CARMELIET MANAGEMENT: 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.
CARMELIET MANAGEMENT
Largest movements
- Receivables within one year +€23,932
up €23,932 (+186%), from €12,886 to €36,818
of which Trade receivables: +€18,389
- Cash +€7,526
up €7,526 (+35.6%), from €21,142 to €28,668
mainly Net result for the year (+€42,170) and Other debts (+€17,000)
- Reserves +€22,170
up €22,170 (+20.6%), from €107,547 to €129,716
- Other debts +€17,000
new in 2025: €17,000
- Tax, wage and social debts -€6,786
down €6,786 (-23.5%), from €28,816 to €22,030
- Depreciation +€1,358
up €1,358 (+53.7%), from €2,529 to €3,887
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 | €289,308 | €321,577 | +€32,269 | +11.2% |
| Fixed assets | 21/28 | €255,280 | €256,091 | +€810 | +0.3% |
| Tangible fixed assets | 22/27 | €5,280 | €6,091 | +€810 | +15.3% |
| Plant, machinery and equipment | 23 | €4,634 | €5,638 | +€1,005 | +21.7% |
| Furniture and vehicles | 24 | €647 | €453 | -€194 | -30.0% |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €34,028 | €65,486 | +€31,459 | +92.4% |
| Amounts receivable within one year | 40/41 | €12,886 | €36,818 | +€23,932 | +186% |
| Trade receivables | 40 | - | €18,389 | +€18,389 | |
| Other amounts receivable | 41 | €12,886 | €18,429 | +€5,543 | +43.0% |
| Cash at bank and in hand | 54/58 | €21,142 | €28,668 | +€7,526 | +35.6% |
| Total equity and liabilities | 10/49 | €289,308 | €321,577 | +€32,269 | +11.2% |
| Equity | 10/15 | €109,547 | €131,716 | +€22,170 | +20.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €107,547 | €129,716 | +€22,170 | +20.6% |
| Distributable reserves | 133 | €107,547 | €129,716 | +€22,170 | +20.6% |
| Amounts payable | 17/49 | €179,762 | €189,861 | +€10,099 | +5.6% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €29,762 | €39,861 | +€10,099 | +33.9% |
| Trade debts | 44 | €946 | €831 | -€115 | -12.2% |
| Suppliers | 440/4 | €946 | €831 | -€115 | -12.2% |
| Taxes, remuneration and social security | 45 | €28,816 | €22,030 | -€6,786 | -23.5% |
| Taxes | 450/3 | €28,816 | €22,030 | -€6,786 | -23.5% |
| Other amounts payable | 47/48 | - | €17,000 | +€17,000 | |
| Non-recurring operating income | 76A | €2,657 | €2,719 | +€62 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,529 | €3,887 | +€1,358 | +53.7% |
| Other operating charges | 640/8 | €267 | €764 | +€497 | +186% |
| Gross operating margin | 9900 | €66,182 | €65,688 | -€494 | -0.7% |
| Operating profit (loss) | 9901 | €63,386 | €61,037 | -€2,349 | -3.7% |
| Financial income | 75/76B | €59 | €2 | -€57 | -96.6% |
| Recurring financial income | 75 | €59 | €2 | -€57 | -96.6% |
| Financial charges | 65/66B | €817 | €815 | -€2 | -0.2% |
| Recurring financial charges | 65 | €817 | €815 | -€2 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €62,629 | €60,224 | -€2,404 | -3.8% |
| Income taxes | 67/77 | €17,569 | €18,055 | +€486 | +2.8% |
| Profit (loss) for the period | 9904 | €45,060 | €42,170 | -€2,890 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,060 | €42,170 | -€2,890 | -6.4% |
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 29 October 2026 via checked.be.