CARMETUM: 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.
CARMETUM
Largest movements
- Current investments +€404,660
up €404,660 (+88.4%), from €457,629 to €862,289
- Tangible fixed assets +€344,252
up €344,252 (+27.3%), from €1.3m to €1.6m
of which Land and buildings: +€363,582
- Cash -€303,320
down €303,320 (-24.5%), from €1.2m to €936,339
mainly Contributions, distributions and other (-€1.8m) and Investment in fixed assets (net) (-€417,552)
- Receivables within one year -€167,502
down €167,502 (-47.4%), from €353,238 to €185,736
of which Trade receivables: -€167,502
- Stocks and contracts +€90,584
up €90,584 (+36.2%), from €250,000 to €340,584
- Other debts +€1.6m
up €1.6m (+1,037%), from €154,887 to €1.8m
- Reserves -€1.5m
down €1.5m (-63.6%), from €2.3m to €837,001
of which Distributable reserves: -€1.4m
- Tax, wage and social debts +€210,289
up €210,289 (+84.8%), from €248,099 to €458,388
of which Taxes: +€211,142
- Debts after one year +€107,089
up €107,089 (+19.3%), from €555,829 to €662,918
- Trade debts -€78,384
down €78,384 (-56.4%), from €139,057 to €60,673
- Gross operating margin -€161,666
down €161,666 (-20.2%), from €802,297 to €640,630
- Taxes -€48,425
down €48,425 (-29.0%), from €167,125 to €118,700
- Other operating charges +€40,378
up €40,378 (+240%), from €16,798 to €57,175
- Financial income +€25,546
up €25,546 (+138%), from €18,496 to €44,042
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 | €3,573,827 | €3,969,831 | +€396,004 | +11.1% |
| Fixed assets | 21/28 | €1,272,950 | €1,614,520 | +€341,571 | +26.8% |
| Intangible fixed assets | 21 | €11,043 | €8,362 | -€2,681 | -24.3% |
| Tangible fixed assets | 22/27 | €1,261,906 | €1,606,158 | +€344,252 | +27.3% |
| Land and buildings | 22 | €1,201,948 | €1,565,530 | +€363,582 | +30.2% |
| Plant, machinery and equipment | 23 | €47,505 | €36,584 | -€10,921 | -23.0% |
| Furniture and vehicles | 24 | €12,453 | €4,044 | -€8,409 | -67.5% |
| Current assets | 29/58 | €2,300,877 | €2,355,311 | +€54,433 | +2.4% |
| Stocks and contracts in progress | 3 | €250,000 | €340,584 | +€90,584 | +36.2% |
| Stocks | 30/36 | €250,000 | €340,584 | +€90,584 | +36.2% |
| Amounts receivable within one year | 40/41 | €353,238 | €185,736 | -€167,502 | -47.4% |
| Trade receivables | 40 | €353,238 | €185,736 | -€167,502 | -47.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €457,629 | €862,289 | +€404,660 | +88.4% |
| Cash at bank and in hand | 54/58 | €1,239,659 | €936,339 | -€303,320 | -24.5% |
| Deferred charges and accrued income | 490/1 | €352 | €30,363 | +€30,011 | +8,526% |
| Total equity and liabilities | 10/49 | €3,573,827 | €3,969,831 | +€396,004 | +11.1% |
| Equity | 10/15 | €2,400,943 | €937,001 | -€1.5m | -61.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,300,943 | €837,001 | -€1.5m | -63.6% |
| Tax-exempt reserves | 132 | €475,730 | €442,050 | -€33,680 | -7.1% |
| Distributable reserves | 133 | €1,825,213 | €394,951 | -€1.4m | -78.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,172,884 | €3,032,830 | +€1.9m | +159% |
| Amounts payable after more than one year | 17 | €555,829 | €662,918 | +€107,089 | +19.3% |
| Financial debts | 170/4 | €555,829 | €662,918 | +€107,089 | +19.3% |
| Amounts payable within one year | 42/48 | €617,055 | €2,368,473 | +€1.8m | +284% |
| Current portion of amounts payable after more than one year | 42 | €75,012 | €86,830 | +€11,818 | +15.8% |
| Trade debts | 44 | €139,057 | €60,673 | -€78,384 | -56.4% |
| Suppliers | 440/4 | €139,057 | €60,673 | -€78,384 | -56.4% |
| Advances received on contracts in progress | 46 | €0 | €1,615 | +€1,615 | |
| Taxes, remuneration and social security | 45 | €248,099 | €458,388 | +€210,289 | +84.8% |
| Taxes | 450/3 | €240,986 | €452,127 | +€211,142 | +87.6% |
| Remuneration and social security | 454/9 | €7,113 | €6,261 | -€853 | -12.0% |
| Other amounts payable | 47/48 | €154,887 | €1,760,967 | +€1.6m | +1,037% |
| Accrued charges and deferred income | 492/3 | €0 | €1,439 | +€1,439 | |
| Non-recurring operating income | 76A | - | €487 | +€487 | |
| Remuneration, social security and pensions | 62 | €51,111 | €51,016 | -€95 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,453 | €75,982 | +€4,529 | +6.3% |
| Other operating charges | 640/8 | €16,798 | €57,175 | +€40,378 | +240% |
| Gross operating margin | 9900 | €802,297 | €640,630 | -€161,666 | -20.2% |
| Operating profit (loss) | 9901 | €662,935 | €456,457 | -€206,478 | -31.1% |
| Financial income | 75/76B | €18,496 | €44,042 | +€25,546 | +138% |
| Recurring financial income | 75 | €18,496 | €44,042 | +€25,546 | +138% |
| Financial charges | 65/66B | €13,448 | €20,529 | +€7,081 | +52.7% |
| Recurring financial charges | 65 | €13,448 | €20,529 | +€7,081 | +52.7% |
| Profit (loss) for the period before taxes | 9903 | €667,983 | €479,971 | -€188,013 | -28.1% |
| Income taxes | 67/77 | €167,125 | €118,700 | -€48,425 | -29.0% |
| Profit (loss) for the period | 9904 | €500,859 | €361,271 | -€139,588 | -27.9% |
| Transfer from tax-exempt reserves | 789 | €147,350 | €159,980 | +€12,630 | +8.6% |
| Transfer to tax-exempt reserves | 689 | €168,400 | €126,300 | -€42,100 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €479,809 | €394,951 | -€84,858 | -17.7% |
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 16 October 2026 via checked.be.