |
| Amounts payable | 17/49 | €363,598 | €282,720 | -€80,878 | -22.2% |
| Amounts payable within one year | 42/48 | €349,128 | €268,250 | -€80,878 | -23.2% |
| Financial debts | 43 | €46,000 | €46,000 | = | 0.0% |
| Credit institutions | 430/8 | €46,000 | €46,000 | = | 0.0% |
| Trade debts | 44 | €147,927 | - | -€147,927 | |
| Suppliers | 440/4 | €147,927 | - | -€147,927 | |
| Taxes, remuneration and social security | 45 | €137,421 | €147,250 | +€9,829 | +7.2% |
| Taxes | 450/3 | €132,564 | €133,098 | +€534 | +0.4% |
| Remuneration and social security | 454/9 | €4,857 | €14,152 | +€9,295 | +191.4% |
| Other amounts payable | 47/48 | €17,781 | €75,000 | +€57,219 | +321.8% |
| Accrued charges and deferred income | 492/3 | €14,471 | €14,471 | = | 0.0% |
| Turnover | 70 | €1,767,274 | €2,345,570 | +€578,296 | +32.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,624,960 | €2,085,811 | +€460,850 | +28.4% |
| Remuneration, social security and pensions | 62 | €57,480 | €61,873 | +€4,393 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,555 | €2,929 | +€374 | +14.7% |
| Other operating charges | 640/8 | €11,021 | €13,602 | +€2,581 | +23.4% |
| Gross operating margin | 9900 | €167,151 | €278,767 | +€111,615 | +66.8% |
| Operating profit (loss) | 9901 | €96,095 | €200,362 | +€104,267 | +108.5% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €6,739 | €5,238 | -€1,501 | -22.3% |
| Recurring financial charges | 65 | €6,739 | €5,238 | -€1,501 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €89,357 | €195,124 | +€105,767 | +118.4% |
| Income taxes | 67/77 | €31,928 | €36,027 | +€4,099 | +12.8% |
| Profit (loss) for the period | 9904 | €57,429 | €159,097 | +€101,668 | +177.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,429 | €159,097 | +€101,668 | +177.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.