CARMEL IMMO: 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.
What changed
CARMEL IMMO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1,964
2024 · €9,659-€11,622
Equity
€532,897
2024 · €134,861+€398,036
Cash
€607
2024 · €3,142-€2,535
Balance sheet total
€1.8m
2024 · €1.5m+€356,769
Largest movements
Assets
- Tangible fixed assets +€357,222
up €357,222 (+24.6%), from €1.5m to €1.8m
of which Land and buildings: +€352,371
Equity and liabilities
- Revaluation surpluses +€400,000
new in 2025: €400,000
- Debts after one year -€37,294
down €37,294 (-3.2%), from €1.2m to €1.1m
of which Financial debts: -€65,644
Income statement
- Gross operating margin -€57,160
down €57,160 (-39.9%), from €143,135 to €85,975
- Depreciation -€40,608
down €40,608 (-43.7%), from €92,885 to €52,278
- Taxes -€3,516
no longer reported in 2025 (was €3,516)
- Financial charges -€1,540
down €1,540 (-11.5%), from €13,375 to €11,835
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.
Result 2024
€9,659
Gross operating margin
-€57,160
Depreciation
+€40,608
Other operating charges
-€126
Financial charges
+€1,540
Taxes
+€3,516
Result 2025
-€1,964
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.
From operations
+€46,016
Investment
-€409,500
Financing
+€360,949
Cash 2024
€3,142
From operations (derived)
+€46,016
Net result for the year
-€1,964
Depreciation
+€52,278
Receivables within one year
-€2,082
Trade debts
+€4,430
Tax, wage and social debts
-€15,765
Accrued charges and deferred income
+€9,120
Investment (derived)
-€409,500
Investment in fixed assets (net)
-€409,500
Financing
+€360,949
Debts after one year
-€37,294
Current portion of long-term debt
-€1,757
Contributions, distributions and other
+€400,000
Cash 2025
€607
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,472,327 | €1,829,097 | +€356,769 | +24.2% |
| Fixed assets | 21/28 | €1,453,033 | €1,810,255 | +€357,222 | +24.6% |
| Tangible fixed assets | 22/27 | €1,453,033 | €1,810,255 | +€357,222 | +24.6% |
| Land and buildings | 22 | €1,312,488 | €1,664,859 | +€352,371 | +26.8% |
| Plant, machinery and equipment | 23 | - | €8,708 | +€8,708 | |
| Leasing and similar rights | 25 | €2,610 | - | -€2,610 | |
| Other tangible fixed assets | 26 | €137,935 | €136,688 | -€1,247 | -0.9% |
| Current assets | 29/58 | €19,295 | €18,842 | -€453 | -2.3% |
| Amounts receivable within one year | 40/41 | €5,996 | €8,078 | +€2,082 | +34.7% |
| Trade receivables | 40 | €5,996 | €8,078 | +€2,082 | +34.7% |
| Cash at bank and in hand | 54/58 | €3,142 | €607 | -€2,535 | -80.7% |
| Deferred charges and accrued income | 490/1 | €10,156 | €10,156 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,472,327 | €1,829,097 | +€356,769 | +24.2% |
| Equity | 10/15 | €134,861 | €532,897 | +€398,036 | +295.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €400,000 | +€400,000 | |
| Reserves | 13 | €3,339 | €3,339 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,339 | €3,339 | = | 0.0% |
| Legal reserve | 130 | €3,339 | €3,339 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,922 | €110,958 | -€1,964 | -1.7% |
| Amounts payable | 17/49 | €1,337,466 | €1,296,200 | -€41,267 | -3.1% |
| Amounts payable after more than one year | 17 | €1,181,800 | €1,144,506 | -€37,294 | -3.2% |
| Financial debts | 170/4 | €488,366 | €422,722 | -€65,644 | -13.4% |
| Other amounts payable | 178/9 | €693,435 | €721,785 | +€28,350 | +4.1% |
| Amounts payable within one year | 42/48 | €133,930 | €120,837 | -€13,093 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €67,691 | €65,934 | -€1,757 | -2.6% |
| Trade debts | 44 | €5,542 | €9,972 | +€4,430 | +79.9% |
| Suppliers | 440/4 | €67 | €4,497 | +€4,430 | +6588.7% |
| Bills of exchange payable | 441 | €5,475 | €5,475 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €60,696 | €44,931 | -€15,765 | -26.0% |
| Taxes | 450/3 | €60,696 | €44,931 | -€15,765 | -26.0% |
| Accrued charges and deferred income | 492/3 | €21,737 | €30,856 | +€9,120 | +42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,885 | €52,278 | -€40,608 | -43.7% |
| Other operating charges | 640/8 | €23,699 | €23,826 | +€126 | +0.5% |
| Gross operating margin | 9900 | €143,135 | €85,975 | -€57,160 | -39.9% |
| Operating profit (loss) | 9901 | €26,550 | €9,871 | -€16,678 | -62.8% |
| Financial charges | 65/66B | €13,375 | €11,835 | -€1,540 | -11.5% |
| Recurring financial charges | 65 | €13,375 | €11,835 | -€1,540 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €13,174 | -€1,964 | -€15,138 | |
| Income taxes | 67/77 | €3,516 | - | -€3,516 | |
| Profit (loss) for the period | 9904 | €9,659 | -€1,964 | -€11,622 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,659 | -€1,964 | -€11,622 |
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 10 October 2026 via checked.be.