De Cat: what changed
Two fiscal 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 Cat
Largest movements
- Cash -€159,391
down €159,391 (-58.7%), from €271,709 to €112,318
mainly Investment in fixed assets (net) (-€139,371) and Current investments (-€129,970)
- Current investments +€129,970
new in 2025: €129,970
- Tangible fixed assets +€129,421
up €129,421 (+736.3%), from €17,577 to €146,998
- Receivables within one year +€12,109
up €12,109 (+125.5%), from €9,647 to €21,756
of which Other amounts receivable: +€17,139
- Trade debts +€39,889
up €39,889 (+190.7%), from €20,917 to €60,806
- Current portion of long-term debt +€27,699
new in 2025: €27,699
- Tax, wage and social debts +€15,084
up €15,084 (+100.3%), from €15,046 to €30,130
of which Taxes: +€15,147
- Reserves +€9,745
up €9,745 (+4.5%), from €214,612 to €224,358
of which Distributable reserves: +€17,245
- Contributions +€7,500
up €7,500 (+10.0%), from €75,000 to €82,500
- Gross operating margin +€11,798
up €11,798 (+1.5%), from €770,790 to €782,588
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 | €319,189 | €431,499 | +€112,310 | +35.2% |
| Fixed assets | 21/28 | €17,577 | €146,998 | +€129,421 | +736.3% |
| Tangible fixed assets | 22/27 | €17,577 | €146,998 | +€129,421 | +736.3% |
| Plant, machinery and equipment | 23 | €17,577 | €146,998 | +€129,421 | +736.3% |
| Current assets | 29/58 | €301,612 | €284,501 | -€17,111 | -5.7% |
| Stocks and contracts in progress | 3 | €17,487 | €20,457 | +€2,970 | +17.0% |
| Stocks | 30/36 | €17,487 | €20,457 | +€2,970 | +17.0% |
| Amounts receivable within one year | 40/41 | €9,647 | €21,756 | +€12,109 | +125.5% |
| Trade receivables | 40 | €8,226 | €3,196 | -€5,030 | -61.1% |
| Other amounts receivable | 41 | €1,421 | €18,560 | +€17,139 | +1206.3% |
| Current investments | 50/53 | - | €129,970 | +€129,970 | |
| Cash at bank and in hand | 54/58 | €271,709 | €112,318 | -€159,391 | -58.7% |
| Deferred charges and accrued income | 490/1 | €2,769 | - | -€2,769 | |
| Total equity and liabilities | 10/49 | €319,189 | €431,499 | +€112,310 | +35.2% |
| Equity | 10/15 | €283,226 | €306,858 | +€23,631 | +8.3% |
| Contributions | 10/11 | €75,000 | €82,500 | +€7,500 | +10.0% |
| Reserves | 13 | €214,612 | €224,358 | +€9,745 | +4.5% |
| Non-distributable reserves | 130/1 | €7,500 | - | -€7,500 | |
| Reserves not available under the articles | 1311 | €7,500 | - | -€7,500 | |
| Distributable reserves | 133 | €207,112 | €224,358 | +€17,245 | +8.3% |
| Profit (loss) carried forward | 14 | -€6,386 | - | +€6,386 | |
| Amounts payable | 17/49 | €35,963 | €124,641 | +€88,678 | +246.6% |
| Amounts payable within one year | 42/48 | €35,963 | €124,641 | +€88,678 | +246.6% |
| Current portion of amounts payable after more than one year | 42 | - | €27,699 | +€27,699 | |
| Trade debts | 44 | €20,917 | €60,806 | +€39,889 | +190.7% |
| Suppliers | 440/4 | €20,917 | €60,806 | +€39,889 | +190.7% |
| Advances received on contracts in progress | 46 | - | €6,007 | +€6,007 | |
| Taxes, remuneration and social security | 45 | €15,046 | €30,130 | +€15,084 | +100.3% |
| Taxes | 450/3 | €14,983 | €30,130 | +€15,147 | +101.1% |
| Remuneration and social security | 454/9 | €63 | - | -€63 | |
| Remuneration, social security and pensions | 62 | €638,810 | €642,128 | +€3,318 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,093 | €9,950 | +€5,857 | +143.1% |
| Other operating charges | 640/8 | €7,663 | €11,254 | +€3,591 | +46.9% |
| Gross operating margin | 9900 | €770,790 | €782,588 | +€11,798 | +1.5% |
| Operating profit (loss) | 9901 | €120,224 | €119,256 | -€968 | -0.8% |
| Financial income | 75/76B | €1,490 | €1,114 | -€376 | -25.2% |
| Recurring financial income | 75 | €1,490 | €1,114 | -€376 | -25.2% |
| Financial charges | 65/66B | €7,439 | €11,423 | +€3,984 | +53.6% |
| Recurring financial charges | 65 | €7,439 | €11,423 | +€3,984 | +53.6% |
| Profit (loss) for the period before taxes | 9903 | €114,275 | €108,947 | -€5,328 | -4.7% |
| Income taxes | 67/77 | €32,505 | €32,103 | -€403 | -1.2% |
| Profit (loss) for the period | 9904 | €81,770 | €76,845 | -€4,925 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €81,770 | €76,845 | -€4,925 | -6.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.