CARIOLO: 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.
What changed
CARIOLO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€459,408
2024 · €2.1m-€1.7m
Equity
€12.4m
2024 · €12.1m+€359,408
Cash
€260,032
2024 · €167,760+€92,272
Balance sheet total
€12.5m
2024 · €12.2m+€345,550
Largest movements
Assets
- Current investments +€1.5m
up €1.5m (+127%), from €1.2m to €2.7m
- Receivables after one year -€1.1m
down €1.1m (-22.2%), from €5.0m to €3.9m
Equity and liabilities
- Reserves +€359,408
up €359,408 (+6.7%), from €5.3m to €5.7m
of which Distributable reserves: +€423,910
Income statement
- Financial income -€1.6m
down €1.6m (-90.6%), from €1.8m to €170,528
- Taxes +€73,371
up €73,371 (+81.0%), from €90,624 to €163,995
- Gross operating margin +€22,150
up €22,150 (+3.8%), from €577,018 to €599,168
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.
Result 2024
€2.1m
Gross operating margin
+€22,150
Staff costs
-€542
Depreciation
+€5,436
Other operating charges
+€2,935
Other operating items
+€266
Financial income
-€1.6m
Financial charges
+€589
Taxes
-€73,371
Result 2025
€459,408
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.7m
Investment
-€1.5m
Financing
-€100,000
Cash 2024
€167,760
From operations (derived)
+€1.7m
Net result for the year
+€459,408
Depreciation
+€117,222
Receivables after one year
+€1.1m
Receivables within one year
+€44,449
Deferred charges and accrued income
-€74
Trade debts
-€9,832
Tax, wage and social debts
+€14,695
Other debts
-€18,721
Investment (derived)
-€1.5m
Investment in fixed assets (net)
-€1,496
Current investments
-€1.5m
Financing
-€100,000
Contributions, distributions and other
-€100,000
Cash 2025
€260,032
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,176,104 | €12,521,654 | +€345,550 | +2.8% |
| Fixed assets | 21/28 | €5,774,598 | €5,658,872 | -€115,726 | -2.0% |
| Tangible fixed assets | 22/27 | €1,719,843 | €1,604,117 | -€115,726 | -6.7% |
| Land and buildings | 22 | €1,518,860 | €1,422,976 | -€95,884 | -6.3% |
| Plant, machinery and equipment | 23 | €396 | €179 | -€217 | -54.8% |
| Furniture and vehicles | 24 | €105,637 | €80,658 | -€24,979 | -23.6% |
| Other tangible fixed assets | 26 | €94,949 | €100,303 | +€5,354 | +5.6% |
| Financial fixed assets | 28 | €4,054,755 | €4,054,755 | = | 0.0% |
| Current assets | 29/58 | €6,401,506 | €6,862,782 | +€461,276 | +7.2% |
| Amounts receivable after more than one year | 29 | €4,976,080 | €3,872,565 | -€1.1m | -22.2% |
| Other amounts receivable | 291 | €4,976,080 | €3,872,565 | -€1.1m | -22.2% |
| Amounts receivable within one year | 40/41 | €59,436 | €14,986 | -€44,449 | -74.8% |
| Trade receivables | 40 | €19,228 | €14,218 | -€5,011 | -26.1% |
| Other amounts receivable | 41 | €40,208 | €769 | -€39,439 | -98.1% |
| Current investments | 50/53 | €1,193,633 | €2,710,528 | +€1.5m | +127% |
| Cash at bank and in hand | 54/58 | €167,760 | €260,032 | +€92,272 | +55.0% |
| Deferred charges and accrued income | 490/1 | €4,596 | €4,671 | +€74 | +1.6% |
| Total equity and liabilities | 10/49 | €12,176,104 | €12,521,654 | +€345,550 | +2.8% |
| Equity | 10/15 | €12,085,895 | €12,445,303 | +€359,408 | +3.0% |
| Contributions | 10/11 | €6,750,000 | €6,750,000 | = | 0.0% |
| Reserves | 13 | €5,335,895 | €5,695,303 | +€359,408 | +6.7% |
| Non-distributable reserves | 130/1 | €283,325 | €283,325 | = | 0.0% |
| Reserves not available under the articles | 1311 | €283,325 | €283,325 | = | 0.0% |
| Tax-exempt reserves | 132 | €64,501 | €0 | -€64,501 | -100% |
| Distributable reserves | 133 | €4,988,069 | €5,411,978 | +€423,910 | +8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €90,209 | €76,351 | -€13,858 | -15.4% |
| Amounts payable within one year | 42/48 | €90,209 | €76,351 | -€13,858 | -15.4% |
| Trade debts | 44 | €13,285 | €3,453 | -€9,832 | -74.0% |
| Suppliers | 440/4 | €13,285 | €3,453 | -€9,832 | -74.0% |
| Taxes, remuneration and social security | 45 | €58,203 | €72,899 | +€14,695 | +25.2% |
| Taxes | 450/3 | €58,203 | €69,935 | +€11,732 | +20.2% |
| Remuneration and social security | 454/9 | - | €2,963 | +€2,963 | |
| Other amounts payable | 47/48 | €18,721 | €0 | -€18,721 | -100% |
| Non-recurring operating income | 76A | €179,925 | €0 | -€179,925 | -100% |
| Remuneration, social security and pensions | 62 | €21,051 | €21,593 | +€542 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,658 | €117,222 | -€5,436 | -4.4% |
| Other operating charges | 640/8 | €10,320 | €7,385 | -€2,935 | -28.4% |
| Non-recurring operating charges | 66A | €266 | €0 | -€266 | -100% |
| Gross operating margin | 9900 | €577,018 | €599,168 | +€22,150 | +3.8% |
| Operating profit (loss) | 9901 | €422,723 | €452,967 | +€30,244 | +7.2% |
| Financial income | 75/76B | €1,816,780 | €170,528 | -€1.6m | -90.6% |
| Recurring financial income | 75 | €1,816,780 | €170,528 | -€1.6m | -90.6% |
| Financial charges | 65/66B | €681 | €92 | -€589 | -86.5% |
| Recurring financial charges | 65 | €681 | €92 | -€589 | -86.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €2,238,823 | €623,403 | -€1.6m | -72.2% |
| Income taxes | 67/77 | €90,624 | €163,995 | +€73,371 | +81.0% |
| Profit (loss) for the period | 9904 | €2,148,198 | €459,408 | -€1.7m | -78.6% |
| Transfer from tax-exempt reserves | 789 | - | €64,501 | +€64,501 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €2,148,198 | €523,910 | -€1.6m | -75.6% |
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 27 October 2026 via checked.be.