CARA: 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.
CARA
Largest movements
- Tangible fixed assets +€357,972
up €357,972 (+32.5%), from €1.1m to €1.5m
of which Plant, machinery and equipment: +€396,594
- Cash +€211,017
up €211,017 (+21.1%), from €1.0m to €1.2m
mainly Net result for the year (+€899,370) and Trade debts (+€252,723)
- Current investments +€167,545
up €167,545 (+15.6%), from €1.1m to €1.2m
- Stocks and contracts +€126,133
up €126,133 (+52.3%), from €241,397 to €367,530
- Reserves +€464,363
up €464,363 (+13.6%), from €3.4m to €3.9m
of which Distributable reserves: +€464,363
- Trade debts +€252,723
up €252,723 (+288.2%), from €87,696 to €340,419
- Other debts +€159,441
up €159,441 (+57.9%), from €275,565 to €435,006
- Financial charges -€79,601
down €79,601 (-94.2%), from €84,512 to €4,912
- Depreciation +€34,251
up €34,251 (+103.1%), from €33,215 to €67,466
- Taxes -€31,833
down €31,833 (-7.3%), from €435,273 to €403,439
- Financial income -€29,264
down €29,264 (-52.4%), from €55,849 to €26,584
- Gross operating margin -€23,773
down €23,773 (-1.5%), from €1.5m to €1.5m
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 | €4,065,373 | €4,937,392 | +€872,020 | +21.4% |
| Fixed assets | 21/28 | €1,100,191 | €1,458,163 | +€357,972 | +32.5% |
| Tangible fixed assets | 22/27 | €1,100,191 | €1,458,163 | +€357,972 | +32.5% |
| Land and buildings | 22 | €985,627 | €965,803 | -€19,824 | -2.0% |
| Plant, machinery and equipment | 23 | €22,978 | €419,572 | +€396,594 | +1726.0% |
| Furniture and vehicles | 24 | €91,587 | €72,788 | -€18,799 | -20.5% |
| Current assets | 29/58 | €2,965,182 | €3,479,230 | +€514,048 | +17.3% |
| Stocks and contracts in progress | 3 | €241,397 | €367,530 | +€126,133 | +52.3% |
| Stocks | 30/36 | €241,397 | €367,530 | +€126,133 | +52.3% |
| Amounts receivable within one year | 40/41 | €613,119 | €635,289 | +€22,170 | +3.6% |
| Trade receivables | 40 | €601,775 | €615,037 | +€13,262 | +2.2% |
| Other amounts receivable | 41 | €11,344 | €20,252 | +€8,908 | +78.5% |
| Current investments | 50/53 | €1,075,630 | €1,243,175 | +€167,545 | +15.6% |
| Cash at bank and in hand | 54/58 | €1,002,126 | €1,213,142 | +€211,017 | +21.1% |
| Deferred charges and accrued income | 490/1 | €32,910 | €20,093 | -€12,817 | -38.9% |
| Total equity and liabilities | 10/49 | €4,065,373 | €4,937,392 | +€872,020 | +21.4% |
| Equity | 10/15 | €3,666,721 | €4,131,084 | +€464,363 | +12.7% |
| Contributions | 10/11 | €86,875 | €86,875 | = | 0.0% |
| Capital | 10 | €86,875 | €86,875 | = | 0.0% |
| Issued capital | 100 | €86,875 | €86,875 | = | 0.0% |
| Reserves | 13 | €3,422,149 | €3,886,512 | +€464,363 | +13.6% |
| Non-distributable reserves | 130/1 | €8,688 | €8,688 | = | 0.0% |
| Legal reserve | 130 | €8,688 | €8,688 | = | 0.0% |
| Distributable reserves | 133 | €3,413,461 | €3,877,824 | +€464,363 | +13.6% |
| Profit (loss) carried forward | 14 | €157,697 | €157,697 | = | 0.0% |
| Amounts payable | 17/49 | €398,652 | €806,308 | +€407,656 | +102.3% |
| Amounts payable within one year | 42/48 | €398,652 | €806,308 | +€407,656 | +102.3% |
| Trade debts | 44 | €87,696 | €340,419 | +€252,723 | +288.2% |
| Suppliers | 440/4 | €87,696 | €340,419 | +€252,723 | +288.2% |
| Taxes, remuneration and social security | 45 | €35,391 | €30,882 | -€4,508 | -12.7% |
| Taxes | 450/3 | €25,643 | €19,991 | -€5,651 | -22.0% |
| Remuneration and social security | 454/9 | €9,748 | €10,891 | +€1,143 | +11.7% |
| Other amounts payable | 47/48 | €275,565 | €435,006 | +€159,441 | +57.9% |
| Non-recurring operating income | 76A | €61,235 | - | -€61,235 | |
| Remuneration, social security and pensions | 62 | €134,542 | €150,413 | +€15,872 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,215 | €67,466 | +€34,251 | +103.1% |
| Other operating charges | 640/8 | €17,993 | €21,735 | +€3,742 | +20.8% |
| Gross operating margin | 9900 | €1,544,524 | €1,520,751 | -€23,773 | -1.5% |
| Operating profit (loss) | 9901 | €1,358,775 | €1,281,136 | -€77,638 | -5.7% |
| Financial income | 75/76B | €55,849 | €26,584 | -€29,264 | -52.4% |
| Recurring financial income | 75 | €55,849 | €26,584 | -€29,264 | -52.4% |
| Financial charges | 65/66B | €84,512 | €4,912 | -€79,601 | -94.2% |
| Recurring financial charges | 65 | €84,512 | €4,912 | -€79,601 | -94.2% |
| Profit (loss) for the period before taxes | 9903 | €1,330,111 | €1,302,809 | -€27,302 | -2.1% |
| Income taxes | 67/77 | €435,273 | €403,439 | -€31,833 | -7.3% |
| Profit (loss) for the period | 9904 | €894,838 | €899,370 | +€4,532 | +0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €894,838 | €899,370 | +€4,532 | +0.5% |
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 12 October 2026 via checked.be.