CADO: what changed
CADO
Largest movements
- Receivables within one year +€23,327
up €23,327 (+1,250%), from €1,866 to €25,193
of which Trade receivables: +€25,193
- Cash +€17,263
up €17,263 (+506%), from €3,409 to €20,672
mainly Depreciation (+€20,032) and Trade debts (+€18,010)
- Tangible fixed assets -€15,079
down €15,079 (-5.6%), from €268,900 to €253,821
of which Land and buildings: -€13,963
- Intangible fixed assets +€8,989
new in 2025: €8,989
- Financial fixed assets -€8,044
down €8,044 (-100%), from €8,044 to €0
- Trade debts +€18,010
up €18,010 (+9,450%), from €191 to €18,201
- Debts after one year -€16,613
down €16,613 (-8.1%), from €204,072 to €187,459
- Profit (loss) carried forward +€11,997
up €11,997 (+766%), from €1,566 to €13,563
- Tax, wage and social debts +€7,381
up €7,381, from €0 to €7,381
- Gross operating margin +€29,748
up €29,748 (+255%), from €11,658 to €41,406
- Taxes +€2,275
up €2,275, from €0 to €2,275
- Financial charges +€2,120
up €2,120 (+48.0%), from €4,417 to €6,537
- Depreciation +€2,003
up €2,003 (+11.1%), from €18,029 to €20,032
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €282,219 | €308,848 | +€26,629 | +9.4% |
| Fixed assets | 21/28 | €276,943 | €262,810 | -€14,133 | -5.1% |
| Intangible fixed assets | 21 | - | €8,989 | +€8,989 | |
| Tangible fixed assets | 22/27 | €268,900 | €253,821 | -€15,079 | -5.6% |
| Land and buildings | 22 | €264,022 | €250,059 | -€13,963 | -5.3% |
| Plant, machinery and equipment | 23 | €4,556 | €2,881 | -€1,675 | -36.8% |
| Furniture and vehicles | 24 | €321 | €881 | +€560 | +174% |
| Financial fixed assets | 28 | €8,044 | €0 | -€8,044 | -100% |
| Current assets | 29/58 | €5,275 | €46,038 | +€40,763 | +773% |
| Amounts receivable within one year | 40/41 | €1,866 | €25,193 | +€23,327 | +1,250% |
| Trade receivables | 40 | - | €25,193 | +€25,193 | |
| Other amounts receivable | 41 | €1,866 | €0 | -€1,866 | -100% |
| Cash at bank and in hand | 54/58 | €3,409 | €20,672 | +€17,263 | +506% |
| Deferred charges and accrued income | 490/1 | - | €172 | +€172 | |
| Total equity and liabilities | 10/49 | €282,219 | €308,848 | +€26,629 | +9.4% |
| Equity | 10/15 | €52,402 | €67,470 | +€15,068 | +28.8% |
| Contributions | 10/11 | €30,000 | €30,500 | +€500 | +1.7% |
| Reserves | 13 | €20,836 | €23,407 | +€2,571 | +12.3% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €20,836 | €23,407 | +€2,571 | +12.3% |
| Profit (loss) carried forward | 14 | €1,566 | €13,563 | +€11,997 | +766% |
| Amounts payable | 17/49 | €229,817 | €241,378 | +€11,561 | +5.0% |
| Amounts payable after more than one year | 17 | €204,072 | €187,459 | -€16,613 | -8.1% |
| Financial debts | 170/4 | €204,072 | €187,459 | -€16,613 | -8.1% |
| Amounts payable within one year | 42/48 | €25,744 | €53,919 | +€28,175 | +109% |
| Current portion of amounts payable after more than one year | 42 | €16,310 | €16,613 | +€303 | +1.9% |
| Trade debts | 44 | €191 | €18,201 | +€18,010 | +9,450% |
| Suppliers | 440/4 | €191 | €18,201 | +€18,010 | +9,450% |
| Taxes, remuneration and social security | 45 | €0 | €7,381 | +€7,381 | |
| Taxes | 450/3 | €0 | €7,381 | +€7,381 | |
| Other amounts payable | 47/48 | €9,244 | €11,724 | +€2,480 | +26.8% |
| Non-recurring operating income | 76A | €0 | €612 | +€612 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,029 | €20,032 | +€2,003 | +11.1% |
| Other operating charges | 640/8 | €574 | €566 | -€8 | -1.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €11,658 | €41,406 | +€29,748 | +255% |
| Operating profit (loss) | 9901 | -€6,946 | €20,808 | +€27,754 | |
| Financial income | 75/76B | €0 | €2 | +€2 | |
| Recurring financial income | 75 | €0 | €2 | +€2 | |
| Financial charges | 65/66B | €4,417 | €6,537 | +€2,120 | +48.0% |
| Recurring financial charges | 65 | €4,417 | €6,537 | +€2,120 | +48.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,362 | €14,273 | +€25,635 | |
| Income taxes | 67/77 | €0 | €2,275 | +€2,275 | |
| Profit (loss) for the period | 9904 | -€11,362 | €11,998 | +€23,360 | |
| Transfer from tax-exempt reserves | 789 | €3,859 | €0 | -€3,859 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,503 | €11,998 | +€19,501 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.