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.
What changed
CARO
NACE 50.400, Inland freight water transport
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€25,023
2024 · €98,583-€73,560
Equity
€1.9m
2024 · €1.9m+€25,023
Cash
€371,157
2024 · €322,185+€48,972
Balance sheet total
€4.7m
2024 · €5.0m-€227,956
Largest movements
Assets
- Tangible fixed assets -€327,552
down €327,552 (-8.3%), from €4.0m to €3.6m
- Receivables within one year +€51,118
up €51,118 (+13.6%), from €375,095 to €426,212
of which Trade receivables: +€56,721
Equity and liabilities
- Debts after one year -€254,833
down €254,833 (-10.8%), from €2.4m to €2.1m
Income statement
- Gross operating margin -€98,371
down €98,371 (-17.6%), from €560,124 to €461,752
- Provisions -€58,000
down €58,000, from €50,000 to -€8,000
- Taxes +€34,669
up €34,669 (+160%), from €21,686 to €56,355
- Depreciation -€6,254
down €6,254 (-1.8%), from €351,456 to €345,202
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
€98,583
Gross operating margin
-€98,371
Depreciation
+€6,254
Provisions
+€58,000
Other operating charges
-€2,798
Other operating items
-€5,586
Financial income
-€1,957
Financial charges
+€5,567
Taxes
-€34,669
Result 2025
€25,023
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
+€313,043
Investment
-€17,650
Financing
-€246,421
Cash 2024
€322,185
From operations (derived)
+€313,043
Net result for the year
+€25,023
Depreciation
+€345,202
Receivables within one year
-€51,118
Deferred charges and accrued income
+€494
Provisions
-€39,285
Trade debts
+€4,410
Tax, wage and social debts
+€21,468
Other debts
+€6,849
Investment (derived)
-€17,650
Investment in fixed assets (net)
-€17,650
Financing
-€246,421
Debts after one year
-€254,833
Current portion of long-term debt
+€8,412
Cash 2025
€371,157
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,962,683 | €4,734,727 | -€227,956 | -4.6% |
| Fixed assets | 21/28 | €3,966,212 | €3,638,660 | -€327,552 | -8.3% |
| Tangible fixed assets | 22/27 | €3,962,617 | €3,635,065 | -€327,552 | -8.3% |
| Furniture and vehicles | 24 | €3,962,617 | €3,635,065 | -€327,552 | -8.3% |
| Financial fixed assets | 28 | €3,595 | €3,595 | = | 0.0% |
| Current assets | 29/58 | €996,470 | €1,096,066 | +€99,596 | +10.0% |
| Amounts receivable within one year | 40/41 | €375,095 | €426,212 | +€51,118 | +13.6% |
| Trade receivables | 40 | - | €56,721 | +€56,721 | |
| Other amounts receivable | 41 | €375,095 | €369,491 | -€5,604 | -1.5% |
| Current investments | 50/53 | €298,697 | €298,697 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €322,185 | €371,157 | +€48,972 | +15.2% |
| Deferred charges and accrued income | 490/1 | €494 | - | -€494 | |
| Total equity and liabilities | 10/49 | €4,962,683 | €4,734,727 | -€227,956 | -4.6% |
| Equity | 10/15 | €1,850,467 | €1,875,490 | +€25,023 | +1.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,788,467 | €1,813,490 | +€25,023 | +1.4% |
| Non-distributable reserves | 130/1 | €304,897 | €304,897 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Own shares acquired | 1312 | €298,697 | €298,697 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,092,045 | €998,189 | -€93,856 | -8.6% |
| Distributable reserves | 133 | €391,524 | €510,404 | +€118,880 | +30.4% |
| Provisions and deferred taxes | 16 | €461,319 | €422,033 | -€39,285 | -8.5% |
| Provisions for liabilities and charges | 160/5 | €164,000 | €156,000 | -€8,000 | -4.9% |
| Major repairs and maintenance | 162 | €164,000 | €156,000 | -€8,000 | -4.9% |
| Deferred taxes | 168 | €297,319 | €266,033 | -€31,285 | -10.5% |
| Amounts payable | 17/49 | €2,650,898 | €2,437,204 | -€213,694 | -8.1% |
| Amounts payable after more than one year | 17 | €2,355,125 | €2,100,292 | -€254,833 | -10.8% |
| Financial debts | 170/4 | €2,355,125 | €2,100,292 | -€254,833 | -10.8% |
| Amounts payable within one year | 42/48 | €295,772 | €336,912 | +€41,139 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €254,833 | €263,245 | +€8,412 | +3.3% |
| Trade debts | 44 | €17,496 | €21,906 | +€4,410 | +25.2% |
| Suppliers | 440/4 | €17,496 | €21,906 | +€4,410 | +25.2% |
| Taxes, remuneration and social security | 45 | €9,213 | €30,682 | +€21,468 | +233% |
| Taxes | 450/3 | €9,213 | €30,682 | +€21,468 | +233% |
| Other amounts payable | 47/48 | €14,230 | €21,079 | +€6,849 | +48.1% |
| Non-recurring operating income | 76A | - | €1,831 | +€1,831 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €351,456 | €345,202 | -€6,254 | -1.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €50,000 | -€8,000 | -€58,000 | |
| Other operating charges | 640/8 | €4,026 | €6,825 | +€2,798 | +69.5% |
| Non-recurring operating charges | 66A | €44 | €5,630 | +€5,586 | +12,620% |
| Gross operating margin | 9900 | €560,124 | €461,752 | -€98,371 | -17.6% |
| Operating profit (loss) | 9901 | €154,597 | €112,096 | -€42,501 | -27.5% |
| Financial income | 75/76B | €3,576 | €1,619 | -€1,957 | -54.7% |
| Recurring financial income | 75 | €839 | €1,619 | +€780 | +92.9% |
| Non-recurring financial income | 76B | €2,736 | - | -€2,736 | |
| Financial charges | 65/66B | €69,189 | €63,623 | -€5,567 | -8.0% |
| Recurring financial charges | 65 | €69,189 | €63,623 | -€5,567 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €88,983 | €50,093 | -€38,891 | -43.7% |
| Transfer from deferred taxes | 780 | €31,285 | €31,285 | = | 0.0% |
| Income taxes | 67/77 | €21,686 | €56,355 | +€34,669 | +160% |
| Profit (loss) for the period | 9904 | €98,583 | €25,023 | -€73,560 | -74.6% |
| Transfer from tax-exempt reserves | 789 | €93,856 | €93,856 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €192,440 | €118,880 | -€73,560 | -38.2% |
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.