CASEO: 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.
CASEO
Largest movements
- Receivables within one year -€23,263
down €23,263 (-5.5%), from €426,474 to €403,211
of which Trade receivables: -€23,598
- Tangible fixed assets +€20,772
up €20,772 (+39.3%), from €52,888 to €73,660
of which Furniture and vehicles: +€20,448
- Stocks and contracts -€9,380
down €9,380 (-7.3%), from €129,280 to €119,900
- Trade debts -€81,314
down €81,314 (-47.1%), from €172,759 to €91,445
- Profit (loss) carried forward +€42,822
up €42,822 (+16.7%), from €256,210 to €299,032
- Debts after one year +€18,566
new in 2025: €18,566
- Tax, wage and social debts +€13,191
up €13,191 (+60.5%), from €21,809 to €34,999
of which Taxes: +€15,922
- Staff costs +€47,234
up €47,234 (+52.6%), from €89,761 to €136,995
- Gross operating margin +€40,811
up €40,811 (+21.9%), from €186,557 to €227,368
- Other operating charges +€5,966
up €5,966 (+61.0%), from €9,782 to €15,748
- Taxes -€5,273
down €5,273 (-19.3%), from €27,252 to €21,979
- Financial charges +€5,058
up €5,058 (+228.8%), from €2,211 to €7,269
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 | €612,875 | €608,911 | -€3,964 | -0.6% |
| Fixed assets | 21/28 | €53,537 | €73,660 | +€20,123 | +37.6% |
| Intangible fixed assets | 21 | €649 | - | -€649 | |
| Tangible fixed assets | 22/27 | €52,888 | €73,660 | +€20,772 | +39.3% |
| Land and buildings | 22 | €50,265 | €49,922 | -€343 | -0.7% |
| Plant, machinery and equipment | 23 | - | €667 | +€667 | |
| Furniture and vehicles | 24 | €2,624 | €23,072 | +€20,448 | +779.3% |
| Current assets | 29/58 | €559,337 | €535,250 | -€24,087 | -4.3% |
| Stocks and contracts in progress | 3 | €129,280 | €119,900 | -€9,380 | -7.3% |
| Stocks | 30/36 | €129,280 | €119,900 | -€9,380 | -7.3% |
| Amounts receivable within one year | 40/41 | €426,474 | €403,211 | -€23,263 | -5.5% |
| Trade receivables | 40 | €191,304 | €167,706 | -€23,598 | -12.3% |
| Other amounts receivable | 41 | €235,169 | €235,505 | +€335 | +0.1% |
| Cash at bank and in hand | 54/58 | €2,699 | €7,782 | +€5,084 | +188.4% |
| Deferred charges and accrued income | 490/1 | €885 | €4,357 | +€3,472 | +392.3% |
| Total equity and liabilities | 10/49 | €612,875 | €608,911 | -€3,964 | -0.6% |
| Equity | 10/15 | €374,307 | €417,129 | +€42,822 | +11.4% |
| Contributions | 10/11 | €105,355 | €105,355 | = | 0.0% |
| Capital | 10 | €105,355 | €105,355 | = | 0.0% |
| Issued capital | 100 | €105,355 | €105,355 | = | 0.0% |
| Reserves | 13 | €12,742 | €12,742 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,535 | - | -€10,535 | |
| Legal reserve | 130 | €10,535 | - | -€10,535 | |
| Distributable reserves | 133 | €2,207 | €12,742 | +€10,535 | +477.4% |
| Profit (loss) carried forward | 14 | €256,210 | €299,032 | +€42,822 | +16.7% |
| Amounts payable | 17/49 | €238,568 | €191,782 | -€46,786 | -19.6% |
| Amounts payable after more than one year | 17 | - | €18,566 | +€18,566 | |
| Financial debts | 170/4 | - | €18,566 | +€18,566 | |
| Amounts payable within one year | 42/48 | €238,568 | €173,216 | -€65,352 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €32,000 | €36,772 | +€4,772 | +14.9% |
| Trade debts | 44 | €172,759 | €91,445 | -€81,314 | -47.1% |
| Suppliers | 440/4 | €172,759 | €91,445 | -€81,314 | -47.1% |
| Taxes, remuneration and social security | 45 | €21,809 | €34,999 | +€13,191 | +60.5% |
| Taxes | 450/3 | €11,357 | €27,278 | +€15,922 | +140.2% |
| Remuneration and social security | 454/9 | €10,452 | €7,721 | -€2,731 | -26.1% |
| Other amounts payable | 47/48 | €12,000 | €10,000 | -€2,000 | -16.7% |
| Remuneration, social security and pensions | 62 | €89,761 | €136,995 | +€47,234 | +52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,995 | €5,293 | +€2,298 | +76.7% |
| Other operating charges | 640/8 | €9,782 | €15,748 | +€5,966 | +61.0% |
| Non-recurring operating charges | 66A | - | €36 | +€36 | |
| Gross operating margin | 9900 | €186,557 | €227,368 | +€40,811 | +21.9% |
| Operating profit (loss) | 9901 | €84,019 | €69,295 | -€14,723 | -17.5% |
| Financial income | 75/76B | €588 | €2,775 | +€2,187 | +372.0% |
| Recurring financial income | 75 | €588 | €2,775 | +€2,187 | +372.0% |
| Financial charges | 65/66B | €2,211 | €7,269 | +€5,058 | +228.8% |
| Recurring financial charges | 65 | €2,211 | €7,269 | +€5,058 | +228.8% |
| Profit (loss) for the period before taxes | 9903 | €82,396 | €64,801 | -€17,594 | -21.4% |
| Income taxes | 67/77 | €27,252 | €21,979 | -€5,273 | -19.3% |
| Profit (loss) for the period | 9904 | €55,144 | €42,822 | -€12,322 | -22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €55,144 | €42,822 | -€12,322 | -22.3% |
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 8 October 2026 via checked.be.