CASTEL: 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.
CASTEL
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+2046.3%), from €109,036 to €2.3m
of which Plant, machinery and equipment: +€1.8m
- Receivables within one year -€314,186
down €314,186 (-46.4%), from €677,571 to €363,385
of which Trade receivables: -€394,094
- Stocks and contracts +€188,939
up €188,939 (+51.8%), from €364,584 to €553,524
- Intangible fixed assets -€119,000
down €119,000 (-23.2%), from €513,204 to €394,204
- Deferred charges and accrued income +€78,929
up €78,929 (+932.8%), from €8,461 to €87,390
- Debts after one year +€1.2m
up €1.2m (+108.9%), from €1.1m to €2.3m
of which Financial debts: +€1.2m
- Current portion of long-term debt +€459,343
up €459,343 (+564.6%), from €81,355 to €540,698
- Trade debts +€432,566
up €432,566 (+56.2%), from €769,849 to €1.2m
- Accrued charges and deferred income -€166,739
no longer reported in 2025 (was €166,739)
- Short-term financial debts +€67,639
new in 2025: €67,639
- Gross operating margin +€308,449
up €308,449 (+22.0%), from €1.4m to €1.7m
- Depreciation +€228,516
up €228,516 (+300.4%), from €76,067 to €304,583
- Financial charges +€97,909
up €97,909 (+161.3%), from €60,716 to €158,626
of which Financial charges: +€103,074
- Staff costs +€51,324
up €51,324 (+4.4%), from €1.2m to €1.2m
- Financial income +€26,724
up €26,724 (+605.6%), from €4,413 to €31,137
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 | €2,371,879 | €4,426,027 | +€2.1m | +86.6% |
| Formation expenses | 20 | €1,090 | €59,295 | +€58,206 | +5342.3% |
| Fixed assets | 21/28 | €622,240 | €2,734,466 | +€2.1m | +339.5% |
| Intangible fixed assets | 21 | €513,204 | €394,204 | -€119,000 | -23.2% |
| Tangible fixed assets | 22/27 | €109,036 | €2,340,262 | +€2.2m | +2046.3% |
| Land and buildings | 22 | - | €449,348 | +€449,348 | |
| Plant, machinery and equipment | 23 | €108,001 | €1,871,524 | +€1.8m | +1632.9% |
| Furniture and vehicles | 24 | €1,035 | €19,390 | +€18,355 | +1772.8% |
| Current assets | 29/58 | €1,748,550 | €1,632,265 | -€116,285 | -6.7% |
| Stocks and contracts in progress | 3 | €364,584 | €553,524 | +€188,939 | +51.8% |
| Stocks | 30/36 | €364,584 | €553,524 | +€188,939 | +51.8% |
| Amounts receivable within one year | 40/41 | €677,571 | €363,385 | -€314,186 | -46.4% |
| Trade receivables | 40 | €648,280 | €254,186 | -€394,094 | -60.8% |
| Other amounts receivable | 41 | €29,291 | €109,199 | +€79,908 | +272.8% |
| Cash at bank and in hand | 54/58 | €697,933 | €627,966 | -€69,967 | -10.0% |
| Deferred charges and accrued income | 490/1 | €8,461 | €87,390 | +€78,929 | +932.8% |
| Total equity and liabilities | 10/49 | €2,371,879 | €4,426,027 | +€2.1m | +86.6% |
| Equity | 10/15 | €61,808 | €64,374 | +€2,566 | +4.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€88,192 | -€85,626 | +€2,566 | +2.9% |
| Amounts payable | 17/49 | €2,310,072 | €4,361,653 | +€2.1m | +88.8% |
| Amounts payable after more than one year | 17 | €1,119,631 | €2,338,391 | +€1.2m | +108.9% |
| Financial debts | 170/4 | €1,115,831 | €2,334,591 | +€1.2m | +109.2% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,023,702 | €2,023,262 | +€999,561 | +97.6% |
| Current portion of amounts payable after more than one year | 42 | €81,355 | €540,698 | +€459,343 | +564.6% |
| Financial debts | 43 | - | €67,639 | +€67,639 | |
| Credit institutions | 430/8 | - | €67,639 | +€67,639 | |
| Trade debts | 44 | €769,849 | €1,202,415 | +€432,566 | +56.2% |
| Suppliers | 440/4 | €769,849 | €1,202,415 | +€432,566 | +56.2% |
| Taxes, remuneration and social security | 45 | €169,397 | €207,092 | +€37,694 | +22.3% |
| Taxes | 450/3 | €256 | €512 | +€256 | +100.2% |
| Remuneration and social security | 454/9 | €169,142 | €206,580 | +€37,438 | +22.1% |
| Other amounts payable | 47/48 | €3,101 | €5,419 | +€2,318 | +74.8% |
| Accrued charges and deferred income | 492/3 | €166,739 | - | -€166,739 | |
| Non-recurring operating income | 76A | €353 | €723,537 | +€723,184 | +204844.8% |
| Remuneration, social security and pensions | 62 | €1,170,527 | €1,221,851 | +€51,324 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,067 | €304,583 | +€228,516 | +300.4% |
| Other operating charges | 640/8 | €71,587 | €54,728 | -€16,859 | -23.6% |
| Non-recurring operating charges | 66A | €1,060 | - | -€1,060 | |
| Gross operating margin | 9900 | €1,403,024 | €1,711,473 | +€308,449 | +22.0% |
| Operating profit (loss) | 9901 | €83,783 | €130,311 | +€46,529 | +55.5% |
| Financial income | 75/76B | €4,413 | €31,137 | +€26,724 | +605.6% |
| Recurring financial income | 75 | €4,413 | €31,137 | +€26,724 | +605.6% |
| Financial charges | 65/66B | €60,716 | €158,626 | +€97,909 | +161.3% |
| Recurring financial charges | 65 | €54,149 | €157,223 | +€103,074 | +190.4% |
| Non-recurring financial charges | 66B | €6,567 | €1,403 | -€5,165 | -78.6% |
| Profit (loss) for the period before taxes | 9903 | €27,479 | €2,822 | -€24,657 | -89.7% |
| Income taxes | 67/77 | €256 | €256 | +€0 | +0.2% |
| Profit (loss) for the period | 9904 | €27,223 | €2,566 | -€24,657 | -90.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,223 | €2,566 | -€24,657 | -90.6% |
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 10 October 2026 via checked.be.