CATALPA: 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.
CATALPA
Largest movements
- Financial fixed assets -€1.8m
down €1.8m (-13.0%), from €13.7m to €11.9m
- Current investments +€1.3m
up €1.3m (+44.3%), from €2.9m to €4.2m
- Cash +€1.1m
up €1.1m (+46.0%), from €2.4m to €3.5m
mainly Investment in fixed assets (net) (+€2.2m) and Net result for the year (+€1.3m)
- Tangible fixed assets -€543,267
down €543,267 (-7.9%), from €6.9m to €6.3m
of which Land and buildings: -€448,247
- Revaluation surpluses -€1.2m
no longer reported in 2025 (was €1.2m)
- Profit (loss) carried forward +€713,854
up €713,854 (+2.9%), from €24.8m to €25.5m
- Reserves +€606,342
up €606,342 (+36.9%), from €1.6m to €2.3m
of which Tax-exempt reserves: +€606,342
- Financial income +€1.4m
up €1.4m (+147%), from €948,573 to €2.3m
- Financial charges +€1.1m
up €1.1m, from -€18,935 to €1.1m
of which Non-recurring financial charges: +€700,000
- Gross operating margin +€520,432
up €520,432 (+198%), from €262,865 to €783,298
- Taxes +€284,608
up €284,608 (+1,079%), from €26,379 to €310,987
- Depreciation +€67,738
up €67,738 (+121%), from €56,171 to €123,910
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,217,890 | €28,470,712 | +€252,822 | +0.9% |
| Fixed assets | 21/28 | €20,593,636 | €18,273,660 | -€2.3m | -11.3% |
| Tangible fixed assets | 22/27 | €6,890,973 | €6,347,706 | -€543,267 | -7.9% |
| Land and buildings | 22 | €5,208,225 | €4,759,978 | -€448,247 | -8.6% |
| Furniture and vehicles | 24 | €214,132 | €121,818 | -€92,314 | -43.1% |
| Other tangible fixed assets | 26 | €1,468,616 | €1,465,910 | -€2,706 | -0.2% |
| Financial fixed assets | 28 | €13,702,663 | €11,925,954 | -€1.8m | -13.0% |
| Current assets | 29/58 | €7,624,253 | €10,197,052 | +€2.6m | +33.7% |
| Amounts receivable within one year | 40/41 | €2,253,240 | €2,430,050 | +€176,810 | +7.8% |
| Trade receivables | 40 | €2,500 | €2,500 | = | 0.0% |
| Other amounts receivable | 41 | €2,250,740 | €2,427,550 | +€176,810 | +7.9% |
| Current investments | 50/53 | €2,941,524 | €4,245,292 | +€1.3m | +44.3% |
| Cash at bank and in hand | 54/58 | €2,412,245 | €3,521,710 | +€1.1m | +46.0% |
| Deferred charges and accrued income | 490/1 | €17,245 | - | -€17,245 | |
| Total equity and liabilities | 10/49 | €28,217,890 | €28,470,712 | +€252,822 | +0.9% |
| Equity | 10/15 | €27,779,278 | €27,856,029 | +€76,751 | +0.3% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,243,445 | - | -€1.2m | |
| Reserves | 13 | €1,644,144 | €2,250,486 | +€606,342 | +36.9% |
| Non-distributable reserves | 130/1 | €74,368 | €74,368 | = | 0.0% |
| Legal reserve | 130 | €74,368 | €74,368 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,191,653 | €1,797,995 | +€606,342 | +50.9% |
| Distributable reserves | 133 | €378,123 | €378,123 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,766,690 | €25,480,543 | +€713,854 | +2.9% |
| Provisions and deferred taxes | 16 | €397,218 | €599,332 | +€202,114 | +50.9% |
| Deferred taxes | 168 | €397,218 | €599,332 | +€202,114 | +50.9% |
| Amounts payable | 17/49 | €41,394 | €15,351 | -€26,043 | -62.9% |
| Amounts payable within one year | 42/48 | €38,047 | €15,351 | -€22,696 | -59.7% |
| Trade debts | 44 | €28,978 | €14,120 | -€14,858 | -51.3% |
| Suppliers | 440/4 | €28,978 | €14,120 | -€14,858 | -51.3% |
| Other amounts payable | 47/48 | €9,069 | €1,231 | -€7,838 | -86.4% |
| Accrued charges and deferred income | 492/3 | €3,347 | - | -€3,347 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,171 | €123,910 | +€67,738 | +121% |
| Other operating charges | 640/8 | €31,843 | €36,239 | +€4,396 | +13.8% |
| Gross operating margin | 9900 | €262,865 | €783,298 | +€520,432 | +198% |
| Operating profit (loss) | 9901 | €174,851 | €623,148 | +€448,297 | +256% |
| Financial income | 75/76B | €948,573 | €2,340,149 | +€1.4m | +147% |
| Recurring financial income | 75 | €948,573 | €2,340,149 | +€1.4m | +147% |
| Financial charges | 65/66B | -€18,935 | €1,130,001 | +€1.1m | |
| Recurring financial charges | 65 | -€18,935 | €430,001 | +€448,936 | |
| Non-recurring financial charges | 66B | - | €700,000 | +€700,000 | |
| Profit (loss) for the period before taxes | 9903 | €1,142,359 | €1,833,297 | +€690,938 | +60.5% |
| Transfer from deferred taxes | 780 | €1,963 | €11,847 | +€9,884 | +503% |
| Transfer to deferred taxes | 680 | - | €213,961 | +€213,961 | |
| Income taxes | 67/77 | €26,379 | €310,987 | +€284,608 | +1,079% |
| Profit (loss) for the period | 9904 | €1,117,943 | €1,320,196 | +€202,252 | +18.1% |
| Transfer from tax-exempt reserves | 789 | €5,890 | €35,541 | +€29,652 | +503% |
| Transfer to tax-exempt reserves | 689 | - | €641,884 | +€641,884 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,123,833 | €713,854 | -€409,980 | -36.5% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.