Carlens Visual Projects: 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.
Carlens Visual Projects
Largest movements
- Tangible fixed assets +€57,620
up €57,620 (+41.5%), from €138,712 to €196,332
of which Land and buildings: +€72,655
- Cash -€8,457
down €8,457 (-2.3%), from €365,341 to €356,883
mainly Investment in fixed assets (net) (-€96,440) and Other debts (-€84,385)
- Receivables after one year -€8,358
down €8,358 (-35.7%), from €23,422 to €15,064
- Other debts -€84,385
down €84,385 (-91.1%), from €92,629 to €8,244
- Debts after one year +€72,529
up €72,529 (+240.1%), from €30,210 to €102,739
- Reserves +€34,255
up €34,255 (+8.9%), from €383,073 to €417,327
- Trade debts +€24,541
up €24,541 (+3846.9%), from €638 to €25,179
- Tax, wage and social debts -€7,134
down €7,134 (-76.0%), from €9,388 to €2,254
- Gross operating margin -€14,087
down €14,087 (-13.3%), from €105,921 to €91,834
- Taxes -€6,108
down €6,108 (-35.6%), from €17,181 to €11,073
- Financial charges +€2,427
up €2,427 (+57.3%), from €4,239 to €6,666
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 | €589,676 | €631,223 | +€41,548 | +7.0% |
| Fixed assets | 21/28 | €138,712 | €196,332 | +€57,620 | +41.5% |
| Tangible fixed assets | 22/27 | €138,712 | €196,332 | +€57,620 | +41.5% |
| Land and buildings | 22 | €70,801 | €143,455 | +€72,655 | +102.6% |
| Plant, machinery and equipment | 23 | €16,252 | €17,024 | +€772 | +4.7% |
| Furniture and vehicles | 24 | €9,861 | €6,955 | -€2,906 | -29.5% |
| Leasing and similar rights | 25 | €40,558 | €28,558 | -€12,000 | -29.6% |
| Other tangible fixed assets | 26 | €1,241 | €340 | -€900 | -72.6% |
| Current assets | 29/58 | €450,964 | €434,892 | -€16,072 | -3.6% |
| Amounts receivable after more than one year | 29 | €23,422 | €15,064 | -€8,358 | -35.7% |
| Other amounts receivable | 291 | €23,422 | €15,064 | -€8,358 | -35.7% |
| Stocks and contracts in progress | 3 | €3,169 | €5,545 | +€2,376 | +75.0% |
| Stocks | 30/36 | €3,169 | €5,545 | +€2,376 | +75.0% |
| Amounts receivable within one year | 40/41 | €56,076 | €53,622 | -€2,454 | -4.4% |
| Trade receivables | 40 | €40,338 | €27,960 | -€12,377 | -30.7% |
| Other amounts receivable | 41 | €15,738 | €25,662 | +€9,924 | +63.1% |
| Cash at bank and in hand | 54/58 | €365,341 | €356,883 | -€8,457 | -2.3% |
| Deferred charges and accrued income | 490/1 | €2,956 | €3,777 | +€821 | +27.8% |
| Total equity and liabilities | 10/49 | €589,676 | €631,223 | +€41,548 | +7.0% |
| Equity | 10/15 | €435,962 | €471,244 | +€35,282 | +8.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €383,073 | €417,327 | +€34,255 | +8.9% |
| Distributable reserves | 133 | €383,073 | €417,327 | +€34,255 | +8.9% |
| Profit (loss) carried forward | 14 | €40,490 | €41,517 | +€1,027 | +2.5% |
| Amounts payable | 17/49 | €153,713 | €159,979 | +€6,266 | +4.1% |
| Amounts payable after more than one year | 17 | €30,210 | €102,739 | +€72,529 | +240.1% |
| Financial debts | 170/4 | €30,210 | €102,739 | +€72,529 | +240.1% |
| Amounts payable within one year | 42/48 | €120,185 | €54,167 | -€66,019 | -54.9% |
| Current portion of amounts payable after more than one year | 42 | €17,531 | €18,490 | +€959 | +5.5% |
| Trade debts | 44 | €638 | €25,179 | +€24,541 | +3846.9% |
| Suppliers | 440/4 | €638 | €25,179 | +€24,541 | +3846.9% |
| Taxes, remuneration and social security | 45 | €9,388 | €2,254 | -€7,134 | -76.0% |
| Taxes | 450/3 | €9,388 | €2,254 | -€7,134 | -76.0% |
| Other amounts payable | 47/48 | €92,629 | €8,244 | -€84,385 | -91.1% |
| Accrued charges and deferred income | 492/3 | €3,318 | €3,073 | -€245 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,358 | €38,820 | -€538 | -1.4% |
| Other operating charges | 640/8 | €962 | €943 | -€20 | -2.0% |
| Gross operating margin | 9900 | €105,921 | €91,834 | -€14,087 | -13.3% |
| Operating profit (loss) | 9901 | €65,601 | €52,071 | -€13,529 | -20.6% |
| Financial income | 75/76B | €2,228 | €1,782 | -€446 | -20.0% |
| Recurring financial income | 75 | €2,228 | €1,782 | -€446 | -20.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,239 | €6,666 | +€2,427 | +57.3% |
| Recurring financial charges | 65 | €4,239 | €6,666 | +€2,427 | +57.3% |
| Profit (loss) for the period before taxes | 9903 | €63,589 | €47,188 | -€16,402 | -25.8% |
| Income taxes | 67/77 | €17,181 | €11,073 | -€6,108 | -35.6% |
| Profit (loss) for the period | 9904 | €46,408 | €36,115 | -€10,294 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,408 | €36,115 | -€10,294 | -22.2% |
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 5 October 2026 via checked.be.