André CARTON: 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.
André CARTON
Largest movements
- Cash +€45,049
up €45,049 (+240.7%), from €18,717 to €63,766
mainly Other debts (+€78,092) and Net result for the year (+€40,774)
- Receivables within one year -€4,818
down €4,818 (-15.0%), from €32,090 to €27,272
of which Trade receivables: -€2,804
- Tangible fixed assets -€4,335
down €4,335 (-36.0%), from €12,042 to €7,706
of which Furniture and vehicles: -€3,970
- Stocks and contracts -€3,188
down €3,188 (-4.9%), from €64,826 to €61,639
- Other debts +€78,092
up €78,092 (+273.7%), from €28,531 to €106,624
- Reserves -€48,675
down €48,675 (-57.7%), from €84,365 to €35,690
of which Distributable reserves: -€48,675
- Tax, wage and social debts +€10,195
up €10,195 (+1181.4%), from €863 to €11,058
- Trade debts -€6,017
down €6,017 (-66.1%), from €9,097 to €3,080
- Gross operating margin +€51,949
up €51,949 (+883.4%), from €5,880 to €57,829
- Taxes +€11,654
up €11,654 (+2156.8%), from €540 to €12,194
- Financial income +€816
up €816 (+66.6%), from €1,226 to €2,043
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 | €129,773 | €162,529 | +€32,756 | +25.2% |
| Fixed assets | 21/28 | €12,414 | €8,078 | -€4,335 | -34.9% |
| Tangible fixed assets | 22/27 | €12,042 | €7,706 | -€4,335 | -36.0% |
| Plant, machinery and equipment | 23 | €1,454 | €1,089 | -€365 | -25.1% |
| Furniture and vehicles | 24 | €10,588 | €6,617 | -€3,970 | -37.5% |
| Financial fixed assets | 28 | €372 | €372 | = | 0.0% |
| Current assets | 29/58 | €117,359 | €154,450 | +€37,091 | +31.6% |
| Stocks and contracts in progress | 3 | €64,826 | €61,639 | -€3,188 | -4.9% |
| Stocks | 30/36 | €64,826 | €61,639 | -€3,188 | -4.9% |
| Amounts receivable within one year | 40/41 | €32,090 | €27,272 | -€4,818 | -15.0% |
| Trade receivables | 40 | €26,578 | €23,774 | -€2,804 | -10.5% |
| Other amounts receivable | 41 | €5,512 | €3,498 | -€2,014 | -36.5% |
| Cash at bank and in hand | 54/58 | €18,717 | €63,766 | +€45,049 | +240.7% |
| Deferred charges and accrued income | 490/1 | €1,726 | €1,774 | +€48 | +2.8% |
| Total equity and liabilities | 10/49 | €129,773 | €162,529 | +€32,756 | +25.2% |
| Equity | 10/15 | €90,441 | €41,766 | -€48,675 | -53.8% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €84,365 | €35,690 | -€48,675 | -57.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €82,506 | €33,831 | -€48,675 | -59.0% |
| Profit (loss) carried forward | 14 | -€121 | -€121 | = | 0.0% |
| Amounts payable | 17/49 | €39,332 | €120,762 | +€81,431 | +207.0% |
| Amounts payable within one year | 42/48 | €38,492 | €120,762 | +€82,271 | +213.7% |
| Trade debts | 44 | €9,097 | €3,080 | -€6,017 | -66.1% |
| Suppliers | 440/4 | €9,097 | €3,080 | -€6,017 | -66.1% |
| Taxes, remuneration and social security | 45 | €863 | €11,058 | +€10,195 | +1181.4% |
| Taxes | 450/3 | €863 | €11,058 | +€10,195 | +1181.4% |
| Other amounts payable | 47/48 | €28,531 | €106,624 | +€78,092 | +273.7% |
| Accrued charges and deferred income | 492/3 | €840 | - | -€840 | |
| Remuneration, social security and pensions | 62 | €866 | €797 | -€69 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,335 | €4,335 | = | 0.0% |
| Other operating charges | 640/8 | €1,325 | €1,653 | +€328 | +24.7% |
| Non-recurring operating charges | 66A | - | €4 | +€4 | |
| Gross operating margin | 9900 | €5,880 | €57,829 | +€51,949 | +883.4% |
| Operating profit (loss) | 9901 | -€646 | €51,040 | +€51,687 | |
| Financial income | 75/76B | €1,226 | €2,043 | +€816 | +66.6% |
| Recurring financial income | 75 | €1,226 | €2,043 | +€816 | +66.6% |
| Financial charges | 65/66B | €161 | €115 | -€45 | -28.3% |
| Recurring financial charges | 65 | €161 | €115 | -€45 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €420 | €52,968 | +€52,548 | +12524.3% |
| Income taxes | 67/77 | €540 | €12,194 | +€11,654 | +2156.8% |
| Profit (loss) for the period | 9904 | -€121 | €40,774 | +€40,895 | |
| Profit (loss) for the period to be appropriated | 9905 | -€121 | €40,774 | +€40,895 |
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 6 October 2026 via checked.be.