DR. KARL CAUDRON: 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. KARL CAUDRON
Largest movements
- Current investments +€121,874
up €121,874 (+29.4%), from €414,524 to €536,397
- Cash -€98,828
down €98,828 (-36.2%), from €273,157 to €174,329
mainly Contributions, distributions and other (-€237,000) and Other debts (-€133,323)
- Tangible fixed assets +€22,417
up €22,417 (+133%), from €16,828 to €39,244
of which Furniture and vehicles: +€22,680
- Reserves +€158,680
up €158,680 (+51.1%), from €310,300 to €468,980
- Other debts -€133,323
down €133,323 (-34.5%), from €386,743 to €253,419
- Tax, wage and social debts +€16,997
up €16,997 (+194%), from €8,759 to €25,756
of which Taxes: +€15,811
- Gross operating margin +€111,548
up €111,548 (+23.8%), from €469,290 to €580,838
- Taxes +€32,723
up €32,723 (+24.0%), from €136,100 to €168,823
- Financial income -€10,298
down €10,298 (-92.4%), from €11,143 to €844
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 | €708,307 | €751,997 | +€43,690 | +6.2% |
| Fixed assets | 21/28 | €16,828 | €39,244 | +€22,417 | +133% |
| Tangible fixed assets | 22/27 | €16,828 | €39,244 | +€22,417 | +133% |
| Land and buildings | 22 | €6,919 | - | -€6,919 | |
| Plant, machinery and equipment | 23 | €1,844 | €696 | -€1,148 | -62.2% |
| Furniture and vehicles | 24 | €8,065 | €30,744 | +€22,680 | +281% |
| Other tangible fixed assets | 26 | - | €7,803 | +€7,803 | |
| Current assets | 29/58 | €691,480 | €712,753 | +€21,273 | +3.1% |
| Current investments | 50/53 | €414,524 | €536,397 | +€121,874 | +29.4% |
| Cash at bank and in hand | 54/58 | €273,157 | €174,329 | -€98,828 | -36.2% |
| Deferred charges and accrued income | 490/1 | €3,799 | €2,027 | -€1,772 | -46.7% |
| Total equity and liabilities | 10/49 | €708,307 | €751,997 | +€43,690 | +6.2% |
| Equity | 10/15 | €310,356 | €469,039 | +€158,683 | +51.1% |
| Reserves | 13 | €310,300 | €468,980 | +€158,680 | +51.1% |
| Distributable reserves | 133 | €310,300 | €468,980 | +€158,680 | +51.1% |
| Profit (loss) carried forward | 14 | €56 | €59 | +€3 | +4.7% |
| Amounts payable | 17/49 | €397,951 | €282,958 | -€114,993 | -28.9% |
| Amounts payable within one year | 42/48 | €397,401 | €282,958 | -€114,443 | -28.8% |
| Trade debts | 44 | €1,900 | €3,783 | +€1,884 | +99.1% |
| Suppliers | 440/4 | €1,900 | €3,783 | +€1,884 | +99.1% |
| Taxes, remuneration and social security | 45 | €8,759 | €25,756 | +€16,997 | +194% |
| Taxes | 450/3 | €4,704 | €20,515 | +€15,811 | +336% |
| Remuneration and social security | 454/9 | €4,055 | €5,240 | +€1,185 | +29.2% |
| Other amounts payable | 47/48 | €386,743 | €253,419 | -€133,323 | -34.5% |
| Accrued charges and deferred income | 492/3 | €550 | - | -€550 | |
| Remuneration, social security and pensions | 62 | €206 | €5,296 | +€5,089 | +2,465% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,301 | €7,767 | -€1,534 | -16.5% |
| Other operating charges | 640/8 | €1,247 | €1,141 | -€106 | -8.5% |
| Non-recurring operating charges | 66A | - | €2,733 | +€2,733 | |
| Gross operating margin | 9900 | €469,290 | €580,838 | +€111,548 | +23.8% |
| Operating profit (loss) | 9901 | €458,536 | €563,901 | +€105,366 | +23.0% |
| Financial income | 75/76B | €11,143 | €844 | -€10,298 | -92.4% |
| Recurring financial income | 75 | €11,143 | €844 | -€10,298 | -92.4% |
| Financial charges | 65/66B | €223 | €240 | +€18 | +8.0% |
| Recurring financial charges | 65 | €223 | €240 | +€18 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €469,456 | €564,505 | +€95,049 | +20.2% |
| Income taxes | 67/77 | €136,100 | €168,823 | +€32,723 | +24.0% |
| Profit (loss) for the period | 9904 | €333,356 | €395,683 | +€62,327 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €333,356 | €395,683 | +€62,327 | +18.7% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.