CARMUST: 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.
CARMUST
Largest movements
- Receivables within one year -€41,400
down €41,400 (-37.1%), from €111,448 to €70,048
of which Trade receivables: -€43,989
- Cash +€21,889
up €21,889 (+114.9%), from €19,053 to €40,942
mainly Receivables within one year (+€41,400) and Trade debts (+€15,280)
- Stocks and contracts -€6,850
down €6,850 (-2.9%), from €239,000 to €232,150
- Tax, wage and social debts -€29,890
no longer reported in 2025 (was €29,890)
- Profit (loss) carried forward -€23,492
down €23,492 (-17.0%), from €138,281 to €114,788
- Trade debts +€15,280
up €15,280 (+10.1%), from €150,558 to €165,838
- Other debts +€13,143
up €13,143 (+14003.9%), from €94 to €13,236
- Gross operating margin +€9,298
up €9,298 (+34.2%), from -€27,194 to -€17,896
- Taxes -€1,359
no longer reported in 2025 (was €1,359)
- Other operating charges -€613
down €613 (-29.4%), from €2,087 to €1,474
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €373,822 | €348,862 | -€24,960 | -6.7% |
| Fixed assets | 21/28 | €3,308 | €2,588 | -€720 | -21.8% |
| Tangible fixed assets | 22/27 | €3,308 | €2,588 | -€720 | -21.8% |
| Plant, machinery and equipment | 23 | €1,058 | €588 | -€470 | -44.4% |
| Other tangible fixed assets | 26 | €2,250 | €2,000 | -€250 | -11.1% |
| Current assets | 29/58 | €370,514 | €346,274 | -€24,240 | -6.5% |
| Stocks and contracts in progress | 3 | €239,000 | €232,150 | -€6,850 | -2.9% |
| Stocks | 30/36 | €239,000 | €232,150 | -€6,850 | -2.9% |
| Amounts receivable within one year | 40/41 | €111,448 | €70,048 | -€41,400 | -37.1% |
| Trade receivables | 40 | €111,448 | €67,459 | -€43,989 | -39.5% |
| Other amounts receivable | 41 | - | €2,589 | +€2,589 | |
| Cash at bank and in hand | 54/58 | €19,053 | €40,942 | +€21,889 | +114.9% |
| Deferred charges and accrued income | 490/1 | €1,013 | €3,134 | +€2,121 | +209.4% |
| Total equity and liabilities | 10/49 | €373,822 | €348,862 | -€24,960 | -6.7% |
| Equity | 10/15 | €143,281 | €119,788 | -€23,492 | -16.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €138,281 | €114,788 | -€23,492 | -17.0% |
| Amounts payable | 17/49 | €230,542 | €229,074 | -€1,467 | -0.6% |
| Amounts payable within one year | 42/48 | €230,542 | €229,074 | -€1,467 | -0.6% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €150,558 | €165,838 | +€15,280 | +10.1% |
| Suppliers | 440/4 | €150,558 | €165,838 | +€15,280 | +10.1% |
| Taxes, remuneration and social security | 45 | €29,890 | - | -€29,890 | |
| Taxes | 450/3 | €29,890 | - | -€29,890 | |
| Other amounts payable | 47/48 | €94 | €13,236 | +€13,143 | +14003.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €720 | €720 | = | 0.0% |
| Other operating charges | 640/8 | €2,087 | €1,474 | -€613 | -29.4% |
| Gross operating margin | 9900 | -€27,194 | -€17,896 | +€9,298 | +34.2% |
| Operating profit (loss) | 9901 | -€30,001 | -€20,089 | +€9,911 | +33.0% |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €3,204 | €3,411 | +€207 | +6.5% |
| Recurring financial charges | 65 | €3,204 | €3,411 | +€207 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | -€33,205 | -€23,492 | +€9,712 | +29.2% |
| Income taxes | 67/77 | €1,359 | - | -€1,359 | |
| Profit (loss) for the period | 9904 | -€34,564 | -€23,492 | +€11,071 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,564 | -€23,492 | +€11,071 | +32.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.