Carmen Bell: 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.
Carmen Bell
Largest movements
- Cash +€84,529
up €84,529 (+73.5%), from €114,999 to €199,528
mainly Net result for the year (+€127,614) and Other debts (+€101,723)
- Receivables within one year +€23,247
up €23,247 (+73.2%), from €31,753 to €54,999
of which Trade receivables: +€26,278
- Deferred charges and accrued income -€4,427
no longer reported in 2025 (was €4,427)
- Other debts +€101,723
up €101,723 (+102%), from €99,763 to €201,487
- Gross operating margin +€38,064
up €38,064 (+30.0%), from €126,985 to €165,049
- Taxes +€9,948
up €9,948 (+36.8%), from €27,054 to €37,001
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 | €151,178 | €254,528 | +€103,349 | +68.4% |
| Current assets | 29/58 | €151,178 | €254,528 | +€103,349 | +68.4% |
| Amounts receivable within one year | 40/41 | €31,753 | €54,999 | +€23,247 | +73.2% |
| Trade receivables | 40 | €23,723 | €50,001 | +€26,278 | +111% |
| Other amounts receivable | 41 | €8,029 | €4,999 | -€3,031 | -37.7% |
| Cash at bank and in hand | 54/58 | €114,999 | €199,528 | +€84,529 | +73.5% |
| Deferred charges and accrued income | 490/1 | €4,427 | - | -€4,427 | |
| Total equity and liabilities | 10/49 | €151,178 | €254,528 | +€103,349 | +68.4% |
| Equity | 10/15 | €29,896 | €29,896 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,296 | €11,296 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €9,436 | €9,436 | = | 0.0% |
| Amounts payable | 17/49 | €121,282 | €224,632 | +€103,349 | +85.2% |
| Amounts payable within one year | 42/48 | €120,407 | €223,712 | +€103,305 | +85.8% |
| Trade debts | 44 | €1,484 | €1,091 | -€393 | -26.5% |
| Suppliers | 440/4 | €1,484 | €1,091 | -€393 | -26.5% |
| Taxes, remuneration and social security | 45 | €19,160 | €21,135 | +€1,975 | +10.3% |
| Taxes | 450/3 | €19,160 | €21,135 | +€1,975 | +10.3% |
| Other amounts payable | 47/48 | €99,763 | €201,487 | +€101,723 | +102% |
| Accrued charges and deferred income | 492/3 | €875 | €919 | +€44 | +5.1% |
| Other operating charges | 640/8 | €451 | €465 | +€14 | +3.2% |
| Gross operating margin | 9900 | €126,985 | €165,049 | +€38,064 | +30.0% |
| Operating profit (loss) | 9901 | €126,534 | €164,584 | +€38,050 | +30.1% |
| Financial income | 75/76B | €491 | €53 | -€438 | -89.2% |
| Recurring financial income | 75 | €491 | €53 | -€438 | -89.2% |
| Financial charges | 65/66B | €208 | €22 | -€186 | -89.6% |
| Recurring financial charges | 65 | €208 | €22 | -€186 | -89.6% |
| Profit (loss) for the period before taxes | 9903 | €126,817 | €164,615 | +€37,798 | +29.8% |
| Income taxes | 67/77 | €27,054 | €37,001 | +€9,948 | +36.8% |
| Profit (loss) for the period | 9904 | €99,763 | €127,614 | +€27,850 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €99,763 | €127,614 | +€27,850 | +27.9% |
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 19 October 2026 via checked.be.