CARMA: 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.
CARMA
Largest movements
- Deferred charges and accrued income -€4,318
no longer reported in 2025 (was €4,318)
- Profit (loss) carried forward +€45,230
up €45,230 (+51.9%), from -€87,175 to -€41,945
- Current portion of long-term debt -€32,818
down €32,818 (-64.4%), from €50,922 to €18,104
- Debts after one year -€10,924
down €10,924 (-3.2%), from €342,707 to €331,783
of which Financial debts: -€18,380
- Gross operating margin -€29,599
down €29,599 (-29.7%), from €99,499 to €69,900
- Taxes +€4,180
new in 2025: €4,180
- Depreciation +€4,108
up €4,108 (+35.4%), from €11,596 to €15,704
- Financial charges -€1,902
down €1,902 (-33.3%), from €5,717 to €3,815
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 | €321,684 | €320,796 | -€888 | -0.3% |
| Fixed assets | 21/28 | €283,585 | €284,589 | +€1,004 | +0.4% |
| Tangible fixed assets | 22/27 | €283,512 | €284,517 | +€1,005 | +0.4% |
| Land and buildings | 22 | €259,985 | €265,589 | +€5,604 | +2.2% |
| Plant, machinery and equipment | 23 | €6,523 | €5,808 | -€715 | -11.0% |
| Furniture and vehicles | 24 | €17,005 | €13,120 | -€3,885 | -22.8% |
| Financial fixed assets | 28 | €72 | €72 | -€0 | -0.4% |
| Current assets | 29/58 | €38,099 | €36,207 | -€1,892 | -5.0% |
| Amounts receivable within one year | 40/41 | €1,775 | - | -€1,775 | |
| Trade receivables | 40 | €1,775 | - | -€1,775 | |
| Current investments | 50/53 | €23,541 | €24,562 | +€1,021 | +4.3% |
| Cash at bank and in hand | 54/58 | €8,466 | €11,645 | +€3,179 | +37.6% |
| Deferred charges and accrued income | 490/1 | €4,318 | - | -€4,318 | |
| Total equity and liabilities | 10/49 | €321,684 | €320,796 | -€888 | -0.3% |
| Equity | 10/15 | -€79,115 | -€33,885 | +€45,230 | +57.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,175 | -€41,945 | +€45,230 | +51.9% |
| Amounts payable | 17/49 | €400,799 | €354,681 | -€46,118 | -11.5% |
| Amounts payable after more than one year | 17 | €342,707 | €331,783 | -€10,924 | -3.2% |
| Financial debts | 170/4 | €37,376 | €18,996 | -€18,380 | -49.2% |
| Other amounts payable | 178/9 | €305,331 | €312,787 | +€7,456 | +2.4% |
| Amounts payable within one year | 42/48 | €58,092 | €22,898 | -€35,194 | -60.6% |
| Current portion of amounts payable after more than one year | 42 | €50,922 | €18,104 | -€32,818 | -64.4% |
| Trade debts | 44 | €685 | €684 | -€1 | -0.1% |
| Suppliers | 440/4 | €685 | €684 | -€1 | -0.1% |
| Other amounts payable | 47/48 | €6,485 | €4,110 | -€2,375 | -36.6% |
| Remuneration, social security and pensions | 62 | €747 | - | -€747 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,596 | €15,704 | +€4,108 | +35.4% |
| Other operating charges | 640/8 | €2,012 | €1,098 | -€914 | -45.4% |
| Gross operating margin | 9900 | €99,499 | €69,900 | -€29,599 | -29.7% |
| Operating profit (loss) | 9901 | €85,145 | €53,098 | -€32,047 | -37.6% |
| Financial income | 75/76B | €69 | €127 | +€58 | +83.8% |
| Recurring financial income | 75 | €69 | €127 | +€58 | +83.8% |
| Financial charges | 65/66B | €5,717 | €3,815 | -€1,902 | -33.3% |
| Recurring financial charges | 65 | €5,717 | €3,815 | -€1,902 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €79,497 | €49,410 | -€30,087 | -37.8% |
| Income taxes | 67/77 | - | €4,180 | +€4,180 | |
| Profit (loss) for the period | 9904 | €79,497 | €45,230 | -€34,267 | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €79,497 | €45,230 | -€34,267 | -43.1% |
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 11 October 2026 via checked.be.