CARDOUS ROELAND: 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.
CARDOUS ROELAND
Largest movements
- Current investments +€360,000
up €360,000 (+39.2%), from €917,912 to €1.3m
- Receivables within one year -€158,970
down €158,970 (-87.8%), from €181,057 to €22,086
of which Other amounts receivable: -€163,920
- Tangible fixed assets -€66,538
down €66,538 (-5.3%), from €1.3m to €1.2m
of which Land and buildings: -€49,144
- Cash -€29,104
down €29,104 (-32.6%), from €89,338 to €60,234
mainly Current investments (-€360,000) and Contributions, distributions and other (-€162,636)
- Reserves +€215,439
up €215,439 (+11.2%), from €1.9m to €2.1m
of which Distributable reserves: +€164,919
- Debts after one year -€113,255
down €113,255 (-21.3%), from €531,781 to €418,526
- Gross operating margin +€73,318
up €73,318 (+27.0%), from €271,489 to €344,807
- Taxes +€23,285
up €23,285 (+25.6%), from €91,087 to €114,372
- Financial income +€13,568
up €13,568 (+6.3%), from €215,157 to €228,725
- Financial charges -€9,819
down €9,819 (-47.8%), from €20,553 to €10,734
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 | €2,583,850 | €2,689,555 | +€105,705 | +4.1% |
| Fixed assets | 21/28 | €1,393,413 | €1,326,874 | -€66,538 | -4.8% |
| Tangible fixed assets | 22/27 | €1,250,913 | €1,184,374 | -€66,538 | -5.3% |
| Land and buildings | 22 | €1,191,866 | €1,142,722 | -€49,144 | -4.1% |
| Furniture and vehicles | 24 | €59,046 | €41,653 | -€17,394 | -29.5% |
| Financial fixed assets | 28 | €142,500 | €142,500 | = | 0.0% |
| Current assets | 29/58 | €1,190,437 | €1,362,681 | +€172,243 | +14.5% |
| Amounts receivable within one year | 40/41 | €181,057 | €22,086 | -€158,970 | -87.8% |
| Trade receivables | 40 | €1,937 | €6,886 | +€4,949 | +256% |
| Other amounts receivable | 41 | €179,120 | €15,200 | -€163,920 | -91.5% |
| Current investments | 50/53 | €917,912 | €1,277,912 | +€360,000 | +39.2% |
| Cash at bank and in hand | 54/58 | €89,338 | €60,234 | -€29,104 | -32.6% |
| Deferred charges and accrued income | 490/1 | €2,130 | €2,448 | +€318 | +14.9% |
| Total equity and liabilities | 10/49 | €2,583,850 | €2,689,555 | +€105,705 | +4.1% |
| Equity | 10/15 | €1,936,185 | €2,151,624 | +€215,439 | +11.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,923,785 | €2,139,224 | +€215,439 | +11.2% |
| Tax-exempt reserves | 132 | €178,925 | €229,445 | +€50,520 | +28.2% |
| Distributable reserves | 133 | €1,744,860 | €1,909,779 | +€164,919 | +9.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €647,665 | €537,931 | -€109,734 | -16.9% |
| Amounts payable after more than one year | 17 | €531,781 | €418,526 | -€113,255 | -21.3% |
| Financial debts | 170/4 | €531,781 | €418,526 | -€113,255 | -21.3% |
| Amounts payable within one year | 42/48 | €115,190 | €118,615 | +€3,425 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €111,340 | €113,255 | +€1,915 | +1.7% |
| Trade debts | 44 | €3,046 | €2,409 | -€636 | -20.9% |
| Suppliers | 440/4 | €3,046 | €2,409 | -€636 | -20.9% |
| Taxes, remuneration and social security | 45 | €654 | €620 | -€34 | -5.2% |
| Taxes | 450/3 | €654 | €620 | -€34 | -5.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €150 | €2,330 | +€2,180 | +1,454% |
| Accrued charges and deferred income | 492/3 | €693 | €790 | +€97 | +13.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,514 | €68,437 | -€76 | -0.1% |
| Other operating charges | 640/8 | €1,802 | €1,914 | +€112 | +6.2% |
| Non-recurring operating charges | 66A | €2,447 | €0 | -€2,447 | -100% |
| Gross operating margin | 9900 | €271,489 | €344,807 | +€73,318 | +27.0% |
| Operating profit (loss) | 9901 | €198,726 | €274,456 | +€75,730 | +38.1% |
| Financial income | 75/76B | €215,157 | €228,725 | +€13,568 | +6.3% |
| Recurring financial income | 75 | €215,157 | €228,725 | +€13,568 | +6.3% |
| Financial charges | 65/66B | €20,553 | €10,734 | -€9,819 | -47.8% |
| Recurring financial charges | 65 | €20,553 | €10,734 | -€9,819 | -47.8% |
| Profit (loss) for the period before taxes | 9903 | €393,331 | €492,447 | +€99,117 | +25.2% |
| Income taxes | 67/77 | €91,087 | €114,372 | +€23,285 | +25.6% |
| Profit (loss) for the period | 9904 | €302,243 | €378,075 | +€75,832 | +25.1% |
| Transfer from tax-exempt reserves | 789 | €63,150 | €42,100 | -€21,050 | -33.3% |
| Transfer to tax-exempt reserves | 689 | €0 | €92,620 | +€92,620 | |
| Profit (loss) for the period to be appropriated | 9905 | €365,393 | €327,555 | -€37,839 | -10.4% |
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 30 October 2026 via checked.be.