VANESSA CAFARELLI: 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.
VANESSA CAFARELLI
Largest movements
- Receivables within one year -€18,031
down €18,031 (-95.0%), from €18,974 to €943
- Cash +€15,855
up €15,855 (+58.6%), from €27,047 to €42,902
mainly Net result for the year (+€27,986) and Receivables within one year (+€18,031)
- Tangible fixed assets +€1,500
up €1,500 (+438%), from €343 to €1,843
- Profit (loss) carried forward -€7,309
down €7,309 (-14.4%), from €50,720 to €43,411
- Other debts +€6,708
new in 2025: €6,708
- Gross operating margin +€14,948
up €14,948 (+55.7%), from €26,852 to €41,800
- Taxes +€4,134
up €4,134 (+63.9%), from €6,470 to €10,603
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 | €53,381 | €52,246 | -€1,135 | -2.1% |
| Fixed assets | 21/28 | €2,551 | €4,051 | +€1,500 | +58.8% |
| Tangible fixed assets | 22/27 | €343 | €1,843 | +€1,500 | +438% |
| Furniture and vehicles | 24 | €343 | €1,843 | +€1,500 | +438% |
| Financial fixed assets | 28 | €2,208 | €2,208 | = | 0.0% |
| Current assets | 29/58 | €50,830 | €48,195 | -€2,635 | -5.2% |
| Amounts receivable within one year | 40/41 | €18,974 | €943 | -€18,031 | -95.0% |
| Other amounts receivable | 41 | €18,974 | €943 | -€18,031 | -95.0% |
| Cash at bank and in hand | 54/58 | €27,047 | €42,902 | +€15,855 | +58.6% |
| Deferred charges and accrued income | 490/1 | €4,809 | €4,349 | -€459 | -9.6% |
| Total equity and liabilities | 10/49 | €53,381 | €52,246 | -€1,135 | -2.1% |
| Equity | 10/15 | €52,720 | €45,411 | -€7,309 | -13.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,720 | €43,411 | -€7,309 | -14.4% |
| Amounts payable | 17/49 | €661 | €6,835 | +€6,173 | +933% |
| Amounts payable within one year | 42/48 | €661 | €6,835 | +€6,173 | +933% |
| Trade debts | 44 | €145 | €127 | -€18 | -12.6% |
| Suppliers | 440/4 | €145 | €127 | -€18 | -12.6% |
| Taxes, remuneration and social security | 45 | €516 | - | -€516 | |
| Taxes | 450/3 | €516 | - | -€516 | |
| Other amounts payable | 47/48 | - | €6,708 | +€6,708 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,157 | €1,080 | -€77 | -6.7% |
| Other operating charges | 640/8 | €520 | €737 | +€216 | +41.5% |
| Gross operating margin | 9900 | €26,852 | €41,800 | +€14,948 | +55.7% |
| Operating profit (loss) | 9901 | €25,174 | €39,983 | +€14,809 | +58.8% |
| Financial charges | 65/66B | €1,590 | €1,395 | -€195 | -12.3% |
| Recurring financial charges | 65 | €1,590 | €1,395 | -€195 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €23,584 | €38,589 | +€15,005 | +63.6% |
| Income taxes | 67/77 | €6,470 | €10,603 | +€4,134 | +63.9% |
| Profit (loss) for the period | 9904 | €17,115 | €27,986 | +€10,871 | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,115 | €27,986 | +€10,871 | +63.5% |
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 19 October 2026 via checked.be.