CASSELMAN: 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.
CASSELMAN
Largest movements
- Cash +€132,417
up €132,417 (+114%), from €115,663 to €248,079
mainly Net result for the year (+€119,327) and Receivables within one year (+€76,041)
- Receivables within one year -€76,041
down €76,041 (-40.8%), from €186,544 to €110,503
of which Other amounts receivable: -€70,535
- Current investments +€24,611
up €24,611 (+12.1%), from €202,747 to €227,359
- Reserves +€91,957
up €91,957 (+18.8%), from €489,371 to €581,327
- Tax, wage and social debts -€13,152
down €13,152 (-36.5%), from €36,045 to €22,893
of which Taxes: -€9,244
- Short-term financial debts -€12,786
down €12,786 (-100%), from €12,786 to €0
- Trade debts +€8,636
up €8,636 (+898%), from €961 to €9,597
- Gross operating margin -€69,030
down €69,030 (-59.7%), from €115,561 to €46,531
- Financial income +€61,859
up €61,859 (+106%), from €58,437 to €120,296
- Taxes +€19,101
up €19,101 (+136%), from €14,089 to €33,190
- Other operating charges +€5,515
up €5,515 (+970%), from €568 to €6,084
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.
Derived cash bridge
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 | €726,231 | €800,884 | +€74,654 | +10.3% |
| Fixed assets | 21/28 | €161,752 | €154,606 | -€7,145 | -4.4% |
| Tangible fixed assets | 22/27 | €44,597 | €37,452 | -€7,145 | -16.0% |
| Land and buildings | 22 | €4,434 | €3,701 | -€733 | -16.5% |
| Plant, machinery and equipment | 23 | €5,855 | €5,040 | -€814 | -13.9% |
| Furniture and vehicles | 24 | €9,299 | €7,337 | -€1,962 | -21.1% |
| Other tangible fixed assets | 26 | €25,009 | €21,373 | -€3,636 | -14.5% |
| Financial fixed assets | 28 | €117,155 | €117,155 | = | 0.0% |
| Current assets | 29/58 | €564,479 | €646,278 | +€81,799 | +14.5% |
| Amounts receivable after more than one year | 29 | €56,000 | €56,000 | = | 0.0% |
| Other amounts receivable | 291 | €56,000 | €56,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €186,544 | €110,503 | -€76,041 | -40.8% |
| Trade receivables | 40 | €111,078 | €105,573 | -€5,506 | -5.0% |
| Other amounts receivable | 41 | €75,466 | €4,931 | -€70,535 | -93.5% |
| Current investments | 50/53 | €202,747 | €227,359 | +€24,611 | +12.1% |
| Cash at bank and in hand | 54/58 | €115,663 | €248,079 | +€132,417 | +114% |
| Deferred charges and accrued income | 490/1 | €3,525 | €4,337 | +€812 | +23.0% |
| Total equity and liabilities | 10/49 | €726,231 | €800,884 | +€74,654 | +10.3% |
| Equity | 10/15 | €676,438 | €768,395 | +€91,957 | +13.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €489,371 | €581,327 | +€91,957 | +18.8% |
| Distributable reserves | 133 | €489,371 | €581,327 | +€91,957 | +18.8% |
| Profit (loss) carried forward | 14 | €168,517 | €168,517 | = | 0.0% |
| Amounts payable | 17/49 | €49,792 | €32,490 | -€17,303 | -34.7% |
| Amounts payable within one year | 42/48 | €49,792 | €32,490 | -€17,303 | -34.7% |
| Financial debts | 43 | €12,786 | €0 | -€12,786 | -100% |
| Credit institutions | 430/8 | €12,786 | €0 | -€12,786 | -100% |
| Trade debts | 44 | €961 | €9,597 | +€8,636 | +898% |
| Suppliers | 440/4 | €961 | €9,597 | +€8,636 | +898% |
| Taxes, remuneration and social security | 45 | €36,045 | €22,893 | -€13,152 | -36.5% |
| Taxes | 450/3 | €32,137 | €22,893 | -€9,244 | -28.8% |
| Remuneration and social security | 454/9 | €3,908 | €0 | -€3,908 | -100% |
| Non-recurring operating income | 76A | €4,041 | €0 | -€4,041 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,825 | €8,184 | +€360 | +4.6% |
| Other operating charges | 640/8 | €568 | €6,084 | +€5,515 | +970% |
| Gross operating margin | 9900 | €115,561 | €46,531 | -€69,030 | -59.7% |
| Operating profit (loss) | 9901 | €107,168 | €32,263 | -€74,905 | -69.9% |
| Financial income | 75/76B | €58,437 | €120,296 | +€61,859 | +106% |
| Recurring financial income | 75 | €58,437 | €120,296 | +€61,859 | +106% |
| Financial charges | 65/66B | €912 | €42 | -€870 | -95.4% |
| Recurring financial charges | 65 | €912 | €42 | -€870 | -95.4% |
| Profit (loss) for the period before taxes | 9903 | €164,693 | €152,517 | -€12,176 | -7.4% |
| Income taxes | 67/77 | €14,089 | €33,190 | +€19,101 | +136% |
| Profit (loss) for the period | 9904 | €150,604 | €119,327 | -€31,277 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €150,604 | €119,327 | -€31,277 | -20.8% |
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 23 October 2026 via checked.be.