Carbon Group: 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.
What changed
Carbon Group
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.7m
2024 · €578,611+€2.2m
Equity
€32.7m
2024 · €30.1m+€2.6m
Cash
€3.1m
2024 · €778,005+€2.3m
Balance sheet total
€258.6m
2024 · €227.7m+€30.9m
Largest movements
Assets
- Current investments +€17.4m
up €17.4m (+53.7%), from €32.4m to €49.7m
- Financial fixed assets +€6.0m
up €6.0m (+3.4%), from €177.8m to €183.8m
of which Affiliated companies: +€6.2m
- Receivables within one year +€5.1m
up €5.1m (+31.2%), from €16.3m to €21.4m
of which Other amounts receivable: +€6.0m
Equity and liabilities
- Other debts +€20.9m
up €20.9m (+149%), from €14.0m to €34.9m
- Debts after one year +€6.2m
up €6.2m (+3.6%), from €174.5m to €180.7m
Income statement
- Financial income +€3.5m
up €3.5m (+116%), from €3.0m to €6.4m
of which Financial income: +€3.2m
- Financial charges +€1.0m
up €1.0m (+42.2%), from €2.5m to €3.5m
of which Financial charges: +€1.3m
- Staff costs +€357,712
up €357,712 (+16.1%), from €2.2m to €2.6m
- Turnover +€175,546
up €175,546 (+5.0%), from €3.5m to €3.7m
- Other operating charges -€160,258
down €160,258 (-90.7%), from €176,659 to €16,401
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.
Result 2024
€578,611
Turnover
+€175,546
Other operating income
-€104,371
Services and other goods
+€56,672
Staff costs
-€357,712
Depreciation
-€28,937
Other operating charges
+€160,258
Other operating items
-€143,690
Financial income
+€3.5m
Financial charges
-€1.0m
Taxes
-€492
Result 2025
€2.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€19.6m
Investment
-€23.4m
Financing
+€6.2m
Cash 2024
€778,005
From operations (derived)
+€19.6m
Net result for the year
+€2.7m
Depreciation
+€74,158
Receivables within one year
-€5.1m
Deferred charges and accrued income
-€173,744
Trade debts
+€2.0m
Tax, wage and social debts
+€159,248
Other debts
+€20.9m
Accrued charges and deferred income
-€1.0m
Investment (derived)
-€23.4m
Investment in fixed assets (net)
-€6.1m
Current investments
-€17.4m
Financing
+€6.2m
Debts after one year
+€6.2m
Contributions, distributions and other
-€97,051
Cash 2025
€3.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €227,665,292 | €258,586,717 | +€30.9m | +13.6% |
| Fixed assets | 21/28 | €177,968,564 | €183,956,033 | +€6.0m | +3.4% |
| Intangible fixed assets | 21 | €113,483 | €80,825 | -€32,658 | -28.8% |
| Tangible fixed assets | 22/27 | €40,884 | €35,363 | -€5,521 | -13.5% |
| Furniture and vehicles | 24 | €25,043 | €23,264 | -€1,779 | -7.1% |
| Other tangible fixed assets | 26 | €15,841 | €12,099 | -€3,742 | -23.6% |
| Financial fixed assets | 28 | €177,814,197 | €183,839,845 | +€6.0m | +3.4% |
| Affiliated companies | 280/1 | €165,197,067 | €171,444,514 | +€6.2m | +3.8% |
| Participating interests | 280 | €161,447,067 | €167,694,514 | +€6.2m | +3.9% |
| Amounts receivable | 281 | €3,750,000 | €3,750,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €7,593,492 | €8,011,793 | +€418,301 | +5.5% |
| Participating interests | 282 | €7,436,307 | €7,889,513 | +€453,206 | +6.1% |
| Amounts receivable | 283 | €157,185 | €122,280 | -€34,905 | -22.2% |
| Other financial fixed assets | 284/8 | €5,023,638 | €4,383,538 | -€640,100 | -12.7% |
| Shares | 284 | €1,001,984 | €108,743 | -€893,241 | -89.1% |
| Amounts receivable and cash guarantees | 285/8 | €4,021,654 | €4,274,795 | +€253,141 | +6.3% |
| Current assets | 29/58 | €49,696,728 | €74,630,684 | +€24.9m | +50.2% |
| Amounts receivable within one year | 40/41 | €16,332,430 | €21,424,625 | +€5.1m | +31.2% |
| Trade receivables | 40 | €1,282,399 | €413,875 | -€868,524 | -67.7% |
| Other amounts receivable | 41 | €15,050,031 | €21,010,750 | +€6.0m | +39.6% |
| Current investments | 50/53 | €32,370,860 | €49,738,677 | +€17.4m | +53.7% |
| Other investments | 51/53 | €32,370,860 | €49,738,677 | +€17.4m | +53.7% |
| Cash at bank and in hand | 54/58 | €778,005 | €3,078,205 | +€2.3m | +296% |
| Deferred charges and accrued income | 490/1 | €215,433 | €389,177 | +€173,744 | +80.6% |
| Total equity and liabilities | 10/49 | €227,665,292 | €258,586,717 | +€30.9m | +13.6% |
| Equity | 10/15 | €30,095,230 | €32,743,960 | +€2.6m | +8.8% |
| Contributions | 10/11 | €620,000 | €620,000 | = | 0.0% |
| Capital | 10 | €620,000 | €620,000 | = | 0.0% |
| Issued capital | 100 | €620,000 | €620,000 | = | 0.0% |
| Revaluation surpluses | 12 | €22,306,404 | €22,306,404 | = | 0.0% |
| Reserves | 13 | €5,226,305 | €6,688,293 | +€1.5m | +28.0% |
| Non-distributable reserves | 130/1 | €5,226,305 | €6,510,099 | +€1.3m | +24.6% |
| Legal reserve | 130 | €62,000 | €62,000 | = | 0.0% |
| Other | 1319 | €5,164,305 | €6,448,099 | +€1.3m | +24.9% |
| Distributable reserves | 133 | - | €178,194 | +€178,194 | |
| Profit (loss) carried forward | 14 | €1,942,521 | €3,129,263 | +€1.2m | +61.1% |
| Amounts payable | 17/49 | €197,570,062 | €225,842,757 | +€28.3m | +14.3% |
| Amounts payable after more than one year | 17 | €174,499,610 | €180,747,057 | +€6.2m | +3.6% |
| Financial debts | 170/4 | €174,499,610 | €180,747,057 | +€6.2m | +3.6% |
| Other loans | 174 | €174,499,610 | €180,747,057 | +€6.2m | +3.6% |
| Amounts payable within one year | 42/48 | €22,012,464 | €45,077,374 | +€23.1m | +105% |
| Financial debts | 43 | €7,000,000 | €7,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €7,000,000 | €7,000,000 | = | 0.0% |
| Trade debts | 44 | €641,957 | €2,670,079 | +€2.0m | +316% |
| Suppliers | 440/4 | €641,957 | €2,670,079 | +€2.0m | +316% |
| Taxes, remuneration and social security | 45 | €373,906 | €533,154 | +€159,248 | +42.6% |
| Taxes | 450/3 | €25,512 | €45,032 | +€19,520 | +76.5% |
| Remuneration and social security | 454/9 | €348,394 | €488,122 | +€139,728 | +40.1% |
| Other amounts payable | 47/48 | €13,996,601 | €34,874,141 | +€20.9m | +149% |
| Accrued charges and deferred income | 492/3 | €1,057,988 | €18,326 | -€1.0m | -98.3% |
| Operating income | 70/76A | €3,885,440 | €3,778,478 | -€106,962 | -2.8% |
| Turnover | 70 | €3,542,591 | €3,718,137 | +€175,546 | +5.0% |
| Other operating income | 74 | €164,612 | €60,241 | -€104,371 | -63.4% |
| Non-recurring operating income | 76A | €178,237 | €100 | -€178,137 | -99.9% |
| Operating charges | 60/66A | €3,803,396 | €3,938,668 | +€135,272 | +3.6% |
| Services and other goods | 61 | €1,323,577 | €1,266,905 | -€56,672 | -4.3% |
| Remuneration, social security and pensions | 62 | €2,223,492 | €2,581,204 | +€357,712 | +16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,221 | €74,158 | +€28,937 | +64.0% |
| Other operating charges | 640/8 | €176,659 | €16,401 | -€160,258 | -90.7% |
| Non-recurring operating charges | 66A | €34,447 | - | -€34,447 | |
| Operating profit (loss) | 9901 | €82,044 | -€160,190 | -€242,234 | |
| Financial income | 75/76B | €2,967,386 | €6,419,256 | +€3.5m | +116% |
| Recurring financial income | 75 | €1,594,585 | €4,812,007 | +€3.2m | +202% |
| Income from financial fixed assets | 750 | €1,594,585 | €3,365,751 | +€1.8m | +111% |
| Income from current assets | 751 | - | €1,446,181 | +€1.4m | |
| Other financial income | 752/9 | - | €75 | +€75 | |
| Non-recurring financial income | 76B | €1,372,801 | €1,607,249 | +€234,448 | +17.1% |
| Financial charges | 65/66B | €2,468,111 | €3,510,085 | +€1.0m | +42.2% |
| Recurring financial charges | 65 | €1,388,315 | €2,690,388 | +€1.3m | +93.8% |
| Debt charges | 650 | €316,492 | €846,956 | +€530,464 | +168% |
| Other financial charges | 652/9 | €1,071,823 | €1,843,432 | +€771,609 | +72.0% |
| Non-recurring financial charges | 66B | €1,079,796 | €819,697 | -€260,099 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €581,319 | €2,748,981 | +€2.2m | +373% |
| Income taxes | 67/77 | €2,708 | €3,200 | +€492 | +18.2% |
| Taxes | 670/3 | €2,708 | €3,200 | +€492 | +18.2% |
| Profit (loss) for the period | 9904 | €578,611 | €2,745,781 | +€2.2m | +375% |
| Profit (loss) for the period to be appropriated | 9905 | €578,611 | €2,745,781 | +€2.2m | +375% |
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.