Casel Management: 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.
Casel Management
Largest movements
- Financial fixed assets -€664,410
down €664,410 (-57.3%), from €1.2m to €495,278
- Intangible fixed assets +€551,201
new in 2025: €551,201
- Tangible fixed assets +€284,347
new in 2025: €284,347
- Debts after one year +€122,018
up €122,018 (+214%), from €57,091 to €179,109
- Profit (loss) carried forward +€56,497
up €56,497 (+146%), from €38,701 to €95,197
- Other debts -€17,209
down €17,209 (-5.4%), from €317,333 to €300,124
- Financial income +€80,000
new in 2025: €80,000
- Depreciation +€33,258
new in 2025: €33,258
- Gross operating margin +€12,660
up €12,660 (+77.5%), from €16,342 to €29,002
- Other operating charges +€3,354
up €3,354 (+347%), from €968 to €4,322
- Financial charges +€2,594
up €2,594 (+25.3%), from €10,235 to €12,829
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 | €1,161,052 | €1,340,171 | +€179,118 | +15.4% |
| Fixed assets | 21/28 | €1,159,688 | €1,330,827 | +€171,139 | +14.8% |
| Intangible fixed assets | 21 | - | €551,201 | +€551,201 | |
| Tangible fixed assets | 22/27 | - | €284,347 | +€284,347 | |
| Land and buildings | 22 | - | €284,347 | +€284,347 | |
| Financial fixed assets | 28 | €1,159,688 | €495,278 | -€664,410 | -57.3% |
| Current assets | 29/58 | €1,364 | €9,344 | +€7,980 | +585% |
| Amounts receivable within one year | 40/41 | - | €2,500 | +€2,500 | |
| Trade receivables | 40 | - | €2,500 | +€2,500 | |
| Cash at bank and in hand | 54/58 | €1,364 | €6,594 | +€5,230 | +383% |
| Deferred charges and accrued income | 490/1 | - | €250 | +€250 | |
| Total equity and liabilities | 10/49 | €1,161,052 | €1,340,171 | +€179,118 | +15.4% |
| Equity | 10/15 | €729,161 | €785,657 | +€56,497 | +7.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €671,860 | €671,860 | = | 0.0% |
| Distributable reserves | 133 | €671,860 | €671,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,701 | €95,197 | +€56,497 | +146% |
| Amounts payable | 17/49 | €431,892 | €554,513 | +€122,621 | +28.4% |
| Amounts payable after more than one year | 17 | €57,091 | €179,109 | +€122,018 | +214% |
| Financial debts | 170/4 | €57,091 | €179,109 | +€122,018 | +214% |
| Amounts payable within one year | 42/48 | €366,488 | €362,930 | -€3,559 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €48,188 | €59,802 | +€11,614 | +24.1% |
| Trade debts | 44 | €968 | €908 | -€60 | -6.2% |
| Suppliers | 440/4 | €968 | €908 | -€60 | -6.2% |
| Taxes, remuneration and social security | 45 | - | €2,096 | +€2,096 | |
| Taxes | 450/3 | - | €2,096 | +€2,096 | |
| Other amounts payable | 47/48 | €317,333 | €300,124 | -€17,209 | -5.4% |
| Accrued charges and deferred income | 492/3 | €8,312 | €12,474 | +€4,162 | +50.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €33,258 | +€33,258 | |
| Other operating charges | 640/8 | €968 | €4,322 | +€3,354 | +347% |
| Gross operating margin | 9900 | €16,342 | €29,002 | +€12,660 | +77.5% |
| Operating profit (loss) | 9901 | €15,374 | -€8,578 | -€23,952 | |
| Financial income | 75/76B | - | €80,000 | +€80,000 | |
| Recurring financial income | 75 | - | €80,000 | +€80,000 | |
| Financial charges | 65/66B | €10,235 | €12,829 | +€2,594 | +25.3% |
| Recurring financial charges | 65 | €10,235 | €12,829 | +€2,594 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | €5,139 | €58,593 | +€53,454 | +1,040% |
| Income taxes | 67/77 | - | €2,096 | +€2,096 | |
| Profit (loss) for the period | 9904 | €5,139 | €56,497 | +€51,358 | +999% |
| Profit (loss) for the period to be appropriated | 9905 | €5,139 | €56,497 | +€51,358 | +999% |
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 25 October 2026 via checked.be.