CARMEL: 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.
CARMEL
Largest movements
- Receivables within one year -€11,907
down €11,907 (-37.9%), from €31,392 to €19,485
of which Other amounts receivable: -€7,294
- Tangible fixed assets -€6,448
down €6,448 (-3.7%), from €172,027 to €165,579
of which Land and buildings: -€6,119
- Trade debts -€10,031
down €10,031 (-34.7%), from €28,902 to €18,871
- Current portion of long-term debt -€9,971
down €9,971 (-52.5%), from €18,996 to €9,025
- Debts after one year -€3,898
down €3,898 (-6.2%), from €62,623 to €58,725
- Tax, wage and social debts +€3,686
up €3,686 (+57.9%), from €6,361 to €10,047
- Gross operating margin +€2,284
up €2,284 (+25.4%), from €8,981 to €11,265
- Financial charges -€1,846
down €1,846 (-32.4%), from €5,705 to €3,859
- Financial income -€598
down €598 (-36.0%), from €1,660 to €1,062
- Other operating charges -€223
down €223 (-25.6%), from €872 to €649
- Depreciation -€137
down €137 (-2.2%), from €6,292 to €6,155
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 | €207,291 | €189,415 | -€17,875 | -8.6% |
| Fixed assets | 21/28 | €172,027 | €165,579 | -€6,448 | -3.7% |
| Tangible fixed assets | 22/27 | €172,027 | €165,579 | -€6,448 | -3.7% |
| Land and buildings | 22 | €171,345 | €165,226 | -€6,119 | -3.6% |
| Plant, machinery and equipment | 23 | €682 | €353 | -€328 | -48.2% |
| Current assets | 29/58 | €35,264 | €23,836 | -€11,427 | -32.4% |
| Stocks and contracts in progress | 3 | €3,499 | €2,965 | -€534 | -15.3% |
| Stocks | 30/36 | €3,499 | €2,965 | -€534 | -15.3% |
| Amounts receivable within one year | 40/41 | €31,392 | €19,485 | -€11,907 | -37.9% |
| Trade receivables | 40 | €4,613 | - | -€4,613 | |
| Other amounts receivable | 41 | €26,779 | €19,485 | -€7,294 | -27.2% |
| Cash at bank and in hand | 54/58 | €372 | €365 | -€7 | -1.8% |
| Deferred charges and accrued income | 490/1 | - | €1,021 | +€1,021 | |
| Total equity and liabilities | 10/49 | €207,291 | €189,415 | -€17,875 | -8.6% |
| Equity | 10/15 | €78,557 | €79,928 | +€1,371 | +1.7% |
| Contributions | 10/11 | €89,000 | €89,000 | = | 0.0% |
| Capital | 10 | €89,000 | €89,000 | = | 0.0% |
| Issued capital | 100 | €89,000 | €89,000 | = | 0.0% |
| Reserves | 13 | €4,140 | €4,140 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,050 | €2,050 | = | 0.0% |
| Legal reserve | 130 | €2,050 | €2,050 | = | 0.0% |
| Distributable reserves | 133 | €2,090 | €2,090 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,583 | -€13,212 | +€1,371 | +9.4% |
| Amounts payable | 17/49 | €128,733 | €109,487 | -€19,246 | -15.0% |
| Amounts payable after more than one year | 17 | €62,623 | €58,725 | -€3,898 | -6.2% |
| Financial debts | 170/4 | €62,623 | €58,725 | -€3,898 | -6.2% |
| Amounts payable within one year | 42/48 | €65,563 | €50,343 | -€15,221 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €18,996 | €9,025 | -€9,971 | -52.5% |
| Financial debts | 43 | €11,304 | €11,164 | -€140 | -1.2% |
| Credit institutions | 430/8 | €11,304 | €11,164 | -€140 | -1.2% |
| Trade debts | 44 | €28,902 | €18,871 | -€10,031 | -34.7% |
| Suppliers | 440/4 | €28,902 | €18,871 | -€10,031 | -34.7% |
| Advances received on contracts in progress | 46 | - | €1,235 | +€1,235 | |
| Taxes, remuneration and social security | 45 | €6,361 | €10,047 | +€3,686 | +57.9% |
| Taxes | 450/3 | €6,361 | €10,047 | +€3,686 | +57.9% |
| Accrued charges and deferred income | 492/3 | €547 | €420 | -€127 | -23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,292 | €6,155 | -€137 | -2.2% |
| Other operating charges | 640/8 | €872 | €649 | -€223 | -25.6% |
| Non-recurring operating charges | 66A | - | €293 | +€293 | |
| Gross operating margin | 9900 | €8,981 | €11,265 | +€2,284 | +25.4% |
| Operating profit (loss) | 9901 | €1,817 | €4,168 | +€2,351 | +129.4% |
| Financial income | 75/76B | €1,660 | €1,062 | -€598 | -36.0% |
| Recurring financial income | 75 | €1,660 | €1,062 | -€598 | -36.0% |
| Financial charges | 65/66B | €5,705 | €3,859 | -€1,846 | -32.4% |
| Recurring financial charges | 65 | €5,705 | €3,859 | -€1,846 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,228 | €1,371 | +€3,599 | |
| Profit (loss) for the period | 9904 | -€2,228 | €1,371 | +€3,599 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,228 | €1,371 | +€3,599 |
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 5 October 2026 via checked.be.