Carnoy & Braeckeveldt: 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.
Carnoy & Braeckeveldt
Largest movements
- Cash +€38,364
up €38,364 (+21.8%), from €176,220 to €214,584
mainly Other debts (+€91,253) and Net result for the year (+€70,586)
- Receivables within one year +€36,579
up €36,579 (+23.0%), from €158,890 to €195,469
of which Other amounts receivable: +€18,658
- Tangible fixed assets -€10,127
down €10,127 (-23.9%), from €42,428 to €32,301
- Other debts +€91,253
up €91,253 (+1,819%), from €5,017 to €96,270
- Profit (loss) carried forward -€47,061
down €47,061 (-26.7%), from €176,470 to €129,409
- Tax, wage and social debts +€16,940
up €16,940 (+44.4%), from €38,134 to €55,074
of which Taxes: +€21,025
- Trade debts +€12,449
up €12,449 (+41.5%), from €29,970 to €42,419
- Debts after one year -€10,497
down €10,497 (-35.4%), from €29,688 to €19,191
- Gross operating margin +€23,391
up €23,391 (+15.5%), from €150,590 to €173,981
- Taxes -€12,047
down €12,047 (-36.1%), from €33,389 to €21,342
- Staff costs +€7,998
up €7,998 (+18.7%), from €42,762 to €50,760
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €379,684 | €444,500 | +€64,815 | +17.1% |
| Fixed assets | 21/28 | €44,573 | €34,446 | -€10,127 | -22.7% |
| Tangible fixed assets | 22/27 | €42,428 | €32,301 | -€10,127 | -23.9% |
| Furniture and vehicles | 24 | €42,428 | €32,301 | -€10,127 | -23.9% |
| Financial fixed assets | 28 | €2,145 | €2,145 | = | 0.0% |
| Current assets | 29/58 | €335,111 | €410,053 | +€74,943 | +22.4% |
| Amounts receivable within one year | 40/41 | €158,890 | €195,469 | +€36,579 | +23.0% |
| Trade receivables | 40 | €158,890 | €176,811 | +€17,921 | +11.3% |
| Other amounts receivable | 41 | - | €18,658 | +€18,658 | |
| Cash at bank and in hand | 54/58 | €176,220 | €214,584 | +€38,364 | +21.8% |
| Total equity and liabilities | 10/49 | €379,684 | €444,500 | +€64,815 | +17.1% |
| Equity | 10/15 | €276,875 | €229,814 | -€47,061 | -17.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €81,855 | €81,855 | = | 0.0% |
| Distributable reserves | 133 | €81,855 | €81,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €176,470 | €129,409 | -€47,061 | -26.7% |
| Amounts payable | 17/49 | €102,809 | €214,685 | +€111,877 | +109% |
| Amounts payable after more than one year | 17 | €29,688 | €19,191 | -€10,497 | -35.4% |
| Financial debts | 170/4 | €29,688 | €19,191 | -€10,497 | -35.4% |
| Amounts payable within one year | 42/48 | €73,121 | €195,495 | +€122,374 | +167% |
| Current portion of amounts payable after more than one year | 42 | - | €1,732 | +€1,732 | |
| Trade debts | 44 | €29,970 | €42,419 | +€12,449 | +41.5% |
| Suppliers | 440/4 | €29,970 | €42,419 | +€12,449 | +41.5% |
| Taxes, remuneration and social security | 45 | €38,134 | €55,074 | +€16,940 | +44.4% |
| Taxes | 450/3 | €25,507 | €46,531 | +€21,025 | +82.4% |
| Remuneration and social security | 454/9 | €12,627 | €8,542 | -€4,085 | -32.3% |
| Other amounts payable | 47/48 | €5,017 | €96,270 | +€91,253 | +1,819% |
| Non-recurring operating income | 76A | €20 | - | -€20 | |
| Remuneration, social security and pensions | 62 | €42,762 | €50,760 | +€7,998 | +18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,734 | €15,566 | -€168 | -1.1% |
| Other operating charges | 640/8 | €12,405 | €13,030 | +€625 | +5.0% |
| Non-recurring operating charges | 66A | €3 | -€10 | -€13 | |
| Gross operating margin | 9900 | €150,590 | €173,981 | +€23,391 | +15.5% |
| Operating profit (loss) | 9901 | €79,686 | €94,635 | +€14,949 | +18.8% |
| Financial income | 75/76B | €868 | - | -€868 | |
| Recurring financial income | 75 | €868 | - | -€868 | |
| Financial charges | 65/66B | €3,037 | €2,707 | -€330 | -10.9% |
| Recurring financial charges | 65 | €3,037 | €2,707 | -€330 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €77,517 | €91,928 | +€14,411 | +18.6% |
| Income taxes | 67/77 | €33,389 | €21,342 | -€12,047 | -36.1% |
| Profit (loss) for the period | 9904 | €44,129 | €70,586 | +€26,457 | +60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,129 | €70,586 | +€26,457 | +60.0% |
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 31 October 2026 via checked.be.