CASSINI: 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.
CASSINI
Largest movements
- Tangible fixed assets -€73,602
down €73,602 (-7.0%), from €1.0m to €975,961
of which Land and buildings: -€40,473
- Cash +€40,666
up €40,666 (+12.8%), from €317,705 to €358,371
mainly Depreciation (+€73,602) and Net result for the year (+€33,725)
- Receivables within one year +€16,464
up €16,464 (+31.1%), from €53,022 to €69,486
of which Other amounts receivable: +€18,570
- Debts after one year -€34,384
down €34,384 (-4.3%), from €804,669 to €770,286
of which Financial debts: -€36,400
- Reserves +€31,035
up €31,035 (+5.7%), from €543,845 to €574,879
- Gross operating margin -€14,773
down €14,773 (-10.5%), from €140,477 to €125,704
- Taxes -€5,589
down €5,589 (-30.2%), from €18,523 to €12,934
- Other operating charges +€4,088
up €4,088 (+325%), from €1,258 to €5,346
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 | €1,421,313 | €1,403,817 | -€17,496 | -1.2% |
| Fixed assets | 21/28 | €1,049,563 | €975,961 | -€73,602 | -7.0% |
| Tangible fixed assets | 22/27 | €1,049,563 | €975,961 | -€73,602 | -7.0% |
| Land and buildings | 22 | €950,200 | €909,727 | -€40,473 | -4.3% |
| Plant, machinery and equipment | 23 | €29,794 | €18,600 | -€11,194 | -37.6% |
| Furniture and vehicles | 24 | €69,569 | €47,634 | -€21,936 | -31.5% |
| Current assets | 29/58 | €371,750 | €427,856 | +€56,107 | +15.1% |
| Amounts receivable within one year | 40/41 | €53,022 | €69,486 | +€16,464 | +31.1% |
| Trade receivables | 40 | €41,545 | €39,438 | -€2,107 | -5.1% |
| Other amounts receivable | 41 | €11,477 | €30,048 | +€18,570 | +162% |
| Cash at bank and in hand | 54/58 | €317,705 | €358,371 | +€40,666 | +12.8% |
| Deferred charges and accrued income | 490/1 | €1,023 | €0 | -€1,023 | -100% |
| Total equity and liabilities | 10/49 | €1,421,313 | €1,403,817 | -€17,496 | -1.2% |
| Equity | 10/15 | €548,645 | €579,679 | +€31,035 | +5.7% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Reserves | 13 | €543,845 | €574,879 | +€31,035 | +5.7% |
| Distributable reserves | 133 | €543,845 | €574,879 | +€31,035 | +5.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €872,668 | €824,138 | -€48,531 | -5.6% |
| Amounts payable after more than one year | 17 | €804,669 | €770,286 | -€34,384 | -4.3% |
| Financial debts | 170/4 | €794,733 | €758,334 | -€36,400 | -4.6% |
| Other amounts payable | 178/9 | €9,936 | €11,952 | +€2,016 | +20.3% |
| Amounts payable within one year | 42/48 | €67,999 | €53,852 | -€14,147 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €36,400 | €36,400 | = | 0.0% |
| Trade debts | 44 | €4,600 | €1,799 | -€2,801 | -60.9% |
| Suppliers | 440/4 | €4,600 | €1,799 | -€2,801 | -60.9% |
| Taxes, remuneration and social security | 45 | €26,999 | €12,963 | -€14,036 | -52.0% |
| Taxes | 450/3 | €22,198 | €10,326 | -€11,872 | -53.5% |
| Remuneration and social security | 454/9 | €4,801 | €2,636 | -€2,164 | -45.1% |
| Other amounts payable | 47/48 | - | €2,690 | +€2,690 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,808 | €73,602 | +€794 | +1.1% |
| Other operating charges | 640/8 | €1,258 | €5,346 | +€4,088 | +325% |
| Gross operating margin | 9900 | €140,477 | €125,704 | -€14,773 | -10.5% |
| Operating profit (loss) | 9901 | €66,411 | €46,756 | -€19,655 | -29.6% |
| Financial income | 75/76B | €5 | €4 | -€1 | -11.4% |
| Recurring financial income | 75 | €5 | €4 | -€1 | -11.4% |
| Financial charges | 65/66B | €61 | €102 | +€40 | +65.1% |
| Recurring financial charges | 65 | €61 | €102 | +€40 | +65.1% |
| Profit (loss) for the period before taxes | 9903 | €66,355 | €46,659 | -€19,696 | -29.7% |
| Income taxes | 67/77 | €18,523 | €12,934 | -€5,589 | -30.2% |
| Profit (loss) for the period | 9904 | €47,832 | €33,725 | -€14,107 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €47,832 | €33,725 | -€14,107 | -29.5% |
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.