CAT: 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.
CAT
Largest movements
- Cash -€99,239
down €99,239 (-93.2%), from €106,441 to €7,202
mainly Short-term financial debts (-€82,341) and Debts after one year (-€68,249)
- Other debts +€97,600
up €97,600 (+12.0%), from €811,223 to €908,822
- Short-term financial debts -€82,341
down €82,341 (-100.0%), from €82,341 to €0
- Debts after one year -€68,249
down €68,249 (-3.9%), from €1.8m to €1.7m
- Profit (loss) carried forward -€59,902
down €59,902 (-26.3%), from -€227,551 to -€287,453
- Gross operating margin +€43,424
up €43,424 (+52.3%), from €83,067 to €126,490
- Financial charges -€37,082
down €37,082 (-26.9%), from €137,817 to €100,735
- Depreciation +€21,792
up €21,792 (+43.2%), from €50,455 to €72,247
- Other operating charges +€7,510
up €7,510 (+127.3%), from €5,900 to €13,410
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 | €2,556,888 | €2,454,398 | -€102,490 | -4.0% |
| Fixed assets | 21/28 | €2,436,615 | €2,432,450 | -€4,164 | -0.2% |
| Tangible fixed assets | 22/27 | €2,436,615 | €2,432,450 | -€4,164 | -0.2% |
| Land and buildings | 22 | €2,436,615 | €2,432,450 | -€4,164 | -0.2% |
| Current assets | 29/58 | €120,274 | €21,948 | -€98,326 | -81.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Stocks | 30/36 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €13,833 | €12,275 | -€1,557 | -11.3% |
| Trade receivables | 40 | - | €1,430 | +€1,430 | |
| Other amounts receivable | 41 | €13,833 | €10,845 | -€2,987 | -21.6% |
| Cash at bank and in hand | 54/58 | €106,441 | €7,202 | -€99,239 | -93.2% |
| Deferred charges and accrued income | 490/1 | - | €2,470 | +€2,470 | |
| Total equity and liabilities | 10/49 | €2,556,888 | €2,454,398 | -€102,490 | -4.0% |
| Equity | 10/15 | -€173,380 | -€233,282 | -€59,902 | -34.5% |
| Contributions | 10/11 | €35,857 | €35,857 | = | 0.0% |
| Reserves | 13 | €18,313 | €18,313 | = | 0.0% |
| Non-distributable reserves | 130/1 | €598 | €598 | = | 0.0% |
| Reserves not available under the articles | 1311 | €598 | €598 | = | 0.0% |
| Distributable reserves | 133 | €17,716 | €17,716 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€227,551 | -€287,453 | -€59,902 | -26.3% |
| Amounts payable | 17/49 | €2,730,269 | €2,687,680 | -€42,588 | -1.6% |
| Amounts payable after more than one year | 17 | €1,764,721 | €1,696,472 | -€68,249 | -3.9% |
| Financial debts | 170/4 | €1,764,721 | €1,696,472 | -€68,249 | -3.9% |
| Amounts payable within one year | 42/48 | €965,548 | €989,328 | +€23,780 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €65,501 | €68,249 | +€2,748 | +4.2% |
| Financial debts | 43 | €82,341 | €0 | -€82,341 | -100.0% |
| Credit institutions | 430/8 | €82,341 | €0 | -€82,341 | -100.0% |
| Trade debts | 44 | €6,484 | €12,257 | +€5,773 | +89.0% |
| Suppliers | 440/4 | €6,484 | €12,257 | +€5,773 | +89.0% |
| Taxes, remuneration and social security | 45 | - | €0 | = | |
| Taxes | 450/3 | - | €0 | = | |
| Other amounts payable | 47/48 | €811,223 | €908,822 | +€97,600 | +12.0% |
| Accrued charges and deferred income | 492/3 | - | €1,880 | +€1,880 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,455 | €72,247 | +€21,792 | +43.2% |
| Other operating charges | 640/8 | €5,900 | €13,410 | +€7,510 | +127.3% |
| Gross operating margin | 9900 | €83,067 | €126,490 | +€43,424 | +52.3% |
| Operating profit (loss) | 9901 | €26,712 | €40,833 | +€14,121 | +52.9% |
| Financial income | 75/76B | - | €0 | = | |
| Recurring financial income | 75 | - | €0 | = | |
| Financial charges | 65/66B | €137,817 | €100,735 | -€37,082 | -26.9% |
| Recurring financial charges | 65 | €137,817 | €100,735 | -€37,082 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | -€111,106 | -€59,902 | +€51,204 | +46.1% |
| Profit (loss) for the period | 9904 | -€111,106 | -€59,902 | +€51,204 | +46.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€111,106 | -€59,902 | +€51,204 | +46.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.