CARO: 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.
CARO
Largest movements
- Current investments -€20,000
down €20,000 (-92.0%), from €21,735 to €1,735
- Receivables within one year +€3,753
up €3,753 (+208%), from €1,805 to €5,558
of which Other amounts receivable: +€4,337
- Other debts -€12,105
down €12,105 (-89.0%), from €13,607 to €1,502
- Reserves -€11,475
down €11,475 (-5.6%), from €203,941 to €192,466
of which Distributable reserves: -€11,475
- Debts after one year +€10,000
up €10,000 (+17.6%), from €56,830 to €66,830
of which Financial debts: +€10,000
- Gross operating margin +€4,284
up €4,284 (+13.9%), from €30,762 to €35,046
- Depreciation -€3,131
down €3,131 (-7.0%), from €44,710 to €41,578
- Financial income -€655
down €655 (-41.3%), from €1,584 to €929
- Other operating charges +€634
up €634 (+11.8%), from €5,357 to €5,991
- Taxes -€625
down €625, from €475 to -€149
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 | €359,147 | €342,603 | -€16,544 | -4.6% |
| Fixed assets | 21/28 | €297,516 | €296,743 | -€773 | -0.3% |
| Tangible fixed assets | 22/27 | €297,516 | €296,743 | -€773 | -0.3% |
| Land and buildings | 22 | €191,835 | €188,651 | -€3,184 | -1.7% |
| Plant, machinery and equipment | 23 | €71,147 | €84,608 | +€13,461 | +18.9% |
| Furniture and vehicles | 24 | €34,533 | €23,484 | -€11,050 | -32.0% |
| Current assets | 29/58 | €61,632 | €45,861 | -€15,771 | -25.6% |
| Amounts receivable within one year | 40/41 | €1,805 | €5,558 | +€3,753 | +208% |
| Trade receivables | 40 | €1,798 | €1,214 | -€584 | -32.5% |
| Other amounts receivable | 41 | €7 | €4,344 | +€4,337 | +62,948% |
| Current investments | 50/53 | €21,735 | €1,735 | -€20,000 | -92.0% |
| Cash at bank and in hand | 54/58 | €38,091 | €38,568 | +€476 | +1.3% |
| Total equity and liabilities | 10/49 | €359,147 | €342,603 | -€16,544 | -4.6% |
| Equity | 10/15 | €284,633 | €273,158 | -€11,475 | -4.0% |
| Contributions | 10/11 | €80,692 | €80,692 | = | 0.0% |
| Reserves | 13 | €203,941 | €192,466 | -€11,475 | -5.6% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €203,941 | €192,466 | -€11,475 | -5.6% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €74,514 | €69,445 | -€5,069 | -6.8% |
| Amounts payable after more than one year | 17 | €56,830 | €66,830 | +€10,000 | +17.6% |
| Financial debts | 170/4 | €55,000 | €65,000 | +€10,000 | +18.2% |
| Other amounts payable | 178/9 | €1,830 | €1,830 | = | 0.0% |
| Amounts payable within one year | 42/48 | €17,684 | €2,501 | -€15,183 | -85.9% |
| Trade debts | 44 | €1,867 | €999 | -€868 | -46.5% |
| Suppliers | 440/4 | €1,867 | €999 | -€868 | -46.5% |
| Taxes, remuneration and social security | 45 | €2,210 | €0 | -€2,210 | -100% |
| Taxes | 450/3 | €2,210 | €0 | -€2,210 | -100% |
| Other amounts payable | 47/48 | €13,607 | €1,502 | -€12,105 | -89.0% |
| Accrued charges and deferred income | 492/3 | - | €114 | +€114 | |
| Non-recurring operating income | 76A | €0 | €271 | +€271 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,710 | €41,578 | -€3,131 | -7.0% |
| Other operating charges | 640/8 | €5,357 | €5,991 | +€634 | +11.8% |
| Gross operating margin | 9900 | €30,762 | €35,046 | +€4,284 | +13.9% |
| Operating profit (loss) | 9901 | -€19,305 | -€12,523 | +€6,782 | +35.1% |
| Financial income | 75/76B | €1,584 | €929 | -€655 | -41.3% |
| Recurring financial income | 75 | €1,584 | €929 | -€655 | -41.3% |
| Financial charges | 65/66B | €33 | €31 | -€2 | -6.3% |
| Recurring financial charges | 65 | €33 | €31 | -€2 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | -€17,754 | -€11,624 | +€6,129 | +34.5% |
| Transfer from deferred taxes | 780 | €4,384 | €0 | -€4,384 | -100% |
| Income taxes | 67/77 | €475 | -€149 | -€625 | |
| Profit (loss) for the period | 9904 | -€13,844 | -€11,475 | +€2,369 | +17.1% |
| Transfer from tax-exempt reserves | 789 | €8,515 | €0 | -€8,515 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,330 | -€11,475 | -€6,146 | -115% |
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 15 October 2026 via checked.be.