CASPEA: 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.
CASPEA
Largest movements
- Receivables within one year -€300,000
no longer reported in 2025 (was €300,000)
- Cash +€118,385
up €118,385 (+145.2%), from €81,529 to €199,914
mainly Receivables within one year (+€300,000) and Net result for the year (+€147,085)
- Reserves -€199,059
down €199,059 (-96.3%), from €206,644 to €7,585
of which Distributable reserves: -€206,413
- Trade debts +€15,657
up €15,657 (+39.4%), from €39,755 to €55,412
- Other debts +€14,732
new in 2025: €14,732
- Tax, wage and social debts -€11,369
down €11,369 (-96.0%), from €11,842 to €473
- Gross operating margin +€162,743
up €162,743 (+466.9%), from €34,856 to €197,599
- Taxes +€38,631
up €38,631 (+326.2%), from €11,842 to €50,473
- Financial income -€7,327
down €7,327 (-80.4%), from €9,112 to €1,785
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 | €383,241 | €203,202 | -€180,039 | -47.0% |
| Fixed assets | 21/28 | - | €2,831 | +€2,831 | |
| Tangible fixed assets | 22/27 | - | €2,831 | +€2,831 | |
| Furniture and vehicles | 24 | - | €2,831 | +€2,831 | |
| Current assets | 29/58 | €383,241 | €200,371 | -€182,870 | -47.7% |
| Amounts receivable within one year | 40/41 | €300,000 | - | -€300,000 | |
| Other amounts receivable | 41 | €300,000 | - | -€300,000 | |
| Current investments | 50/53 | €1,712 | - | -€1,712 | |
| Cash at bank and in hand | 54/58 | €81,529 | €199,914 | +€118,385 | +145.2% |
| Deferred charges and accrued income | 490/1 | - | €457 | +€457 | |
| Total equity and liabilities | 10/49 | €383,241 | €203,202 | -€180,039 | -47.0% |
| Equity | 10/15 | €331,644 | €132,585 | -€199,059 | -60.0% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €206,644 | €7,585 | -€199,059 | -96.3% |
| Non-distributable reserves | 130/1 | €231 | €7,585 | +€7,354 | +3183.5% |
| Legal reserve | 130 | €231 | €7,585 | +€7,354 | +3183.5% |
| Distributable reserves | 133 | €206,413 | - | -€206,413 | |
| Amounts payable | 17/49 | €51,597 | €70,617 | +€19,020 | +36.9% |
| Amounts payable within one year | 42/48 | €51,597 | €70,617 | +€19,020 | +36.9% |
| Trade debts | 44 | €39,755 | €55,412 | +€15,657 | +39.4% |
| Suppliers | 440/4 | €39,755 | €55,412 | +€15,657 | +39.4% |
| Taxes, remuneration and social security | 45 | €11,842 | €473 | -€11,369 | -96.0% |
| Taxes | 450/3 | €11,842 | €473 | -€11,369 | -96.0% |
| Other amounts payable | 47/48 | - | €14,732 | +€14,732 | |
| Non-recurring operating income | 76A | - | €4,744 | +€4,744 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,039 | +€1,039 | |
| Other operating charges | 640/8 | €567 | €605 | +€38 | +6.7% |
| Gross operating margin | 9900 | €34,856 | €197,599 | +€162,743 | +466.9% |
| Operating profit (loss) | 9901 | €34,289 | €195,955 | +€161,666 | +471.5% |
| Financial income | 75/76B | €9,112 | €1,785 | -€7,327 | -80.4% |
| Recurring financial income | 75 | €9,112 | €1,785 | -€7,327 | -80.4% |
| Financial charges | 65/66B | €156 | €182 | +€26 | +16.7% |
| Recurring financial charges | 65 | €156 | €182 | +€26 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €43,245 | €197,558 | +€154,313 | +356.8% |
| Income taxes | 67/77 | €11,842 | €50,473 | +€38,631 | +326.2% |
| Profit (loss) for the period | 9904 | €31,403 | €147,085 | +€115,682 | +368.4% |
| Profit (loss) for the period to be appropriated | 9905 | €31,403 | €147,085 | +€115,682 | +368.4% |
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 12 October 2026 via checked.be.