cassiopeia: 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.
cassiopeia
Largest movements
- Tangible fixed assets -€6,254
down €6,254 (-9.5%), from €66,001 to €59,747
of which Land and buildings: -€4,125
- Receivables within one year +€5,235
up €5,235 (+9232.9%), from €57 to €5,292
of which Other amounts receivable: +€5,000
- Stocks and contracts -€4,332
down €4,332 (-3.0%), from €142,913 to €138,581
- Intangible fixed assets -€3,625
down €3,625 (-52.3%), from €6,932 to €3,307
- Cash -€3,492
down €3,492 (-9.7%), from €35,861 to €32,369
mainly Short-term financial debts (-€65,000) and Receivables within one year (-€5,235)
- Short-term financial debts -€65,000
down €65,000 (-52.0%), from €125,000 to €60,000
- Debts after one year +€30,691
up €30,691 (+51.5%), from €59,608 to €90,299
- Other debts +€15,691
up €15,691 (+50.0%), from €31,370 to €47,061
- Trade debts +€4,349
up €4,349 (+35.6%), from €12,229 to €16,578
- Current portion of long-term debt +€4,334
up €4,334 (+38.7%), from €11,192 to €15,526
- Gross operating margin -€20,767
down €20,767 (-50.8%), from €40,851 to €20,084
- Financial charges -€3,721
down €3,721 (-23.7%), from €15,708 to €11,987
- Write-downs -€2,832
new in 2025: -€2,832
- Depreciation -€2,299
down €2,299 (-18.9%), from €12,178 to €9,879
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 | €251,806 | €239,508 | -€12,298 | -4.9% |
| Fixed assets | 21/28 | €72,946 | €63,055 | -€9,891 | -13.6% |
| Intangible fixed assets | 21 | €6,932 | €3,307 | -€3,625 | -52.3% |
| Tangible fixed assets | 22/27 | €66,001 | €59,747 | -€6,254 | -9.5% |
| Land and buildings | 22 | €57,750 | €53,625 | -€4,125 | -7.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €8,251 | €6,122 | -€2,129 | -25.8% |
| Financial fixed assets | 28 | €13 | €0 | -€13 | -100.0% |
| Current assets | 29/58 | €178,860 | €176,453 | -€2,407 | -1.3% |
| Stocks and contracts in progress | 3 | €142,913 | €138,581 | -€4,332 | -3.0% |
| Stocks | 30/36 | €142,913 | €138,581 | -€4,332 | -3.0% |
| Amounts receivable within one year | 40/41 | €57 | €5,292 | +€5,235 | +9232.9% |
| Trade receivables | 40 | €57 | €292 | +€235 | +414.5% |
| Other amounts receivable | 41 | - | €5,000 | +€5,000 | |
| Cash at bank and in hand | 54/58 | €35,861 | €32,369 | -€3,492 | -9.7% |
| Deferred charges and accrued income | 490/1 | €29 | €212 | +€182 | +624.4% |
| Total equity and liabilities | 10/49 | €251,806 | €239,508 | -€12,298 | -4.9% |
| Equity | 10/15 | €8,202 | €8,644 | +€442 | +5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €553 | €553 | = | 0.0% |
| Distributable reserves | 133 | €553 | €553 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,951 | -€10,509 | +€442 | +4.0% |
| Amounts payable | 17/49 | €243,604 | €230,864 | -€12,740 | -5.2% |
| Amounts payable after more than one year | 17 | €59,608 | €90,299 | +€30,691 | +51.5% |
| Financial debts | 170/4 | €59,608 | €90,299 | +€30,691 | +51.5% |
| Amounts payable within one year | 42/48 | €183,996 | €140,565 | -€43,430 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €11,192 | €15,526 | +€4,334 | +38.7% |
| Financial debts | 43 | €125,000 | €60,000 | -€65,000 | -52.0% |
| Credit institutions | 430/8 | €125,000 | €60,000 | -€65,000 | -52.0% |
| Trade debts | 44 | €12,229 | €16,578 | +€4,349 | +35.6% |
| Suppliers | 440/4 | €12,229 | €16,578 | +€4,349 | +35.6% |
| Taxes, remuneration and social security | 45 | €4,205 | €1,400 | -€2,805 | -66.7% |
| Taxes | 450/3 | €3,305 | €1,400 | -€1,905 | -57.6% |
| Remuneration and social security | 454/9 | €900 | €0 | -€900 | -100.0% |
| Other amounts payable | 47/48 | €31,370 | €47,061 | +€15,691 | +50.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,178 | €9,879 | -€2,299 | -18.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€2,832 | -€2,832 | |
| Other operating charges | 640/8 | €817 | €915 | +€99 | +12.1% |
| Gross operating margin | 9900 | €40,851 | €20,084 | -€20,767 | -50.8% |
| Operating profit (loss) | 9901 | €27,857 | €12,121 | -€15,735 | -56.5% |
| Financial income | 75/76B | €0 | €307 | +€307 | +1024866.7% |
| Recurring financial income | 75 | €0 | €307 | +€307 | +1024866.7% |
| Financial charges | 65/66B | €15,708 | €11,987 | -€3,721 | -23.7% |
| Recurring financial charges | 65 | €15,708 | €11,987 | -€3,721 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €12,148 | €442 | -€11,706 | -96.4% |
| Profit (loss) for the period | 9904 | €12,148 | €442 | -€11,706 | -96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,148 | €442 | -€11,706 | -96.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.