CARES: 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.
CARES
Largest movements
- Cash -€283,001
down €283,001 (-60.4%), from €468,272 to €185,271
mainly Debts after one year (-€289,762) and Receivables within one year (-€226,985)
- Tangible fixed assets -€227,530
down €227,530 (-5.5%), from €4.1m to €3.9m
of which Land and buildings: -€201,117
- Receivables within one year +€226,985
up €226,985 (+190.4%), from €119,190 to €346,175
of which Other amounts receivable: +€248,100
- Debts after one year -€289,762
down €289,762 (-13.4%), from €2.2m to €1.9m
of which Financial debts: -€293,332
- Profit (loss) carried forward +€183,906
up €183,906 (+101.6%), from €180,921 to €364,827
- Current portion of long-term debt -€91,721
down €91,721 (-21.9%), from €418,658 to €326,937
- Other debts -€77,500
down €77,500 (-96.4%), from €80,374 to €2,874
- Gross operating margin +€61,669
up €61,669 (+7.9%), from €780,202 to €841,870
- Staff costs +€33,904
up €33,904 (+39.3%), from €86,178 to €120,082
- Taxes -€31,943
down €31,943 (-36.6%), from €87,268 to €55,325
- Other operating charges +€24,016
up €24,016 (+23.1%), from €103,859 to €127,875
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 | €5,115,056 | €4,831,557 | -€283,498 | -5.5% |
| Fixed assets | 21/28 | €4,107,098 | €3,879,568 | -€227,530 | -5.5% |
| Tangible fixed assets | 22/27 | €4,107,098 | €3,879,568 | -€227,530 | -5.5% |
| Land and buildings | 22 | €4,003,581 | €3,802,464 | -€201,117 | -5.0% |
| Plant, machinery and equipment | 23 | €33,421 | €20,368 | -€13,053 | -39.1% |
| Furniture and vehicles | 24 | €70,096 | €56,737 | -€13,359 | -19.1% |
| Current assets | 29/58 | €1,007,958 | €951,989 | -€55,969 | -5.6% |
| Stocks and contracts in progress | 3 | €3,856 | €3,903 | +€47 | +1.2% |
| Stocks | 30/36 | €3,856 | €3,903 | +€47 | +1.2% |
| Amounts receivable within one year | 40/41 | €119,190 | €346,175 | +€226,985 | +190.4% |
| Trade receivables | 40 | €102,345 | €81,230 | -€21,115 | -20.6% |
| Other amounts receivable | 41 | €16,845 | €264,945 | +€248,100 | +1472.8% |
| Current investments | 50/53 | €416,640 | €416,640 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €468,272 | €185,271 | -€283,001 | -60.4% |
| Total equity and liabilities | 10/49 | €5,115,056 | €4,831,557 | -€283,498 | -5.5% |
| Equity | 10/15 | €2,400,527 | €2,584,433 | +€183,906 | +7.7% |
| Contributions | 10/11 | €179,000 | €179,000 | = | 0.0% |
| Capital | 10 | €179,000 | €179,000 | = | 0.0% |
| Issued capital | 100 | €179,000 | €179,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,041,066 | €1,041,066 | = | 0.0% |
| Reserves | 13 | €999,540 | €999,540 | = | 0.0% |
| Non-distributable reserves | 130/1 | €434,540 | €434,540 | = | 0.0% |
| Legal reserve | 130 | €17,900 | €17,900 | = | 0.0% |
| Own shares acquired | 1312 | €416,640 | €416,640 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €490,000 | €490,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €180,921 | €364,827 | +€183,906 | +101.6% |
| Amounts payable | 17/49 | €2,714,529 | €2,247,125 | -€467,404 | -17.2% |
| Amounts payable after more than one year | 17 | €2,161,658 | €1,871,895 | -€289,762 | -13.4% |
| Financial debts | 170/4 | €2,024,897 | €1,731,565 | -€293,332 | -14.5% |
| Other amounts payable | 178/9 | €136,761 | €140,331 | +€3,570 | +2.6% |
| Amounts payable within one year | 42/48 | €552,871 | €375,229 | -€177,642 | -32.1% |
| Current portion of amounts payable after more than one year | 42 | €418,658 | €326,937 | -€91,721 | -21.9% |
| Trade debts | 44 | €34,444 | €44,380 | +€9,936 | +28.8% |
| Suppliers | 440/4 | €34,444 | €44,380 | +€9,936 | +28.8% |
| Taxes, remuneration and social security | 45 | €19,396 | €1,038 | -€18,357 | -94.6% |
| Taxes | 450/3 | €17,477 | €1,038 | -€16,438 | -94.1% |
| Remuneration and social security | 454/9 | €1,919 | - | -€1,919 | |
| Other amounts payable | 47/48 | €80,374 | €2,874 | -€77,500 | -96.4% |
| Remuneration, social security and pensions | 62 | €86,178 | €120,082 | +€33,904 | +39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235,331 | €236,336 | +€1,005 | +0.4% |
| Other operating charges | 640/8 | €103,859 | €127,875 | +€24,016 | +23.1% |
| Non-recurring operating charges | 66A | €1,010 | €65,388 | +€64,378 | +6374.0% |
| Gross operating margin | 9900 | €780,202 | €841,870 | +€61,669 | +7.9% |
| Operating profit (loss) | 9901 | €353,824 | €292,189 | -€61,634 | -17.4% |
| Financial income | 75/76B | €9,180 | €7,116 | -€2,064 | -22.5% |
| Recurring financial income | 75 | €9,180 | €7,116 | -€2,064 | -22.5% |
| Financial charges | 65/66B | €68,209 | €60,075 | -€8,134 | -11.9% |
| Recurring financial charges | 65 | €68,209 | €60,075 | -€8,134 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €294,795 | €239,231 | -€55,564 | -18.8% |
| Income taxes | 67/77 | €87,268 | €55,325 | -€31,943 | -36.6% |
| Profit (loss) for the period | 9904 | €207,527 | €183,906 | -€23,622 | -11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €207,527 | €183,906 | -€23,622 | -11.4% |
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 6 October 2026 via checked.be.