CARINO: 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.
CARINO
Largest movements
- Receivables within one year +€4.2m
up €4.2m (+1,065%), from €396,640 to €4.6m
of which Other amounts receivable: +€3.9m
- Current investments -€2.7m
down €2.7m (-95.6%), from €2.8m to €123,936
- Cash -€128,075
down €128,075 (-91.2%), from €140,416 to €12,342
mainly Receivables within one year (-€4.2m) and Debts after one year (-€103,587)
- Profit (loss) carried forward +€926,454
up €926,454 (+150%), from €617,493 to €1.5m
- Reserves +€617,493
up €617,493 (+30.8%), from €2.0m to €2.6m
of which Distributable reserves: +€619,353
- Debts after one year -€103,587
down €103,587 (-4.5%), from €2.3m to €2.2m
of which Financial debts: -€103,587
- Financial income +€1.2m
up €1.2m (+471%), from €252,398 to €1.4m
- Turnover -€340,527
no longer reported in 2025 (was €340,527)
- Financial charges +€216,312
up €216,312, from -€142,725 to €73,587
- Purchases and services -€101,978
no longer reported in 2025 (was €101,978)
- Gross operating margin -€40,424
down €40,424 (-15.6%), from €258,678 to €218,255
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 | €5,098,640 | €6,535,596 | +€1.4m | +28.2% |
| Fixed assets | 21/28 | €1,721,461 | €1,749,965 | +€28,503 | +1.7% |
| Tangible fixed assets | 22/27 | €1,343,961 | €1,372,465 | +€28,503 | +2.1% |
| Land and buildings | 22 | €320,379 | €308,555 | -€11,824 | -3.7% |
| Plant, machinery and equipment | 23 | €1,421 | €15,639 | +€14,219 | +1,001% |
| Furniture and vehicles | 24 | €4,807 | €17,547 | +€12,740 | +265% |
| Other tangible fixed assets | 26 | €1,017,355 | €1,030,723 | +€13,369 | +1.3% |
| Financial fixed assets | 28 | €377,500 | €377,500 | = | 0.0% |
| Current assets | 29/58 | €3,377,178 | €4,785,632 | +€1.4m | +41.7% |
| Amounts receivable within one year | 40/41 | €396,640 | €4,620,492 | +€4.2m | +1,065% |
| Trade receivables | 40 | €173,097 | €456,995 | +€283,898 | +164% |
| Other amounts receivable | 41 | €223,543 | €4,163,497 | +€3.9m | +1,763% |
| Current investments | 50/53 | €2,839,948 | €123,936 | -€2.7m | -95.6% |
| Cash at bank and in hand | 54/58 | €140,416 | €12,342 | -€128,075 | -91.2% |
| Deferred charges and accrued income | 490/1 | €174 | €28,862 | +€28,688 | +16,488% |
| Total equity and liabilities | 10/49 | €5,098,640 | €6,535,596 | +€1.4m | +28.2% |
| Equity | 10/15 | €2,638,526 | €4,182,474 | +€1.5m | +58.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,002,433 | €2,619,926 | +€617,493 | +30.8% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €2,000,573 | €2,619,926 | +€619,353 | +31.0% |
| Profit (loss) carried forward | 14 | €617,493 | €1,543,947 | +€926,454 | +150% |
| Amounts payable | 17/49 | €2,460,113 | €2,353,123 | -€106,991 | -4.3% |
| Amounts payable after more than one year | 17 | €2,307,295 | €2,203,708 | -€103,587 | -4.5% |
| Financial debts | 170/4 | €1,377,110 | €1,273,523 | -€103,587 | -7.5% |
| Other amounts payable | 178/9 | €930,185 | €930,185 | = | 0.0% |
| Amounts payable within one year | 42/48 | €80,484 | €79,351 | -€1,133 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €53,789 | €54,236 | +€447 | +0.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,319 | €658 | -€1,661 | -71.6% |
| Suppliers | 440/4 | €2,319 | €658 | -€1,661 | -71.6% |
| Taxes, remuneration and social security | 45 | €5,376 | €5,457 | +€81 | +1.5% |
| Taxes | 450/3 | €5,376 | €5,457 | +€81 | +1.5% |
| Other amounts payable | 47/48 | €19,000 | €19,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €72,335 | €70,063 | -€2,271 | -3.1% |
| Turnover | 70 | €340,527 | - | -€340,527 | |
| Goods, raw materials, services and sundry goods | 60/61 | €101,978 | - | -€101,978 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,385 | €32,847 | +€2,462 | +8.1% |
| Other operating charges | 640/8 | €5,952 | €9,622 | +€3,669 | +61.6% |
| Gross operating margin | 9900 | €258,678 | €218,255 | -€40,424 | -15.6% |
| Operating profit (loss) | 9901 | €222,341 | €175,786 | -€46,555 | -20.9% |
| Financial income | 75/76B | €252,398 | €1,441,749 | +€1.2m | +471% |
| Recurring financial income | 75 | €252,398 | €1,441,749 | +€1.2m | +471% |
| Financial charges | 65/66B | -€142,725 | €73,587 | +€216,312 | |
| Recurring financial charges | 65 | -€142,725 | €73,587 | +€216,312 | |
| Profit (loss) for the period before taxes | 9903 | €617,464 | €1,543,947 | +€926,483 | +150% |
| Income taxes | 67/77 | -€29 | €0 | +€29 | |
| Profit (loss) for the period | 9904 | €617,493 | €1,543,947 | +€926,454 | +150% |
| Profit (loss) for the period to be appropriated | 9905 | €617,493 | €1,543,947 | +€926,454 | +150% |
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 29 October 2026 via checked.be.