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 -€35,325
down €35,325 (-20.9%), from €168,701 to €133,375
mainly Net result for the year (-€25,143) and Trade debts (-€19,338)
- Receivables within one year -€32,444
down €32,444 (-88.9%), from €36,499 to €4,055
of which Trade receivables: -€22,554
- Tangible fixed assets -€6,228
down €6,228 (-10.2%), from €61,167 to €54,939
of which Other tangible fixed assets: -€4,080
- Reserves -€163,609
down €163,609 (-82.8%), from €197,690 to €34,081
of which Distributable reserves: -€163,609
- Profit (loss) carried forward +€117,877
new in 2025: €117,877
- Trade debts -€19,338
down €19,338 (-95.2%), from €20,321 to €983
- Other debts -€15,367
down €15,367 (-42.7%), from €35,956 to €20,589
- Contributions +€6,192
up €6,192 (+49.9%), from €12,400 to €18,592
- Gross operating margin -€27,697
down €27,697, from €15,936 to -€11,761
- Financial charges -€2,974
down €2,974 (-96.9%), from €3,067 to €94
- Depreciation +€975
up €975 (+8.8%), from €11,024 to €11,999
- Financial income +€203
up €203 (+167.5%), from €121 to €325
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 | €266,366 | €192,369 | -€73,997 | -27.8% |
| Fixed assets | 21/28 | €61,167 | €54,939 | -€6,228 | -10.2% |
| Tangible fixed assets | 22/27 | €61,167 | €54,939 | -€6,228 | -10.2% |
| Plant, machinery and equipment | 23 | €2,826 | €3,448 | +€622 | +22.0% |
| Furniture and vehicles | 24 | €22,469 | €19,699 | -€2,770 | -12.3% |
| Other tangible fixed assets | 26 | €35,873 | €31,792 | -€4,080 | -11.4% |
| Current assets | 29/58 | €205,199 | €137,430 | -€67,769 | -33.0% |
| Amounts receivable within one year | 40/41 | €36,499 | €4,055 | -€32,444 | -88.9% |
| Trade receivables | 40 | €22,554 | - | -€22,554 | |
| Other amounts receivable | 41 | €13,945 | €4,055 | -€9,890 | -70.9% |
| Cash at bank and in hand | 54/58 | €168,701 | €133,375 | -€35,325 | -20.9% |
| Total equity and liabilities | 10/49 | €266,366 | €192,369 | -€73,997 | -27.8% |
| Equity | 10/15 | €210,090 | €170,550 | -€39,540 | -18.8% |
| Contributions | 10/11 | €12,400 | €18,592 | +€6,192 | +49.9% |
| Reserves | 13 | €197,690 | €34,081 | -€163,609 | -82.8% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €195,831 | €32,222 | -€163,609 | -83.5% |
| Profit (loss) carried forward | 14 | - | €117,877 | +€117,877 | |
| Amounts payable | 17/49 | €56,276 | €21,819 | -€34,458 | -61.2% |
| Amounts payable within one year | 42/48 | €56,276 | €21,819 | -€34,458 | -61.2% |
| Trade debts | 44 | €20,321 | €983 | -€19,338 | -95.2% |
| Suppliers | 440/4 | €20,321 | €983 | -€19,338 | -95.2% |
| Taxes, remuneration and social security | 45 | - | €248 | +€248 | |
| Taxes | 450/3 | - | €248 | +€248 | |
| Other amounts payable | 47/48 | €35,956 | €20,589 | -€15,367 | -42.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,024 | €11,999 | +€975 | +8.8% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Non-recurring operating charges | 66A | - | €750 | +€750 | |
| Gross operating margin | 9900 | €15,936 | -€11,761 | -€27,697 | |
| Operating profit (loss) | 9901 | €4,406 | -€25,030 | -€29,436 | |
| Financial income | 75/76B | €121 | €325 | +€203 | +167.5% |
| Recurring financial income | 75 | €121 | €325 | +€203 | +167.5% |
| Financial charges | 65/66B | €3,067 | €94 | -€2,974 | -96.9% |
| Recurring financial charges | 65 | €3,067 | €94 | -€2,974 | -96.9% |
| Profit (loss) for the period before taxes | 9903 | €1,460 | -€24,799 | -€26,259 | |
| Income taxes | 67/77 | €436 | €345 | -€91 | -21.0% |
| Profit (loss) for the period | 9904 | €1,024 | -€25,143 | -€26,168 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,024 | -€25,143 | -€26,168 |
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 3 October 2026 via checked.be.