CAR-KO: 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.
CAR-KO
Largest movements
- Tangible fixed assets +€23,539
up €23,539 (+4.8%), from €494,703 to €518,243
of which Land and buildings: +€21,066
- Receivables within one year +€22,708
up €22,708 (+8.5%), from €268,138 to €290,846
of which Trade receivables: +€22,885
- Cash +€11,489
up €11,489 (+47.3%), from €24,311 to €35,800
mainly Net result for the year (+€59,212) and Depreciation (+€45,123)
- Trade debts +€38,321
up €38,321 (+45.4%), from €84,326 to €122,647
- Other debts +€27,443
up €27,443 (+237%), from €11,558 to €39,000
- Reserves +€20,211
up €20,211 (+6.4%), from €313,419 to €333,631
- Current portion of long-term debt -€14,990
down €14,990 (-26.1%), from €57,417 to €42,427
- Staff costs +€102,391
up €102,391 (+20.8%), from €493,362 to €595,753
- Gross operating margin +€90,325
up €90,325 (+13.5%), from €670,379 to €760,705
- Taxes -€9,964
down €9,964 (-25.5%), from €38,998 to €29,034
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 | €882,462 | €939,441 | +€56,979 | +6.5% |
| Fixed assets | 21/28 | €506,949 | €529,192 | +€22,243 | +4.4% |
| Intangible fixed assets | 21 | €7,554 | €6,258 | -€1,296 | -17.2% |
| Tangible fixed assets | 22/27 | €494,703 | €518,243 | +€23,539 | +4.8% |
| Land and buildings | 22 | €378,247 | €399,312 | +€21,066 | +5.6% |
| Plant, machinery and equipment | 23 | €111,121 | €108,607 | -€2,515 | -2.3% |
| Furniture and vehicles | 24 | €5,335 | €10,324 | +€4,988 | +93.5% |
| Financial fixed assets | 28 | €4,692 | €4,692 | = | 0.0% |
| Current assets | 29/58 | €375,513 | €410,249 | +€34,735 | +9.3% |
| Stocks and contracts in progress | 3 | €76,428 | €73,308 | -€3,120 | -4.1% |
| Stocks | 30/36 | €76,428 | €73,308 | -€3,120 | -4.1% |
| Amounts receivable within one year | 40/41 | €268,138 | €290,846 | +€22,708 | +8.5% |
| Trade receivables | 40 | €257,833 | €280,717 | +€22,885 | +8.9% |
| Other amounts receivable | 41 | €10,306 | €10,129 | -€177 | -1.7% |
| Cash at bank and in hand | 54/58 | €24,311 | €35,800 | +€11,489 | +47.3% |
| Deferred charges and accrued income | 490/1 | €6,636 | €10,295 | +€3,658 | +55.1% |
| Total equity and liabilities | 10/49 | €882,462 | €939,441 | +€56,979 | +6.5% |
| Equity | 10/15 | €314,169 | €334,381 | +€20,211 | +6.4% |
| Contributions | 10/11 | €750 | €750 | = | 0.0% |
| Reserves | 13 | €313,419 | €333,631 | +€20,211 | +6.4% |
| Distributable reserves | 133 | €313,419 | €333,631 | +€20,211 | +6.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €568,293 | €605,060 | +€36,767 | +6.5% |
| Amounts payable after more than one year | 17 | €311,459 | €304,683 | -€6,777 | -2.2% |
| Financial debts | 170/4 | €111,459 | €204,683 | +€93,223 | +83.6% |
| Other amounts payable | 178/9 | €200,000 | €100,000 | -€100,000 | -50.0% |
| Amounts payable within one year | 42/48 | €253,833 | €295,971 | +€42,138 | +16.6% |
| Current portion of amounts payable after more than one year | 42 | €57,417 | €42,427 | -€14,990 | -26.1% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €84,326 | €122,647 | +€38,321 | +45.4% |
| Suppliers | 440/4 | €84,326 | €122,647 | +€38,321 | +45.4% |
| Taxes, remuneration and social security | 45 | €100,532 | €91,897 | -€8,635 | -8.6% |
| Taxes | 450/3 | €45,162 | €28,035 | -€17,127 | -37.9% |
| Remuneration and social security | 454/9 | €55,370 | €63,862 | +€8,492 | +15.3% |
| Other amounts payable | 47/48 | €11,558 | €39,000 | +€27,443 | +237% |
| Accrued charges and deferred income | 492/3 | €3,000 | €4,406 | +€1,406 | +46.9% |
| Non-recurring operating income | 76A | €31,407 | €0 | -€31,407 | -100% |
| Remuneration, social security and pensions | 62 | €493,362 | €595,753 | +€102,391 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,833 | €45,123 | -€4,710 | -9.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €660 | +€660 | |
| Other operating charges | 640/8 | €8,328 | €9,340 | +€1,012 | +12.2% |
| Gross operating margin | 9900 | €670,379 | €760,705 | +€90,325 | +13.5% |
| Operating profit (loss) | 9901 | €118,856 | €109,828 | -€9,028 | -7.6% |
| Financial income | 75/76B | €836 | €0 | -€836 | -100% |
| Recurring financial income | 75 | €836 | €0 | -€836 | -100% |
| Financial charges | 65/66B | €15,680 | €21,582 | +€5,901 | +37.6% |
| Recurring financial charges | 65 | €15,680 | €21,582 | +€5,901 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €104,012 | €88,246 | -€15,765 | -15.2% |
| Income taxes | 67/77 | €38,998 | €29,034 | -€9,964 | -25.5% |
| Profit (loss) for the period | 9904 | €65,013 | €59,212 | -€5,802 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €65,013 | €59,212 | -€5,802 | -8.9% |
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.