M. KASTRO: 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.
M. KASTRO
Largest movements
- Receivables within one year -€6,437
down €6,437 (-15.5%), from €41,580 to €35,143
of which Other amounts receivable: -€5,262
- Deferred charges and accrued income +€562
new in 2025: €562
- Trade debts -€9,640
down €9,640 (-70.2%), from €13,739 to €4,099
- Profit (loss) carried forward +€2,910
up €2,910 (+14.1%), from €20,642 to €23,552
- Tax, wage and social debts +€630
up €630 (+47.4%), from €1,331 to €1,961
of which Taxes: +€330
- Gross operating margin -€8,034
down €8,034 (-63.8%), from €12,588 to €4,555
- Other operating charges -€2,021
down €2,021 (-76.2%), from €2,654 to €632
- Depreciation -€856
down €856 (-83.6%), from €1,024 to €168
- Financial charges -€132
down €132 (-31.7%), from €415 to €283
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 | €41,918 | €35,817 | -€6,100 | -14.6% |
| Fixed assets | 21/28 | €278 | €110 | -€168 | -60.5% |
| Tangible fixed assets | 22/27 | €278 | €110 | -€168 | -60.5% |
| Plant, machinery and equipment | 23 | €278 | €110 | -€168 | -60.5% |
| Current assets | 29/58 | €41,640 | €35,707 | -€5,932 | -14.2% |
| Amounts receivable within one year | 40/41 | €41,580 | €35,143 | -€6,437 | -15.5% |
| Trade receivables | 40 | €27,320 | €26,145 | -€1,175 | -4.3% |
| Other amounts receivable | 41 | €14,260 | €8,998 | -€5,262 | -36.9% |
| Cash at bank and in hand | 54/58 | €60 | €2 | -€58 | -96.7% |
| Deferred charges and accrued income | 490/1 | - | €562 | +€562 | |
| Total equity and liabilities | 10/49 | €41,918 | €35,817 | -€6,100 | -14.6% |
| Equity | 10/15 | €26,848 | €29,758 | +€2,910 | +10.8% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €6,205 | €6,205 | = | 0.0% |
| Distributable reserves | 133 | €6,205 | €6,205 | = | 0.0% |
| Profit (loss) carried forward | 14 | €20,642 | €23,552 | +€2,910 | +14.1% |
| Amounts payable | 17/49 | €15,069 | €6,059 | -€9,010 | -59.8% |
| Amounts payable within one year | 42/48 | €15,069 | €6,059 | -€9,010 | -59.8% |
| Trade debts | 44 | €13,739 | €4,099 | -€9,640 | -70.2% |
| Suppliers | 440/4 | €13,739 | €4,099 | -€9,640 | -70.2% |
| Taxes, remuneration and social security | 45 | €1,331 | €1,961 | +€630 | +47.4% |
| Taxes | 450/3 | €1,331 | €1,661 | +€330 | +24.8% |
| Remuneration and social security | 454/9 | - | €300 | +€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,024 | €168 | -€856 | -83.6% |
| Other operating charges | 640/8 | €2,654 | €632 | -€2,021 | -76.2% |
| Gross operating margin | 9900 | €12,588 | €4,555 | -€8,034 | -63.8% |
| Operating profit (loss) | 9901 | €8,910 | €3,754 | -€5,156 | -57.9% |
| Financial income | 75/76B | €737 | €615 | -€122 | -16.6% |
| Recurring financial income | 75 | €737 | €615 | -€122 | -16.6% |
| Financial charges | 65/66B | €415 | €283 | -€132 | -31.7% |
| Recurring financial charges | 65 | €415 | €283 | -€132 | -31.7% |
| Profit (loss) for the period before taxes | 9903 | €9,232 | €4,085 | -€5,147 | -55.7% |
| Income taxes | 67/77 | €1,199 | €1,176 | -€23 | -2.0% |
| Profit (loss) for the period | 9904 | €8,033 | €2,910 | -€5,123 | -63.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,033 | €2,910 | -€5,123 | -63.8% |
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 16 October 2026 via checked.be.