CAUWENBULCK: what changed
What changed
CAUWENBULCK
filed annual accounts (NBB)
Net result for the year
-€21,609
2024 · -€23,667+€2,058
Equity
€298,499
2024 · €320,108-€21,609
Cash
€35,214
2024 · €107,868-€72,654
Balance sheet total
€1.2m
2024 · €1.3m-€63,679
Largest movements
Assets
- Cash -€72,654
down €72,654 (-67.4%), from €107,868 to €35,214
mainly Investment in fixed assets (net) (-€38,348) and Debts after one year (-€36,000)
Equity and liabilities
- Debts after one year -€36,000
down €36,000 (-18.2%), from €198,000 to €162,000
- Profit (loss) carried forward -€16,121
down €16,121 (-22.0%), from -€73,426 to -€89,547
Income statement
- Gross operating margin +€3,233
up €3,233 (+35.7%), from €9,060 to €12,293
- Depreciation +€1,505
up €1,505 (+5.4%), from €27,881 to €29,386
- Financial charges -€428
down €428 (-12.1%), from €3,540 to €3,112
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€23,667
Gross operating margin
+€3,233
Depreciation
-€1,505
Other operating charges
-€98
Financial charges
+€428
Result 2025
-€21,609
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1,694
Investment
-€38,348
Financing
-€36,000
Cash 2024
€107,868
From operations (derived)
+€1,694
Net result for the year
-€21,609
Depreciation
+€29,386
Smaller working-capital items
+€20
Provisions
-€1,830
Other debts
-€4,273
Investment (derived)
-€38,348
Investment in fixed assets (net)
-€38,348
Financing
-€36,000
Debts after one year
-€36,000
Cash 2025
€35,214
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,256,333 | €1,192,655 | -€63,679 | -5.1% |
| Fixed assets | 21/28 | €1,148,185 | €1,157,147 | +€8,962 | +0.8% |
| Tangible fixed assets | 22/27 | €1,148,056 | €1,157,018 | +€8,962 | +0.8% |
| Land and buildings | 22 | €1,144,134 | €1,153,644 | +€9,510 | +0.8% |
| Furniture and vehicles | 24 | €3,922 | €3,374 | -€548 | -14.0% |
| Financial fixed assets | 28 | €129 | €129 | = | 0.0% |
| Current assets | 29/58 | €108,149 | €35,508 | -€72,641 | -67.2% |
| Cash at bank and in hand | 54/58 | €107,868 | €35,214 | -€72,654 | -67.4% |
| Deferred charges and accrued income | 490/1 | €281 | €294 | +€13 | +4.7% |
| Total equity and liabilities | 10/49 | €1,256,333 | €1,192,655 | -€63,679 | -5.1% |
| Equity | 10/15 | €320,108 | €298,499 | -€21,609 | -6.8% |
| Contributions | 10/11 | €5,923 | €5,923 | = | 0.0% |
| Reserves | 13 | €387,611 | €382,122 | -€5,489 | -1.4% |
| Tax-exempt reserves | 132 | €166,347 | €160,859 | -€5,489 | -3.3% |
| Distributable reserves | 133 | €221,264 | €221,264 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,426 | -€89,547 | -€16,121 | -22.0% |
| Provisions and deferred taxes | 16 | €55,449 | €53,620 | -€1,830 | -3.3% |
| Deferred taxes | 168 | €55,449 | €53,620 | -€1,830 | -3.3% |
| Amounts payable | 17/49 | €880,776 | €840,537 | -€40,240 | -4.6% |
| Amounts payable after more than one year | 17 | €198,000 | €162,000 | -€36,000 | -18.2% |
| Financial debts | 170/4 | €198,000 | €162,000 | -€36,000 | -18.2% |
| Amounts payable within one year | 42/48 | €682,776 | €678,537 | -€4,240 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €36,000 | €36,000 | = | 0.0% |
| Trade debts | 44 | €22 | €56 | +€34 | +150% |
| Suppliers | 440/4 | €22 | €56 | +€34 | +150% |
| Other amounts payable | 47/48 | €646,754 | €642,480 | -€4,273 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,881 | €29,386 | +€1,505 | +5.4% |
| Other operating charges | 640/8 | €3,136 | €3,234 | +€98 | +3.1% |
| Gross operating margin | 9900 | €9,060 | €12,293 | +€3,233 | +35.7% |
| Operating profit (loss) | 9901 | -€21,957 | -€20,327 | +€1,630 | +7.4% |
| Financial charges | 65/66B | €3,540 | €3,112 | -€428 | -12.1% |
| Recurring financial charges | 65 | €3,540 | €3,112 | -€428 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | -€25,496 | -€23,439 | +€2,058 | +8.1% |
| Transfer from deferred taxes | 780 | €1,830 | €1,830 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€23,667 | -€21,609 | +€2,058 | +8.7% |
| Transfer from tax-exempt reserves | 789 | €5,489 | €5,489 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,178 | -€16,121 | +€2,058 | +11.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.