CARÈS: 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.
CARÈS
Largest movements
- Stocks and contracts -€135,367
down €135,367 (-72.8%), from €185,853 to €50,485
- Receivables within one year -€54,142
down €54,142 (-54.5%), from €99,346 to €45,204
of which Trade receivables: -€47,410
- Tangible fixed assets +€33,633
up €33,633 (+83.9%), from €40,110 to €73,742
of which Plant, machinery and equipment: +€46,552
- Deferred charges and accrued income -€4,650
no longer reported in 2025 (was €4,650)
- Cash +€3,530
up €3,530 (+444.7%), from €794 to €4,324
mainly Stocks and contracts (+€135,367) and Receivables within one year (+€54,142)
- Debts after one year -€123,664
down €123,664 (-81.7%), from €151,336 to €27,672
- Trade debts -€74,095
down €74,095 (-62.8%), from €118,004 to €43,909
- Short-term financial debts +€35,349
up €35,349 (+86.7%), from €40,774 to €76,123
- Profit (loss) carried forward +€11,777
up €11,777 (+34.8%), from -€33,865 to -€22,088
- Current portion of long-term debt -€3,709
down €3,709 (-19.9%), from €18,630 to €14,920
- Gross operating margin +€48,838
up €48,838, from -€5,859 to €42,979
- Depreciation +€5,337
up €5,337 (+40.2%), from €13,283 to €18,620
- Financial charges -€1,339
down €1,339 (-9.6%), from €13,946 to €12,607
- Financial income +€879
up €879 (+732.0%), from €120 to €999
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 | €331,219 | €173,756 | -€157,464 | -47.5% |
| Fixed assets | 21/28 | €40,577 | €73,742 | +€33,166 | +81.7% |
| Intangible fixed assets | 21 | €467 | - | -€467 | |
| Tangible fixed assets | 22/27 | €40,110 | €73,742 | +€33,633 | +83.9% |
| Plant, machinery and equipment | 23 | €24,098 | €70,650 | +€46,552 | +193.2% |
| Furniture and vehicles | 24 | €4,788 | €3,092 | -€1,696 | -35.4% |
| Leasing and similar rights | 25 | €5,948 | - | -€5,948 | |
| Other tangible fixed assets | 26 | €5,276 | - | -€5,276 | |
| Current assets | 29/58 | €290,643 | €100,013 | -€190,629 | -65.6% |
| Stocks and contracts in progress | 3 | €185,853 | €50,485 | -€135,367 | -72.8% |
| Stocks | 30/36 | €185,853 | €50,485 | -€135,367 | -72.8% |
| Amounts receivable within one year | 40/41 | €99,346 | €45,204 | -€54,142 | -54.5% |
| Trade receivables | 40 | €92,387 | €44,977 | -€47,410 | -51.3% |
| Other amounts receivable | 41 | €6,959 | €227 | -€6,732 | -96.7% |
| Cash at bank and in hand | 54/58 | €794 | €4,324 | +€3,530 | +444.7% |
| Deferred charges and accrued income | 490/1 | €4,650 | - | -€4,650 | |
| Total equity and liabilities | 10/49 | €331,219 | €173,756 | -€157,464 | -47.5% |
| Equity | 10/15 | -€11,456 | €321 | +€11,777 | |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €7,409 | €7,409 | = | 0.0% |
| Distributable reserves | 133 | €7,409 | €7,409 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,865 | -€22,088 | +€11,777 | +34.8% |
| Amounts payable | 17/49 | €342,675 | €173,434 | -€169,241 | -49.4% |
| Amounts payable after more than one year | 17 | €151,336 | €27,672 | -€123,664 | -81.7% |
| Financial debts | 170/4 | €151,336 | €27,672 | -€123,664 | -81.7% |
| Amounts payable within one year | 42/48 | €191,275 | €145,159 | -€46,117 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €18,630 | €14,920 | -€3,709 | -19.9% |
| Financial debts | 43 | €40,774 | €76,123 | +€35,349 | +86.7% |
| Credit institutions | 430/8 | €40,774 | €76,123 | +€35,349 | +86.7% |
| Trade debts | 44 | €118,004 | €43,909 | -€74,095 | -62.8% |
| Suppliers | 440/4 | €118,004 | €43,909 | -€74,095 | -62.8% |
| Taxes, remuneration and social security | 45 | €5,630 | €5,386 | -€244 | -4.3% |
| Taxes | 450/3 | €4,630 | €5,364 | +€734 | +15.9% |
| Remuneration and social security | 454/9 | €1,000 | €22 | -€978 | -97.8% |
| Other amounts payable | 47/48 | €8,237 | €4,820 | -€3,418 | -41.5% |
| Accrued charges and deferred income | 492/3 | €63 | €604 | +€540 | +851.9% |
| Non-recurring operating income | 76A | €951 | €2,478 | +€1,528 | +160.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,283 | €18,620 | +€5,337 | +40.2% |
| Other operating charges | 640/8 | €898 | €974 | +€76 | +8.5% |
| Gross operating margin | 9900 | -€5,859 | €42,979 | +€48,838 | |
| Operating profit (loss) | 9901 | -€20,040 | €23,385 | +€43,424 | |
| Financial income | 75/76B | €120 | €999 | +€879 | +732.0% |
| Recurring financial income | 75 | €120 | €999 | +€879 | +732.0% |
| Financial charges | 65/66B | €13,946 | €12,607 | -€1,339 | -9.6% |
| Recurring financial charges | 65 | €13,946 | €12,607 | -€1,339 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | -€33,865 | €11,777 | +€45,643 | |
| Profit (loss) for the period | 9904 | -€33,865 | €11,777 | +€45,643 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,865 | €11,777 | +€45,643 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.