CARFI-BE: 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.
CARFI-BE
Largest movements
- Cash +€584,759
up €584,759 (+2,691%), from €21,731 to €606,490
mainly Current investments (+€477,083) and Net result for the year (+€78,620)
- Current investments -€477,083
down €477,083 (-15.7%), from €3.0m to €2.6m
- Financial fixed assets -€50,641
down €50,641 (-91.4%), from €55,426 to €4,785
- Reserves +€78,620
up €78,620 (+2.5%), from €3.2m to €3.3m
- Financial income +€73,765
up €73,765 (+69.0%), from €106,902 to €180,667
of which Non-recurring financial income: +€57,242
- Gross operating margin -€44,086
down €44,086, from €24,256 to -€19,830
- Financial charges +€24,647
up €24,647 (+233%), from €10,582 to €35,230
of which Non-recurring financial charges: +€21,611
- Other operating charges -€2,095
down €2,095 (-35.1%), from €5,975 to €3,880
- Taxes +€2,040
up €2,040 (+5.8%), from €35,108 to €37,148
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,191,700 | €3,268,498 | +€76,799 | +2.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €79,330 | €22,729 | -€56,601 | -71.3% |
| Tangible fixed assets | 22/27 | €23,904 | €17,944 | -€5,960 | -24.9% |
| Furniture and vehicles | 24 | €23,904 | €17,944 | -€5,960 | -24.9% |
| Financial fixed assets | 28 | €55,426 | €4,785 | -€50,641 | -91.4% |
| Current assets | 29/58 | €3,112,370 | €3,245,769 | +€133,400 | +4.3% |
| Amounts receivable within one year | 40/41 | €2,286 | €1,062 | -€1,224 | -53.5% |
| Trade receivables | 40 | €0 | €391 | +€391 | |
| Other amounts receivable | 41 | €2,286 | €671 | -€1,615 | -70.7% |
| Current investments | 50/53 | €3,033,754 | €2,556,672 | -€477,083 | -15.7% |
| Cash at bank and in hand | 54/58 | €21,731 | €606,490 | +€584,759 | +2,691% |
| Deferred charges and accrued income | 490/1 | €54,599 | €81,546 | +€26,947 | +49.4% |
| Total equity and liabilities | 10/49 | €3,191,700 | €3,268,498 | +€76,799 | +2.4% |
| Equity | 10/15 | €3,177,933 | €3,256,553 | +€78,620 | +2.5% |
| Reserves | 13 | €3,177,933 | €3,256,553 | +€78,620 | +2.5% |
| Distributable reserves | 133 | €3,177,933 | €3,256,553 | +€78,620 | +2.5% |
| Amounts payable | 17/49 | €13,767 | €11,945 | -€1,822 | -13.2% |
| Amounts payable within one year | 42/48 | €13,448 | €11,627 | -€1,822 | -13.5% |
| Trade debts | 44 | €10,052 | €9,358 | -€694 | -6.9% |
| Suppliers | 440/4 | €10,052 | €9,358 | -€694 | -6.9% |
| Taxes, remuneration and social security | 45 | €3,396 | €2,268 | -€1,128 | -33.2% |
| Taxes | 450/3 | €3,396 | €2,268 | -€1,128 | -33.2% |
| Accrued charges and deferred income | 492/3 | €318 | €318 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,947 | €5,960 | +€13 | +0.2% |
| Other operating charges | 640/8 | €5,975 | €3,880 | -€2,095 | -35.1% |
| Gross operating margin | 9900 | €24,256 | -€19,830 | -€44,086 | |
| Operating profit (loss) | 9901 | €12,334 | -€29,670 | -€42,004 | |
| Financial income | 75/76B | €106,902 | €180,667 | +€73,765 | +69.0% |
| Recurring financial income | 75 | €106,902 | €123,425 | +€16,523 | +15.5% |
| Non-recurring financial income | 76B | - | €57,242 | +€57,242 | |
| Financial charges | 65/66B | €10,582 | €35,230 | +€24,647 | +233% |
| Recurring financial charges | 65 | €10,582 | €13,619 | +€3,036 | +28.7% |
| Non-recurring financial charges | 66B | - | €21,611 | +€21,611 | |
| Profit (loss) for the period before taxes | 9903 | €108,654 | €115,768 | +€7,114 | +6.5% |
| Income taxes | 67/77 | €35,108 | €37,148 | +€2,040 | +5.8% |
| Profit (loss) for the period | 9904 | €73,546 | €78,620 | +€5,075 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €73,546 | €78,620 | +€5,075 | +6.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.