Carnova: 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.
Carnova
Largest movements
- Current investments +€110,000
up €110,000 (+37.9%), from €290,000 to €400,000
- Reserves +€130,258
up €130,258 (+11.9%), from €1.1m to €1.2m
- Gross operating margin +€20,964
up €20,964 (+12.3%), from €170,324 to €191,288
- Taxes +€8,334
up €8,334 (+15.1%), from €55,280 to €63,614
- Financial income +€3,179
up €3,179 (+43.5%), from €7,314 to €10,493
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 | €1,626,207 | €1,763,367 | +€137,160 | +8.4% |
| Fixed assets | 21/28 | €1,276,981 | €1,272,281 | -€4,700 | -0.4% |
| Tangible fixed assets | 22/27 | €81,822 | €77,122 | -€4,700 | -5.7% |
| Land and buildings | 22 | €62,314 | €62,314 | = | 0.0% |
| Furniture and vehicles | 24 | €18,878 | €14,178 | -€4,700 | -24.9% |
| Other tangible fixed assets | 26 | €630 | €630 | = | 0.0% |
| Financial fixed assets | 28 | €1,195,159 | €1,195,159 | = | 0.0% |
| Current assets | 29/58 | €349,226 | €491,086 | +€141,860 | +40.6% |
| Amounts receivable within one year | 40/41 | €39,777 | €56,933 | +€17,156 | +43.1% |
| Trade receivables | 40 | €19,965 | €19,965 | = | 0.0% |
| Other amounts receivable | 41 | €19,812 | €36,968 | +€17,156 | +86.6% |
| Current investments | 50/53 | €290,000 | €400,000 | +€110,000 | +37.9% |
| Cash at bank and in hand | 54/58 | €19,449 | €34,153 | +€14,704 | +75.6% |
| Total equity and liabilities | 10/49 | €1,626,207 | €1,763,367 | +€137,160 | +8.4% |
| Equity | 10/15 | €1,597,940 | €1,728,198 | +€130,258 | +8.2% |
| Contributions | 10/11 | €502,667 | €502,667 | = | 0.0% |
| Reserves | 13 | €1,095,273 | €1,225,531 | +€130,258 | +11.9% |
| Distributable reserves | 133 | €1,095,273 | €1,225,531 | +€130,258 | +11.9% |
| Amounts payable | 17/49 | €28,267 | €35,169 | +€6,902 | +24.4% |
| Amounts payable within one year | 42/48 | €28,267 | €35,169 | +€6,902 | +24.4% |
| Trade debts | 44 | €814 | €103 | -€711 | -87.3% |
| Suppliers | 440/4 | €814 | €103 | -€711 | -87.3% |
| Taxes, remuneration and social security | 45 | €27,453 | €35,066 | +€7,613 | +27.7% |
| Taxes | 450/3 | €27,453 | €35,066 | +€7,613 | +27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,623 | €4,700 | +€77 | +1.7% |
| Other operating charges | 640/8 | €3,475 | €3,018 | -€457 | -13.2% |
| Gross operating margin | 9900 | €170,324 | €191,288 | +€20,964 | +12.3% |
| Operating profit (loss) | 9901 | €162,226 | €183,570 | +€21,344 | +13.2% |
| Financial income | 75/76B | €7,314 | €10,493 | +€3,179 | +43.5% |
| Recurring financial income | 75 | €7,314 | €10,493 | +€3,179 | +43.5% |
| Financial charges | 65/66B | €78 | €191 | +€113 | +144.9% |
| Recurring financial charges | 65 | €78 | €191 | +€113 | +144.9% |
| Profit (loss) for the period before taxes | 9903 | €169,462 | €193,872 | +€24,410 | +14.4% |
| Income taxes | 67/77 | €55,280 | €63,614 | +€8,334 | +15.1% |
| Profit (loss) for the period | 9904 | €114,182 | €130,258 | +€16,076 | +14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €114,182 | €130,258 | +€16,076 | +14.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.