De Cassanova: 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.
De Cassanova
Largest movements
- Stocks and contracts +€922,734
up €922,734 (+44.8%), from €2.1m to €3.0m
of which Stocks: +€693,580
- Cash -€67,405
down €67,405 (-93.0%), from €72,487 to €5,082
mainly Stocks and contracts (-€922,734) and Net result for the year (-€124,402)
- Debts after one year +€566,000
new in 2025: €566,000
- Other debts +€250,314
up €250,314 (+30.5%), from €821,705 to €1.1m
- Profit (loss) carried forward -€124,402
down €124,402 (-57.9%), from -€214,993 to -€339,395
- Current portion of long-term debt +€90,000
up €90,000 (+18.4%), from €490,000 to €580,000
- Short-term financial debts +€69,910
new in 2025: €69,910
- Purchases and services -€190,140
down €190,140 (-38.5%), from €493,460 to €303,320
- Gross operating margin +€73,514
up €73,514 (+52.0%), from -€141,315 to -€67,801
- Staff costs -€28,820
no longer reported in 2025 (was €28,820)
- Other operating charges +€20,908
up €20,908 (+332.1%), from €6,295 to €27,203
- Financial charges -€9,452
down €9,452 (-33.2%), from €28,499 to €19,047
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 | €2,397,813 | €3,243,923 | +€846,110 | +35.3% |
| Fixed assets | 21/28 | €238,933 | €228,716 | -€10,217 | -4.3% |
| Tangible fixed assets | 22/27 | €233,027 | €222,810 | -€10,217 | -4.4% |
| Land and buildings | 22 | €221,797 | €214,751 | -€7,046 | -3.2% |
| Furniture and vehicles | 24 | €11,230 | €8,059 | -€3,171 | -28.2% |
| Financial fixed assets | 28 | €5,906 | €5,906 | = | 0.0% |
| Current assets | 29/58 | €2,158,880 | €3,015,207 | +€856,327 | +39.7% |
| Stocks and contracts in progress | 3 | €2,061,521 | €2,984,255 | +€922,734 | +44.8% |
| Stocks | 30/36 | €1,410,091 | €2,103,671 | +€693,580 | +49.2% |
| Contracts in progress | 37 | €651,430 | €880,584 | +€229,154 | +35.2% |
| Amounts receivable within one year | 40/41 | €24,872 | €24,865 | -€7 | 0.0% |
| Other amounts receivable | 41 | €24,872 | €24,865 | -€7 | 0.0% |
| Cash at bank and in hand | 54/58 | €72,487 | €5,082 | -€67,405 | -93.0% |
| Deferred charges and accrued income | 490/1 | - | €1,005 | +€1,005 | |
| Total equity and liabilities | 10/49 | €2,397,813 | €3,243,923 | +€846,110 | +35.3% |
| Equity | 10/15 | €1,071,220 | €946,818 | -€124,402 | -11.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,267,621 | €1,267,621 | = | 0.0% |
| Distributable reserves | 133 | €1,267,621 | €1,267,621 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€214,993 | -€339,395 | -€124,402 | -57.9% |
| Provisions and deferred taxes | 16 | €3,067 | €3,067 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €3,067 | €3,067 | = | 0.0% |
| Pensions and similar obligations | 160 | €3,067 | €3,067 | = | 0.0% |
| Amounts payable | 17/49 | €1,323,526 | €2,294,038 | +€970,512 | +73.3% |
| Amounts payable after more than one year | 17 | - | €566,000 | +€566,000 | |
| Financial debts | 170/4 | - | €566,000 | +€566,000 | |
| Amounts payable within one year | 42/48 | €1,323,526 | €1,728,038 | +€404,512 | +30.6% |
| Current portion of amounts payable after more than one year | 42 | €490,000 | €580,000 | +€90,000 | +18.4% |
| Financial debts | 43 | - | €69,910 | +€69,910 | |
| Credit institutions | 430/8 | - | €69,910 | +€69,910 | |
| Trade debts | 44 | €11,821 | €6,109 | -€5,712 | -48.3% |
| Suppliers | 440/4 | €11,821 | €6,109 | -€5,712 | -48.3% |
| Other amounts payable | 47/48 | €821,705 | €1,072,019 | +€250,314 | +30.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €493,460 | €303,320 | -€190,140 | -38.5% |
| Remuneration, social security and pensions | 62 | €28,820 | - | -€28,820 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,413 | €10,217 | -€196 | -1.9% |
| Other operating charges | 640/8 | €6,295 | €27,203 | +€20,908 | +332.1% |
| Gross operating margin | 9900 | -€141,315 | -€67,801 | +€73,514 | +52.0% |
| Operating profit (loss) | 9901 | -€186,843 | -€105,221 | +€81,622 | +43.7% |
| Financial income | 75/76B | €161 | €1 | -€160 | -99.4% |
| Recurring financial income | 75 | €161 | €1 | -€160 | -99.4% |
| Financial charges | 65/66B | €28,499 | €19,047 | -€9,452 | -33.2% |
| Recurring financial charges | 65 | €28,499 | €19,047 | -€9,452 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | -€215,181 | -€124,267 | +€90,914 | +42.3% |
| Income taxes | 67/77 | -€188 | €135 | +€323 | |
| Profit (loss) for the period | 9904 | -€214,993 | -€124,402 | +€90,591 | +42.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€214,993 | -€124,402 | +€90,591 | +42.1% |
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 10 October 2026 via checked.be.