Guy CARDON: 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.
Guy CARDON
Largest movements
- Cash +€30,042
up €30,042 (+29.0%), from €103,575 to €133,617
mainly Net result for the year (+€71,841) and Other debts (+€28,075)
- Receivables within one year +€19,592
up €19,592 (+132.8%), from €14,758 to €34,350
of which Other amounts receivable: +€17,645
- Other debts +€28,075
up €28,075 (+81.3%), from €34,523 to €62,598
- Reserves +€22,344
up €22,344 (+4.8%), from €461,400 to €483,744
- Gross operating margin +€95,791
up €95,791 (+117.3%), from €81,690 to €177,480
- Write-downs -€20,500
down €20,500 (-100.0%), from €20,500 to €0
- Staff costs +€5,811
up €5,811 (+6.5%), from €89,980 to €95,791
- Other operating charges +€1,856
new in 2025: €1,856
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 | €597,885 | €652,126 | +€54,241 | +9.1% |
| Fixed assets | 21/28 | €20,592 | €20,966 | +€375 | +1.8% |
| Tangible fixed assets | 22/27 | €19,361 | €20,851 | +€1,490 | +7.7% |
| Plant, machinery and equipment | 23 | €18,000 | €20,115 | +€2,115 | +11.7% |
| Furniture and vehicles | 24 | €1,361 | €736 | -€625 | -45.9% |
| Financial fixed assets | 28 | €1,231 | €115 | -€1,116 | -90.7% |
| Current assets | 29/58 | €577,294 | €631,160 | +€53,866 | +9.3% |
| Stocks and contracts in progress | 3 | €453,899 | €457,741 | +€3,842 | +0.8% |
| Stocks | 30/36 | €453,899 | €457,741 | +€3,842 | +0.8% |
| Amounts receivable within one year | 40/41 | €14,758 | €34,350 | +€19,592 | +132.8% |
| Trade receivables | 40 | - | €1,947 | +€1,947 | |
| Other amounts receivable | 41 | €14,758 | €32,403 | +€17,645 | +119.6% |
| Cash at bank and in hand | 54/58 | €103,575 | €133,617 | +€30,042 | +29.0% |
| Deferred charges and accrued income | 490/1 | €5,062 | €5,452 | +€390 | +7.7% |
| Total equity and liabilities | 10/49 | €597,885 | €652,126 | +€54,241 | +9.1% |
| Equity | 10/15 | €483,903 | €505,744 | +€21,841 | +4.5% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Contributions outside capital | 11 | €22,000 | - | -€22,000 | |
| Other | 1109/19 | €22,000 | - | -€22,000 | |
| Reserves | 13 | €461,400 | €483,744 | +€22,344 | +4.8% |
| Distributable reserves | 133 | €461,400 | €483,744 | +€22,344 | +4.8% |
| Profit (loss) carried forward | 14 | €503 | €0 | -€503 | -100.0% |
| Amounts payable | 17/49 | €113,983 | €146,382 | +€32,400 | +28.4% |
| Amounts payable within one year | 42/48 | €113,983 | €146,382 | +€32,400 | +28.4% |
| Current portion of amounts payable after more than one year | 42 | €5,122 | €0 | -€5,122 | -100.0% |
| Financial debts | 43 | - | €4,817 | +€4,817 | |
| Credit institutions | 430/8 | - | €4,817 | +€4,817 | |
| Trade debts | 44 | €43,658 | €44,366 | +€708 | +1.6% |
| Suppliers | 440/4 | €43,658 | €44,366 | +€708 | +1.6% |
| Taxes, remuneration and social security | 45 | €30,679 | €34,601 | +€3,922 | +12.8% |
| Taxes | 450/3 | €14,655 | €18,865 | +€4,210 | +28.7% |
| Remuneration and social security | 454/9 | €16,025 | €15,736 | -€288 | -1.8% |
| Other amounts payable | 47/48 | €34,523 | €62,598 | +€28,075 | +81.3% |
| Non-recurring operating income | 76A | €16,875 | €0 | -€16,875 | -100.0% |
| Remuneration, social security and pensions | 62 | €89,980 | €95,791 | +€5,811 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,107 | €5,986 | -€121 | -2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €20,500 | €0 | -€20,500 | -100.0% |
| Other operating charges | 640/8 | - | €1,856 | +€1,856 | |
| Gross operating margin | 9900 | €81,690 | €177,480 | +€95,791 | +117.3% |
| Operating profit (loss) | 9901 | -€34,898 | €73,847 | +€108,745 | |
| Financial income | 75/76B | €956 | €1,016 | +€59 | +6.2% |
| Recurring financial income | 75 | €956 | €1,016 | +€59 | +6.2% |
| Financial charges | 65/66B | €3,459 | €2,519 | -€940 | -27.2% |
| Recurring financial charges | 65 | €3,459 | €2,519 | -€940 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | -€37,401 | €72,344 | +€109,745 | |
| Income taxes | 67/77 | €242 | €502 | +€260 | +107.4% |
| Profit (loss) for the period | 9904 | -€37,643 | €71,841 | +€109,485 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,643 | €71,841 | +€109,485 |
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 10 October 2026 via checked.be.