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.
CAUWELS
Largest movements
- Receivables within one year -€149,918
down €149,918 (-53.8%), from €278,596 to €128,678
of which Trade receivables: -€162,348
- Stocks and contracts +€36,839
up €36,839 (+562%), from €6,557 to €43,396
of which Contracts in progress: +€33,605
- Tangible fixed assets -€7,857
down €7,857 (-57.9%), from €13,558 to €5,701
of which Furniture and vehicles: -€4,236
- Receivables after one year -€5,000
down €5,000 (-7.1%), from €70,000 to €65,000
- Trade debts -€78,029
down €78,029 (-64.4%), from €121,195 to €43,166
- Tax, wage and social debts -€16,077
down €16,077 (-72.9%), from €22,040 to €5,962
of which Taxes: -€16,077
- Other debts -€15,205
down €15,205 (-71.4%), from €21,302 to €6,097
- Debts after one year -€11,386
down €11,386 (-38.2%), from €29,782 to €18,396
- Current portion of long-term debt -€4,223
down €4,223 (-27.1%), from €15,609 to €11,386
- Gross operating margin -€24,905
down €24,905 (-60.1%), from €41,446 to €16,541
- Taxes -€8,245
down €8,245 (-80.9%), from €10,192 to €1,947
- Financial charges +€2,992
up €2,992 (+146%), from €2,055 to €5,047
- Other operating charges -€1,316
down €1,316 (-57.4%), from €2,294 to €977
- Provisions +€565
no longer reported in 2025 (was -€565)
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 | €390,791 | €262,150 | -€128,641 | -32.9% |
| Fixed assets | 21/28 | €13,558 | €5,701 | -€7,857 | -57.9% |
| Tangible fixed assets | 22/27 | €13,558 | €5,701 | -€7,857 | -57.9% |
| Plant, machinery and equipment | 23 | €6,827 | €3,206 | -€3,621 | -53.0% |
| Furniture and vehicles | 24 | €6,730 | €2,495 | -€4,236 | -62.9% |
| Current assets | 29/58 | €377,233 | €256,448 | -€120,784 | -32.0% |
| Amounts receivable after more than one year | 29 | €70,000 | €65,000 | -€5,000 | -7.1% |
| Other amounts receivable | 291 | €70,000 | €65,000 | -€5,000 | -7.1% |
| Stocks and contracts in progress | 3 | €6,557 | €43,396 | +€36,839 | +562% |
| Stocks | 30/36 | €6,557 | €9,791 | +€3,234 | +49.3% |
| Contracts in progress | 37 | - | €33,605 | +€33,605 | |
| Amounts receivable within one year | 40/41 | €278,596 | €128,678 | -€149,918 | -53.8% |
| Trade receivables | 40 | €276,431 | €114,083 | -€162,348 | -58.7% |
| Other amounts receivable | 41 | €2,165 | €14,595 | +€12,431 | +574% |
| Cash at bank and in hand | 54/58 | €18,391 | €15,647 | -€2,744 | -14.9% |
| Deferred charges and accrued income | 490/1 | €3,689 | €3,727 | +€38 | +1.0% |
| Total equity and liabilities | 10/49 | €390,791 | €262,150 | -€128,641 | -32.9% |
| Equity | 10/15 | €180,863 | €177,142 | -€3,721 | -2.1% |
| Contributions | 10/11 | €32,226 | €32,226 | = | 0.0% |
| Reserves | 13 | €148,637 | €144,916 | -€3,721 | -2.5% |
| Non-distributable reserves | 130/1 | €3,223 | €3,223 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,223 | €3,223 | = | 0.0% |
| Distributable reserves | 133 | €145,414 | €141,693 | -€3,721 | -2.6% |
| Amounts payable | 17/49 | €209,927 | €85,008 | -€124,920 | -59.5% |
| Amounts payable after more than one year | 17 | €29,782 | €18,396 | -€11,386 | -38.2% |
| Financial debts | 170/4 | €29,782 | €18,396 | -€11,386 | -38.2% |
| Amounts payable within one year | 42/48 | €180,145 | €66,612 | -€113,533 | -63.0% |
| Current portion of amounts payable after more than one year | 42 | €15,609 | €11,386 | -€4,223 | -27.1% |
| Trade debts | 44 | €121,195 | €43,166 | -€78,029 | -64.4% |
| Suppliers | 440/4 | €121,195 | €43,166 | -€78,029 | -64.4% |
| Taxes, remuneration and social security | 45 | €22,040 | €5,962 | -€16,077 | -72.9% |
| Taxes | 450/3 | €19,390 | €3,312 | -€16,077 | -82.9% |
| Remuneration and social security | 454/9 | €2,650 | €2,650 | = | 0.0% |
| Other amounts payable | 47/48 | €21,302 | €6,097 | -€15,205 | -71.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,405 | €7,857 | -€549 | -6.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€565 | - | +€565 | |
| Other operating charges | 640/8 | €2,294 | €977 | -€1,316 | -57.4% |
| Gross operating margin | 9900 | €41,446 | €16,541 | -€24,905 | -60.1% |
| Operating profit (loss) | 9901 | €31,312 | €7,707 | -€23,605 | -75.4% |
| Financial income | 75/76B | €1,420 | €1,662 | +€243 | +17.1% |
| Recurring financial income | 75 | €1,420 | €1,662 | +€243 | +17.1% |
| Financial charges | 65/66B | €2,055 | €5,047 | +€2,992 | +146% |
| Recurring financial charges | 65 | €2,055 | €5,047 | +€2,992 | +146% |
| Profit (loss) for the period before taxes | 9903 | €30,677 | €4,323 | -€26,354 | -85.9% |
| Income taxes | 67/77 | €10,192 | €1,947 | -€8,245 | -80.9% |
| Profit (loss) for the period | 9904 | €20,485 | €2,376 | -€18,110 | -88.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,485 | €2,376 | -€18,110 | -88.4% |
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 15 October 2026 via checked.be.