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
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
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
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
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
From operations (derived)
-€421,097
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 (derived)
-€8,593
Investment in fixed assets (net)
-€8,593
Financing
+€416,000
Short-term financial debts
+€416,000
Cash 2025
€11,077
Every line side by side
| 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.