CAROL: 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.
CAROL
Largest movements
- Stocks and contracts -€75,846
down €75,846 (-35.1%), from €216,361 to €140,515
- Current investments +€54,073
up €54,073 (+174315.4%), from €31 to €54,104
- Tangible fixed assets -€50,759
down €50,759 (-14.1%), from €360,779 to €310,020
of which Land and buildings: -€26,800
- Cash -€18,322
down €18,322 (-77.7%), from €23,579 to €5,257
mainly Debts after one year (-€128,890) and Current investments (-€54,073)
- Debts after one year -€128,890
no longer reported in 2025 (was €128,890)
- Current portion of long-term debt +€75,556
up €75,556 (+141.7%), from €53,333 to €128,890
- Trade debts -€52,139
down €52,139 (-41.0%), from €127,309 to €75,171
- Short-term financial debts -€35,000
down €35,000 (-36.8%), from €95,000 to €60,000
of which Credit institutions: -€25,000
- Reserves +€27,771
up €27,771 (+39.4%), from €70,466 to €98,237
of which Distributable reserves: +€27,771
- Gross operating margin +€87,821
up €87,821 (+137.1%), from €64,065 to €151,886
- Staff costs -€35,662
down €35,662 (-54.1%), from €65,918 to €30,256
- Financial charges -€3,850
down €3,850 (-22.6%), from €17,010 to €13,161
- Taxes +€2,777
new in 2025: €2,777
- Financial income -€2,209
down €2,209 (-32.6%), from €6,771 to €4,562
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 | €602,145 | €513,107 | -€89,039 | -14.8% |
| Fixed assets | 21/28 | €360,954 | €310,195 | -€50,759 | -14.1% |
| Tangible fixed assets | 22/27 | €360,779 | €310,020 | -€50,759 | -14.1% |
| Land and buildings | 22 | €214,400 | €187,600 | -€26,800 | -12.5% |
| Plant, machinery and equipment | 23 | €912 | €522 | -€390 | -42.8% |
| Furniture and vehicles | 24 | €123 | - | -€123 | |
| Other tangible fixed assets | 26 | €145,344 | €121,898 | -€23,446 | -16.1% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €241,191 | €202,912 | -€38,279 | -15.9% |
| Stocks and contracts in progress | 3 | €216,361 | €140,515 | -€75,846 | -35.1% |
| Stocks | 30/36 | €216,361 | €140,515 | -€75,846 | -35.1% |
| Amounts receivable within one year | 40/41 | €1,220 | €1,840 | +€620 | +50.8% |
| Trade receivables | 40 | €1,055 | €1,840 | +€786 | +74.5% |
| Other amounts receivable | 41 | €166 | - | -€166 | |
| Current investments | 50/53 | €31 | €54,104 | +€54,073 | +174315.4% |
| Cash at bank and in hand | 54/58 | €23,579 | €5,257 | -€18,322 | -77.7% |
| Deferred charges and accrued income | 490/1 | - | €1,197 | +€1,197 | |
| Total equity and liabilities | 10/49 | €602,145 | €513,107 | -€89,039 | -14.8% |
| Equity | 10/15 | €164,073 | €214,533 | +€50,460 | +30.8% |
| Contributions | 10/11 | €116,297 | €116,297 | = | 0.0% |
| Reserves | 13 | €70,466 | €98,237 | +€27,771 | +39.4% |
| Non-distributable reserves | 130/1 | €11,630 | €11,630 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,630 | €11,630 | = | 0.0% |
| Distributable reserves | 133 | €58,836 | €86,607 | +€27,771 | +47.2% |
| Profit (loss) carried forward | 14 | -€22,690 | - | +€22,690 | |
| Amounts payable | 17/49 | €438,073 | €298,574 | -€139,499 | -31.8% |
| Amounts payable after more than one year | 17 | €128,890 | - | -€128,890 | |
| Financial debts | 170/4 | €128,890 | - | -€128,890 | |
| Amounts payable within one year | 42/48 | €299,579 | €284,351 | -€15,228 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €53,333 | €128,890 | +€75,556 | +141.7% |
| Financial debts | 43 | €95,000 | €60,000 | -€35,000 | -36.8% |
| Credit institutions | 430/8 | €25,000 | - | -€25,000 | |
| Other loans | 439 | €70,000 | €60,000 | -€10,000 | -14.3% |
| Trade debts | 44 | €127,309 | €75,171 | -€52,139 | -41.0% |
| Suppliers | 440/4 | €127,309 | €75,171 | -€52,139 | -41.0% |
| Taxes, remuneration and social security | 45 | €17,474 | €9,380 | -€8,094 | -46.3% |
| Taxes | 450/3 | €7,870 | €7,426 | -€445 | -5.7% |
| Remuneration and social security | 454/9 | €9,603 | €1,954 | -€7,649 | -79.7% |
| Other amounts payable | 47/48 | €6,462 | €10,911 | +€4,449 | +68.8% |
| Accrued charges and deferred income | 492/3 | €9,604 | €14,222 | +€4,618 | +48.1% |
| Remuneration, social security and pensions | 62 | €65,918 | €30,256 | -€35,662 | -54.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,160 | €50,759 | -€401 | -0.8% |
| Other operating charges | 640/8 | €8,720 | €9,035 | +€315 | +3.6% |
| Gross operating margin | 9900 | €64,065 | €151,886 | +€87,821 | +137.1% |
| Operating profit (loss) | 9901 | -€61,733 | €61,836 | +€123,569 | |
| Financial income | 75/76B | €6,771 | €4,562 | -€2,209 | -32.6% |
| Recurring financial income | 75 | €6,771 | €4,562 | -€2,209 | -32.6% |
| Financial charges | 65/66B | €17,010 | €13,161 | -€3,850 | -22.6% |
| Recurring financial charges | 65 | €17,010 | €13,161 | -€3,850 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | -€71,973 | €53,237 | +€125,210 | |
| Income taxes | 67/77 | - | €2,777 | +€2,777 | |
| Profit (loss) for the period | 9904 | -€71,973 | €50,460 | +€122,433 | |
| Profit (loss) for the period to be appropriated | 9905 | -€71,973 | €50,460 | +€122,433 |
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 10 October 2026 via checked.be.