CASSELMAN: 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.
CASSELMAN
Largest movements
- Tangible fixed assets +€45,469
up €45,469 (+22.0%), from €206,518 to €251,987
of which Leasing and similar rights: +€56,504
- Receivables within one year +€7,188
up €7,188 (+11.3%), from €63,508 to €70,696
of which Trade receivables: +€5,862
- Cash -€5,055
down €5,055 (-60.4%), from €8,363 to €3,308
mainly Investment in fixed assets (net) (-€125,071) and Trade debts (-€13,806)
- Debts after one year +€71,275
up €71,275 (+71.3%), from €99,962 to €171,236
of which Financial debts: +€55,110
- Trade debts -€13,806
down €13,806 (-33.3%), from €41,491 to €27,685
- Current portion of long-term debt -€11,253
down €11,253 (-20.5%), from €54,823 to €43,570
- Short-term financial debts +€6,062
up €6,062, from €0 to €6,062
- Reserves -€4,800
down €4,800 (-12.0%), from €39,874 to €35,074
of which Tax-exempt reserves: -€4,800
- Gross operating margin -€43,257
down €43,257 (-33.4%), from €129,344 to €86,087
- Depreciation +€7,314
up €7,314 (+10.1%), from €72,293 to €79,607
- Other operating charges -€5,977
down €5,977 (-82.1%), from €7,277 to €1,300
- Financial charges +€3,477
up €3,477 (+52.5%), from €6,620 to €10,097
of which Financial charges: +€3,477
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 | €283,230 | €330,096 | +€46,866 | +16.5% |
| Fixed assets | 21/28 | €206,653 | €252,117 | +€45,464 | +22.0% |
| Tangible fixed assets | 22/27 | €206,518 | €251,987 | +€45,469 | +22.0% |
| Land and buildings | 22 | €3,007 | €60 | -€2,947 | -98.0% |
| Plant, machinery and equipment | 23 | €120,666 | €86,995 | -€33,671 | -27.9% |
| Furniture and vehicles | 24 | €9,663 | €35,246 | +€25,583 | +264.7% |
| Leasing and similar rights | 25 | €73,182 | €129,686 | +€56,504 | +77.2% |
| Financial fixed assets | 28 | €135 | €130 | -€5 | -4.0% |
| Current assets | 29/58 | €76,577 | €77,979 | +€1,402 | +1.8% |
| Stocks and contracts in progress | 3 | €3,091 | €1,460 | -€1,631 | -52.8% |
| Stocks | 30/36 | €3,091 | €1,460 | -€1,631 | -52.8% |
| Amounts receivable within one year | 40/41 | €63,508 | €70,696 | +€7,188 | +11.3% |
| Trade receivables | 40 | €62,565 | €68,427 | +€5,862 | +9.4% |
| Other amounts receivable | 41 | €943 | €2,269 | +€1,326 | +140.5% |
| Cash at bank and in hand | 54/58 | €8,363 | €3,308 | -€5,055 | -60.4% |
| Deferred charges and accrued income | 490/1 | €1,616 | €2,515 | +€899 | +55.7% |
| Total equity and liabilities | 10/49 | €283,230 | €330,096 | +€46,866 | +16.5% |
| Equity | 10/15 | €81,577 | €77,349 | -€4,227 | -5.2% |
| Contributions | 10/11 | €53,592 | €53,592 | = | 0.0% |
| Reserves | 13 | €39,874 | €35,074 | -€4,800 | -12.0% |
| Non-distributable reserves | 130/1 | €756 | €0 | -€756 | -100.0% |
| Reserves not available under the articles | 1311 | €756 | €0 | -€756 | -100.0% |
| Tax-exempt reserves | 132 | €39,118 | €34,318 | -€4,800 | -12.3% |
| Distributable reserves | 133 | - | €756 | +€756 | |
| Profit (loss) carried forward | 14 | -€11,889 | -€11,317 | +€573 | +4.8% |
| Provisions and deferred taxes | 16 | €5,092 | €3,892 | -€1,200 | -23.6% |
| Deferred taxes | 168 | €5,092 | €3,892 | -€1,200 | -23.6% |
| Amounts payable | 17/49 | €196,561 | €248,854 | +€52,294 | +26.6% |
| Amounts payable after more than one year | 17 | €99,962 | €171,236 | +€71,275 | +71.3% |
| Financial debts | 170/4 | €91,635 | €146,744 | +€55,110 | +60.1% |
| Other amounts payable | 178/9 | €8,327 | €24,492 | +€16,165 | +194.1% |
| Amounts payable within one year | 42/48 | €96,599 | €77,605 | -€18,995 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | €54,823 | €43,570 | -€11,253 | -20.5% |
| Financial debts | 43 | €0 | €6,062 | +€6,062 | |
| Credit institutions | 430/8 | €0 | €6,062 | +€6,062 | |
| Trade debts | 44 | €41,491 | €27,685 | -€13,806 | -33.3% |
| Suppliers | 440/4 | €41,491 | €27,685 | -€13,806 | -33.3% |
| Taxes, remuneration and social security | 45 | €285 | €287 | +€2 | +0.7% |
| Taxes | 450/3 | €285 | €287 | +€2 | +0.7% |
| Accrued charges and deferred income | 492/3 | €0 | €13 | +€13 | |
| Non-recurring operating income | 76A | €30,000 | €0 | -€30,000 | -100.0% |
| Remuneration, social security and pensions | 62 | -€715 | €232 | +€947 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,293 | €79,607 | +€7,314 | +10.1% |
| Other operating charges | 640/8 | €7,277 | €1,300 | -€5,977 | -82.1% |
| Gross operating margin | 9900 | €129,344 | €86,087 | -€43,257 | -33.4% |
| Operating profit (loss) | 9901 | €50,488 | €4,947 | -€45,541 | -90.2% |
| Financial income | 75/76B | €0 | €12 | +€11 | +5670.0% |
| Recurring financial income | 75 | €0 | €12 | +€11 | +5670.0% |
| Financial charges | 65/66B | €6,620 | €10,097 | +€3,477 | +52.5% |
| Recurring financial charges | 65 | €6,620 | €10,097 | +€3,477 | +52.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €43,869 | -€5,138 | -€49,007 | |
| Transfer from deferred taxes | 780 | €908 | €1,200 | +€292 | +32.2% |
| Transfer to deferred taxes | 680 | €6,000 | €0 | -€6,000 | -100.0% |
| Income taxes | 67/77 | €285 | €290 | +€4 | +1.5% |
| Profit (loss) for the period | 9904 | €38,491 | -€4,227 | -€42,719 | |
| Transfer from tax-exempt reserves | 789 | €3,632 | €4,800 | +€1,168 | +32.2% |
| Transfer to tax-exempt reserves | 689 | €24,000 | €0 | -€24,000 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,123 | €573 | -€17,551 | -96.8% |
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 7 October 2026 via checked.be.