CARENZA: 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.
CARENZA
Largest movements
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Cash +€274,679
up €274,679 (+193.5%), from €141,930 to €416,609
mainly Current investments (+€300,000) and Net result for the year (+€25,044)
- Tangible fixed assets +€23,595
up €23,595 (+13.8%), from €171,363 to €194,958
of which Other tangible fixed assets: +€25,995
- Receivables within one year -€10,135
down €10,135 (-46.1%), from €21,989 to €11,854
of which Other amounts receivable: -€13,098
- Reserves -€37,931
down €37,931 (-7.4%), from €509,985 to €472,055
of which Distributable reserves: -€37,931
- Other debts +€20,535
up €20,535 (+32.1%), from €64,017 to €84,552
- Gross operating margin -€26,742
down €26,742 (-32.5%), from €82,193 to €55,451
- Taxes -€8,290
down €8,290 (-40.5%), from €20,454 to €12,164
- Other operating charges -€6,276
down €6,276 (-28.9%), from €21,731 to €15,455
- Financial income -€4,625
down €4,625 (-56.8%), from €8,142 to €3,517
- Depreciation +€847
up €847 (+31.3%), from €2,705 to €3,552
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 | €674,191 | €656,606 | -€17,584 | -2.6% |
| Fixed assets | 21/28 | €184,244 | €207,839 | +€23,595 | +12.8% |
| Tangible fixed assets | 22/27 | €171,363 | €194,958 | +€23,595 | +13.8% |
| Land and buildings | 22 | €157,693 | €157,331 | -€362 | -0.2% |
| Plant, machinery and equipment | 23 | €115 | €0 | -€115 | -100.0% |
| Furniture and vehicles | 24 | €13,555 | €11,632 | -€1,923 | -14.2% |
| Other tangible fixed assets | 26 | - | €25,995 | +€25,995 | |
| Financial fixed assets | 28 | €12,882 | €12,882 | = | 0.0% |
| Current assets | 29/58 | €489,946 | €448,767 | -€41,179 | -8.4% |
| Amounts receivable within one year | 40/41 | €21,989 | €11,854 | -€10,135 | -46.1% |
| Trade receivables | 40 | - | €2,962 | +€2,962 | |
| Other amounts receivable | 41 | €21,989 | €8,891 | -€13,098 | -59.6% |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €141,930 | €416,609 | +€274,679 | +193.5% |
| Deferred charges and accrued income | 490/1 | €26,027 | €20,304 | -€5,723 | -22.0% |
| Total equity and liabilities | 10/49 | €674,191 | €656,606 | -€17,584 | -2.6% |
| Equity | 10/15 | €609,985 | €572,055 | -€37,931 | -6.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €509,985 | €472,055 | -€37,931 | -7.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €499,985 | €462,055 | -€37,931 | -7.6% |
| Amounts payable | 17/49 | €64,205 | €84,552 | +€20,347 | +31.7% |
| Amounts payable within one year | 42/48 | €64,205 | €84,552 | +€20,347 | +31.7% |
| Trade debts | 44 | €189 | - | -€189 | |
| Suppliers | 440/4 | €189 | - | -€189 | |
| Other amounts payable | 47/48 | €64,017 | €84,552 | +€20,535 | +32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,705 | €3,552 | +€847 | +31.3% |
| Other operating charges | 640/8 | €21,731 | €15,455 | -€6,276 | -28.9% |
| Gross operating margin | 9900 | €82,193 | €55,451 | -€26,742 | -32.5% |
| Operating profit (loss) | 9901 | €57,757 | €36,443 | -€21,314 | -36.9% |
| Financial income | 75/76B | €8,142 | €3,517 | -€4,625 | -56.8% |
| Recurring financial income | 75 | €8,142 | €3,517 | -€4,625 | -56.8% |
| Financial charges | 65/66B | €2,707 | €2,752 | +€46 | +1.7% |
| Recurring financial charges | 65 | €2,707 | €2,752 | +€46 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €63,192 | €37,208 | -€25,984 | -41.1% |
| Income taxes | 67/77 | €20,454 | €12,164 | -€8,290 | -40.5% |
| Profit (loss) for the period | 9904 | €42,738 | €25,044 | -€17,694 | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,738 | €25,044 | -€17,694 | -41.4% |
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 10 October 2026 via checked.be.