CARAT MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets +€3.3m
up €3.3m (+109%), from €3.0m to €6.4m
of which Land and buildings: +€3.3m
- Current investments -€3.1m
down €3.1m (-98.9%), from €3.1m to €34,631
- Cash +€120,846
up €120,846 (+423%), from €28,574 to €149,421
mainly Current investments (+€3.1m) and Other debts (+€729,500)
- Other debts +€729,500
new in 2025: €729,500
- Debts after one year -€635,407
down €635,407 (-69.3%), from €917,239 to €281,832
- Reserves +€304,861
up €304,861 (+9.0%), from €3.4m to €3.7m
of which Distributable reserves: +€358,241
- Current portion of long-term debt -€128,846
down €128,846 (-52.8%), from €244,253 to €115,407
- Gross operating margin +€352,634
up €352,634 (+161%), from €218,403 to €571,037
- Depreciation +€110,076
up €110,076 (+59.6%), from €184,584 to €294,660
- Financial income -€96,978
down €96,978 (-39.5%), from €245,698 to €148,721
of which Financial income: -€96,978
- Financial charges +€37,248
up €37,248 (+177%), from €21,044 to €58,292
- Taxes +€10,018
up €10,018 (+49.2%), from €20,342 to €30,360
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 | €6,263,389 | €6,594,577 | +€331,188 | +5.3% |
| Fixed assets | 21/28 | €3,041,418 | €6,356,462 | +€3.3m | +109% |
| Tangible fixed assets | 22/27 | €3,040,709 | €6,355,754 | +€3.3m | +109% |
| Land and buildings | 22 | €3,026,009 | €6,347,740 | +€3.3m | +110% |
| Furniture and vehicles | 24 | €14,700 | €8,014 | -€6,686 | -45.5% |
| Financial fixed assets | 28 | €709 | €709 | = | 0.0% |
| Current assets | 29/58 | €3,221,972 | €238,115 | -€3.0m | -92.6% |
| Amounts receivable within one year | 40/41 | €30,057 | €45,385 | +€15,328 | +51.0% |
| Trade receivables | 40 | €0 | €142 | +€142 | |
| Other amounts receivable | 41 | €30,057 | €45,243 | +€15,186 | +50.5% |
| Current investments | 50/53 | €3,123,518 | €34,631 | -€3.1m | -98.9% |
| Cash at bank and in hand | 54/58 | €28,574 | €149,421 | +€120,846 | +423% |
| Deferred charges and accrued income | 490/1 | €39,822 | €8,678 | -€31,144 | -78.2% |
| Total equity and liabilities | 10/49 | €6,263,389 | €6,594,577 | +€331,188 | +5.3% |
| Equity | 10/15 | €5,031,251 | €5,336,112 | +€304,861 | +6.1% |
| Contributions | 10/11 | €1,656,225 | €1,656,225 | = | 0.0% |
| Reserves | 13 | €3,375,026 | €3,679,887 | +€304,861 | +9.0% |
| Tax-exempt reserves | 132 | €53,380 | €0 | -€53,380 | -100% |
| Distributable reserves | 133 | €3,321,646 | €3,679,887 | +€358,241 | +10.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €17,793 | €0 | -€17,793 | -100% |
| Deferred taxes | 168 | €17,793 | €0 | -€17,793 | -100% |
| Amounts payable | 17/49 | €1,214,345 | €1,258,465 | +€44,120 | +3.6% |
| Amounts payable after more than one year | 17 | €917,239 | €281,832 | -€635,407 | -69.3% |
| Financial debts | 170/4 | €917,239 | €281,832 | -€635,407 | -69.3% |
| Amounts payable within one year | 42/48 | €287,833 | €959,313 | +€671,480 | +233% |
| Current portion of amounts payable after more than one year | 42 | €244,253 | €115,407 | -€128,846 | -52.8% |
| Financial debts | 43 | €95 | €0 | -€95 | -100% |
| Credit institutions | 430/8 | €95 | €0 | -€95 | -100% |
| Trade debts | 44 | €20,476 | €48,896 | +€28,419 | +139% |
| Suppliers | 440/4 | €20,476 | €48,896 | +€28,419 | +139% |
| Taxes, remuneration and social security | 45 | €23,009 | €65,511 | +€42,501 | +185% |
| Taxes | 450/3 | €20,546 | €62,866 | +€42,321 | +206% |
| Remuneration and social security | 454/9 | €2,464 | €2,644 | +€181 | +7.3% |
| Other amounts payable | 47/48 | - | €729,500 | +€729,500 | |
| Accrued charges and deferred income | 492/3 | €9,273 | €17,319 | +€8,046 | +86.8% |
| Non-recurring operating income | 76A | - | €286,589 | +€286,589 | |
| Remuneration, social security and pensions | 62 | €16,062 | €20,624 | +€4,562 | +28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184,584 | €294,660 | +€110,076 | +59.6% |
| Other operating charges | 640/8 | €21,415 | €21,953 | +€538 | +2.5% |
| Gross operating margin | 9900 | €218,403 | €571,037 | +€352,634 | +161% |
| Operating profit (loss) | 9901 | -€3,657 | €233,800 | +€237,457 | |
| Financial income | 75/76B | €245,698 | €148,721 | -€96,978 | -39.5% |
| Recurring financial income | 75 | €245,698 | €148,721 | -€96,978 | -39.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €21,044 | €58,292 | +€37,248 | +177% |
| Recurring financial charges | 65 | €21,044 | €58,292 | +€37,248 | +177% |
| Profit (loss) for the period before taxes | 9903 | €220,997 | €324,229 | +€103,232 | +46.7% |
| Transfer from deferred taxes | 780 | €1,369 | €17,793 | +€16,424 | +1,200% |
| Income taxes | 67/77 | €20,342 | €30,360 | +€10,018 | +49.2% |
| Profit (loss) for the period | 9904 | €202,023 | €311,661 | +€109,638 | +54.3% |
| Transfer from tax-exempt reserves | 789 | €4,106 | €53,380 | +€49,273 | +1,200% |
| Profit (loss) for the period to be appropriated | 9905 | €206,129 | €365,041 | +€158,912 | +77.1% |
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 24 October 2026 via checked.be.