CASTELMORE GROUP: 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 GROUP
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1.2m
2024 · -€289,994-€922,170
Equity
€12.2m
2024 · €13.4m-€1.2m
Cash
€45,556
2024 · €24,626+€20,930
Balance sheet total
€34.7m
2024 · €32.3m+€2.4m
Largest movements
Assets
- Financial fixed assets +€1.5m
up €1.5m (+7.6%), from €19.7m to €21.2m
- Receivables within one year +€1.2m
up €1.2m (+16.2%), from €7.4m to €8.6m
of which Other amounts receivable: +€1.8m
Equity and liabilities
- Debts after one year +€6.6m
up €6.6m (+100%), from €6.6m to €13.3m
of which Financial debts: +€6.7m
- Short-term financial debts -€2.0m
down €2.0m (-99.9%), from €2.0m to €2,469
- Reserves -€1.2m
down €1.2m (-42.5%), from €2.9m to €1.6m
of which Distributable reserves: -€1.2m
- Current portion of long-term debt -€1.1m
down €1.1m (-59.4%), from €1.8m to €735,162
- Other debts +€713,340
up €713,340 (+9.5%), from €7.5m to €8.2m
Income statement
- Turnover -€628,394
no longer reported in 2025 (was €628,394)
- Services and other goods -€548,370
no longer reported in 2025 (was €548,370)
- Financial charges +€374,925
up €374,925 (+59.9%), from €625,539 to €1.0m
of which Financial charges: +€374,925
- Financial income +€194,764
up €194,764 (+5,084%), from €3,831 to €198,595
- Other operating income -€74,171
no longer reported in 2025 (was €74,171)
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
-€289,994
Turnover
-€628,394
Other operating income
-€74,171
Services and other goods
+€548,370
Staff costs
-€31,305
Depreciation
-€15,732
Other operating charges
-€10,028
Other operating items
+€16,392
Financial income
+€194,764
Financial charges
-€374,925
Taxes
+€49,645
Deferred taxes and other
-€596,785
Result 2025
-€1.2m
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
-€2.0m
Investment
-€1.5m
Financing
+€3.6m
Cash 2024
€24,626
From operations (derived)
-€2.0m
Net result for the year
-€1.2m
Depreciation
+€126,735
Receivables after one year
+€216,317
Receivables within one year
-€1.2m
Smaller working-capital items
+€1,503
Trade debts
-€625,942
Tax, wage and social debts
-€67,902
Other debts
+€713,340
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1.5m
Financing
+€3.6m
Debts after one year
+€6.6m
Current portion of long-term debt
-€1.1m
Short-term financial debts
-€2.0m
Contributions, distributions and other
+€0
Not broken down
-€1
Cash 2025
€45,556
brings cash intakes cash outdifference the filed balance sheets leave
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,284,583 | €34,661,679 | +€2.4m | +7.4% |
| Formation expenses | 20 | €97,149 | €77,708 | -€19,441 | -20.0% |
| Fixed assets | 21/28 | €22,495,231 | €23,891,985 | +€1.4m | +6.2% |
| Intangible fixed assets | 21 | €12,198 | €4,444 | -€7,754 | -63.6% |
| Tangible fixed assets | 22/27 | €2,754,326 | €2,658,834 | -€95,492 | -3.5% |
| Land and buildings | 22 | €2,701,830 | €2,612,176 | -€89,654 | -3.3% |
| Plant, machinery and equipment | 23 | €2,646 | €2,258 | -€388 | -14.7% |
| Furniture and vehicles | 24 | €30,138 | €24,689 | -€5,449 | -18.1% |
| Other tangible fixed assets | 26 | €19,712 | €19,712 | -€0 | 0.0% |
| Financial fixed assets | 28 | €19,728,707 | €21,228,707 | +€1.5m | +7.6% |
| Affiliated companies | 280/1 | €19,724,707 | - | -€19.7m | |
| Participating interests | 280 | €19,724,707 | - | -€19.7m | |
| Companies linked by participating interests | 282/3 | €4,000 | - | -€4,000 | |
| Participating interests | 282 | €4,000 | - | -€4,000 | |
| Current assets | 29/58 | €9,692,204 | €10,691,986 | +€999,782 | +10.3% |
| Amounts receivable after more than one year | 29 | €2,298,841 | €2,082,524 | -€216,317 | -9.4% |
| Trade receivables | 290 | €2,298,841 | €0 | -€2.3m | -100% |
| Other amounts receivable | 291 | - | €2,082,524 | +€2.1m | |
| Amounts receivable within one year | 40/41 | €7,364,417 | €8,561,091 | +€1.2m | +16.2% |
| Trade receivables | 40 | €868,764 | €243,291 | -€625,473 | -72.0% |
| Other amounts receivable | 41 | €6,495,653 | €8,317,799 | +€1.8m | +28.1% |
| Cash at bank and in hand | 54/58 | €24,626 | €45,556 | +€20,930 | +85.0% |
| Deferred charges and accrued income | 490/1 | €4,320 | €2,815 | -€1,505 | -34.8% |
| Total equity and liabilities | 10/49 | €32,284,583 | €34,661,679 | +€2.4m | +7.4% |
| Equity | 10/15 | €13,429,689 | €12,217,526 | -€1.2m | -9.0% |
| Contributions | 10/11 | €10,579,292 | €10,579,292 | +€0 | 0.0% |
| Capital | 10 | €10,579,292 | €10,579,292 | +€0 | 0.0% |
| Issued capital | 100 | €10,579,292 | €10,579,292 | +€0 | 0.0% |
| Reserves | 13 | €2,850,397 | €1,638,233 | -€1.2m | -42.5% |
| Non-distributable reserves | 130/1 | €467,000 | €467,000 | = | 0.0% |
| Legal reserve | 130 | €467,000 | €467,000 | = | 0.0% |
| Distributable reserves | 133 | €2,383,397 | €1,171,233 | -€1.2m | -50.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €18,854,894 | €22,444,153 | +€3.6m | +19.0% |
| Amounts payable after more than one year | 17 | €6,645,251 | €13,293,702 | +€6.6m | +100% |
| Financial debts | 170/4 | €4,839,917 | €11,493,702 | +€6.7m | +137% |
| Subordinated loans | 170 | €1,352,924 | - | -€1.4m | |
| Credit institutions | 173 | €0 | - | = | |
| Other loans | 174 | €3,486,993 | - | -€3.5m | |
| Other amounts payable | 178/9 | €1,805,334 | €1,800,000 | -€5,334 | -0.3% |
| Amounts payable within one year | 42/48 | €12,179,988 | €9,120,798 | -€3.1m | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €1,812,722 | €735,162 | -€1.1m | -59.4% |
| Financial debts | 43 | €2,003,594 | €2,469 | -€2.0m | -99.9% |
| Credit institutions | 430/8 | €2,003,594 | €2,469 | -€2.0m | -99.9% |
| Trade debts | 44 | €719,788 | €93,846 | -€625,942 | -87.0% |
| Suppliers | 440/4 | €719,788 | €93,846 | -€625,942 | -87.0% |
| Taxes, remuneration and social security | 45 | €111,389 | €43,487 | -€67,902 | -61.0% |
| Taxes | 450/3 | €64,851 | €16,254 | -€48,597 | -74.9% |
| Remuneration and social security | 454/9 | €46,538 | €27,233 | -€19,305 | -41.5% |
| Other amounts payable | 47/48 | €7,532,495 | €8,245,835 | +€713,340 | +9.5% |
| Accrued charges and deferred income | 492/3 | €29,655 | €29,653 | -€2 | 0.0% |
| Operating income | 70/76A | €713,824 | - | -€713,824 | |
| Turnover | 70 | €628,394 | - | -€628,394 | |
| Other operating income | 74 | €74,171 | - | -€74,171 | |
| Non-recurring operating income | 76A | €11,260 | €73,288 | +€62,028 | +551% |
| Operating charges | 60/66A | €928,799 | - | -€928,799 | |
| Services and other goods | 61 | €548,370 | - | -€548,370 | |
| Remuneration, social security and pensions | 62 | €240,453 | €271,758 | +€31,305 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,003 | €126,735 | +€15,732 | +14.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €22,092 | €32,120 | +€10,028 | +45.4% |
| Non-recurring operating charges | 66A | €6,881 | €5,000 | -€1,881 | -27.3% |
| Gross operating margin | 9900 | - | €25,769 | +€25,769 | |
| Operating profit (loss) | 9901 | -€214,975 | -€409,844 | -€194,869 | -90.6% |
| Financial income | 75/76B | €3,831 | €198,595 | +€194,764 | +5,084% |
| Recurring financial income | 75 | €3,831 | €198,595 | +€194,764 | +5,084% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Other financial income | 752/9 | €3,831 | - | -€3,831 | |
| Financial charges | 65/66B | €625,539 | €1,000,464 | +€374,925 | +59.9% |
| Recurring financial charges | 65 | €625,539 | €1,000,464 | +€374,925 | +59.9% |
| Debt charges | 650 | €599,453 | - | -€599,453 | |
| Other financial charges | 652/9 | €26,085 | - | -€26,085 | |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€836,683 | -€1,211,713 | -€375,030 | -44.8% |
| Transfer from deferred taxes | 780 | €596,785 | €0 | -€596,785 | -100% |
| Income taxes | 67/77 | €50,096 | €451 | -€49,645 | -99.1% |
| Taxes | 670/3 | €50,096 | - | -€50,096 | |
| Profit (loss) for the period | 9904 | -€289,994 | -€1,212,164 | -€922,170 | -318% |
| Transfer from tax-exempt reserves | 789 | €1,802,886 | €0 | -€1.8m | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €1,512,892 | -€1,212,164 | -€2.7m |
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 27 October 2026 via checked.be.