Carmen 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
Carmen Immo
NACE 55.203, Holiday cottages, homes and apartments
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€23,417
2024 · -€23,691+€274
Equity
€108,997
2024 · €132,414-€23,417
Cash
€337
2024 · €199+€139
Balance sheet total
€816,395
2024 · €764,344+€52,051
Largest movements
Assets
- Tangible fixed assets +€60,980
up €60,980 (+8.1%), from €753,748 to €814,728
of which Land and buildings: +€72,285
- Deferred charges and accrued income -€8,997
down €8,997 (-90.0%), from €9,997 to €1,000
Equity and liabilities
- Debts after one year +€94,562
up €94,562 (+18.7%), from €506,532 to €601,094
- Other debts -€30,319
down €30,319 (-71.1%), from €42,639 to €12,320
- Profit (loss) carried forward -€19,946
down €19,946 (-49.9%), from -€39,978 to -€59,924
- Current portion of long-term debt +€10,631
up €10,631 (+31.8%), from €33,477 to €44,108
Income statement
- Gross operating margin +€10,959
up €10,959 (+29.5%), from €37,186 to €48,145
- Financial charges +€4,281
up €4,281 (+31.5%), from €13,579 to €17,860
- Other operating charges +€2,434
up €2,434 (+42.5%), from €5,722 to €8,156
- Depreciation +€2,344
up €2,344 (+5.5%), from €42,736 to €45,080
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
-€23,691
Gross operating margin
+€10,959
Depreciation
-€2,344
Other operating charges
-€2,434
Other operating items
-€1,495
Financial income
+€45
Financial charges
-€4,281
Taxes
-€176
Result 2025
-€23,417
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1,057
Investment
-€106,059
Financing
+€105,141
Cash 2024
€199
From operations (derived)
+€1,057
Net result for the year
-€23,417
Depreciation
+€45,080
Receivables within one year
+€70
Deferred charges and accrued income
+€8,997
Provisions
-€1,157
Trade debts
-€1,778
Tax, wage and social debts
+€2,335
Other debts
-€30,319
Accrued charges and deferred income
+€1,246
Investment (derived)
-€106,059
Investment in fixed assets (net)
-€106,059
Financing
+€105,141
Debts after one year
+€94,562
Current portion of long-term debt
+€10,631
Short-term financial debts
-€52
Cash 2025
€337
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €764,344 | €816,395 | +€52,051 | +6.8% |
| Fixed assets | 21/28 | €753,748 | €814,728 | +€60,980 | +8.1% |
| Tangible fixed assets | 22/27 | €753,748 | €814,728 | +€60,980 | +8.1% |
| Land and buildings | 22 | €708,961 | €781,245 | +€72,285 | +10.2% |
| Furniture and vehicles | 24 | €17,168 | €8,836 | -€8,333 | -48.5% |
| Other tangible fixed assets | 26 | €27,619 | €24,646 | -€2,973 | -10.8% |
| Current assets | 29/58 | €10,596 | €1,667 | -€8,929 | -84.3% |
| Amounts receivable within one year | 40/41 | €400 | €330 | -€70 | -17.5% |
| Other amounts receivable | 41 | €400 | €330 | -€70 | -17.5% |
| Cash at bank and in hand | 54/58 | €199 | €337 | +€139 | +70.0% |
| Deferred charges and accrued income | 490/1 | €9,997 | €1,000 | -€8,997 | -90.0% |
| Total equity and liabilities | 10/49 | €764,344 | €816,395 | +€52,051 | +6.8% |
| Equity | 10/15 | €132,414 | €108,997 | -€23,417 | -17.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €0 | -€62,000 | -100% |
| Issued capital | 100 | €62,000 | €0 | -€62,000 | -100% |
| Contributions outside capital | 11 | - | €62,000 | +€62,000 | |
| Other | 1109/19 | - | €62,000 | +€62,000 | |
| Reserves | 13 | €110,392 | €106,921 | -€3,471 | -3.1% |
| Non-distributable reserves | 130/1 | €214 | €214 | = | 0.0% |
| Legal reserve | 130 | €214 | €0 | -€214 | -100% |
| Reserves not available under the articles | 1311 | - | €214 | +€214 | |
| Tax-exempt reserves | 132 | €110,178 | €106,707 | -€3,471 | -3.2% |
| Profit (loss) carried forward | 14 | -€39,978 | -€59,924 | -€19,946 | -49.9% |
| Provisions and deferred taxes | 16 | €36,726 | €35,569 | -€1,157 | -3.2% |
| Deferred taxes | 168 | €36,726 | €35,569 | -€1,157 | -3.2% |
| Amounts payable | 17/49 | €595,204 | €671,829 | +€76,626 | +12.9% |
| Amounts payable after more than one year | 17 | €506,532 | €601,094 | +€94,562 | +18.7% |
| Financial debts | 170/4 | €506,532 | €601,094 | +€94,562 | +18.7% |
| Amounts payable within one year | 42/48 | €88,666 | €69,484 | -€19,183 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €33,477 | €44,108 | +€10,631 | +31.8% |
| Financial debts | 43 | €52 | €0 | -€52 | -100% |
| Credit institutions | 430/8 | €52 | €0 | -€52 | -100% |
| Trade debts | 44 | €12,498 | €10,720 | -€1,778 | -14.2% |
| Suppliers | 440/4 | €12,498 | €10,720 | -€1,778 | -14.2% |
| Taxes, remuneration and social security | 45 | - | €2,335 | +€2,335 | |
| Taxes | 450/3 | - | €2,335 | +€2,335 | |
| Other amounts payable | 47/48 | €42,639 | €12,320 | -€30,319 | -71.1% |
| Accrued charges and deferred income | 492/3 | €6 | €1,252 | +€1,246 | +21,482% |
| Non-recurring operating income | 76A | - | €422 | +€422 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,736 | €45,080 | +€2,344 | +5.5% |
| Other operating charges | 640/8 | €5,722 | €8,156 | +€2,434 | +42.5% |
| Non-recurring operating charges | 66A | - | €1,495 | +€1,495 | |
| Gross operating margin | 9900 | €37,186 | €48,145 | +€10,959 | +29.5% |
| Operating profit (loss) | 9901 | -€11,271 | -€6,586 | +€4,686 | +41.6% |
| Financial income | 75/76B | €1 | €47 | +€45 | +3,788% |
| Recurring financial income | 75 | €1 | €47 | +€45 | +3,788% |
| Financial charges | 65/66B | €13,579 | €17,860 | +€4,281 | +31.5% |
| Recurring financial charges | 65 | €13,579 | €17,860 | +€4,281 | +31.5% |
| Profit (loss) for the period before taxes | 9903 | -€24,849 | -€24,398 | +€450 | +1.8% |
| Transfer from deferred taxes | 780 | €1,157 | €1,157 | = | 0.0% |
| Income taxes | 67/77 | - | €176 | +€176 | |
| Profit (loss) for the period | 9904 | -€23,691 | -€23,417 | +€274 | +1.2% |
| Transfer from tax-exempt reserves | 789 | €3,471 | €3,471 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,220 | -€19,946 | +€274 | +1.4% |
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 19 October 2026 via checked.be.