CAROLINE NOTTE: 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.
CAROLINE NOTTE
Largest movements
- Tangible fixed assets -€16,686
down €16,686 (-41.6%), from €40,063 to €23,377
of which Other tangible fixed assets: -€8,958
- Cash -€15,424
down €15,424 (-80.9%), from €19,069 to €3,645
mainly Debts after one year (-€12,491) and Net result for the year (-€11,969)
- Receivables within one year -€13,828
down €13,828 (-80.8%), from €17,117 to €3,289
of which Trade receivables: -€14,185
- Stocks and contracts -€2,050
down €2,050 (-8.5%), from €23,997 to €21,947
- Debts after one year -€12,491
down €12,491 (-38.7%), from €32,243 to €19,752
- Profit (loss) carried forward -€12,153
down €12,153, from €333 to -€11,820
- Other debts -€11,611
down €11,611 (-55.2%), from €21,052 to €9,441
- Trade debts -€7,651
down €7,651 (-95.8%), from €7,989 to €338
- Current portion of long-term debt -€2,540
down €2,540 (-16.9%), from €15,031 to €12,491
- Gross operating margin -€29,877
down €29,877 (-75.9%), from €39,355 to €9,478
- Depreciation -€827
down €827 (-4.4%), from €18,809 to €17,982
- Other operating charges -€522
down €522 (-57.0%), from €916 to €394
- Taxes -€470
down €470 (-87.5%), from €537 to €67
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 | €101,253 | €53,187 | -€48,066 | -47.5% |
| Fixed assets | 21/28 | €40,363 | €23,677 | -€16,686 | -41.3% |
| Tangible fixed assets | 22/27 | €40,063 | €23,377 | -€16,686 | -41.6% |
| Furniture and vehicles | 24 | €16,420 | €8,692 | -€7,728 | -47.1% |
| Other tangible fixed assets | 26 | €23,644 | €14,686 | -€8,958 | -37.9% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €60,890 | €29,510 | -€31,380 | -51.5% |
| Stocks and contracts in progress | 3 | €23,997 | €21,947 | -€2,050 | -8.5% |
| Stocks | 30/36 | €23,997 | €21,947 | -€2,050 | -8.5% |
| Amounts receivable within one year | 40/41 | €17,117 | €3,289 | -€13,828 | -80.8% |
| Trade receivables | 40 | €17,105 | €2,920 | -€14,185 | -82.9% |
| Other amounts receivable | 41 | €12 | €369 | +€357 | +2,923% |
| Cash at bank and in hand | 54/58 | €19,069 | €3,645 | -€15,424 | -80.9% |
| Deferred charges and accrued income | 490/1 | €707 | €629 | -€78 | -11.0% |
| Total equity and liabilities | 10/49 | €101,253 | €53,187 | -€48,066 | -47.5% |
| Equity | 10/15 | €21,233 | €9,080 | -€12,153 | -57.2% |
| Contributions | 10/11 | €20,900 | €20,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €333 | -€11,820 | -€12,153 | |
| Amounts payable | 17/49 | €80,021 | €44,107 | -€35,913 | -44.9% |
| Amounts payable after more than one year | 17 | €32,243 | €19,752 | -€12,491 | -38.7% |
| Financial debts | 170/4 | €32,243 | €19,752 | -€12,491 | -38.7% |
| Amounts payable within one year | 42/48 | €47,777 | €24,355 | -€23,422 | -49.0% |
| Current portion of amounts payable after more than one year | 42 | €15,031 | €12,491 | -€2,540 | -16.9% |
| Trade debts | 44 | €7,989 | €338 | -€7,651 | -95.8% |
| Suppliers | 440/4 | €7,989 | €338 | -€7,651 | -95.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,705 | €2,086 | -€1,620 | -43.7% |
| Taxes | 450/3 | €3,705 | €2,086 | -€1,620 | -43.7% |
| Other amounts payable | 47/48 | €21,052 | €9,441 | -€11,611 | -55.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,809 | €17,982 | -€827 | -4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €916 | €394 | -€522 | -57.0% |
| Non-recurring operating charges | 66A | - | €1,275 | +€1,275 | |
| Gross operating margin | 9900 | €39,355 | €9,478 | -€29,877 | -75.9% |
| Operating profit (loss) | 9901 | €19,630 | -€10,172 | -€29,802 | |
| Financial income | 75/76B | €11 | €2 | -€8 | -76.7% |
| Recurring financial income | 75 | €11 | €2 | -€8 | -76.7% |
| Financial charges | 65/66B | €2,085 | €1,732 | -€353 | -16.9% |
| Recurring financial charges | 65 | €2,085 | €1,732 | -€353 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €17,556 | -€11,902 | -€29,458 | |
| Income taxes | 67/77 | €537 | €67 | -€470 | -87.5% |
| Profit (loss) for the period | 9904 | €17,019 | -€11,969 | -€28,988 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,019 | -€11,969 | -€28,988 |
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 31 October 2026 via checked.be.