CARAT: 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.
CARAT
Largest movements
- Receivables within one year +€1.6m
up €1.6m (+17.1%), from €9.5m to €11.1m
of which Other amounts receivable: +€1.8m
- Other debts +€1.7m
up €1.7m (+26.7%), from €6.5m to €8.2m
- Financial charges -€64,034
down €64,034 (-25.0%), from €256,136 to €192,103
- Financial income +€16,465
up €16,465 (+9.4%), from €174,668 to €191,133
- Staff costs -€8,009
down €8,009 (-19.8%), from €40,351 to €32,342
- Taxes -€6,424
down €6,424 (-89.5%), from €7,174 to €751
- Gross operating margin -€1,930
down €1,930 (-13.5%), from -€14,245 to -€16,176
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 | €16,595,540 | €18,181,863 | +€1.6m | +9.6% |
| Fixed assets | 21/28 | €7,118,770 | €7,081,976 | -€36,794 | -0.5% |
| Tangible fixed assets | 22/27 | €106,738 | €69,944 | -€36,794 | -34.5% |
| Land and buildings | 22 | €39,757 | €27,451 | -€12,307 | -31.0% |
| Furniture and vehicles | 24 | €66,980 | €42,493 | -€24,487 | -36.6% |
| Financial fixed assets | 28 | €7,012,032 | €7,012,032 | = | 0.0% |
| Current assets | 29/58 | €9,476,770 | €11,099,887 | +€1.6m | +17.1% |
| Amounts receivable within one year | 40/41 | €9,468,074 | €11,087,341 | +€1.6m | +17.1% |
| Trade receivables | 40 | €209,182 | €48,159 | -€161,023 | -77.0% |
| Other amounts receivable | 41 | €9,258,892 | €11,039,182 | +€1.8m | +19.2% |
| Cash at bank and in hand | 54/58 | €3,501 | €9,469 | +€5,969 | +171% |
| Deferred charges and accrued income | 490/1 | €5,195 | €3,077 | -€2,118 | -40.8% |
| Total equity and liabilities | 10/49 | €16,595,540 | €18,181,863 | +€1.6m | +9.6% |
| Equity | 10/15 | €5,949,742 | €5,854,876 | -€94,866 | -1.6% |
| Contributions | 10/11 | €6,218,600 | €6,218,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€268,858 | -€363,724 | -€94,866 | -35.3% |
| Amounts payable | 17/49 | €10,645,799 | €12,326,987 | +€1.7m | +15.8% |
| Amounts payable after more than one year | 17 | €4,080,857 | €4,080,857 | = | 0.0% |
| Financial debts | 170/4 | €4,080,857 | €4,080,857 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,564,942 | €8,246,131 | +€1.7m | +25.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €90,560 | €46,593 | -€43,967 | -48.5% |
| Suppliers | 440/4 | €90,560 | €46,593 | -€43,967 | -48.5% |
| Taxes, remuneration and social security | 45 | €9,898 | €8,508 | -€1,391 | -14.0% |
| Taxes | 450/3 | €1,590 | €751 | -€840 | -52.8% |
| Remuneration and social security | 454/9 | €8,308 | €7,757 | -€551 | -6.6% |
| Other amounts payable | 47/48 | €6,464,484 | €8,191,030 | +€1.7m | +26.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €40,351 | €32,342 | -€8,009 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,794 | €36,794 | = | 0.0% |
| Other operating charges | 640/8 | €7,668 | €7,834 | +€166 | +2.2% |
| Gross operating margin | 9900 | -€14,245 | -€16,176 | -€1,930 | -13.5% |
| Operating profit (loss) | 9901 | -€99,058 | -€93,146 | +€5,912 | +6.0% |
| Financial income | 75/76B | €174,668 | €191,133 | +€16,465 | +9.4% |
| Recurring financial income | 75 | €174,668 | €191,133 | +€16,465 | +9.4% |
| Financial charges | 65/66B | €256,136 | €192,103 | -€64,034 | -25.0% |
| Recurring financial charges | 65 | €256,136 | €192,103 | -€64,034 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | -€180,526 | -€94,115 | +€86,411 | +47.9% |
| Income taxes | 67/77 | €7,174 | €751 | -€6,424 | -89.5% |
| Profit (loss) for the period | 9904 | -€187,700 | -€94,866 | +€92,835 | +49.5% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€187,700 | -€94,866 | +€92,835 | +49.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.