CARMAFIN: 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.
CARMAFIN
Largest movements
- Cash +€143,829
up €143,829 (+112%), from €128,077 to €271,906
mainly Net result for the year (+€118,495) and Debts after one year (+€90,062)
- Tangible fixed assets +€82,170
up €82,170 (+52.0%), from €157,944 to €240,114
of which Land and buildings: +€90,971
- Receivables within one year -€18,766
down €18,766 (-28.1%), from €66,822 to €48,056
of which Trade receivables: -€18,845
- Debts after one year +€90,062
new in 2025: €90,062
- Reserves +€78,495
up €78,495 (+169%), from €46,360 to €124,855
- Tax, wage and social debts +€22,027
up €22,027 (+79.0%), from €27,874 to €49,901
- Other debts +€11,832
up €11,832 (+29.9%), from €39,536 to €51,368
- Gross operating margin +€82,270
up €82,270 (+76.8%), from €107,164 to €189,434
- Taxes +€18,363
up €18,363 (+91.7%), from €20,036 to €38,399
- Depreciation +€13,479
up €13,479 (+90.4%), from €14,914 to €28,393
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €416,132 | €628,273 | +€212,141 | +51.0% |
| Fixed assets | 21/28 | €157,944 | €240,114 | +€82,170 | +52.0% |
| Tangible fixed assets | 22/27 | €157,944 | €240,114 | +€82,170 | +52.0% |
| Land and buildings | 22 | €135,691 | €226,662 | +€90,971 | +67.0% |
| Plant, machinery and equipment | 23 | €10,487 | €8,427 | -€2,060 | -19.6% |
| Furniture and vehicles | 24 | €11,766 | €5,025 | -€6,741 | -57.3% |
| Current assets | 29/58 | €258,188 | €388,159 | +€129,971 | +50.3% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €66,822 | €48,056 | -€18,766 | -28.1% |
| Trade receivables | 40 | €66,822 | €47,977 | -€18,845 | -28.2% |
| Other amounts receivable | 41 | - | €79 | +€79 | |
| Cash at bank and in hand | 54/58 | €128,077 | €271,906 | +€143,829 | +112% |
| Deferred charges and accrued income | 490/1 | €13,289 | €18,197 | +€4,908 | +36.9% |
| Total equity and liabilities | 10/49 | €416,132 | €628,273 | +€212,141 | +51.0% |
| Equity | 10/15 | €345,517 | €424,012 | +€78,495 | +22.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €46,360 | €124,855 | +€78,495 | +169% |
| Distributable reserves | 133 | €46,360 | €124,855 | +€78,495 | +169% |
| Profit (loss) carried forward | 14 | €292,957 | €292,957 | = | 0.0% |
| Amounts payable | 17/49 | €70,615 | €204,261 | +€133,646 | +189% |
| Amounts payable after more than one year | 17 | - | €90,062 | +€90,062 | |
| Financial debts | 170/4 | - | €90,062 | +€90,062 | |
| Amounts payable within one year | 42/48 | €70,547 | €114,011 | +€43,464 | +61.6% |
| Current portion of amounts payable after more than one year | 42 | - | €4,938 | +€4,938 | |
| Financial debts | 43 | - | €4,050 | +€4,050 | |
| Credit institutions | 430/8 | - | €4,050 | +€4,050 | |
| Trade debts | 44 | €3,137 | €3,754 | +€617 | +19.7% |
| Suppliers | 440/4 | €3,137 | €3,754 | +€617 | +19.7% |
| Taxes, remuneration and social security | 45 | €27,874 | €49,901 | +€22,027 | +79.0% |
| Taxes | 450/3 | €27,874 | €49,901 | +€22,027 | +79.0% |
| Other amounts payable | 47/48 | €39,536 | €51,368 | +€11,832 | +29.9% |
| Accrued charges and deferred income | 492/3 | €68 | €188 | +€120 | +176% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,914 | €28,393 | +€13,479 | +90.4% |
| Other operating charges | 640/8 | €577 | €1,518 | +€941 | +163% |
| Gross operating margin | 9900 | €107,164 | €189,434 | +€82,270 | +76.8% |
| Operating profit (loss) | 9901 | €91,673 | €159,523 | +€67,850 | +74.0% |
| Financial income | 75/76B | €1,819 | €1,966 | +€147 | +8.1% |
| Recurring financial income | 75 | €1,819 | €1,966 | +€147 | +8.1% |
| Financial charges | 65/66B | €3,865 | €4,595 | +€730 | +18.9% |
| Recurring financial charges | 65 | €3,865 | €4,595 | +€730 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €89,627 | €156,894 | +€67,267 | +75.1% |
| Income taxes | 67/77 | €20,036 | €38,399 | +€18,363 | +91.7% |
| Profit (loss) for the period | 9904 | €69,591 | €118,495 | +€48,904 | +70.3% |
| Profit (loss) for the period to be appropriated | 9905 | €69,591 | €118,495 | +€48,904 | +70.3% |
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 16 October 2026 via checked.be.