CARAVEL: what changed
Two fiscal 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.
CARAVEL
Largest movements
- Cash +€17,153
up €17,153 (+142.6%), from €12,029 to €29,182
mainly Depreciation (+€32,223) and Net result for the year (+€27,744)
- Tangible fixed assets -€12,807
down €12,807 (-13.8%), from €92,486 to €79,679
of which Land and buildings: -€18,299
- Receivables within one year +€4,739
up €4,739 (+14.3%), from €33,064 to €37,803
of which Trade receivables: +€8,429
- Reserves +€27,500
up €27,500 (+122.7%), from €22,420 to €49,920
of which Distributable reserves: +€27,500
- Debts after one year -€14,082
down €14,082 (-67.1%), from €20,990 to €6,908
- Other debts -€5,846
down €5,846 (-12.6%), from €46,406 to €40,560
- Tax, wage and social debts +€4,087
up €4,087 (+418.6%), from €976 to €5,063
of which Taxes: +€4,242
- Gross operating margin +€26,816
up €26,816 (+48.3%), from €55,512 to €82,328
- Taxes +€11,367
up €11,367 (+356.8%), from €3,186 to €14,553
- Depreciation +€1,939
up €1,939 (+6.4%), from €30,284 to €32,223
- Other operating charges -€1,383
down €1,383 (-29.4%), from €4,706 to €3,323
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 | €144,049 | €154,021 | +€9,972 | +6.9% |
| Fixed assets | 21/28 | €92,486 | €79,679 | -€12,807 | -13.8% |
| Tangible fixed assets | 22/27 | €92,486 | €79,679 | -€12,807 | -13.8% |
| Land and buildings | 22 | €56,161 | €37,862 | -€18,299 | -32.6% |
| Plant, machinery and equipment | 23 | €8,345 | €5,709 | -€2,636 | -31.6% |
| Furniture and vehicles | 24 | €27,979 | €21,920 | -€6,060 | -21.7% |
| Other tangible fixed assets | 26 | - | €14,188 | +€14,188 | |
| Current assets | 29/58 | €51,563 | €74,342 | +€22,779 | +44.2% |
| Amounts receivable within one year | 40/41 | €33,064 | €37,803 | +€4,739 | +14.3% |
| Trade receivables | 40 | €29,348 | €37,776 | +€8,429 | +28.7% |
| Other amounts receivable | 41 | €3,717 | €27 | -€3,690 | -99.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €12,029 | €29,182 | +€17,153 | +142.6% |
| Deferred charges and accrued income | 490/1 | €6,469 | €7,357 | +€887 | +13.7% |
| Total equity and liabilities | 10/49 | €144,049 | €154,021 | +€9,972 | +6.9% |
| Equity | 10/15 | €41,477 | €69,222 | +€27,744 | +66.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,420 | €49,920 | +€27,500 | +122.7% |
| Non-distributable reserves | 130/1 | €251 | €251 | = | 0.0% |
| Reserves not available under the articles | 1311 | €251 | €251 | = | 0.0% |
| Tax-exempt reserves | 132 | €669 | €669 | = | 0.0% |
| Distributable reserves | 133 | €21,500 | €49,000 | +€27,500 | +127.9% |
| Profit (loss) carried forward | 14 | €457 | €701 | +€244 | +53.4% |
| Amounts payable | 17/49 | €102,571 | €84,799 | -€17,772 | -17.3% |
| Amounts payable after more than one year | 17 | €20,990 | €6,908 | -€14,082 | -67.1% |
| Financial debts | 170/4 | €20,990 | €6,908 | -€14,082 | -67.1% |
| Amounts payable within one year | 42/48 | €81,581 | €77,892 | -€3,690 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €15,565 | €14,082 | -€1,483 | -9.5% |
| Financial debts | 43 | €1,730 | €2,151 | +€421 | +24.4% |
| Credit institutions | 430/8 | €1,730 | €2,151 | +€421 | +24.4% |
| Trade debts | 44 | €16,904 | €16,035 | -€869 | -5.1% |
| Suppliers | 440/4 | €16,904 | €16,035 | -€869 | -5.1% |
| Taxes, remuneration and social security | 45 | €976 | €5,063 | +€4,087 | +418.6% |
| Taxes | 450/3 | €821 | €5,063 | +€4,242 | +516.6% |
| Remuneration and social security | 454/9 | €155 | €0 | -€155 | -100.0% |
| Other amounts payable | 47/48 | €46,406 | €40,560 | -€5,846 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,284 | €32,223 | +€1,939 | +6.4% |
| Other operating charges | 640/8 | €4,706 | €3,323 | -€1,383 | -29.4% |
| Non-recurring operating charges | 66A | - | €2,005 | +€2,005 | |
| Gross operating margin | 9900 | €55,512 | €82,328 | +€26,816 | +48.3% |
| Operating profit (loss) | 9901 | €20,521 | €44,777 | +€24,255 | +118.2% |
| Financial income | 75/76B | €8 | €78 | +€71 | +937.6% |
| Recurring financial income | 75 | €8 | €78 | +€71 | +937.6% |
| Financial charges | 65/66B | €2,032 | €2,557 | +€526 | +25.9% |
| Recurring financial charges | 65 | €2,032 | €2,557 | +€526 | +25.9% |
| Profit (loss) for the period before taxes | 9903 | €18,497 | €42,297 | +€23,800 | +128.7% |
| Income taxes | 67/77 | €3,186 | €14,553 | +€11,367 | +356.8% |
| Profit (loss) for the period | 9904 | €15,311 | €27,744 | +€12,433 | +81.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,311 | €27,744 | +€12,433 | +81.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.