ET CAETEVRAC: 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.
ET CAETEVRAC
Largest movements
- Cash +€6,329
up €6,329 (+18.3%), from €34,600 to €40,929
mainly Net result for the year (+€23,078) and Depreciation (+€4,498)
- Tangible fixed assets -€3,298
down €3,298 (-47.3%), from €6,978 to €3,680
of which Furniture and vehicles: -€2,967
- Receivables within one year +€2,956
up €2,956 (+20.6%), from €14,330 to €17,286
of which Other amounts receivable: +€2,956
- Reserves +€18,078
up €18,078 (+74.8%), from €24,183 to €42,261
- Debts after one year -€17,923
down €17,923 (-16.1%), from €111,225 to €93,302
of which Financial debts: -€10,923
- Other debts +€2,125
up €2,125 (+19.1%), from €11,150 to €13,275
- Tax, wage and social debts +€1,998
up €1,998 (+106%), from €1,894 to €3,892
- Gross operating margin -€9,244
down €9,244 (-20.8%), from €44,372 to €35,128
- Taxes -€1,931
down €1,931 (-27.6%), from €6,993 to €5,063
- Financial charges -€538
down €538 (-23.1%), from €2,326 to €1,788
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 | €181,294 | €186,098 | +€4,804 | +2.6% |
| Formation expenses | 20 | €1 | €0 | -€1 | -100% |
| Fixed assets | 21/28 | €132,078 | €127,580 | -€4,498 | -3.4% |
| Intangible fixed assets | 21 | €5,100 | €3,900 | -€1,200 | -23.5% |
| Tangible fixed assets | 22/27 | €6,978 | €3,680 | -€3,298 | -47.3% |
| Plant, machinery and equipment | 23 | €412 | €81 | -€331 | -80.4% |
| Furniture and vehicles | 24 | €6,566 | €3,599 | -€2,967 | -45.2% |
| Financial fixed assets | 28 | €120,000 | €120,000 | = | 0.0% |
| Current assets | 29/58 | €49,216 | €58,518 | +€9,302 | +18.9% |
| Amounts receivable within one year | 40/41 | €14,330 | €17,286 | +€2,956 | +20.6% |
| Trade receivables | 40 | €12,349 | €12,349 | = | 0.0% |
| Other amounts receivable | 41 | €1,982 | €4,937 | +€2,956 | +149% |
| Cash at bank and in hand | 54/58 | €34,600 | €40,929 | +€6,329 | +18.3% |
| Deferred charges and accrued income | 490/1 | €286 | €304 | +€18 | +6.2% |
| Total equity and liabilities | 10/49 | €181,294 | €186,098 | +€4,804 | +2.6% |
| Equity | 10/15 | €44,183 | €62,261 | +€18,078 | +40.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €24,183 | €42,261 | +€18,078 | +74.8% |
| Distributable reserves | 133 | €24,183 | €42,261 | +€18,078 | +74.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €137,112 | €123,837 | -€13,275 | -9.7% |
| Amounts payable after more than one year | 17 | €111,225 | €93,302 | -€17,923 | -16.1% |
| Financial debts | 170/4 | €45,801 | €34,878 | -€10,923 | -23.8% |
| Other amounts payable | 178/9 | €65,423 | €58,423 | -€7,000 | -10.7% |
| Amounts payable within one year | 42/48 | €25,887 | €30,343 | +€4,456 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €10,721 | €10,923 | +€202 | +1.9% |
| Financial debts | 43 | €1,840 | €1,607 | -€233 | -12.7% |
| Other loans | 439 | €1,840 | €1,607 | -€233 | -12.7% |
| Trade debts | 44 | €282 | €646 | +€363 | +129% |
| Suppliers | 440/4 | €282 | €646 | +€363 | +129% |
| Taxes, remuneration and social security | 45 | €1,894 | €3,892 | +€1,998 | +106% |
| Taxes | 450/3 | €1,894 | €3,892 | +€1,998 | +106% |
| Other amounts payable | 47/48 | €11,150 | €13,275 | +€2,125 | +19.1% |
| Accrued charges and deferred income | 492/3 | - | €192 | +€192 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,094 | €4,498 | +€405 | +9.9% |
| Other operating charges | 640/8 | €708 | €700 | -€7 | -1.0% |
| Non-recurring operating charges | 66A | €4,031 | €0 | -€4,031 | -100% |
| Gross operating margin | 9900 | €44,372 | €35,128 | -€9,244 | -20.8% |
| Operating profit (loss) | 9901 | €35,539 | €29,929 | -€5,610 | -15.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,326 | €1,788 | -€538 | -23.1% |
| Recurring financial charges | 65 | €2,326 | €1,788 | -€538 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €33,214 | €28,141 | -€5,073 | -15.3% |
| Income taxes | 67/77 | €6,993 | €5,063 | -€1,931 | -27.6% |
| Profit (loss) for the period | 9904 | €26,221 | €23,078 | -€3,142 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,221 | €23,078 | -€3,142 | -12.0% |
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 13 October 2026 via checked.be.