CARMEL INVEST: 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.
CARMEL INVEST
Largest movements
- Financial fixed assets +€250,000
up €250,000 (+50.0%), from €500,000 to €750,000
- Tangible fixed assets -€103,842
down €103,842 (-4.1%), from €2.5m to €2.4m
of which Land and buildings: -€82,987
- Receivables after one year -€45,000
down €45,000 (-100%), from €45,000 to €0
- Receivables within one year -€39,003
down €39,003 (-36.6%), from €106,517 to €67,514
of which Other amounts receivable: -€33,163
- Reserves +€413,708
up €413,708 (+43.7%), from €946,670 to €1.4m
of which Distributable reserves: +€413,708
- Debts after one year -€393,460
down €393,460 (-38.2%), from €1.0m to €637,772
- Current portion of long-term debt +€56,288
up €56,288 (+14.5%), from €387,172 to €443,460
- Gross operating margin -€72,205
down €72,205 (-9.0%), from €803,923 to €731,718
- Taxes -€18,414
down €18,414 (-11.8%), from €156,317 to €137,903
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 | €3,183,446 | €3,255,645 | +€72,199 | +2.3% |
| Fixed assets | 21/28 | €3,012,109 | €3,158,266 | +€146,158 | +4.9% |
| Tangible fixed assets | 22/27 | €2,512,109 | €2,408,266 | -€103,842 | -4.1% |
| Land and buildings | 22 | €2,390,601 | €2,307,615 | -€82,987 | -3.5% |
| Plant, machinery and equipment | 23 | €121,507 | €100,652 | -€20,856 | -17.2% |
| Financial fixed assets | 28 | €500,000 | €750,000 | +€250,000 | +50.0% |
| Current assets | 29/58 | €171,337 | €97,379 | -€73,959 | -43.2% |
| Amounts receivable after more than one year | 29 | €45,000 | €0 | -€45,000 | -100% |
| Other amounts receivable | 291 | €45,000 | €0 | -€45,000 | -100% |
| Amounts receivable within one year | 40/41 | €106,517 | €67,514 | -€39,003 | -36.6% |
| Trade receivables | 40 | €18,433 | €12,593 | -€5,840 | -31.7% |
| Other amounts receivable | 41 | €88,084 | €54,921 | -€33,163 | -37.6% |
| Cash at bank and in hand | 54/58 | €13,735 | €23,737 | +€10,002 | +72.8% |
| Deferred charges and accrued income | 490/1 | €6,085 | €6,128 | +€43 | +0.7% |
| Total equity and liabilities | 10/49 | €3,183,446 | €3,255,645 | +€72,199 | +2.3% |
| Equity | 10/15 | €1,667,025 | €2,080,733 | +€413,708 | +24.8% |
| Contributions | 10/11 | €123,000 | €123,000 | = | 0.0% |
| Capital | 10 | €123,000 | €123,000 | = | 0.0% |
| Issued capital | 100 | €123,000 | €123,000 | = | 0.0% |
| Revaluation surpluses | 12 | €597,355 | €597,355 | = | 0.0% |
| Reserves | 13 | €946,670 | €1,360,378 | +€413,708 | +43.7% |
| Non-distributable reserves | 130/1 | €12,300 | €12,300 | = | 0.0% |
| Legal reserve | 130 | €12,300 | €12,300 | = | 0.0% |
| Distributable reserves | 133 | €934,370 | €1,348,078 | +€413,708 | +44.3% |
| Amounts payable | 17/49 | €1,516,421 | €1,174,912 | -€341,509 | -22.5% |
| Amounts payable after more than one year | 17 | €1,031,232 | €637,772 | -€393,460 | -38.2% |
| Financial debts | 170/4 | €1,031,232 | €637,772 | -€393,460 | -38.2% |
| Amounts payable within one year | 42/48 | €476,358 | €534,797 | +€58,439 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €387,172 | €443,460 | +€56,288 | +14.5% |
| Trade debts | 44 | €6,147 | €17,116 | +€10,970 | +178% |
| Suppliers | 440/4 | €6,147 | €17,116 | +€10,970 | +178% |
| Taxes, remuneration and social security | 45 | €83,039 | €74,221 | -€8,819 | -10.6% |
| Taxes | 450/3 | €83,039 | €74,221 | -€8,819 | -10.6% |
| Accrued charges and deferred income | 492/3 | €8,832 | €2,343 | -€6,488 | -73.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,958 | €103,842 | -€3,116 | -2.9% |
| Other operating charges | 640/8 | €63,274 | €63,600 | +€326 | +0.5% |
| Gross operating margin | 9900 | €803,923 | €731,718 | -€72,205 | -9.0% |
| Operating profit (loss) | 9901 | €633,691 | €564,276 | -€69,415 | -11.0% |
| Financial income | 75/76B | €14,495 | €7,250 | -€7,244 | -50.0% |
| Recurring financial income | 75 | €14,495 | €7,250 | -€7,244 | -50.0% |
| Financial charges | 65/66B | €26,104 | €19,914 | -€6,190 | -23.7% |
| Recurring financial charges | 65 | €26,104 | €19,914 | -€6,190 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €622,081 | €551,612 | -€70,469 | -11.3% |
| Income taxes | 67/77 | €156,317 | €137,903 | -€18,414 | -11.8% |
| Profit (loss) for the period | 9904 | €465,764 | €413,708 | -€52,056 | -11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €465,764 | €413,708 | -€52,056 | -11.2% |
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 27 October 2026 via checked.be.