BRUNO CARTON: 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.
BRUNO CARTON
Largest movements
- Tangible fixed assets +€462,205
up €462,205 (+228%), from €202,824 to €665,029
- Current investments -€146,863
down €146,863 (-90.5%), from €162,230 to €15,367
- Cash -€11,460
down €11,460 (-74.4%), from €15,409 to €3,949
mainly Investment in fixed assets (net) (-€534,202) and Contributions, distributions and other (-€26,500)
- Debts after one year +€162,501
new in 2025: €162,501
- Other debts +€62,728
new in 2025: €62,728
- Trade debts +€47,203
up €47,203 (+36,591%), from €129 to €47,332
- Reserves +€28,936
up €28,936 (+8.8%), from €329,032 to €357,968
of which Distributable reserves: +€28,936
- Current portion of long-term debt +€25,000
new in 2025: €25,000
- Depreciation +€70,897
new in 2025: €70,897
- Taxes -€16,033
down €16,033 (-50.7%), from €31,636 to €15,603
- Financial charges +€6,949
up €6,949 (+932%), from €746 to €7,695
- Gross operating margin +€6,705
up €6,705 (+4.7%), from €142,936 to €149,641
- Financial income +€2,524
up €2,524 (+510%), from €495 to €3,019
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 | €383,963 | €692,568 | +€308,605 | +80.4% |
| Fixed assets | 21/28 | €202,824 | €666,129 | +€463,305 | +228% |
| Tangible fixed assets | 22/27 | €202,824 | €665,029 | +€462,205 | +228% |
| Land and buildings | 22 | €202,824 | €665,029 | +€462,205 | +228% |
| Financial fixed assets | 28 | - | €1,100 | +€1,100 | |
| Current assets | 29/58 | €181,139 | €26,439 | -€154,700 | -85.4% |
| Amounts receivable within one year | 40/41 | €3,500 | €6,593 | +€3,093 | +88.4% |
| Trade receivables | 40 | - | €1,243 | +€1,243 | |
| Other amounts receivable | 41 | €3,500 | €5,350 | +€1,850 | +52.9% |
| Current investments | 50/53 | €162,230 | €15,367 | -€146,863 | -90.5% |
| Cash at bank and in hand | 54/58 | €15,409 | €3,949 | -€11,460 | -74.4% |
| Deferred charges and accrued income | 490/1 | - | €530 | +€530 | |
| Total equity and liabilities | 10/49 | €383,963 | €692,568 | +€308,605 | +80.4% |
| Equity | 10/15 | €347,632 | €376,568 | +€28,936 | +8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | - | €18,600 | +€18,600 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €329,032 | €357,968 | +€28,936 | +8.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €327,172 | €356,108 | +€28,936 | +8.8% |
| Amounts payable | 17/49 | €36,331 | €316,000 | +€279,669 | +770% |
| Amounts payable after more than one year | 17 | - | €162,501 | +€162,501 | |
| Financial debts | 170/4 | - | €162,501 | +€162,501 | |
| Amounts payable within one year | 42/48 | €36,331 | €153,499 | +€117,168 | +323% |
| Current portion of amounts payable after more than one year | 42 | - | €25,000 | +€25,000 | |
| Financial debts | 43 | €31,735 | €11,759 | -€19,976 | -62.9% |
| Credit institutions | 430/8 | €31,735 | €11,759 | -€19,976 | -62.9% |
| Trade debts | 44 | €129 | €47,332 | +€47,203 | +36,591% |
| Suppliers | 440/4 | €129 | €47,332 | +€47,203 | +36,591% |
| Taxes, remuneration and social security | 45 | €4,467 | €6,680 | +€2,213 | +49.5% |
| Taxes | 450/3 | €4,467 | €6,680 | +€2,213 | +49.5% |
| Other amounts payable | 47/48 | - | €62,728 | +€62,728 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €70,897 | +€70,897 | |
| Other operating charges | 640/8 | €2,609 | €3,029 | +€420 | +16.1% |
| Gross operating margin | 9900 | €142,936 | €149,641 | +€6,705 | +4.7% |
| Operating profit (loss) | 9901 | €140,327 | €75,715 | -€64,612 | -46.0% |
| Financial income | 75/76B | €495 | €3,019 | +€2,524 | +510% |
| Recurring financial income | 75 | €495 | €3,019 | +€2,524 | +510% |
| Financial charges | 65/66B | €746 | €7,695 | +€6,949 | +932% |
| Recurring financial charges | 65 | €746 | €7,695 | +€6,949 | +932% |
| Profit (loss) for the period before taxes | 9903 | €140,076 | €71,039 | -€69,037 | -49.3% |
| Income taxes | 67/77 | €31,636 | €15,603 | -€16,033 | -50.7% |
| Profit (loss) for the period | 9904 | €108,440 | €55,436 | -€53,004 | -48.9% |
| Profit (loss) for the period to be appropriated | 9905 | €108,440 | €55,436 | -€53,004 | -48.9% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.