Carma: what changed
Carma
Largest movements
- Financial fixed assets -€805,000
down €805,000 (-66.7%), from €1.2m to €401,700
- Cash +€371,831
up €371,831 (+184%), from €201,673 to €573,504
mainly Investment in fixed assets (net) (+€805,000) and Tax, wage and social debts (+€6,414)
- Provisions -€227,000
down €227,000 (-100%), from €227,000 to €0
- Profit (loss) carried forward -€169,505
down €169,505, from €0 to -€169,505
- Reserves -€35,172
down €35,172 (-3.1%), from €1.1m to €1.1m
of which Distributable reserves: -€35,172
- Financial charges +€578,648
up €578,648 (+20,031%), from €2,889 to €581,537
of which Non-recurring financial charges: +€578,000
- Gross operating margin +€254,523
up €254,523 (+201%), from €126,342 to €380,865
- Taxes -€25,093
down €25,093 (-97.9%), from €25,643 to €550
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,416,858 | €981,510 | -€435,348 | -30.7% |
| Fixed assets | 21/28 | €1,207,521 | €401,722 | -€805,799 | -66.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €821 | €22 | -€799 | -97.3% |
| Plant, machinery and equipment | 23 | €821 | €22 | -€799 | -97.3% |
| Financial fixed assets | 28 | €1,206,700 | €401,700 | -€805,000 | -66.7% |
| Current assets | 29/58 | €209,338 | €579,788 | +€370,450 | +177% |
| Amounts receivable within one year | 40/41 | €5,643 | €4,253 | -€1,390 | -24.6% |
| Other amounts receivable | 41 | €5,643 | €4,253 | -€1,390 | -24.6% |
| Cash at bank and in hand | 54/58 | €201,673 | €573,504 | +€371,831 | +184% |
| Deferred charges and accrued income | 490/1 | €2,022 | €2,031 | +€9 | +0.4% |
| Total equity and liabilities | 10/49 | €1,416,858 | €981,510 | -€435,348 | -30.7% |
| Equity | 10/15 | €1,156,908 | €952,231 | -€204,677 | -17.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,138,308 | €1,103,136 | -€35,172 | -3.1% |
| Tax-exempt reserves | 132 | €186 | €186 | = | 0.0% |
| Distributable reserves | 133 | €1,138,122 | €1,102,950 | -€35,172 | -3.1% |
| Profit (loss) carried forward | 14 | €0 | -€169,505 | -€169,505 | |
| Provisions and deferred taxes | 16 | €227,000 | €0 | -€227,000 | -100% |
| Provisions for liabilities and charges | 160/5 | €227,000 | €0 | -€227,000 | -100% |
| Other liabilities and charges | 164/5 | €227,000 | €0 | -€227,000 | -100% |
| Amounts payable | 17/49 | €32,951 | €29,279 | -€3,671 | -11.1% |
| Amounts payable within one year | 42/48 | €32,951 | €29,279 | -€3,671 | -11.1% |
| Trade debts | 44 | €2,720 | €817 | -€1,903 | -70.0% |
| Suppliers | 440/4 | €2,720 | €817 | -€1,903 | -70.0% |
| Taxes, remuneration and social security | 45 | €20,840 | €27,254 | +€6,414 | +30.8% |
| Taxes | 450/3 | €20,840 | €27,254 | +€6,414 | +30.8% |
| Other amounts payable | 47/48 | €9,390 | €1,209 | -€8,181 | -87.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €895 | €799 | -€97 | -10.8% |
| Other operating charges | 640/8 | €2,499 | €2,657 | +€158 | +6.3% |
| Gross operating margin | 9900 | €126,342 | €380,865 | +€254,523 | +201% |
| Operating profit (loss) | 9901 | €122,948 | €377,410 | +€254,462 | +207% |
| Financial charges | 65/66B | €2,889 | €581,537 | +€578,648 | +20,031% |
| Recurring financial charges | 65 | €2,889 | €3,537 | +€648 | +22.4% |
| Non-recurring financial charges | 66B | - | €578,000 | +€578,000 | |
| Profit (loss) for the period before taxes | 9903 | €120,059 | -€204,127 | -€324,187 | |
| Income taxes | 67/77 | €25,643 | €550 | -€25,093 | -97.9% |
| Profit (loss) for the period | 9904 | €94,416 | -€204,677 | -€299,093 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,416 | -€204,677 | -€299,093 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.