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Cassel: 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.

What changed

Cassel

BE 0463.604.768
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€169,099
2024 · €52,198-€221,298
Equity
€1.2m
2024 · €1.4m-€169,099
Cash
€11,077
2024 · €24,766-€13,689
Balance sheet total
€1.7m
2024 · €1.4m+€268,379

Largest movements

2024 to 2025
Assets
  • Receivables after one year +€256,311

    up €256,311 (+25.6%), from €1.0m to €1.3m

  • Deferred charges and accrued income +€75,673

    up €75,673 (+126.0%), from €60,041 to €135,714

  • Tangible fixed assets -€50,285

    down €50,285 (-17.4%), from €289,585 to €239,299

    of which Furniture and vehicles: -€32,035

Equity and liabilities
  • Short-term financial debts +€416,000

    new in 2025: €416,000

  • Profit (loss) carried forward -€169,099

    down €169,099, from €0 to -€169,099

Income statement
  • Financial charges +€123,544

    up €123,544 (+324.5%), from €38,075 to €161,618

  • Financial income -€93,767

    down €93,767 (-48.0%), from €195,342 to €101,575

    of which Financial income: -€93,767

  • Gross operating margin -€41,714

    down €41,714, from €40,912 to -€801

  • Taxes -€35,874

    down €35,874 (-87.4%), from €41,067 to €5,193

  • Other operating charges +€9,326

    up €9,326 (+515.8%), from €1,808 to €11,134

From the 2024 result to the 2025 result

effect on the 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.

Result 2024 €52,198
Gross operating margin -€41,714
Staff costs -€1,884
Depreciation +€325
Write-downs -€968
Other operating charges -€9,326
Other operating items +€13,707
Financial income -€93,767
Financial charges -€123,544
Taxes +€35,874
Result 2025 -€169,099

Cash bridge derived

cash 2024 to 2025

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.

From operations -€421,097
Investment -€8,593
Financing +€416,000
Cash 2024 €24,766
Net result for the year -€169,099
Depreciation +€58,878
Receivables after one year -€256,311
Stocks and contracts -€2,748
Receivables within one year +€2,379
Deferred charges and accrued income -€75,673
Trade debts +€9,222
Tax, wage and social debts +€11,397
Accrued charges and deferred income +€859
Investment in fixed assets (net) -€8,593
Short-term financial debts +€416,000
Cash 2025 €11,077
Every line side by side 51 lines
Line Code 2024 2025 Change %
Total assets 20/58 €1,420,441 €1,688,820 +€268,379 +18.9%
Fixed assets 21/28 €289,634 €239,349 -€50,285 -17.4%
Tangible fixed assets 22/27 €289,585 €239,299 -€50,285 -17.4%
Land and buildings 22 €69,835 €54,910 -€14,925 -21.4%
Plant, machinery and equipment 23 €23,252 €26,534 +€3,282 +14.1%
Furniture and vehicles 24 €123,765 €91,730 -€32,035 -25.9%
Other tangible fixed assets 26 €72,733 €66,125 -€6,608 -9.1%
Financial fixed assets 28 €50 €50 = 0.0%
Current assets 29/58 €1,130,807 €1,449,471 +€318,664 +28.2%
Amounts receivable after more than one year 29 €1,000,000 €1,256,311 +€256,311 +25.6%
Other amounts receivable 291 €1,000,000 €1,256,311 +€256,311 +25.6%
Stocks and contracts in progress 3 €1,555 €4,304 +€2,748 +176.7%
Stocks 30/36 €1,555 €4,304 +€2,748 +176.7%
Amounts receivable within one year 40/41 €44,444 €42,065 -€2,379 -5.4%
Trade receivables 40 €32,113 €29,104 -€3,009 -9.4%
Other amounts receivable 41 €12,331 €12,961 +€630 +5.1%
Cash at bank and in hand 54/58 €24,766 €11,077 -€13,689 -55.3%
Deferred charges and accrued income 490/1 €60,041 €135,714 +€75,673 +126.0%
Total equity and liabilities 10/49 €1,420,441 €1,688,820 +€268,379 +18.9%
Equity 10/15 €1,398,040 €1,228,940 -€169,099 -12.1%
Contributions 10/11 €18,600 €18,600 = 0.0%
Reserves 13 €1,379,440 €1,379,440 = 0.0%
Distributable reserves 133 €1,379,440 €1,379,440 = 0.0%
Profit (loss) carried forward 14 €0 -€169,099 -€169,099
Amounts payable 17/49 €22,401 €459,879 +€437,478 +1952.9%
Amounts payable within one year 42/48 €20,337 €456,956 +€436,619 +2146.9%
Financial debts 43 - €416,000 +€416,000
Credit institutions 430/8 - €416,000 +€416,000
Trade debts 44 €17,988 €27,210 +€9,222 +51.3%
Suppliers 440/4 €17,988 €27,210 +€9,222 +51.3%
Taxes, remuneration and social security 45 €2,349 €13,746 +€11,397 +485.2%
Taxes 450/3 €2,349 €13,746 +€11,397 +485.2%
Other amounts payable 47/48 €0 - =
Accrued charges and deferred income 492/3 €2,064 €2,923 +€859 +41.6%
Non-recurring operating income 76A €7,784 €0 -€7,784 -100.0%
Remuneration, social security and pensions 62 €30,197 €32,082 +€1,884 +6.2%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €59,202 €58,878 -€325 -0.5%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) 631/4 - €968 +€968
Other operating charges 640/8 €1,808 €11,134 +€9,326 +515.8%
Non-recurring operating charges 66A €13,707 €0 -€13,707 -100.0%
Gross operating margin 9900 €40,912 -€801 -€41,714
Operating profit (loss) 9901 -€64,002 -€103,863 -€39,861 -62.3%
Financial income 75/76B €195,342 €101,575 -€93,767 -48.0%
Recurring financial income 75 €195,342 €101,575 -€93,767 -48.0%
Non-recurring financial income 76B €0 - =
Financial charges 65/66B €38,075 €161,618 +€123,544 +324.5%
Recurring financial charges 65 €38,075 €161,618 +€123,544 +324.5%
Profit (loss) for the period before taxes 9903 €93,265 -€163,906 -€257,172
Income taxes 67/77 €41,067 €5,193 -€35,874 -87.4%
Profit (loss) for the period 9904 €52,198 -€169,099 -€221,298
Profit (loss) for the period to be appropriated 9905 €52,198 -€169,099 -€221,298

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 10 October 2026 via checked.be.