CARNOR: 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
CARNOR
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€311,153
2024 · €263,570+€47,582
Equity
€4.5m
2024 · €4.2m+€311,153
Cash
€19,676
2024 · €960+€18,716
Balance sheet total
€6.6m
2024 · €6.5m+€108,850
Largest movements
Assets
- Receivables within one year +€103,392
up €103,392 (+2.1%), from €4.9m to €5.0m
of which Other amounts receivable: +€102,421
Equity and liabilities
- Debts after one year -€581,231
down €581,231 (-29.3%), from €2.0m to €1.4m
- Current portion of long-term debt +€451,740
up €451,740 (+349%), from €129,491 to €581,231
- Reserves +€311,153
up €311,153 (+10.1%), from €3.1m to €3.4m
of which Distributable reserves: +€328,560
- Trade debts -€81,150
down €81,150 (-92.6%), from €87,629 to €6,479
Income statement
- Gross operating margin +€56,844
up €56,844 (+18.9%), from €300,448 to €357,292
- Taxes +€41,153
up €41,153 (+57.7%), from €71,290 to €112,443
- Other operating charges -€9,293
down €9,293 (-29.8%), from €31,168 to €21,875
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
€263,570
Gross operating margin
+€56,844
Depreciation
-€3,407
Other operating charges
+€9,293
Financial income
+€1,850
Financial charges
+€1,786
Taxes
-€41,153
Deferred taxes and other
+€22,369
Result 2025
€311,153
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
+€171,895
Investment
-€23,688
Financing
-€129,491
Cash 2024
€960
From operations (derived)
+€171,895
Net result for the year
+€311,153
Depreciation
+€64,979
Stocks and contracts
-€28,328
Receivables within one year
-€103,392
Smaller working-capital items
+€170
Provisions
-€5,803
Trade debts
-€81,150
Tax, wage and social debts
+€14,266
Investment (derived)
-€23,688
Investment in fixed assets (net)
-€23,688
Financing
-€129,491
Debts after one year
-€581,231
Current portion of long-term debt
+€451,740
Cash 2025
€19,676
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,525,455 | €6,634,305 | +€108,850 | +1.7% |
| Fixed assets | 21/28 | €1,581,886 | €1,540,594 | -€41,291 | -2.6% |
| Tangible fixed assets | 22/27 | €1,581,886 | €1,540,594 | -€41,291 | -2.6% |
| Land and buildings | 22 | €1,581,886 | €1,540,594 | -€41,291 | -2.6% |
| Current assets | 29/58 | €4,943,569 | €5,093,710 | +€150,141 | +3.0% |
| Stocks and contracts in progress | 3 | - | €28,328 | +€28,328 | |
| Contracts in progress | 37 | - | €28,328 | +€28,328 | |
| Amounts receivable within one year | 40/41 | €4,942,315 | €5,045,707 | +€103,392 | +2.1% |
| Trade receivables | 40 | €359 | €1,329 | +€971 | +271% |
| Other amounts receivable | 41 | €4,941,956 | €5,044,377 | +€102,421 | +2.1% |
| Cash at bank and in hand | 54/58 | €960 | €19,676 | +€18,716 | +1,950% |
| Deferred charges and accrued income | 490/1 | €295 | €0 | -€295 | -100% |
| Total equity and liabilities | 10/49 | €6,525,455 | €6,634,305 | +€108,850 | +1.7% |
| Equity | 10/15 | €4,181,569 | €4,492,721 | +€311,153 | +7.4% |
| Contributions | 10/11 | €1,092,235 | €1,092,235 | = | 0.0% |
| Capital | 10 | €1,092,235 | €1,092,235 | = | 0.0% |
| Issued capital | 100 | €1,092,235 | €1,092,235 | = | 0.0% |
| Reserves | 13 | €3,089,334 | €3,400,486 | +€311,153 | +10.1% |
| Non-distributable reserves | 130/1 | €109,224 | €109,224 | = | 0.0% |
| Legal reserve | 130 | €109,224 | €109,224 | = | 0.0% |
| Tax-exempt reserves | 132 | €332,237 | €314,829 | -€17,408 | -5.2% |
| Distributable reserves | 133 | €2,647,873 | €2,976,434 | +€328,560 | +12.4% |
| Provisions and deferred taxes | 16 | €110,746 | €104,943 | -€5,803 | -5.2% |
| Deferred taxes | 168 | €110,746 | €104,943 | -€5,803 | -5.2% |
| Amounts payable | 17/49 | €2,233,140 | €2,036,640 | -€196,500 | -8.8% |
| Amounts payable after more than one year | 17 | €1,981,952 | €1,400,721 | -€581,231 | -29.3% |
| Financial debts | 170/4 | €1,981,952 | €1,400,721 | -€581,231 | -29.3% |
| Amounts payable within one year | 42/48 | €251,003 | €635,859 | +€384,856 | +153% |
| Current portion of amounts payable after more than one year | 42 | €129,491 | €581,231 | +€451,740 | +349% |
| Trade debts | 44 | €87,629 | €6,479 | -€81,150 | -92.6% |
| Suppliers | 440/4 | €87,629 | €6,479 | -€81,150 | -92.6% |
| Taxes, remuneration and social security | 45 | €33,884 | €48,150 | +€14,266 | +42.1% |
| Taxes | 450/3 | €33,884 | €48,150 | +€14,266 | +42.1% |
| Accrued charges and deferred income | 492/3 | €185 | €60 | -€125 | -67.6% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,573 | €64,979 | +€3,407 | +5.5% |
| Other operating charges | 640/8 | €31,168 | €21,875 | -€9,293 | -29.8% |
| Gross operating margin | 9900 | €300,448 | €357,292 | +€56,844 | +18.9% |
| Operating profit (loss) | 9901 | €207,708 | €270,438 | +€62,730 | +30.2% |
| Financial income | 75/76B | €173,424 | €175,273 | +€1,850 | +1.1% |
| Recurring financial income | 75 | €173,424 | €175,273 | +€1,850 | +1.1% |
| Financial charges | 65/66B | €29,705 | €27,919 | -€1,786 | -6.0% |
| Recurring financial charges | 65 | €29,705 | €27,919 | -€1,786 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €351,427 | €417,793 | +€66,366 | +18.9% |
| Transfer from deferred taxes | 780 | €5,854 | €5,803 | -€51 | -0.9% |
| Transfer to deferred taxes | 680 | €22,421 | €0 | -€22,421 | -100% |
| Income taxes | 67/77 | €71,290 | €112,443 | +€41,153 | +57.7% |
| Profit (loss) for the period | 9904 | €263,570 | €311,153 | +€47,582 | +18.1% |
| Transfer from tax-exempt reserves | 789 | €17,562 | €17,408 | -€154 | -0.9% |
| Transfer to tax-exempt reserves | 689 | €67,262 | €0 | -€67,262 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €213,870 | €328,560 | +€114,690 | +53.6% |
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 14 October 2026 via checked.be.