CARNAC: 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.
CARNAC
Largest movements
- Tangible fixed assets -€17,040
down €17,040 (-12.1%), from €140,766 to €123,725
of which Land and buildings: -€11,763
- Receivables within one year +€3,482
up €3,482 (+36.0%), from €9,667 to €13,149
of which Other amounts receivable: +€3,049
- Debts after one year -€11,115
down €11,115 (-14.5%), from €76,530 to €65,415
- Profit (loss) carried forward -€2,451
new in 2025: -€2,451
- Gross operating margin -€22,445
down €22,445 (-46.5%), from €48,274 to €25,829
- Taxes -€8,116
down €8,116 (-79.1%), from €10,266 to €2,150
- Depreciation +€701
up €701 (+4.0%), from €17,413 to €18,114
- Other operating charges +€571
up €571 (+11.8%), from €4,827 to €5,399
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 | €157,437 | €144,742 | -€12,695 | -8.1% |
| Fixed assets | 21/28 | €140,766 | €123,725 | -€17,040 | -12.1% |
| Tangible fixed assets | 22/27 | €140,766 | €123,725 | -€17,040 | -12.1% |
| Land and buildings | 22 | €123,930 | €112,166 | -€11,763 | -9.5% |
| Plant, machinery and equipment | 23 | €345 | €974 | +€629 | +182.3% |
| Furniture and vehicles | 24 | €16,491 | €10,585 | -€5,906 | -35.8% |
| Current assets | 29/58 | €16,671 | €21,017 | +€4,346 | +26.1% |
| Stocks and contracts in progress | 3 | €995 | €882 | -€113 | -11.4% |
| Stocks | 30/36 | €995 | €882 | -€113 | -11.4% |
| Amounts receivable within one year | 40/41 | €9,667 | €13,149 | +€3,482 | +36.0% |
| Trade receivables | 40 | €220 | €653 | +€433 | +196.8% |
| Other amounts receivable | 41 | €9,447 | €12,496 | +€3,049 | +32.3% |
| Cash at bank and in hand | 54/58 | €6,009 | €6,986 | +€977 | +16.3% |
| Total equity and liabilities | 10/49 | €157,437 | €144,742 | -€12,695 | -8.1% |
| Equity | 10/15 | €58,132 | €55,681 | -€2,451 | -4.2% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €37,681 | €37,681 | = | 0.0% |
| Distributable reserves | 133 | €37,681 | €37,681 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€2,451 | -€2,451 | |
| Amounts payable | 17/49 | €99,305 | €89,061 | -€10,244 | -10.3% |
| Amounts payable after more than one year | 17 | €76,530 | €65,415 | -€11,115 | -14.5% |
| Financial debts | 170/4 | €76,530 | €65,415 | -€11,115 | -14.5% |
| Amounts payable within one year | 42/48 | €22,774 | €23,646 | +€872 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €18,778 | €19,115 | +€337 | +1.8% |
| Trade debts | 44 | €545 | - | -€545 | |
| Suppliers | 440/4 | €545 | - | -€545 | |
| Taxes, remuneration and social security | 45 | €3,451 | €4,531 | +€1,080 | +31.3% |
| Taxes | 450/3 | €3,451 | €4,531 | +€1,080 | +31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,413 | €18,114 | +€701 | +4.0% |
| Other operating charges | 640/8 | €4,827 | €5,399 | +€571 | +11.8% |
| Gross operating margin | 9900 | €48,274 | €25,829 | -€22,445 | -46.5% |
| Operating profit (loss) | 9901 | €26,034 | €2,317 | -€23,717 | -91.1% |
| Financial income | 75/76B | €286 | €429 | +€143 | +49.8% |
| Recurring financial income | 75 | €286 | €429 | +€143 | +49.8% |
| Financial charges | 65/66B | €3,210 | €3,047 | -€164 | -5.1% |
| Recurring financial charges | 65 | €3,210 | €3,047 | -€164 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €23,110 | -€301 | -€23,411 | |
| Income taxes | 67/77 | €10,266 | €2,150 | -€8,116 | -79.1% |
| Profit (loss) for the period | 9904 | €12,843 | -€2,451 | -€15,294 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,843 | -€2,451 | -€15,294 |
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 5 October 2026 via checked.be.