CARMAN: 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.
CARMAN
Largest movements
- Receivables within one year -€17,667
down €17,667 (-82.7%), from €21,360 to €3,693
of which Trade receivables: -€18,164
- Tangible fixed assets -€2,855
down €2,855 (-74.0%), from €3,858 to €1,003
of which Furniture and vehicles: -€2,584
- Tax, wage and social debts -€10,270
no longer reported in 2025 (was €10,270)
of which Taxes: -€6,270
- Profit (loss) carried forward -€6,237
down €6,237 (-29.3%), from -€21,264 to -€27,501
- Trade debts -€2,274
down €2,274 (-53.3%), from €4,265 to €1,991
- Short-term financial debts -€1,406
down €1,406 (-46.9%), from €3,000 to €1,594
- Other debts -€518
down €518 (-16.5%), from €3,131 to €2,613
- Gross operating margin +€10,941
up €10,941 (+67.9%), from -€16,124 to -€5,183
- Taxes -€2,533
down €2,533, from €2,183 to -€350
- Depreciation -€1,746
down €1,746 (-79.6%), from €2,193 to €447
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 | €25,402 | €4,697 | -€20,705 | -81.5% |
| Fixed assets | 21/28 | €3,858 | €1,003 | -€2,855 | -74.0% |
| Tangible fixed assets | 22/27 | €3,858 | €1,003 | -€2,855 | -74.0% |
| Plant, machinery and equipment | 23 | €986 | €715 | -€271 | -27.5% |
| Furniture and vehicles | 24 | €2,872 | €288 | -€2,584 | -90.0% |
| Current assets | 29/58 | €21,544 | €3,694 | -€17,850 | -82.9% |
| Amounts receivable within one year | 40/41 | €21,360 | €3,693 | -€17,667 | -82.7% |
| Trade receivables | 40 | €18,164 | - | -€18,164 | |
| Other amounts receivable | 41 | €3,196 | €3,693 | +€497 | +15.6% |
| Cash at bank and in hand | 54/58 | €184 | €1 | -€183 | -99.5% |
| Total equity and liabilities | 10/49 | €25,402 | €4,697 | -€20,705 | -81.5% |
| Equity | 10/15 | €4,736 | -€1,501 | -€6,237 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €24,000 | €24,000 | = | 0.0% |
| Distributable reserves | 133 | €24,000 | €24,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,264 | -€27,501 | -€6,237 | -29.3% |
| Amounts payable | 17/49 | €20,666 | €6,198 | -€14,468 | -70.0% |
| Amounts payable within one year | 42/48 | €20,666 | €6,198 | -€14,468 | -70.0% |
| Financial debts | 43 | €3,000 | €1,594 | -€1,406 | -46.9% |
| Credit institutions | 430/8 | €3,000 | €1,594 | -€1,406 | -46.9% |
| Trade debts | 44 | €4,265 | €1,991 | -€2,274 | -53.3% |
| Suppliers | 440/4 | €4,265 | €1,991 | -€2,274 | -53.3% |
| Taxes, remuneration and social security | 45 | €10,270 | - | -€10,270 | |
| Taxes | 450/3 | €6,270 | - | -€6,270 | |
| Remuneration and social security | 454/9 | €4,000 | - | -€4,000 | |
| Other amounts payable | 47/48 | €3,131 | €2,613 | -€518 | -16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,193 | €447 | -€1,746 | -79.6% |
| Other operating charges | 640/8 | €511 | €632 | +€121 | +23.7% |
| Gross operating margin | 9900 | -€16,124 | -€5,183 | +€10,941 | +67.9% |
| Operating profit (loss) | 9901 | -€18,828 | -€6,262 | +€12,566 | +66.7% |
| Financial charges | 65/66B | €253 | €325 | +€72 | +28.5% |
| Recurring financial charges | 65 | €253 | €325 | +€72 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | -€19,081 | -€6,587 | +€12,494 | +65.5% |
| Income taxes | 67/77 | €2,183 | -€350 | -€2,533 | |
| Profit (loss) for the period | 9904 | -€21,264 | -€6,237 | +€15,027 | +70.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,264 | -€6,237 | +€15,027 | +70.7% |
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 2 October 2026 via checked.be.