CARDA: 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.
CARDA
Largest movements
- Stocks and contracts -€106,199
down €106,199 (-14.1%), from €751,838 to €645,639
of which Contracts in progress: -€56,536
- Cash +€101,219
up €101,219 (+31.1%), from €325,034 to €426,253
mainly Net result for the year (+€151,483) and Depreciation (+€141,328)
- Receivables within one year -€83,773
down €83,773 (-11.6%), from €720,704 to €636,931
of which Trade receivables: -€118,986
- Intangible fixed assets -€47,322
down €47,322 (-13.0%), from €363,273 to €315,951
- Debts after one year -€171,506
down €171,506 (-13.3%), from €1.3m to €1.1m
- Reserves +€151,483
up €151,483 (+21.3%), from €710,332 to €861,815
- Other debts -€100,000
down €100,000 (-43.4%), from €230,305 to €130,305
- Trade debts -€42,722
down €42,722 (-72.7%), from €58,749 to €16,027
- Gross operating margin -€172,036
down €172,036 (-11.4%), from €1.5m to €1.3m
- Taxes -€61,761
down €61,761 (-46.3%), from €133,359 to €71,598
- Write-downs +€29,910
up €29,910 (+202.5%), from €14,767 to €44,677
- Staff costs -€19,719
down €19,719 (-2.3%), from €865,815 to €846,096
- Depreciation +€16,207
up €16,207 (+13.0%), from €125,120 to €141,328
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 | €2,661,662 | €2,517,157 | -€144,505 | -5.4% |
| Fixed assets | 21/28 | €841,343 | €774,269 | -€67,073 | -8.0% |
| Intangible fixed assets | 21 | €363,273 | €315,951 | -€47,322 | -13.0% |
| Tangible fixed assets | 22/27 | €468,909 | €449,158 | -€19,751 | -4.2% |
| Plant, machinery and equipment | 23 | €234,214 | €227,358 | -€6,856 | -2.9% |
| Furniture and vehicles | 24 | €231,344 | €218,927 | -€12,417 | -5.4% |
| Other tangible fixed assets | 26 | €3,352 | €2,873 | -€479 | -14.3% |
| Financial fixed assets | 28 | €9,160 | €9,160 | = | 0.0% |
| Current assets | 29/58 | €1,820,320 | €1,742,888 | -€77,432 | -4.3% |
| Stocks and contracts in progress | 3 | €751,838 | €645,639 | -€106,199 | -14.1% |
| Stocks | 30/36 | €643,609 | €593,946 | -€49,663 | -7.7% |
| Contracts in progress | 37 | €108,229 | €51,693 | -€56,536 | -52.2% |
| Amounts receivable within one year | 40/41 | €720,704 | €636,931 | -€83,773 | -11.6% |
| Trade receivables | 40 | €679,384 | €560,398 | -€118,986 | -17.5% |
| Other amounts receivable | 41 | €41,320 | €76,533 | +€35,212 | +85.2% |
| Cash at bank and in hand | 54/58 | €325,034 | €426,253 | +€101,219 | +31.1% |
| Deferred charges and accrued income | 490/1 | €22,744 | €34,066 | +€11,322 | +49.8% |
| Total equity and liabilities | 10/49 | €2,661,662 | €2,517,157 | -€144,505 | -5.4% |
| Equity | 10/15 | €730,332 | €881,815 | +€151,483 | +20.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €710,332 | €861,815 | +€151,483 | +21.3% |
| Distributable reserves | 133 | €710,332 | €861,815 | +€151,483 | +21.3% |
| Amounts payable | 17/49 | €1,931,330 | €1,635,342 | -€295,988 | -15.3% |
| Amounts payable after more than one year | 17 | €1,285,790 | €1,114,283 | -€171,506 | -13.3% |
| Financial debts | 170/4 | €1,285,790 | €1,114,283 | -€171,506 | -13.3% |
| Amounts payable within one year | 42/48 | €618,667 | €484,939 | -€133,729 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €177,178 | €171,506 | -€5,672 | -3.2% |
| Financial debts | 43 | €80,198 | €93,333 | +€13,135 | +16.4% |
| Credit institutions | 430/8 | €80,198 | €93,333 | +€13,135 | +16.4% |
| Trade debts | 44 | €58,749 | €16,027 | -€42,722 | -72.7% |
| Suppliers | 440/4 | €58,749 | €16,027 | -€42,722 | -72.7% |
| Taxes, remuneration and social security | 45 | €72,237 | €73,767 | +€1,530 | +2.1% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €72,237 | €73,767 | +€1,530 | +2.1% |
| Other amounts payable | 47/48 | €230,305 | €130,305 | -€100,000 | -43.4% |
| Accrued charges and deferred income | 492/3 | €26,873 | €36,120 | +€9,247 | +34.4% |
| Remuneration, social security and pensions | 62 | €865,815 | €846,096 | -€19,719 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,120 | €141,328 | +€16,207 | +13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,767 | €44,677 | +€29,910 | +202.5% |
| Other operating charges | 640/8 | €62,439 | €58,452 | -€3,987 | -6.4% |
| Gross operating margin | 9900 | €1,514,509 | €1,342,474 | -€172,036 | -11.4% |
| Operating profit (loss) | 9901 | €446,368 | €251,921 | -€194,447 | -43.6% |
| Financial income | 75/76B | €42,413 | €41,986 | -€427 | -1.0% |
| Recurring financial income | 75 | €42,413 | €41,986 | -€427 | -1.0% |
| Financial charges | 65/66B | €77,288 | €70,827 | -€6,461 | -8.4% |
| Recurring financial charges | 65 | €77,288 | €70,827 | -€6,461 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €411,494 | €223,081 | -€188,413 | -45.8% |
| Income taxes | 67/77 | €133,359 | €71,598 | -€61,761 | -46.3% |
| Profit (loss) for the period | 9904 | €278,134 | €151,483 | -€126,651 | -45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €278,134 | €151,483 | -€126,651 | -45.5% |
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 9 October 2026 via checked.be.