CARMINA: what changed
Two fiscal 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
CARMINA
NACE 46.360, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€36,782
2024 · €54,472-€17,691
Equity
€422,880
2024 · €386,098+€36,782
Cash
€140,101
2024 · €142,596-€2,495
Balance sheet total
€1.7m
2024 · €1.7m+€11,698
Largest movements
Assets
- Receivables within one year -€29,771
down €29,771 (-11.0%), from €270,415 to €240,644
of which Trade receivables: -€22,635
- Tangible fixed assets +€24,819
up €24,819 (+2.3%), from €1.1m to €1.1m
of which Leasing and similar rights: +€123,440
Equity and liabilities
- Trade debts -€99,694
down €99,694 (-34.7%), from €287,418 to €187,723
- Tax, wage and social debts +€49,437
up €49,437 (+186.4%), from €26,524 to €75,960
of which Remuneration and social security: +€46,205
- Reserves +€36,782
up €36,782 (+10.4%), from €355,112 to €391,893
- Debts after one year +€17,696
up €17,696 (+2.4%), from €737,915 to €755,611
of which Financial debts: +€40,759
Income statement
- Gross operating margin +€149,353
up €149,353 (+25.2%), from €593,696 to €743,049
- Staff costs +€131,687
up €131,687 (+38.2%), from €344,891 to €476,579
- Depreciation +€26,540
up €26,540 (+18.5%), from €143,715 to €170,255
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
€54,472
Gross operating margin
+€149,353
Staff costs
-€131,687
Depreciation
-€26,540
Write-downs
-€1,527
Other operating charges
-€4,805
Financial income
-€488
Financial charges
-€4,661
Taxes
+€2,665
Result 2025
€36,782
Cash bridge derived
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
+€170,735
Investment
-€201,239
Financing
+€28,009
Cash 2024
€142,596
From operations (derived)
+€170,735
Net result for the year
+€36,782
Depreciation
+€170,255
Stocks and contracts
-€13,662
Receivables within one year
+€29,771
Deferred charges and accrued income
+€682
Trade debts
-€99,694
Tax, wage and social debts
+€49,437
Other debts
-€842
Accrued charges and deferred income
-€1,992
Investment (derived)
-€201,239
Investment in fixed assets (net)
-€201,239
Financing
+€28,009
Debts after one year
+€17,696
Current portion of long-term debt
+€9,683
Short-term financial debts
+€630
Cash 2025
€140,101
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,708,520 | €1,720,219 | +€11,698 | +0.7% |
| Fixed assets | 21/28 | €1,097,328 | €1,128,312 | +€30,984 | +2.8% |
| Intangible fixed assets | 21 | €18,982 | €25,876 | +€6,894 | +36.3% |
| Tangible fixed assets | 22/27 | €1,077,617 | €1,102,436 | +€24,819 | +2.3% |
| Land and buildings | 22 | €633,020 | €609,903 | -€23,116 | -3.7% |
| Plant, machinery and equipment | 23 | €397,231 | €318,331 | -€78,900 | -19.9% |
| Furniture and vehicles | 24 | €11,473 | €11,714 | +€241 | +2.1% |
| Leasing and similar rights | 25 | - | €123,440 | +€123,440 | |
| Other tangible fixed assets | 26 | €2,432 | €1,868 | -€564 | -23.2% |
| Assets under construction and advance payments | 27 | €33,462 | €37,180 | +€3,718 | +11.1% |
| Financial fixed assets | 28 | €729 | - | -€729 | |
| Current assets | 29/58 | €611,192 | €591,907 | -€19,285 | -3.2% |
| Stocks and contracts in progress | 3 | €154,547 | €168,210 | +€13,662 | +8.8% |
| Stocks | 30/36 | €154,547 | €168,210 | +€13,662 | +8.8% |
| Amounts receivable within one year | 40/41 | €270,415 | €240,644 | -€29,771 | -11.0% |
| Trade receivables | 40 | €252,397 | €229,762 | -€22,635 | -9.0% |
| Other amounts receivable | 41 | €18,018 | €10,883 | -€7,136 | -39.6% |
| Cash at bank and in hand | 54/58 | €142,596 | €140,101 | -€2,495 | -1.7% |
| Deferred charges and accrued income | 490/1 | €43,634 | €42,952 | -€682 | -1.6% |
| Total equity and liabilities | 10/49 | €1,708,520 | €1,720,219 | +€11,698 | +0.7% |
| Equity | 10/15 | €386,098 | €422,880 | +€36,782 | +9.5% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €355,112 | €391,893 | +€36,782 | +10.4% |
| Distributable reserves | 133 | €355,112 | €391,893 | +€36,782 | +10.4% |
| Amounts payable | 17/49 | €1,322,422 | €1,297,339 | -€25,083 | -1.9% |
| Amounts payable after more than one year | 17 | €737,915 | €755,611 | +€17,696 | +2.4% |
| Financial debts | 170/4 | €668,726 | €709,485 | +€40,759 | +6.1% |
| Trade debts | 175 | €69,189 | €46,126 | -€23,063 | -33.3% |
| Amounts payable within one year | 42/48 | €579,631 | €538,844 | -€40,787 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €123,372 | €133,055 | +€9,683 | +7.8% |
| Financial debts | 43 | €141,475 | €142,106 | +€630 | +0.4% |
| Credit institutions | 430/8 | €141,475 | €142,106 | +€630 | +0.4% |
| Trade debts | 44 | €287,418 | €187,723 | -€99,694 | -34.7% |
| Suppliers | 440/4 | €287,418 | €187,723 | -€99,694 | -34.7% |
| Taxes, remuneration and social security | 45 | €26,524 | €75,960 | +€49,437 | +186.4% |
| Taxes | 450/3 | €1,676 | €4,908 | +€3,232 | +192.8% |
| Remuneration and social security | 454/9 | €24,847 | €71,052 | +€46,205 | +186.0% |
| Other amounts payable | 47/48 | €842 | - | -€842 | |
| Accrued charges and deferred income | 492/3 | €4,876 | €2,883 | -€1,992 | -40.9% |
| Remuneration, social security and pensions | 62 | €344,891 | €476,579 | +€131,687 | +38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,715 | €170,255 | +€26,540 | +18.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,246 | €2,773 | +€1,527 | +122.5% |
| Other operating charges | 640/8 | €6,273 | €11,079 | +€4,805 | +76.6% |
| Gross operating margin | 9900 | €593,696 | €743,049 | +€149,353 | +25.2% |
| Operating profit (loss) | 9901 | €97,570 | €82,363 | -€15,207 | -15.6% |
| Financial income | 75/76B | €650 | €163 | -€488 | -75.0% |
| Recurring financial income | 75 | €650 | €163 | -€488 | -75.0% |
| Financial charges | 65/66B | €31,740 | €36,401 | +€4,661 | +14.7% |
| Recurring financial charges | 65 | €31,740 | €36,401 | +€4,661 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €66,481 | €46,125 | -€20,356 | -30.6% |
| Income taxes | 67/77 | €12,009 | €9,344 | -€2,665 | -22.2% |
| Profit (loss) for the period | 9904 | €54,472 | €36,782 | -€17,691 | -32.5% |
| Profit (loss) for the period to be appropriated | 9905 | €54,472 | €36,782 | -€17,691 | -32.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.