CAUWELS: 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
CAUWELS
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€42,564
2024 · €56,704-€14,140
Equity
€3.7m
2024 · €3.7m+€42,564
Cash
€199,992
2024 · €204,422-€4,430
Balance sheet total
€3.9m
2024 · €3.9m+€8,673
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Reserves +€42,564
up €42,564 (+5.0%), from €853,031 to €895,595
of which Distributable reserves: +€42,564
Income statement
- Gross operating margin -€19,139
down €19,139 (-17.6%), from €108,458 to €89,319
- Taxes -€3,118
down €3,118 (-16.5%), from €18,901 to €15,783
- Financial charges -€2,125
down €2,125 (-13.6%), from €15,570 to €13,446
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
€56,704
Gross operating margin
-€19,139
Depreciation
+€392
Other operating charges
-€617
Financial income
-€18
Financial charges
+€2,125
Taxes
+€3,118
Result 2025
€42,564
raises the resultlowers the result
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
+€42,648
Investment
-€24,078
Financing
-€23,000
Cash 2024
€204,422
From operations (derived)
+€42,648
Net result for the year
+€42,564
Depreciation
+€3,492
Receivables within one year
+€12,898
Deferred charges and accrued income
-€5,415
Trade debts
-€7,933
Tax, wage and social debts
-€2,958
Investment (derived)
-€24,078
Investment in fixed assets (net)
-€24,078
Financing
-€23,000
Debts after one year
-€23,000
Cash 2025
€199,992
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,932,128 | €3,940,801 | +€8,673 | +0.2% |
| Fixed assets | 21/28 | €3,482,291 | €3,502,877 | +€20,586 | +0.6% |
| Tangible fixed assets | 22/27 | €3,482,291 | €3,502,877 | +€20,586 | +0.6% |
| Land and buildings | 22 | €3,453,094 | €3,453,094 | = | 0.0% |
| Plant, machinery and equipment | 23 | €29,196 | €49,783 | +€20,586 | +70.5% |
| Current assets | 29/58 | €449,837 | €437,924 | -€11,913 | -2.6% |
| Amounts receivable within one year | 40/41 | €242,244 | €229,346 | -€12,898 | -5.3% |
| Trade receivables | 40 | €227,253 | €214,016 | -€13,236 | -5.8% |
| Other amounts receivable | 41 | €14,991 | €15,330 | +€339 | +2.3% |
| Cash at bank and in hand | 54/58 | €204,422 | €199,992 | -€4,430 | -2.2% |
| Deferred charges and accrued income | 490/1 | €3,171 | €8,585 | +€5,415 | +171% |
| Total equity and liabilities | 10/49 | €3,932,128 | €3,940,801 | +€8,673 | +0.2% |
| Equity | 10/15 | €3,652,117 | €3,694,681 | +€42,564 | +1.2% |
| Contributions | 10/11 | €570,155 | €570,155 | = | 0.0% |
| Capital | 10 | €570,155 | €570,155 | = | 0.0% |
| Issued capital | 100 | €570,155 | €570,155 | = | 0.0% |
| Revaluation surpluses | 12 | €2,228,931 | €2,228,931 | = | 0.0% |
| Reserves | 13 | €853,031 | €895,595 | +€42,564 | +5.0% |
| Non-distributable reserves | 130/1 | €57,016 | €57,016 | = | 0.0% |
| Legal reserve | 130 | €57,016 | €57,016 | = | 0.0% |
| Distributable reserves | 133 | €796,015 | €838,579 | +€42,564 | +5.3% |
| Amounts payable | 17/49 | €280,011 | €246,120 | -€33,891 | -12.1% |
| Amounts payable after more than one year | 17 | €235,750 | €212,750 | -€23,000 | -9.8% |
| Financial debts | 170/4 | €235,750 | €212,750 | -€23,000 | -9.8% |
| Amounts payable within one year | 42/48 | €44,261 | €33,370 | -€10,891 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €23,000 | €23,000 | = | 0.0% |
| Trade debts | 44 | €15,599 | €7,666 | -€7,933 | -50.9% |
| Suppliers | 440/4 | €15,599 | €7,666 | -€7,933 | -50.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,217 | €2,259 | -€2,958 | -56.7% |
| Taxes | 450/3 | €5,217 | €2,259 | -€2,958 | -56.7% |
| Other amounts payable | 47/48 | €445 | €445 | = | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,884 | €3,492 | -€392 | -10.1% |
| Other operating charges | 640/8 | €13,417 | €14,034 | +€617 | +4.6% |
| Gross operating margin | 9900 | €108,458 | €89,319 | -€19,139 | -17.6% |
| Operating profit (loss) | 9901 | €91,157 | €71,793 | -€19,364 | -21.2% |
| Financial income | 75/76B | €18 | €0 | -€18 | -100% |
| Recurring financial income | 75 | €18 | €0 | -€18 | -100% |
| Financial charges | 65/66B | €15,570 | €13,446 | -€2,125 | -13.6% |
| Recurring financial charges | 65 | €15,570 | €13,446 | -€2,125 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €75,605 | €58,348 | -€17,258 | -22.8% |
| Income taxes | 67/77 | €18,901 | €15,783 | -€3,118 | -16.5% |
| Profit (loss) for the period | 9904 | €56,704 | €42,564 | -€14,140 | -24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €56,704 | €42,564 | -€14,140 | -24.9% |
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 14 October 2026 via checked.be.