CARISEL: 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.
CARISEL
Largest movements
- Receivables within one year +€181,955
up €181,955 (+20.6%), from €884,033 to €1.1m
of which Trade receivables: +€183,449
- Cash -€72,999
down €72,999 (-31.0%), from €235,550 to €162,552
mainly Other debts (-€186,128) and Receivables within one year (-€181,955)
- Stocks and contracts -€66,875
down €66,875 (-44.2%), from €151,349 to €84,474
- Other debts -€186,128
down €186,128 (-73.8%), from €252,128 to €66,000
- Trade debts +€150,658
up €150,658 (+32.1%), from €469,532 to €620,190
- Profit (loss) carried forward +€62,402
up €62,402, from -€57,811 to €4,591
- Reserves +€36,364
up €36,364 (+13.5%), from €270,202 to €306,565
of which Distributable reserves: +€36,364
- Gross operating margin +€121,625
up €121,625 (+22.7%), from €535,920 to €657,544
- Staff costs +€66,366
up €66,366 (+13.9%), from €476,685 to €543,051
- Financial charges -€17,230
down €17,230 (-56.3%), from €30,598 to €13,368
- Depreciation -€9,061
down €9,061 (-32.5%), from €27,855 to €18,794
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 | €2,011,153 | €2,069,864 | +€58,712 | +2.9% |
| Fixed assets | 21/28 | €107,760 | €110,954 | +€3,194 | +3.0% |
| Tangible fixed assets | 22/27 | €57,970 | €61,299 | +€3,329 | +5.7% |
| Furniture and vehicles | 24 | €48,284 | €52,660 | +€4,376 | +9.1% |
| Other tangible fixed assets | 26 | €9,686 | €8,639 | -€1,047 | -10.8% |
| Financial fixed assets | 28 | €49,790 | €49,655 | -€135 | -0.3% |
| Current assets | 29/58 | €1,903,393 | €1,958,910 | +€55,518 | +2.9% |
| Amounts receivable after more than one year | 29 | €333,004 | €344,659 | +€11,655 | +3.5% |
| Other amounts receivable | 291 | €333,004 | €344,659 | +€11,655 | +3.5% |
| Stocks and contracts in progress | 3 | €151,349 | €84,474 | -€66,875 | -44.2% |
| Stocks | 30/36 | €151,349 | €84,474 | -€66,875 | -44.2% |
| Amounts receivable within one year | 40/41 | €884,033 | €1,065,988 | +€181,955 | +20.6% |
| Trade receivables | 40 | €512,545 | €695,993 | +€183,449 | +35.8% |
| Other amounts receivable | 41 | €371,488 | €369,995 | -€1,494 | -0.4% |
| Current investments | 50/53 | €292,374 | €292,374 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €235,550 | €162,552 | -€72,999 | -31.0% |
| Deferred charges and accrued income | 490/1 | €7,082 | €8,863 | +€1,781 | +25.1% |
| Total equity and liabilities | 10/49 | €2,011,153 | €2,069,864 | +€58,712 | +2.9% |
| Equity | 10/15 | €887,391 | €986,156 | +€98,765 | +11.1% |
| Contributions | 10/11 | €675,000 | €675,000 | = | 0.0% |
| Capital | 10 | €675,000 | €675,000 | = | 0.0% |
| Issued capital | 100 | €675,000 | €675,000 | = | 0.0% |
| Reserves | 13 | €270,202 | €306,565 | +€36,364 | +13.5% |
| Non-distributable reserves | 130/1 | €36,550 | €36,550 | = | 0.0% |
| Legal reserve | 130 | €36,550 | €36,550 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,430 | €56,430 | = | 0.0% |
| Distributable reserves | 133 | €177,222 | €213,585 | +€36,364 | +20.5% |
| Profit (loss) carried forward | 14 | -€57,811 | €4,591 | +€62,402 | |
| Provisions and deferred taxes | 16 | €15,334 | €15,334 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €15,334 | €15,334 | = | 0.0% |
| Pensions and similar obligations | 160 | €15,334 | €15,334 | = | 0.0% |
| Amounts payable | 17/49 | €1,108,427 | €1,068,373 | -€40,054 | -3.6% |
| Amounts payable after more than one year | 17 | €4,983 | €900 | -€4,083 | -81.9% |
| Financial debts | 170/4 | €4,083 | - | -€4,083 | |
| Other amounts payable | 178/9 | €900 | €900 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,103,444 | €1,067,473 | -€35,970 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €6,777 | €4,082 | -€2,694 | -39.8% |
| Financial debts | 43 | €352,500 | €352,500 | = | 0.0% |
| Credit institutions | 430/8 | €352,500 | €352,500 | = | 0.0% |
| Trade debts | 44 | €469,532 | €620,190 | +€150,658 | +32.1% |
| Suppliers | 440/4 | €469,532 | €620,190 | +€150,658 | +32.1% |
| Taxes, remuneration and social security | 45 | €22,507 | €24,701 | +€2,194 | +9.7% |
| Taxes | 450/3 | - | €3,636 | +€3,636 | |
| Remuneration and social security | 454/9 | €22,507 | €21,064 | -€1,443 | -6.4% |
| Other amounts payable | 47/48 | €252,128 | €66,000 | -€186,128 | -73.8% |
| Remuneration, social security and pensions | 62 | €476,685 | €543,051 | +€66,366 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,855 | €18,794 | -€9,061 | -32.5% |
| Other operating charges | 640/8 | €1,351 | €281 | -€1,070 | -79.2% |
| Non-recurring operating charges | 66A | - | €326 | +€326 | |
| Gross operating margin | 9900 | €535,920 | €657,544 | +€121,625 | +22.7% |
| Operating profit (loss) | 9901 | €30,029 | €95,093 | +€65,064 | +216.7% |
| Financial income | 75/76B | €24,792 | €22,015 | -€2,777 | -11.2% |
| Recurring financial income | 75 | €24,792 | €22,015 | -€2,777 | -11.2% |
| Financial charges | 65/66B | €30,598 | €13,368 | -€17,230 | -56.3% |
| Recurring financial charges | 65 | €30,598 | €13,368 | -€17,230 | -56.3% |
| Profit (loss) for the period before taxes | 9903 | €24,223 | €103,740 | +€79,517 | +328.3% |
| Income taxes | 67/77 | €1,670 | €4,975 | +€3,304 | +197.8% |
| Profit (loss) for the period | 9904 | €22,553 | €98,765 | +€76,213 | +337.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,553 | €98,765 | +€76,213 | +337.9% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.