CARINE THOMAS: 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.
CARINE THOMAS
Largest movements
- Cash +€60,160
up €60,160 (+37.2%), from €161,505 to €221,665
mainly Net result for the year (+€134,115) and Depreciation (+€29,374)
- Tangible fixed assets -€23,129
down €23,129 (-2.5%), from €917,594 to €894,465
of which Land and buildings: -€25,524
- Profit (loss) carried forward +€134,115
up €134,115 (+46.3%), from €289,485 to €423,600
- Debts after one year -€56,736
down €56,736 (-7.2%), from €787,839 to €731,102
- Tax, wage and social debts -€21,264
down €21,264 (-37.3%), from €57,072 to €35,808
of which Taxes: -€25,443
- Current portion of long-term debt -€16,409
down €16,409 (-22.4%), from €73,145 to €56,736
- Gross operating margin +€83,391
up €83,391 (+41.8%), from €199,480 to €282,871
- Taxes +€36,618
up €36,618 (+175%), from €20,921 to €57,540
- Staff costs +€10,413
up €10,413 (+58.5%), from €17,797 to €28,209
- Other operating charges +€3,501
up €3,501 (+98.5%), from €3,554 to €7,055
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 | €1,282,733 | €1,330,894 | +€48,161 | +3.8% |
| Fixed assets | 21/28 | €917,594 | €894,465 | -€23,129 | -2.5% |
| Tangible fixed assets | 22/27 | €917,594 | €894,465 | -€23,129 | -2.5% |
| Land and buildings | 22 | €866,407 | €840,884 | -€25,524 | -2.9% |
| Plant, machinery and equipment | 23 | €45,408 | €46,744 | +€1,336 | +2.9% |
| Furniture and vehicles | 24 | €5,779 | €6,838 | +€1,059 | +18.3% |
| Current assets | 29/58 | €365,139 | €436,429 | +€71,290 | +19.5% |
| Amounts receivable within one year | 40/41 | €203,634 | €209,854 | +€6,220 | +3.1% |
| Trade receivables | 40 | €37,980 | €0 | -€37,980 | -100% |
| Other amounts receivable | 41 | €165,653 | €209,854 | +€44,201 | +26.7% |
| Cash at bank and in hand | 54/58 | €161,505 | €221,665 | +€60,160 | +37.2% |
| Deferred charges and accrued income | 490/1 | - | €4,910 | +€4,910 | |
| Total equity and liabilities | 10/49 | €1,282,733 | €1,330,894 | +€48,161 | +3.8% |
| Equity | 10/15 | €363,427 | €497,542 | +€134,115 | +36.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,342 | €55,342 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €55,342 | €55,342 | = | 0.0% |
| Profit (loss) carried forward | 14 | €289,485 | €423,600 | +€134,115 | +46.3% |
| Amounts payable | 17/49 | €919,306 | €833,352 | -€85,954 | -9.3% |
| Amounts payable after more than one year | 17 | €787,839 | €731,102 | -€56,736 | -7.2% |
| Financial debts | 170/4 | €787,839 | €731,102 | -€56,736 | -7.2% |
| Amounts payable within one year | 42/48 | €131,467 | €102,250 | -€29,218 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €73,145 | €56,736 | -€16,409 | -22.4% |
| Financial debts | 43 | - | €4,500 | +€4,500 | |
| Credit institutions | 430/8 | - | €4,500 | +€4,500 | |
| Trade debts | 44 | €1,250 | €5,205 | +€3,955 | +316% |
| Suppliers | 440/4 | €1,250 | €5,205 | +€3,955 | +316% |
| Taxes, remuneration and social security | 45 | €57,072 | €35,808 | -€21,264 | -37.3% |
| Taxes | 450/3 | €56,921 | €31,479 | -€25,443 | -44.7% |
| Remuneration and social security | 454/9 | €151 | €4,330 | +€4,179 | +2,771% |
| Non-recurring operating income | 76A | - | €2,388 | +€2,388 | |
| Remuneration, social security and pensions | 62 | €17,797 | €28,209 | +€10,413 | +58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,786 | €29,374 | -€412 | -1.4% |
| Other operating charges | 640/8 | €3,554 | €7,055 | +€3,501 | +98.5% |
| Gross operating margin | 9900 | €199,480 | €282,871 | +€83,391 | +41.8% |
| Operating profit (loss) | 9901 | €148,343 | €218,232 | +€69,889 | +47.1% |
| Financial income | 75/76B | €9,824 | €7,167 | -€2,657 | -27.1% |
| Recurring financial income | 75 | €9,824 | €7,167 | -€2,657 | -27.1% |
| Financial charges | 65/66B | €31,626 | €33,745 | +€2,119 | +6.7% |
| Recurring financial charges | 65 | €31,626 | €33,745 | +€2,119 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €126,542 | €191,655 | +€65,113 | +51.5% |
| Income taxes | 67/77 | €20,921 | €57,540 | +€36,618 | +175% |
| Profit (loss) for the period | 9904 | €105,621 | €134,115 | +€28,494 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €105,621 | €134,115 | +€28,494 | +27.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.