CARAF PROJECTS: 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.
CARAF PROJECTS
Largest movements
- Receivables within one year -€2,943
down €2,943 (-15.2%), from €19,359 to €16,416
of which Trade receivables: -€7,381
- Tangible fixed assets -€560
down €560 (-25.9%), from €2,167 to €1,606
- Cash +€250
up €250 (+10.3%), from €2,427 to €2,676
mainly Net result for the year (+€5,605) and Receivables within one year (+€2,943)
- Tax, wage and social debts -€5,808
down €5,808 (-61.6%), from €9,434 to €3,626
of which Taxes: -€6,308
- Reserves +€5,340
new in 2025: €5,340
- Other debts -€3,198
down €3,198 (-27.5%), from €11,646 to €8,448
- Profit (loss) carried forward +€265
no longer reported in 2025 (was -€265)
- Gross operating margin +€5,719
up €5,719 (+128.2%), from €4,459 to €10,178
- Taxes +€1,857
up €1,857 (+292.8%), from €634 to €2,492
- Depreciation +€547
up €547 (+45.9%), from €1,193 to €1,741
- Financial income +€420
new in 2025: €420
- Other operating charges +€262
up €262 (+131.3%), from €200 to €462
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 | €24,010 | €20,794 | -€3,216 | -13.4% |
| Fixed assets | 21/28 | €2,167 | €1,606 | -€560 | -25.9% |
| Tangible fixed assets | 22/27 | €2,167 | €1,606 | -€560 | -25.9% |
| Furniture and vehicles | 24 | €2,167 | €1,606 | -€560 | -25.9% |
| Current assets | 29/58 | €21,843 | €19,187 | -€2,656 | -12.2% |
| Amounts receivable within one year | 40/41 | €19,359 | €16,416 | -€2,943 | -15.2% |
| Trade receivables | 40 | €18,985 | €11,604 | -€7,381 | -38.9% |
| Other amounts receivable | 41 | €374 | €4,812 | +€4,438 | +1186.5% |
| Cash at bank and in hand | 54/58 | €2,427 | €2,676 | +€250 | +10.3% |
| Deferred charges and accrued income | 490/1 | €57 | €95 | +€38 | +66.7% |
| Total equity and liabilities | 10/49 | €24,010 | €20,794 | -€3,216 | -13.4% |
| Equity | 10/15 | €2,235 | €7,840 | +€5,605 | +250.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €5,340 | +€5,340 | |
| Distributable reserves | 133 | - | €5,340 | +€5,340 | |
| Profit (loss) carried forward | 14 | -€265 | - | +€265 | |
| Amounts payable | 17/49 | €21,774 | €12,953 | -€8,821 | -40.5% |
| Amounts payable within one year | 42/48 | €21,774 | €12,953 | -€8,821 | -40.5% |
| Trade debts | 44 | €694 | €879 | +€186 | +26.8% |
| Suppliers | 440/4 | €694 | €879 | +€186 | +26.8% |
| Taxes, remuneration and social security | 45 | €9,434 | €3,626 | -€5,808 | -61.6% |
| Taxes | 450/3 | €9,434 | €3,126 | -€6,308 | -66.9% |
| Remuneration and social security | 454/9 | - | €500 | +€500 | |
| Other amounts payable | 47/48 | €11,646 | €8,448 | -€3,198 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,193 | €1,741 | +€547 | +45.9% |
| Other operating charges | 640/8 | €200 | €462 | +€262 | +131.3% |
| Gross operating margin | 9900 | €4,459 | €10,178 | +€5,719 | +128.2% |
| Operating profit (loss) | 9901 | €3,066 | €7,976 | +€4,910 | +160.1% |
| Financial income | 75/76B | - | €420 | +€420 | |
| Recurring financial income | 75 | - | €420 | +€420 | |
| Financial charges | 65/66B | €231 | €299 | +€68 | +29.4% |
| Recurring financial charges | 65 | €231 | €299 | +€68 | +29.4% |
| Profit (loss) for the period before taxes | 9903 | €2,835 | €8,096 | +€5,261 | +185.6% |
| Income taxes | 67/77 | €634 | €2,492 | +€1,857 | +292.8% |
| Profit (loss) for the period | 9904 | €2,201 | €5,605 | +€3,404 | +154.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,201 | €5,605 | +€3,404 | +154.7% |
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 10 October 2026 via checked.be.