CARO: 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.
CARO
Largest movements
- Cash -€24,469
down €24,469 (-24.9%), from €98,241 to €73,772
mainly Other debts (-€24,031) and Current investments (-€10,000)
- Tangible fixed assets -€11,192
down €11,192 (-24.3%), from €46,049 to €34,858
- Current investments +€10,000
up €10,000 (+14.3%), from €70,000 to €80,000
- Receivables within one year +€2,604
up €2,604 (+395.5%), from €658 to €3,262
of which Other amounts receivable: +€2,154
- Other debts -€24,031
down €24,031 (-97.0%), from €24,785 to €754
- Reserves +€3,223
up €3,223 (+1.8%), from €181,549 to €184,772
of which Distributable reserves: +€7,227
- Taxes -€2,266
down €2,266 (-29.7%), from €7,640 to €5,374
- Gross operating margin -€1,529
down €1,529 (-5.3%), from €28,722 to €27,193
- Other operating charges -€761
down €761 (-35.5%), from €2,141 to €1,380
- Financial charges +€689
up €689 (+659.7%), from €105 to €794
- Financial income -€372
down €372 (-14.0%), from €2,660 to €2,288
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 | €237,483 | €214,426 | -€23,057 | -9.7% |
| Fixed assets | 21/28 | €68,584 | €57,393 | -€11,192 | -16.3% |
| Tangible fixed assets | 22/27 | €46,049 | €34,858 | -€11,192 | -24.3% |
| Land and buildings | 22 | €46,049 | €34,858 | -€11,192 | -24.3% |
| Financial fixed assets | 28 | €22,535 | €22,535 | = | 0.0% |
| Current assets | 29/58 | €168,899 | €157,034 | -€11,866 | -7.0% |
| Amounts receivable within one year | 40/41 | €658 | €3,262 | +€2,604 | +395.5% |
| Trade receivables | 40 | - | €449 | +€449 | |
| Other amounts receivable | 41 | €658 | €2,813 | +€2,154 | +327.2% |
| Current investments | 50/53 | €70,000 | €80,000 | +€10,000 | +14.3% |
| Cash at bank and in hand | 54/58 | €98,241 | €73,772 | -€24,469 | -24.9% |
| Total equity and liabilities | 10/49 | €237,483 | €214,426 | -€23,057 | -9.7% |
| Equity | 10/15 | €200,141 | €203,364 | +€3,223 | +1.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €181,549 | €184,772 | +€3,223 | +1.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €23,632 | €19,628 | -€4,004 | -16.9% |
| Distributable reserves | 133 | €156,057 | €163,284 | +€7,227 | +4.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €12,169 | €10,107 | -€2,062 | -16.9% |
| Deferred taxes | 168 | €12,169 | €10,107 | -€2,062 | -16.9% |
| Amounts payable | 17/49 | €25,174 | €955 | -€24,219 | -96.2% |
| Amounts payable within one year | 42/48 | €25,174 | €955 | -€24,219 | -96.2% |
| Trade debts | 44 | €389 | €0 | -€389 | -100.0% |
| Suppliers | 440/4 | €389 | €0 | -€389 | -100.0% |
| Taxes, remuneration and social security | 45 | - | €201 | +€201 | |
| Taxes | 450/3 | - | €201 | +€201 | |
| Other amounts payable | 47/48 | €24,785 | €754 | -€24,031 | -97.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,192 | €11,192 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,141 | €1,380 | -€761 | -35.5% |
| Gross operating margin | 9900 | €28,722 | €27,193 | -€1,529 | -5.3% |
| Operating profit (loss) | 9901 | €15,389 | €14,621 | -€768 | -5.0% |
| Financial income | 75/76B | €2,660 | €2,288 | -€372 | -14.0% |
| Recurring financial income | 75 | €2,660 | €2,288 | -€372 | -14.0% |
| Financial charges | 65/66B | €105 | €794 | +€689 | +659.7% |
| Recurring financial charges | 65 | €105 | €794 | +€689 | +659.7% |
| Profit (loss) for the period before taxes | 9903 | €17,944 | €16,115 | -€1,829 | -10.2% |
| Transfer from deferred taxes | 780 | €2,062 | €2,062 | = | 0.0% |
| Income taxes | 67/77 | €7,640 | €5,374 | -€2,266 | -29.7% |
| Profit (loss) for the period | 9904 | €12,367 | €12,803 | +€437 | +3.5% |
| Transfer from tax-exempt reserves | 789 | €4,004 | €4,004 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,371 | €16,807 | +€437 | +2.7% |
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 1 October 2026 via checked.be.