CARJO: 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.
CARJO
Largest movements
- Cash -€97,822
down €97,822 (-80.3%), from €121,866 to €24,043
mainly Investment in fixed assets (net) (-€140,171) and Debts after one year (-€106,256)
- Receivables within one year -€70,700
down €70,700 (-72.8%), from €97,138 to €26,438
- Debts after one year -€106,256
down €106,256 (-6.9%), from €1.5m to €1.4m
- Reserves -€38,809
down €38,809 (-3.6%), from €1.1m to €1.0m
of which Tax-exempt reserves: -€31,037
- Taxes -€14,567
down €14,567 (-67.1%), from €21,716 to €7,149
- Depreciation +€11,009
up €11,009 (+8.6%), from €127,498 to €138,507
- Gross operating margin -€9,020
down €9,020 (-4.1%), from €220,195 to €211,174
- Financial income -€8,895
no longer reported in 2025 (was €8,895)
- Financial charges -€3,081
down €3,081 (-6.2%), from €49,569 to €46,488
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 | €3,566,735 | €3,401,507 | -€165,227 | -4.6% |
| Fixed assets | 21/28 | €3,346,869 | €3,348,533 | +€1,664 | 0.0% |
| Tangible fixed assets | 22/27 | €3,346,790 | €3,348,454 | +€1,664 | 0.0% |
| Land and buildings | 22 | €3,346,790 | €3,348,454 | +€1,664 | 0.0% |
| Financial fixed assets | 28 | €79 | €79 | = | 0.0% |
| Current assets | 29/58 | €219,866 | €52,974 | -€166,892 | -75.9% |
| Amounts receivable within one year | 40/41 | €97,138 | €26,438 | -€70,700 | -72.8% |
| Other amounts receivable | 41 | €97,138 | €26,438 | -€70,700 | -72.8% |
| Cash at bank and in hand | 54/58 | €121,866 | €24,043 | -€97,822 | -80.3% |
| Deferred charges and accrued income | 490/1 | €863 | €2,494 | +€1,631 | +189.1% |
| Total equity and liabilities | 10/49 | €3,566,735 | €3,401,507 | -€165,227 | -4.6% |
| Equity | 10/15 | €1,595,076 | €1,556,268 | -€38,809 | -2.4% |
| Contributions | 10/11 | €405,386 | €405,386 | = | 0.0% |
| Reserves | 13 | €1,078,891 | €1,040,082 | -€38,809 | -3.6% |
| Tax-exempt reserves | 132 | €906,126 | €875,088 | -€31,037 | -3.4% |
| Distributable reserves | 133 | €172,765 | €164,994 | -€7,771 | -4.5% |
| Profit (loss) carried forward | 14 | €110,800 | €110,800 | = | 0.0% |
| Provisions and deferred taxes | 16 | €300,981 | €290,635 | -€10,346 | -3.4% |
| Deferred taxes | 168 | €300,981 | €290,635 | -€10,346 | -3.4% |
| Amounts payable | 17/49 | €1,670,678 | €1,554,605 | -€116,073 | -6.9% |
| Amounts payable after more than one year | 17 | €1,534,494 | €1,428,238 | -€106,256 | -6.9% |
| Financial debts | 170/4 | €1,534,494 | €1,428,238 | -€106,256 | -6.9% |
| Amounts payable within one year | 42/48 | €129,179 | €120,888 | -€8,290 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €88,293 | €88,416 | +€123 | +0.1% |
| Trade debts | 44 | €15,530 | €4,405 | -€11,125 | -71.6% |
| Suppliers | 440/4 | €15,530 | €4,405 | -€11,125 | -71.6% |
| Taxes, remuneration and social security | 45 | €19,050 | €1,483 | -€17,567 | -92.2% |
| Taxes | 450/3 | €19,050 | €1,483 | -€17,567 | -92.2% |
| Other amounts payable | 47/48 | €6,306 | €26,585 | +€20,278 | +321.5% |
| Accrued charges and deferred income | 492/3 | €7,005 | €5,478 | -€1,527 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,498 | €138,507 | +€11,009 | +8.6% |
| Other operating charges | 640/8 | €20,220 | €20,585 | +€365 | +1.8% |
| Non-recurring operating charges | 66A | - | €25,000 | +€25,000 | |
| Gross operating margin | 9900 | €220,195 | €211,174 | -€9,020 | -4.1% |
| Operating profit (loss) | 9901 | €72,477 | €27,083 | -€45,394 | -62.6% |
| Financial income | 75/76B | €8,895 | - | -€8,895 | |
| Recurring financial income | 75 | €8,895 | - | -€8,895 | |
| Financial charges | 65/66B | €49,569 | €46,488 | -€3,081 | -6.2% |
| Recurring financial charges | 65 | €49,569 | €46,488 | -€3,081 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €31,802 | -€19,405 | -€51,207 | |
| Transfer from deferred taxes | 780 | €10,374 | €10,346 | -€28 | -0.3% |
| Income taxes | 67/77 | €21,716 | €7,149 | -€14,567 | -67.1% |
| Profit (loss) for the period | 9904 | €20,460 | -€16,209 | -€36,669 | |
| Transfer from tax-exempt reserves | 789 | €31,122 | €31,037 | -€85 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €51,583 | €14,829 | -€36,754 | -71.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.