CASSINE: 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.
CASSINE
Largest movements
- Tangible fixed assets -€550,000
no longer reported in 2025 (was €550,000)
- Financial fixed assets -€350,000
down €350,000 (-99.9%), from €350,471 to €471
- Receivables within one year +€18,412
up €18,412 (+11.9%), from €154,864 to €173,276
of which Trade receivables: +€42,850
- Profit (loss) carried forward -€729,921
down €729,921, from €39,706 to -€690,215
- Reserves -€159,233
down €159,233 (-34.5%), from €461,592 to €302,359
of which Tax-exempt reserves: -€159,233
- Provisions -€53,078
no longer reported in 2025 (was €53,078)
- Debts after one year +€36,000
up €36,000 (+8.2%), from €440,200 to €476,200
- Other debts +€13,034
up €13,034 (+203.4%), from €6,408 to €19,442
- Financial charges +€922,335
up €922,335 (+8315.1%), from €11,092 to €933,427
of which Non-recurring financial charges: +€606,000
- Gross operating margin -€247,767
down €247,767, from €240,081 to -€7,686
- Taxes -€3,741
no longer reported in 2025 (was €3,741)
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 | €1,055,423 | €173,811 | -€881,612 | -83.5% |
| Fixed assets | 21/28 | €900,471 | €471 | -€900,000 | -99.9% |
| Tangible fixed assets | 22/27 | €550,000 | - | -€550,000 | |
| Assets under construction and advance payments | 27 | €550,000 | - | -€550,000 | |
| Financial fixed assets | 28 | €350,471 | €471 | -€350,000 | -99.9% |
| Current assets | 29/58 | €154,951 | €173,340 | +€18,388 | +11.9% |
| Amounts receivable within one year | 40/41 | €154,864 | €173,276 | +€18,412 | +11.9% |
| Trade receivables | 40 | €6,000 | €48,850 | +€42,850 | +714.2% |
| Other amounts receivable | 41 | €148,864 | €124,426 | -€24,438 | -16.4% |
| Cash at bank and in hand | 54/58 | €87 | €64 | -€23 | -26.9% |
| Total equity and liabilities | 10/49 | €1,055,423 | €173,811 | -€881,612 | -83.5% |
| Equity | 10/15 | €519,890 | -€369,264 | -€889,154 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €461,592 | €302,359 | -€159,233 | -34.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €159,233 | - | -€159,233 | |
| Distributable reserves | 133 | €300,500 | €300,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,706 | -€690,215 | -€729,921 | |
| Provisions and deferred taxes | 16 | €53,078 | - | -€53,078 | |
| Deferred taxes | 168 | €53,078 | - | -€53,078 | |
| Amounts payable | 17/49 | €482,455 | €543,075 | +€60,620 | +12.6% |
| Amounts payable after more than one year | 17 | €440,200 | €476,200 | +€36,000 | +8.2% |
| Other amounts payable | 178/9 | €440,200 | €476,200 | +€36,000 | +8.2% |
| Amounts payable within one year | 42/48 | €10,149 | €23,183 | +€13,034 | +128.4% |
| Taxes, remuneration and social security | 45 | €3,741 | €3,741 | = | 0.0% |
| Taxes | 450/3 | €3,741 | €3,741 | = | 0.0% |
| Other amounts payable | 47/48 | €6,408 | €19,442 | +€13,034 | +203.4% |
| Accrued charges and deferred income | 492/3 | €32,106 | €43,692 | +€11,586 | +36.1% |
| Non-recurring operating income | 76A | €219,810 | - | -€219,810 | |
| Other operating charges | 640/8 | €3,348 | €1,118 | -€2,230 | -66.6% |
| Gross operating margin | 9900 | €240,081 | -€7,686 | -€247,767 | |
| Operating profit (loss) | 9901 | €236,733 | -€8,804 | -€245,537 | |
| Financial charges | 65/66B | €11,092 | €933,427 | +€922,335 | +8315.1% |
| Recurring financial charges | 65 | €11,092 | €327,427 | +€316,335 | +2851.9% |
| Non-recurring financial charges | 66B | - | €606,000 | +€606,000 | |
| Profit (loss) for the period before taxes | 9903 | €225,641 | -€942,231 | -€1.2m | |
| Transfer from deferred taxes | 780 | - | €53,078 | +€53,078 | |
| Transfer to deferred taxes | 680 | €53,078 | - | -€53,078 | |
| Income taxes | 67/77 | €3,741 | - | -€3,741 | |
| Profit (loss) for the period | 9904 | €168,822 | -€889,154 | -€1.1m | |
| Transfer from tax-exempt reserves | 789 | - | €159,233 | +€159,233 | |
| Transfer to tax-exempt reserves | 689 | €159,233 | - | -€159,233 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,590 | -€729,921 | -€739,511 |
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 3 October 2026 via checked.be.