CARLIO: 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.
CARLIO
Largest movements
- Tangible fixed assets -€114,647
down €114,647 (-4.8%), from €2.4m to €2.3m
of which Land and buildings: -€97,975
- Cash -€72,617
down €72,617 (-16.3%), from €444,934 to €372,317
mainly Investment in fixed assets (net) (-€77,149) and Net result for the year (-€71,345)
- Receivables within one year +€60,235
up €60,235 (+286.8%), from €21,004 to €81,239
of which Other amounts receivable: +€49,998
- Reserves -€72,178
down €72,178 (-6.3%), from €1.1m to €1.1m
of which Tax-exempt reserves: -€50,028
- Debts after one year -€33,841
down €33,841 (-3.3%), from €1.0m to €996,082
of which Financial debts: -€36,661
- Gross operating margin -€331,788
down €331,788 (-62.5%), from €531,224 to €199,436
- Staff costs -€29,210
no longer reported in 2025 (was €29,210)
- Other operating charges -€25,369
down €25,369 (-36.4%), from €69,687 to €44,318
- Depreciation -€16,735
down €16,735 (-7.9%), from €210,553 to €193,819
- Taxes -€8,534
down €8,534 (-96.1%), from €8,882 to €347
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 | €2,930,055 | €2,791,034 | -€139,021 | -4.7% |
| Fixed assets | 21/28 | €2,438,239 | €2,321,569 | -€116,670 | -4.8% |
| Intangible fixed assets | 21 | €4,406 | €2,383 | -€2,023 | -45.9% |
| Tangible fixed assets | 22/27 | €2,409,117 | €2,294,470 | -€114,647 | -4.8% |
| Land and buildings | 22 | €2,289,572 | €2,191,597 | -€97,975 | -4.3% |
| Plant, machinery and equipment | 23 | €3,867 | €2,633 | -€1,234 | -31.9% |
| Furniture and vehicles | 24 | €115,678 | €89,831 | -€25,847 | -22.3% |
| Other tangible fixed assets | 26 | - | €10,409 | +€10,409 | |
| Financial fixed assets | 28 | €24,716 | €24,716 | = | 0.0% |
| Current assets | 29/58 | €491,816 | €469,466 | -€22,351 | -4.5% |
| Stocks and contracts in progress | 3 | €20,884 | €11,043 | -€9,841 | -47.1% |
| Stocks | 30/36 | €20,884 | €11,043 | -€9,841 | -47.1% |
| Amounts receivable within one year | 40/41 | €21,004 | €81,239 | +€60,235 | +286.8% |
| Trade receivables | 40 | €20,949 | €31,186 | +€10,237 | +48.9% |
| Other amounts receivable | 41 | €54 | €50,053 | +€49,998 | +91891.7% |
| Cash at bank and in hand | 54/58 | €444,934 | €372,317 | -€72,617 | -16.3% |
| Deferred charges and accrued income | 490/1 | €4,995 | €4,868 | -€128 | -2.6% |
| Total equity and liabilities | 10/49 | €2,930,055 | €2,791,034 | -€139,021 | -4.7% |
| Equity | 10/15 | €1,508,836 | €1,436,659 | -€72,178 | -4.8% |
| Contributions | 10/11 | €365,643 | €365,643 | = | 0.0% |
| Capital | 10 | €365,643 | €365,643 | = | 0.0% |
| Issued capital | 100 | €365,643 | €365,643 | = | 0.0% |
| Reserves | 13 | €1,143,193 | €1,071,016 | -€72,178 | -6.3% |
| Non-distributable reserves | 130/1 | €36,564 | €36,564 | = | 0.0% |
| Legal reserve | 130 | €36,564 | €36,564 | = | 0.0% |
| Tax-exempt reserves | 132 | €570,979 | €520,951 | -€50,028 | -8.8% |
| Distributable reserves | 133 | €535,650 | €513,500 | -€22,150 | -4.1% |
| Provisions and deferred taxes | 16 | €222,439 | €203,028 | -€19,411 | -8.7% |
| Deferred taxes | 168 | €222,439 | €203,028 | -€19,411 | -8.7% |
| Amounts payable | 17/49 | €1,198,780 | €1,151,348 | -€47,432 | -4.0% |
| Amounts payable after more than one year | 17 | €1,029,924 | €996,082 | -€33,841 | -3.3% |
| Financial debts | 170/4 | €261,712 | €225,051 | -€36,661 | -14.0% |
| Other amounts payable | 178/9 | €768,212 | €771,032 | +€2,820 | +0.4% |
| Amounts payable within one year | 42/48 | €121,512 | €105,720 | -€15,792 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €38,996 | €36,661 | -€2,335 | -6.0% |
| Trade debts | 44 | €26,548 | €12,881 | -€13,667 | -51.5% |
| Suppliers | 440/4 | €26,548 | €12,881 | -€13,667 | -51.5% |
| Taxes, remuneration and social security | 45 | €12,815 | €3,510 | -€9,305 | -72.6% |
| Taxes | 450/3 | €10,982 | €3,510 | -€7,472 | -68.0% |
| Remuneration and social security | 454/9 | €1,833 | - | -€1,833 | |
| Other amounts payable | 47/48 | €43,153 | €52,668 | +€9,515 | +22.0% |
| Accrued charges and deferred income | 492/3 | €47,344 | €49,546 | +€2,201 | +4.6% |
| Remuneration, social security and pensions | 62 | €29,210 | - | -€29,210 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210,553 | €193,819 | -€16,735 | -7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,583 | +€6,583 | |
| Other operating charges | 640/8 | €69,687 | €44,318 | -€25,369 | -36.4% |
| Gross operating margin | 9900 | €531,224 | €199,436 | -€331,788 | -62.5% |
| Operating profit (loss) | 9901 | €221,773 | -€45,284 | -€267,057 | |
| Financial income | 75/76B | €5 | €0 | -€5 | -99.6% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -99.6% |
| Financial charges | 65/66B | €52,079 | €45,125 | -€6,954 | -13.4% |
| Recurring financial charges | 65 | €52,079 | €45,125 | -€6,954 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €169,699 | -€90,408 | -€260,108 | |
| Transfer from deferred taxes | 780 | €40,486 | €19,411 | -€21,075 | -52.1% |
| Transfer to deferred taxes | 680 | €54,823 | - | -€54,823 | |
| Income taxes | 67/77 | €8,882 | €347 | -€8,534 | -96.1% |
| Profit (loss) for the period | 9904 | €146,481 | -€71,345 | -€217,826 | |
| Transfer from tax-exempt reserves | 789 | €103,331 | €50,028 | -€53,303 | -51.6% |
| Transfer to tax-exempt reserves | 689 | €164,468 | - | -€164,468 | |
| Profit (loss) for the period to be appropriated | 9905 | €85,344 | -€21,317 | -€106,661 |
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 3 October 2026 via checked.be.