ETS CATALDO: 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.
ETS CATALDO
Largest movements
- Receivables within one year +€249,760
up €249,760 (+12.5%), from €2.0m to €2.2m
of which Other amounts receivable: +€262,086
- Stocks and contracts -€135,326
down €135,326 (-7.0%), from €1.9m to €1.8m
- Tangible fixed assets -€132,679
down €132,679 (-10.4%), from €1.3m to €1.1m
of which Land and buildings: -€96,020
- Cash -€80,624
down €80,624 (-32.6%), from €247,138 to €166,514
mainly Receivables within one year (-€249,760) and Tax, wage and social debts (-€146,833)
- Profit (loss) carried forward +€237,915
up €237,915 (+61.7%), from €385,834 to €623,749
- Tax, wage and social debts -€146,833
down €146,833 (-28.2%), from €520,736 to €373,903
of which Taxes: -€91,174
- Debts after one year -€137,167
down €137,167 (-22.5%), from €609,166 to €471,999
- Reserves -€58,559
down €58,559 (-13.6%), from €429,754 to €371,195
of which Tax-exempt reserves: -€58,559
- Staff costs -€46,183
down €46,183 (-5.2%), from €880,512 to €834,329
- Other operating charges -€33,601
down €33,601 (-29.3%), from €114,855 to €81,255
- Gross operating margin -€21,372
down €21,372 (-1.6%), from €1.3m to €1.3m
- Financial income -€20,015
down €20,015 (-13.7%), from €146,131 to €126,117
- Taxes +€18,674
up €18,674 (+24.4%), from €76,624 to €95,297
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 | €5,570,820 | €5,495,068 | -€75,752 | -1.4% |
| Fixed assets | 21/28 | €1,282,302 | €1,149,623 | -€132,679 | -10.3% |
| Tangible fixed assets | 22/27 | €1,271,356 | €1,138,678 | -€132,679 | -10.4% |
| Land and buildings | 22 | €1,093,421 | €997,401 | -€96,020 | -8.8% |
| Plant, machinery and equipment | 23 | €81,917 | €67,005 | -€14,913 | -18.2% |
| Furniture and vehicles | 24 | €59,951 | €43,683 | -€16,267 | -27.1% |
| Leasing and similar rights | 25 | €36,067 | €30,589 | -€5,479 | -15.2% |
| Financial fixed assets | 28 | €10,946 | €10,946 | = | 0.0% |
| Current assets | 29/58 | €4,288,518 | €4,345,444 | +€56,927 | +1.3% |
| Stocks and contracts in progress | 3 | €1,936,742 | €1,801,416 | -€135,326 | -7.0% |
| Stocks | 30/36 | €1,936,742 | €1,801,416 | -€135,326 | -7.0% |
| Amounts receivable within one year | 40/41 | €1,990,853 | €2,240,613 | +€249,760 | +12.5% |
| Trade receivables | 40 | €634,060 | €621,735 | -€12,326 | -1.9% |
| Other amounts receivable | 41 | €1,356,792 | €1,618,878 | +€262,086 | +19.3% |
| Cash at bank and in hand | 54/58 | €247,138 | €166,514 | -€80,624 | -32.6% |
| Deferred charges and accrued income | 490/1 | €113,785 | €136,901 | +€23,116 | +20.3% |
| Total equity and liabilities | 10/49 | €5,570,820 | €5,495,068 | -€75,752 | -1.4% |
| Equity | 10/15 | €877,812 | €1,057,169 | +€179,356 | +20.4% |
| Contributions | 10/11 | €62,225 | €62,225 | = | 0.0% |
| Capital | 10 | €62,225 | €62,225 | = | 0.0% |
| Issued capital | 100 | €62,225 | €62,225 | = | 0.0% |
| Reserves | 13 | €429,754 | €371,195 | -€58,559 | -13.6% |
| Non-distributable reserves | 130/1 | €6,223 | €6,223 | = | 0.0% |
| Legal reserve | 130 | €6,223 | €6,223 | = | 0.0% |
| Tax-exempt reserves | 132 | €423,531 | €364,972 | -€58,559 | -13.8% |
| Profit (loss) carried forward | 14 | €385,834 | €623,749 | +€237,915 | +61.7% |
| Provisions and deferred taxes | 16 | €145,305 | €125,785 | -€19,520 | -13.4% |
| Provisions for liabilities and charges | 160/5 | €4,128 | €4,128 | = | 0.0% |
| Other liabilities and charges | 164/5 | €4,128 | €4,128 | = | 0.0% |
| Deferred taxes | 168 | €141,177 | €121,657 | -€19,520 | -13.8% |
| Amounts payable | 17/49 | €4,547,702 | €4,312,114 | -€235,589 | -5.2% |
| Amounts payable after more than one year | 17 | €609,166 | €471,999 | -€137,167 | -22.5% |
| Financial debts | 170/4 | €609,166 | €471,999 | -€137,167 | -22.5% |
| Amounts payable within one year | 42/48 | €3,917,609 | €3,838,534 | -€79,075 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €143,695 | €143,323 | -€372 | -0.3% |
| Financial debts | 43 | €2,305,321 | €2,277,940 | -€27,381 | -1.2% |
| Credit institutions | 430/8 | €2,305,321 | €2,277,940 | -€27,381 | -1.2% |
| Trade debts | 44 | €883,653 | €936,492 | +€52,838 | +6.0% |
| Suppliers | 440/4 | €883,653 | €936,492 | +€52,838 | +6.0% |
| Advances received on contracts in progress | 46 | €29,804 | €53,394 | +€23,590 | +79.1% |
| Taxes, remuneration and social security | 45 | €520,736 | €373,903 | -€146,833 | -28.2% |
| Taxes | 450/3 | €328,509 | €237,335 | -€91,174 | -27.8% |
| Remuneration and social security | 454/9 | €192,227 | €136,568 | -€55,659 | -29.0% |
| Other amounts payable | 47/48 | €34,399 | €53,482 | +€19,083 | +55.5% |
| Accrued charges and deferred income | 492/3 | €20,927 | €1,581 | -€19,346 | -92.4% |
| Remuneration, social security and pensions | 62 | €880,512 | €834,329 | -€46,183 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,662 | €133,679 | +€12,016 | +9.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €286 | -€14,791 | -€15,077 | |
| Other operating charges | 640/8 | €114,855 | €81,255 | -€33,601 | -29.3% |
| Non-recurring operating charges | 66A | €895 | - | -€895 | |
| Gross operating margin | 9900 | €1,313,182 | €1,291,810 | -€21,372 | -1.6% |
| Operating profit (loss) | 9901 | €194,973 | €257,338 | +€62,366 | +32.0% |
| Financial income | 75/76B | €146,131 | €126,117 | -€20,015 | -13.7% |
| Recurring financial income | 75 | €146,131 | €126,117 | -€20,015 | -13.7% |
| Financial charges | 65/66B | €142,980 | €128,321 | -€14,659 | -10.3% |
| Recurring financial charges | 65 | €142,980 | €128,321 | -€14,659 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €198,124 | €255,134 | +€57,010 | +28.8% |
| Transfer from deferred taxes | 780 | €19,520 | €19,520 | = | 0.0% |
| Income taxes | 67/77 | €76,624 | €95,297 | +€18,674 | +24.4% |
| Profit (loss) for the period | 9904 | €141,020 | €179,356 | +€38,336 | +27.2% |
| Transfer from tax-exempt reserves | 789 | €58,559 | €58,559 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €199,579 | €237,915 | +€38,336 | +19.2% |
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.