CARL ANDREAS: 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
CARL ANDREAS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €868,494+€546,389
Equity
€3.7m
2024 · €4.5m-€809,158
Cash
€125,535
2024 · €157,897-€32,362
Balance sheet total
€4.1m
2024 · €5.0m-€881,003
Largest movements
Assets
- Tangible fixed assets -€496,116
down €496,116 (-13.3%), from €3.7m to €3.2m
of which Land and buildings: -€465,913
- Current investments -€349,250
down €349,250 (-50.2%), from €695,593 to €346,343
Equity and liabilities
- Reserves -€809,158
down €809,158 (-18.3%), from €4.4m to €3.6m
of which Distributable reserves: -€803,231
- Current portion of long-term debt -€200,701
no longer reported in 2025 (was €200,701)
- Tax, wage and social debts +€147,841
up €147,841 (+155%), from €95,113 to €242,953
Income statement
- Gross operating margin +€1.5m
up €1.5m (+253%), from €591,398 to €2.1m
- Financial income -€663,594
down €663,594 (-94.7%), from €700,463 to €36,869
- Taxes +€305,133
up €305,133 (+86.1%), from €354,544 to €659,677
- Provisions -€29,190
down €29,190, from €14,595 to -€14,595
- Financial charges +€24,204
up €24,204, from -€19,271 to €4,933
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
€868,494
Gross operating margin
+€1.5m
Depreciation
+€12,453
Provisions
+€29,190
Other operating charges
-€1,847
Other operating items
+€5,025
Financial income
-€663,594
Financial charges
-€24,204
Taxes
-€305,133
Deferred taxes and other
-€550
Result 2025
€1.4m
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
+€1.6m
Investment
+€796,246
Financing
-€2.4m
Cash 2024
€157,897
From operations (derived)
+€1.6m
Net result for the year
+€1.4m
Depreciation
+€49,108
Smaller working-capital items
+€3,288
Provisions
-€17,647
Trade debts
+€20,000
Tax, wage and social debts
+€147,841
Other debts
-€14,195
Accrued charges and deferred income
-€7,143
Investment (derived)
+€796,246
Investment in fixed assets (net)
+€446,996
Current investments
+€349,250
Financing
-€2.4m
Current portion of long-term debt
-€200,701
Contributions, distributions and other
-€2.2m
Cash 2025
€125,535
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,970,773 | €4,089,770 | -€881,003 | -17.7% |
| Fixed assets | 21/28 | €4,111,210 | €3,615,107 | -€496,104 | -12.1% |
| Tangible fixed assets | 22/27 | €3,731,239 | €3,235,123 | -€496,116 | -13.3% |
| Land and buildings | 22 | €1,750,534 | €1,284,621 | -€465,913 | -26.6% |
| Furniture and vehicles | 24 | €170,188 | €139,984 | -€30,204 | -17.7% |
| Other tangible fixed assets | 26 | €1,810,518 | €1,810,518 | = | 0.0% |
| Financial fixed assets | 28 | €379,971 | €379,984 | +€13 | 0.0% |
| Current assets | 29/58 | €859,563 | €474,663 | -€384,899 | -44.8% |
| Amounts receivable within one year | 40/41 | €2,352 | €2,348 | -€4 | -0.2% |
| Other amounts receivable | 41 | €2,352 | €2,348 | -€4 | -0.2% |
| Current investments | 50/53 | €695,593 | €346,343 | -€349,250 | -50.2% |
| Cash at bank and in hand | 54/58 | €157,897 | €125,535 | -€32,362 | -20.5% |
| Deferred charges and accrued income | 490/1 | €3,721 | €437 | -€3,284 | -88.3% |
| Total equity and liabilities | 10/49 | €4,970,773 | €4,089,770 | -€881,003 | -17.7% |
| Equity | 10/15 | €4,506,642 | €3,697,483 | -€809,158 | -18.0% |
| Contributions | 10/11 | €95,774 | €95,774 | = | 0.0% |
| Capital | 10 | €95,774 | €95,774 | = | 0.0% |
| Issued capital | 100 | €95,774 | €95,774 | = | 0.0% |
| Reserves | 13 | €4,410,868 | €3,601,710 | -€809,158 | -18.3% |
| Non-distributable reserves | 130/1 | €139,577 | €139,577 | = | 0.0% |
| Legal reserve | 130 | €139,577 | €139,577 | = | 0.0% |
| Tax-exempt reserves | 132 | €71,396 | €65,468 | -€5,927 | -8.3% |
| Distributable reserves | 133 | €4,199,895 | €3,396,664 | -€803,231 | -19.1% |
| Provisions and deferred taxes | 16 | €51,358 | €33,711 | -€17,647 | -34.4% |
| Provisions for liabilities and charges | 160/5 | €14,595 | - | -€14,595 | |
| Environmental obligations | 163 | €14,595 | - | -€14,595 | |
| Deferred taxes | 168 | €36,763 | €33,711 | -€3,052 | -8.3% |
| Amounts payable | 17/49 | €412,773 | €358,575 | -€54,198 | -13.1% |
| Amounts payable within one year | 42/48 | €403,193 | €356,138 | -€47,055 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €200,701 | - | -€200,701 | |
| Trade debts | 44 | €1,437 | €21,437 | +€20,000 | +1,392% |
| Suppliers | 440/4 | €1,437 | €21,437 | +€20,000 | +1,392% |
| Taxes, remuneration and social security | 45 | €95,113 | €242,953 | +€147,841 | +155% |
| Taxes | 450/3 | €95,113 | €242,953 | +€147,841 | +155% |
| Other amounts payable | 47/48 | €105,942 | €91,747 | -€14,195 | -13.4% |
| Accrued charges and deferred income | 492/3 | €9,580 | €2,437 | -€7,143 | -74.6% |
| Non-recurring operating income | 76A | €596,795 | €2,203,176 | +€1.6m | +269% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,561 | €49,108 | -€12,453 | -20.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €14,595 | -€14,595 | -€29,190 | |
| Other operating charges | 640/8 | €10,515 | €12,363 | +€1,847 | +17.6% |
| Non-recurring operating charges | 66A | €5,025 | - | -€5,025 | |
| Gross operating margin | 9900 | €591,398 | €2,086,447 | +€1.5m | +253% |
| Operating profit (loss) | 9901 | €499,702 | €2,039,572 | +€1.5m | +308% |
| Financial income | 75/76B | €700,463 | €36,869 | -€663,594 | -94.7% |
| Recurring financial income | 75 | €700,463 | €36,869 | -€663,594 | -94.7% |
| Financial charges | 65/66B | -€19,271 | €4,933 | +€24,204 | |
| Recurring financial charges | 65 | -€19,271 | €4,933 | +€24,204 | |
| Profit (loss) for the period before taxes | 9903 | €1,219,436 | €2,071,508 | +€852,072 | +69.9% |
| Transfer from deferred taxes | 780 | €3,602 | €3,052 | -€550 | -15.3% |
| Income taxes | 67/77 | €354,544 | €659,677 | +€305,133 | +86.1% |
| Profit (loss) for the period | 9904 | €868,494 | €1,414,883 | +€546,389 | +62.9% |
| Transfer from tax-exempt reserves | 789 | €6,996 | €5,927 | -€1,068 | -15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €875,490 | €1,420,810 | +€545,321 | +62.3% |
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 14 October 2026 via checked.be.