CANAL: what changed
Two fiscal 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.
CANAL
Largest movements
- Cash +€1.0m
up €1.0m (+126.1%), from €793,713 to €1.8m
mainly Net result for the year (+€913,252) and Current investments (+€650,000)
- Current investments -€650,000
down €650,000 (-100.0%), from €650,000 to €0
- Financial fixed assets -€370,025
down €370,025 (-95.0%), from €389,375 to €19,350
- Receivables within one year +€356,393
up €356,393 (+38.4%), from €927,865 to €1.3m
of which Trade receivables: +€298,767
- Stocks and contracts +€153,974
up €153,974 (+30.3%), from €508,688 to €662,662
- Other debts +€300,000
up €300,000 (+50.0%), from €600,000 to €900,000
- Trade debts +€194,606
up €194,606 (+41.8%), from €465,526 to €660,132
- Tax, wage and social debts +€104,520
up €104,520 (+96.0%), from €108,871 to €213,391
of which Taxes: +€66,049
- Staff costs +€152,119
up €152,119 (+52.3%), from €290,980 to €443,099
- Financial income -€144,041
down €144,041 (-63.2%), from €227,942 to €83,900
of which Non-recurring financial income: -€153,320
- Write-downs -€60,000
down €60,000, from €30,000 to -€30,000
- Gross operating margin +€52,773
up €52,773 (+3.2%), from €1.6m to €1.7m
- Financial charges +€25,597
up €25,597, from -€2,798 to €22,798
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 | €3,392,798 | €3,996,289 | +€603,491 | +17.8% |
| Fixed assets | 21/28 | €512,531 | €252,520 | -€260,012 | -50.7% |
| Intangible fixed assets | 21 | €30,882 | €142,217 | +€111,335 | +360.5% |
| Tangible fixed assets | 22/27 | €92,274 | €90,953 | -€1,321 | -1.4% |
| Plant, machinery and equipment | 23 | €59,440 | €45,462 | -€13,978 | -23.5% |
| Furniture and vehicles | 24 | €2,403 | €19,254 | +€16,852 | +701.4% |
| Other tangible fixed assets | 26 | €30,431 | €26,237 | -€4,195 | -13.8% |
| Financial fixed assets | 28 | €389,375 | €19,350 | -€370,025 | -95.0% |
| Current assets | 29/58 | €2,880,267 | €3,743,769 | +€863,502 | +30.0% |
| Stocks and contracts in progress | 3 | €508,688 | €662,662 | +€153,974 | +30.3% |
| Stocks | 30/36 | €508,688 | €662,662 | +€153,974 | +30.3% |
| Amounts receivable within one year | 40/41 | €927,865 | €1,284,258 | +€356,393 | +38.4% |
| Trade receivables | 40 | €927,865 | €1,226,632 | +€298,767 | +32.2% |
| Other amounts receivable | 41 | €0 | €57,626 | +€57,626 | |
| Current investments | 50/53 | €650,000 | €0 | -€650,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €793,713 | €1,794,751 | +€1.0m | +126.1% |
| Deferred charges and accrued income | 490/1 | - | €2,099 | +€2,099 | |
| Total equity and liabilities | 10/49 | €3,392,798 | €3,996,289 | +€603,491 | +17.8% |
| Equity | 10/15 | €2,197,119 | €2,222,766 | +€25,647 | +1.2% |
| Contributions | 10/11 | €118,989 | €118,989 | = | 0.0% |
| Reserves | 13 | €2,078,130 | €2,103,777 | +€25,647 | +1.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | - | €12,395 | +€12,395 | |
| Distributable reserves | 133 | €2,078,130 | €2,091,382 | +€13,252 | +0.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,195,679 | €1,773,523 | +€577,844 | +48.3% |
| Amounts payable after more than one year | 17 | €21,282 | €0 | -€21,282 | -100.0% |
| Advances received on contracts in progress | 176 | €21,282 | €0 | -€21,282 | -100.0% |
| Amounts payable within one year | 42/48 | €1,174,396 | €1,773,523 | +€599,127 | +51.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €465,526 | €660,132 | +€194,606 | +41.8% |
| Suppliers | 440/4 | €465,526 | €660,132 | +€194,606 | +41.8% |
| Taxes, remuneration and social security | 45 | €108,871 | €213,391 | +€104,520 | +96.0% |
| Taxes | 450/3 | €58,060 | €124,109 | +€66,049 | +113.8% |
| Remuneration and social security | 454/9 | €50,811 | €89,282 | +€38,471 | +75.7% |
| Other amounts payable | 47/48 | €600,000 | €900,000 | +€300,000 | +50.0% |
| Non-recurring operating income | 76A | - | €12,061 | +€12,061 | |
| Remuneration, social security and pensions | 62 | €290,980 | €443,099 | +€152,119 | +52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,754 | €48,972 | -€5,782 | -10.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,000 | -€30,000 | -€60,000 | |
| Other operating charges | 640/8 | €9,629 | €6,016 | -€3,612 | -37.5% |
| Non-recurring operating charges | 66A | - | €10,207 | +€10,207 | |
| Gross operating margin | 9900 | €1,626,353 | €1,679,125 | +€52,773 | +3.2% |
| Operating profit (loss) | 9901 | €1,240,990 | €1,200,831 | -€40,159 | -3.2% |
| Financial income | 75/76B | €227,942 | €83,900 | -€144,041 | -63.2% |
| Recurring financial income | 75 | €74,622 | €83,900 | +€9,278 | +12.4% |
| Non-recurring financial income | 76B | €153,320 | €0 | -€153,320 | -100.0% |
| Financial charges | 65/66B | -€2,798 | €22,798 | +€25,597 | |
| Recurring financial charges | 65 | -€2,798 | €22,798 | +€25,597 | |
| Profit (loss) for the period before taxes | 9903 | €1,471,730 | €1,261,933 | -€209,797 | -14.3% |
| Transfer to deferred taxes | 680 | - | €12,395 | +€12,395 | |
| Income taxes | 67/77 | €338,577 | €336,286 | -€2,291 | -0.7% |
| Profit (loss) for the period | 9904 | €1,133,152 | €913,252 | -€219,900 | -19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,133,152 | €913,252 | -€219,900 | -19.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.