DR. CAEYMAEX: 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.
DR. CAEYMAEX
Largest movements
- Cash +€29,102
up €29,102 (+83.6%), from €34,832 to €63,934
mainly Net result for the year (+€94,091) and Depreciation (+€23,403)
- Current investments +€13,100
up €13,100 (+2.8%), from €465,862 to €478,962
- Reserves +€60,328
up €60,328 (+18.3%), from €329,280 to €389,608
of which Distributable reserves: +€60,328
- Debts after one year -€28,744
down €28,744 (-20.5%), from €139,978 to €111,234
- Other debts +€12,728
up €12,728 (+60.5%), from €21,035 to €33,763
- Tax, wage and social debts +€12,542
up €12,542 (+31.4%), from €39,942 to €52,484
of which Taxes: +€12,368
- Trade debts -€9,250
down €9,250 (-55.0%), from €16,826 to €7,576
- Gross operating margin +€13,533
up €13,533 (+6.7%), from €201,120 to €214,653
- Taxes +€10,452
up €10,452 (+27.9%), from €37,459 to €47,911
- Staff costs +€2,420
up €2,420 (+7.9%), from €30,515 to €32,935
- Other operating charges -€2,197
down €2,197 (-34.8%), from €6,317 to €4,120
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 | €725,003 | €765,744 | +€40,741 | +5.6% |
| Fixed assets | 21/28 | €103,554 | €98,175 | -€5,379 | -5.2% |
| Intangible fixed assets | 21 | €1,180 | €889 | -€292 | -24.7% |
| Tangible fixed assets | 22/27 | €102,374 | €97,286 | -€5,087 | -5.0% |
| Land and buildings | 22 | €22,294 | €30,661 | +€8,367 | +37.5% |
| Plant, machinery and equipment | 23 | €16,364 | €5,364 | -€11,000 | -67.2% |
| Furniture and vehicles | 24 | €4,344 | €6,704 | +€2,359 | +54.3% |
| Leasing and similar rights | 25 | €59,371 | €54,558 | -€4,813 | -8.1% |
| Current assets | 29/58 | €621,449 | €667,569 | +€46,120 | +7.4% |
| Amounts receivable within one year | 40/41 | €29,033 | €28,345 | -€688 | -2.4% |
| Other amounts receivable | 41 | €29,033 | €28,345 | -€688 | -2.4% |
| Current investments | 50/53 | €465,862 | €478,962 | +€13,100 | +2.8% |
| Cash at bank and in hand | 54/58 | €34,832 | €63,934 | +€29,102 | +83.6% |
| Deferred charges and accrued income | 490/1 | €91,722 | €96,327 | +€4,605 | +5.0% |
| Total equity and liabilities | 10/49 | €725,003 | €765,744 | +€40,741 | +5.6% |
| Equity | 10/15 | €447,614 | €507,943 | +€60,328 | +13.5% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €329,280 | €389,608 | +€60,328 | +18.3% |
| Tax-exempt reserves | 132 | €23,047 | €23,047 | = | 0.0% |
| Distributable reserves | 133 | €306,233 | €366,561 | +€60,328 | +19.7% |
| Profit (loss) carried forward | 14 | €105,835 | €105,835 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €24,000 | €24,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €24,000 | €24,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €24,000 | €24,000 | = | 0.0% |
| Amounts payable | 17/49 | €253,389 | €233,801 | -€19,588 | -7.7% |
| Amounts payable after more than one year | 17 | €139,978 | €111,234 | -€28,744 | -20.5% |
| Financial debts | 170/4 | €139,978 | €111,234 | -€28,744 | -20.5% |
| Amounts payable within one year | 42/48 | €113,411 | €122,567 | +€9,157 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €35,607 | €28,744 | -€6,863 | -19.3% |
| Trade debts | 44 | €16,826 | €7,576 | -€9,250 | -55.0% |
| Suppliers | 440/4 | €16,826 | €7,576 | -€9,250 | -55.0% |
| Taxes, remuneration and social security | 45 | €39,942 | €52,484 | +€12,542 | +31.4% |
| Taxes | 450/3 | €36,433 | €48,802 | +€12,368 | +33.9% |
| Remuneration and social security | 454/9 | €3,509 | €3,683 | +€174 | +4.9% |
| Other amounts payable | 47/48 | €21,035 | €33,763 | +€12,728 | +60.5% |
| Remuneration, social security and pensions | 62 | €30,515 | €32,935 | +€2,420 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,203 | €23,403 | -€1,800 | -7.1% |
| Other operating charges | 640/8 | €6,317 | €4,120 | -€2,197 | -34.8% |
| Gross operating margin | 9900 | €201,120 | €214,653 | +€13,533 | +6.7% |
| Operating profit (loss) | 9901 | €139,086 | €154,194 | +€15,109 | +10.9% |
| Financial income | 75/76B | €18 | €10 | -€8 | -42.9% |
| Recurring financial income | 75 | €18 | €10 | -€8 | -42.9% |
| Financial charges | 65/66B | €13,193 | €12,203 | -€990 | -7.5% |
| Recurring financial charges | 65 | €13,193 | €12,203 | -€990 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €125,911 | €142,002 | +€16,091 | +12.8% |
| Income taxes | 67/77 | €37,459 | €47,911 | +€10,452 | +27.9% |
| Profit (loss) for the period | 9904 | €88,452 | €94,091 | +€5,639 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €88,452 | €94,091 | +€5,639 | +6.4% |
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.