CARMAL: 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.
CARMAL
Largest movements
- Cash -€58,173
down €58,173 (-18.3%), from €317,312 to €259,139
mainly Contributions, distributions and other (-€75,920) and Current investments (-€39,555)
- Current investments +€39,555
up €39,555 (+14.7%), from €269,224 to €308,779
- Reserves -€88,309
down €88,309 (-17.1%), from €517,719 to €429,409
- Other debts +€71,550
up €71,550 (+123.2%), from €58,097 to €129,647
- Gross operating margin -€13,274
down €13,274 (-293.8%), from -€4,518 to -€17,792
- Financial income +€7,182
up €7,182 (+259.1%), from €2,772 to €9,954
- Depreciation -€1,114
down €1,114 (-48.3%), from €2,309 to €1,194
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 | €595,344 | €578,016 | -€17,329 | -2.9% |
| Fixed assets | 21/28 | €8,556 | €7,361 | -€1,194 | -14.0% |
| Tangible fixed assets | 22/27 | €2,456 | €1,261 | -€1,194 | -48.6% |
| Plant, machinery and equipment | 23 | €749 | €0 | -€749 | -100.0% |
| Furniture and vehicles | 24 | €1,707 | €1,261 | -€445 | -26.1% |
| Financial fixed assets | 28 | €6,100 | €6,100 | = | 0.0% |
| Current assets | 29/58 | €586,789 | €570,654 | -€16,135 | -2.7% |
| Amounts receivable within one year | 40/41 | €253 | €2,736 | +€2,484 | +983.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €253 | €2,736 | +€2,484 | +983.3% |
| Current investments | 50/53 | €269,224 | €308,779 | +€39,555 | +14.7% |
| Cash at bank and in hand | 54/58 | €317,312 | €259,139 | -€58,173 | -18.3% |
| Total equity and liabilities | 10/49 | €595,344 | €578,016 | -€17,329 | -2.9% |
| Equity | 10/15 | €536,269 | €447,959 | -€88,309 | -16.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €517,719 | €429,409 | -€88,309 | -17.1% |
| Distributable reserves | 133 | €517,719 | €429,409 | -€88,309 | -17.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €59,076 | €130,056 | +€70,981 | +120.2% |
| Amounts payable within one year | 42/48 | €59,076 | €130,056 | +€70,981 | +120.2% |
| Trade debts | 44 | €99 | €50 | -€49 | -49.7% |
| Suppliers | 440/4 | €99 | €50 | -€49 | -49.7% |
| Taxes, remuneration and social security | 45 | €880 | €360 | -€520 | -59.1% |
| Taxes | 450/3 | €880 | €360 | -€520 | -59.1% |
| Other amounts payable | 47/48 | €58,097 | €129,647 | +€71,550 | +123.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,309 | €1,194 | -€1,114 | -48.3% |
| Other operating charges | 640/8 | €1,767 | €1,921 | +€154 | +8.7% |
| Gross operating margin | 9900 | -€4,518 | -€17,792 | -€13,274 | -293.8% |
| Operating profit (loss) | 9901 | -€8,594 | -€20,907 | -€12,314 | -143.3% |
| Financial income | 75/76B | €2,772 | €9,954 | +€7,182 | +259.1% |
| Recurring financial income | 75 | €2,772 | €9,954 | +€7,182 | +259.1% |
| Financial charges | 65/66B | €1,093 | €1,204 | +€111 | +10.1% |
| Recurring financial charges | 65 | €1,093 | €1,204 | +€111 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,915 | -€12,157 | -€5,242 | -75.8% |
| Income taxes | 67/77 | €140 | €233 | +€92 | +65.8% |
| Profit (loss) for the period | 9904 | -€7,055 | -€12,389 | -€5,334 | -75.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,055 | -€12,389 | -€5,334 | -75.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.