CASTELMORE: 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.
What changed
CASTELMORE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€44,985
2024 · -€4.9m+€4.9m
Equity
€4.6m
2024 · €4.6m-€44,985
Cash
€0
2024 · €2,515-€2,515
Balance sheet total
€13.7m
2024 · €15.1m-€1.5m
Largest movements
Assets
- Receivables within one year -€1.5m
down €1.5m (-16.9%), from €9.0m to €7.4m
of which Trade receivables: -€2.5m
Equity and liabilities
- Short-term financial debts -€7.8m
down €7.8m (-99.7%), from €7.8m to €26,729
- Other debts +€7.1m
up €7.1m (+2,138%), from €332,833 to €7.4m
- Trade debts -€359,530
down €359,530 (-49.1%), from €731,501 to €371,971
- Tax, wage and social debts -€356,880
down €356,880 (-48.1%), from €741,839 to €384,959
of which Remuneration and social security: -€235,597
Income statement
- Financial charges -€5.8m
down €5.8m (-96.4%), from €6.1m to €217,238
of which Non-recurring financial charges: -€5.9m
- Turnover -€2.3m
no longer reported in 2025 (was €2.3m)
- Gross operating margin +€1.3m
new in 2025: €1.3m
- Financial income -€1.3m
down €1.3m (-96.0%), from €1.3m to €52,267
of which Non-recurring financial income: -€1.3m
- Services and other goods -€1.2m
no longer reported in 2025 (was €1.2m)
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.
Result 2024
-€4.9m
Turnover
-€2.3m
Other operating income
-€50,383
Services and other goods
+€1.2m
Staff costs
+€150,698
Depreciation
-€2,473
Write-downs
-€50,693
Other operating charges
+€55,107
Other operating items
+€1.3m
Financial income
-€1.3m
Financial charges
+€5.8m
Taxes
-€535
Result 2025
-€44,985
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€7.9m
Investment
-€56,686
Financing
-€7.8m
Cash 2024
€2,515
From operations (derived)
+€7.9m
Net result for the year
-€44,985
Depreciation
+€21,496
Smaller working-capital items
-€21,282
Receivables within one year
+€1.5m
Trade debts
-€359,530
Tax, wage and social debts
-€356,880
Other debts
+€7.1m
Investment (derived)
-€56,686
Investment in fixed assets (net)
-€56,686
Financing
-€7.8m
Debts after one year
-€62,591
Short-term financial debts
-€7.8m
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,138,405 | €13,677,183 | -€1.5m | -9.7% |
| Fixed assets | 21/28 | €6,096,293 | €6,131,484 | +€35,191 | +0.6% |
| Intangible fixed assets | 21 | €47,286 | €35,941 | -€11,345 | -24.0% |
| Tangible fixed assets | 22/27 | €35,358 | €36,046 | +€688 | +1.9% |
| Land and buildings | 22 | €2,585 | €1,714 | -€871 | -33.7% |
| Plant, machinery and equipment | 23 | €1,369 | €5,009 | +€3,641 | +266% |
| Furniture and vehicles | 24 | €31,404 | €29,323 | -€2,081 | -6.6% |
| Financial fixed assets | 28 | €6,013,650 | €6,059,498 | +€45,848 | +0.8% |
| Affiliated companies | 280/1 | €5,984,550 | - | -€6.0m | |
| Participating interests | 280 | €5,000,000 | - | -€5.0m | |
| Amounts receivable | 281 | €984,550 | - | -€984,550 | |
| Companies linked by participating interests | 282/3 | €28,000 | - | -€28,000 | |
| Amounts receivable | 283 | €28,000 | - | -€28,000 | |
| Other financial fixed assets | 284/8 | €1,100 | - | -€1,100 | |
| Amounts receivable and cash guarantees | 285/8 | €1,100 | - | -€1,100 | |
| Current assets | 29/58 | €9,042,112 | €7,545,699 | -€1.5m | -16.5% |
| Amounts receivable after more than one year | 29 | €70,000 | €78,508 | +€8,508 | +12.2% |
| Trade receivables | 290 | €70,000 | €0 | -€70,000 | -100% |
| Other amounts receivable | 291 | - | €78,508 | +€78,508 | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €8,963,068 | €7,449,987 | -€1.5m | -16.9% |
| Trade receivables | 40 | €6,251,492 | €3,793,437 | -€2.5m | -39.3% |
| Other amounts receivable | 41 | €2,711,576 | €3,656,550 | +€944,974 | +34.8% |
| Cash at bank and in hand | 54/58 | €2,515 | €0 | -€2,515 | -100% |
| Deferred charges and accrued income | 490/1 | €6,529 | €17,204 | +€10,674 | +163% |
| Total equity and liabilities | 10/49 | €15,138,405 | €13,677,183 | -€1.5m | -9.7% |
| Equity | 10/15 | €4,632,364 | €4,587,379 | -€44,985 | -1.0% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,667,549 | €2,667,549 | = | 0.0% |
| Reserves | 13 | €1,664,815 | €1,619,830 | -€44,985 | -2.7% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €1,634,815 | €1,589,830 | -€44,985 | -2.8% |
| Amounts payable | 17/49 | €10,506,042 | €9,089,804 | -€1.4m | -13.5% |
| Amounts payable after more than one year | 17 | €919,016 | €856,424 | -€62,591 | -6.8% |
| Financial debts | 170/4 | €919,016 | €856,424 | -€62,591 | -6.8% |
| Subordinated loans | 170 | €919,016 | - | -€919,016 | |
| Amounts payable within one year | 42/48 | €9,584,559 | €8,233,013 | -€1.4m | -14.1% |
| Financial debts | 43 | €7,778,386 | €26,729 | -€7.8m | -99.7% |
| Credit institutions | 430/8 | €7,778,386 | €26,729 | -€7.8m | -99.7% |
| Trade debts | 44 | €731,501 | €371,971 | -€359,530 | -49.1% |
| Suppliers | 440/4 | €731,501 | €371,971 | -€359,530 | -49.1% |
| Taxes, remuneration and social security | 45 | €741,839 | €384,959 | -€356,880 | -48.1% |
| Taxes | 450/3 | €246,545 | €125,262 | -€121,283 | -49.2% |
| Remuneration and social security | 454/9 | €495,294 | €259,698 | -€235,597 | -47.6% |
| Other amounts payable | 47/48 | €332,833 | €7,449,354 | +€7.1m | +2,138% |
| Accrued charges and deferred income | 492/3 | €2,466 | €366 | -€2,100 | -85.1% |
| Operating income | 70/76A | €2,406,379 | - | -€2.4m | |
| Turnover | 70 | €2,343,496 | - | -€2.3m | |
| Other operating income | 74 | €50,383 | - | -€50,383 | |
| Non-recurring operating income | 76A | €12,501 | €111,730 | +€99,229 | +794% |
| Operating charges | 60/66A | €2,574,081 | - | -€2.6m | |
| Services and other goods | 61 | €1,194,757 | - | -€1.2m | |
| Remuneration, social security and pensions | 62 | €1,291,867 | €1,141,168 | -€150,698 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,023 | €21,496 | +€2,473 | +13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€50,000 | €693 | +€50,693 | |
| Other operating charges | 640/8 | €92,069 | €36,962 | -€55,107 | -59.9% |
| Non-recurring operating charges | 66A | €26,366 | €98 | -€26,268 | -99.6% |
| Gross operating margin | 9900 | - | €1,323,080 | +€1.3m | |
| Operating profit (loss) | 9901 | -€167,702 | €122,664 | +€290,366 | |
| Financial income | 75/76B | €1,310,224 | €52,267 | -€1.3m | -96.0% |
| Recurring financial income | 75 | €41,550 | €52,267 | +€10,717 | +25.8% |
| Income from financial fixed assets | 750 | €41,550 | - | -€41,550 | |
| Non-recurring financial income | 76B | €1,268,674 | €0 | -€1.3m | -100% |
| Financial charges | 65/66B | €6,065,058 | €217,238 | -€5.8m | -96.4% |
| Recurring financial charges | 65 | €178,974 | €217,238 | +€38,264 | +21.4% |
| Debt charges | 650 | €173,235 | - | -€173,235 | |
| Other financial charges | 652/9 | €5,739 | - | -€5,739 | |
| Non-recurring financial charges | 66B | €5,886,084 | €0 | -€5.9m | -100% |
| Profit (loss) for the period before taxes | 9903 | -€4,922,535 | -€42,307 | +€4.9m | +99.1% |
| Income taxes | 67/77 | €2,143 | €2,677 | +€535 | +25.0% |
| Taxes | 670/3 | €2,143 | - | -€2,143 | |
| Profit (loss) for the period | 9904 | -€4,924,678 | -€44,985 | +€4.9m | +99.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,924,678 | -€44,985 | +€4.9m | +99.1% |
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 22 October 2026 via checked.be.