CAROLINE V: 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 V
Largest movements
- Cash +€19,538
up €19,538 (+29.6%), from €65,921 to €85,459
mainly Depreciation (+€23,029) and Net result for the year (+€9,094)
- Debts after one year -€14,809
down €14,809 (-5.6%), from €262,570 to €247,761
- Tax, wage and social debts +€8,926
up €8,926 (+56.3%), from €15,846 to €24,771
of which Remuneration and social security: +€5,476
- Provisions +€8,914
new in 2025: €8,914
- Reserves +€8,261
up €8,261 (+15.1%), from €54,780 to €63,041
of which Distributable reserves: +€8,261
- Provisions +€8,914
new in 2025: €8,914
- Staff costs +€3,742
up €3,742 (+3.1%), from €121,000 to €124,742
- Financial charges +€2,939
up €2,939 (+35.1%), from €8,381 to €11,320
- Depreciation -€2,470
down €2,470 (-9.7%), from €25,499 to €23,029
- Gross operating margin +€2,333
up €2,333 (+1.3%), from €181,652 to €183,985
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 | €385,042 | €403,624 | +€18,581 | +4.8% |
| Fixed assets | 21/28 | €297,155 | €293,878 | -€3,277 | -1.1% |
| Tangible fixed assets | 22/27 | €297,155 | €293,878 | -€3,277 | -1.1% |
| Land and buildings | 22 | €296,066 | €292,164 | -€3,902 | -1.3% |
| Plant, machinery and equipment | 23 | €765 | €400 | -€365 | -47.7% |
| Furniture and vehicles | 24 | €324 | €1,314 | +€991 | +306% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €87,888 | €109,745 | +€21,858 | +24.9% |
| Stocks and contracts in progress | 3 | €18,456 | €19,429 | +€973 | +5.3% |
| Stocks | 30/36 | €18,456 | €19,429 | +€973 | +5.3% |
| Amounts receivable within one year | 40/41 | €1,634 | €2,911 | +€1,276 | +78.1% |
| Trade receivables | 40 | €1,634 | €2,911 | +€1,276 | +78.1% |
| Cash at bank and in hand | 54/58 | €65,921 | €85,459 | +€19,538 | +29.6% |
| Deferred charges and accrued income | 490/1 | €1,876 | €1,947 | +€70 | +3.8% |
| Total equity and liabilities | 10/49 | €385,042 | €403,624 | +€18,581 | +4.8% |
| Equity | 10/15 | €60,980 | €69,241 | +€8,261 | +13.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €54,780 | €63,041 | +€8,261 | +15.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €54,780 | €63,041 | +€8,261 | +15.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €8,914 | +€8,914 | |
| Provisions for liabilities and charges | 160/5 | - | €8,914 | +€8,914 | |
| Environmental obligations | 163 | - | €8,914 | +€8,914 | |
| Amounts payable | 17/49 | €324,063 | €325,469 | +€1,406 | +0.4% |
| Amounts payable after more than one year | 17 | €262,570 | €247,761 | -€14,809 | -5.6% |
| Financial debts | 170/4 | €262,570 | €247,761 | -€14,809 | -5.6% |
| Amounts payable within one year | 42/48 | €59,890 | €76,105 | +€16,215 | +27.1% |
| Current portion of amounts payable after more than one year | 42 | €14,555 | €17,309 | +€2,754 | +18.9% |
| Trade debts | 44 | €6,547 | €10,296 | +€3,749 | +57.3% |
| Suppliers | 440/4 | €6,547 | €10,296 | +€3,749 | +57.3% |
| Taxes, remuneration and social security | 45 | €15,846 | €24,771 | +€8,926 | +56.3% |
| Taxes | 450/3 | €8,751 | €12,200 | +€3,449 | +39.4% |
| Remuneration and social security | 454/9 | €7,095 | €12,571 | +€5,476 | +77.2% |
| Other amounts payable | 47/48 | €22,942 | €23,728 | +€786 | +3.4% |
| Accrued charges and deferred income | 492/3 | €1,603 | €1,603 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €121,000 | €124,742 | +€3,742 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,499 | €23,029 | -€2,470 | -9.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €8,914 | +€8,914 | |
| Other operating charges | 640/8 | €4,638 | €5,948 | +€1,310 | +28.2% |
| Gross operating margin | 9900 | €181,652 | €183,985 | +€2,333 | +1.3% |
| Operating profit (loss) | 9901 | €30,515 | €21,352 | -€9,164 | -30.0% |
| Financial income | 75/76B | €143 | €114 | -€29 | -20.0% |
| Recurring financial income | 75 | €143 | €114 | -€29 | -20.0% |
| Financial charges | 65/66B | €8,381 | €11,320 | +€2,939 | +35.1% |
| Recurring financial charges | 65 | €8,381 | €11,320 | +€2,939 | +35.1% |
| Profit (loss) for the period before taxes | 9903 | €22,277 | €10,146 | -€12,131 | -54.5% |
| Income taxes | 67/77 | €2,150 | €1,051 | -€1,099 | -51.1% |
| Profit (loss) for the period | 9904 | €20,127 | €9,094 | -€11,033 | -54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,127 | €9,094 | -€11,033 | -54.8% |
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 19 October 2026 via checked.be.