CAROLINE WEST: 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 WEST
Largest movements
- Tangible fixed assets -€107,356
down €107,356 (-19.6%), from €546,702 to €439,346
of which Plant, machinery and equipment: -€132,280
- Deferred charges and accrued income -€58,339
down €58,339 (-53.6%), from €108,757 to €50,417
- Receivables within one year -€45,917
down €45,917 (-3.9%), from €1.2m to €1.1m
of which Other amounts receivable: -€38,215
- Profit (loss) carried forward -€97,586
down €97,586 (-7.4%), from €1.3m to €1.2m
- Current portion of long-term debt -€51,434
down €51,434 (-64.6%), from €79,633 to €28,199
- Trade debts +€51,147
up €51,147 (+9.8%), from €519,870 to €571,017
- Tax, wage and social debts -€49,560
down €49,560 (-36.8%), from €134,687 to €85,127
of which Remuneration and social security: -€48,996
- Debts after one year -€28,199
down €28,199 (-100%), from €28,199 to €0
- Gross operating margin -€582,336
down €582,336 (-35.9%), from €1.6m to €1.0m
- Staff costs -€431,095
down €431,095 (-32.6%), from €1.3m to €892,326
- Financial charges +€25,437
up €25,437 (+132%), from €19,339 to €44,776
- Taxes -€18,322
down €18,322 (-97.0%), from €18,882 to €560
- Other operating charges -€16,387
down €16,387 (-32.1%), from €51,091 to €34,704
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 | €2,219,805 | €2,044,061 | -€175,745 | -7.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €547,297 | €439,941 | -€107,356 | -19.6% |
| Tangible fixed assets | 22/27 | €546,702 | €439,346 | -€107,356 | -19.6% |
| Plant, machinery and equipment | 23 | €518,918 | €386,638 | -€132,280 | -25.5% |
| Furniture and vehicles | 24 | €27,784 | €52,708 | +€24,924 | +89.7% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €1,672,509 | €1,604,120 | -€68,389 | -4.1% |
| Stocks and contracts in progress | 3 | €42,537 | €59,961 | +€17,424 | +41.0% |
| Stocks | 30/36 | €42,537 | €59,961 | +€17,424 | +41.0% |
| Amounts receivable within one year | 40/41 | €1,165,107 | €1,119,190 | -€45,917 | -3.9% |
| Trade receivables | 40 | €7,942 | €240 | -€7,702 | -97.0% |
| Other amounts receivable | 41 | €1,157,165 | €1,118,950 | -€38,215 | -3.3% |
| Current investments | 50/53 | €1,515 | €1,515 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €354,593 | €373,036 | +€18,443 | +5.2% |
| Deferred charges and accrued income | 490/1 | €108,757 | €50,417 | -€58,339 | -53.6% |
| Total equity and liabilities | 10/49 | €2,219,805 | €2,044,061 | -€175,745 | -7.9% |
| Equity | 10/15 | €1,452,772 | €1,355,186 | -€97,586 | -6.7% |
| Contributions | 10/11 | €96,627 | €96,627 | = | 0.0% |
| Reserves | 13 | €45,078 | €45,078 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,869 | €12,869 | = | 0.0% |
| Distributable reserves | 133 | €32,209 | €32,209 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,311,067 | €1,213,480 | -€97,586 | -7.4% |
| Amounts payable | 17/49 | €767,033 | €688,875 | -€78,158 | -10.2% |
| Amounts payable after more than one year | 17 | €28,199 | €0 | -€28,199 | -100% |
| Financial debts | 170/4 | €28,199 | €0 | -€28,199 | -100% |
| Amounts payable within one year | 42/48 | €738,834 | €688,875 | -€49,959 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €79,633 | €28,199 | -€51,434 | -64.6% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €519,870 | €571,017 | +€51,147 | +9.8% |
| Suppliers | 440/4 | €519,870 | €571,017 | +€51,147 | +9.8% |
| Taxes, remuneration and social security | 45 | €134,687 | €85,127 | -€49,560 | -36.8% |
| Taxes | 450/3 | €2,591 | €2,027 | -€564 | -21.8% |
| Remuneration and social security | 454/9 | €132,096 | €83,100 | -€48,996 | -37.1% |
| Other amounts payable | 47/48 | €4,644 | €4,532 | -€112 | -2.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,323,421 | €892,326 | -€431,095 | -32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,544 | €162,868 | +€324 | +0.2% |
| Other operating charges | 640/8 | €51,091 | €34,704 | -€16,387 | -32.1% |
| Non-recurring operating charges | 66A | - | €88 | +€88 | |
| Gross operating margin | 9900 | €1,620,072 | €1,037,736 | -€582,336 | -35.9% |
| Operating profit (loss) | 9901 | €83,017 | -€52,250 | -€135,267 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €19,339 | €44,776 | +€25,437 | +132% |
| Recurring financial charges | 65 | €19,339 | €44,776 | +€25,437 | +132% |
| Profit (loss) for the period before taxes | 9903 | €63,678 | -€97,026 | -€160,704 | |
| Income taxes | 67/77 | €18,882 | €560 | -€18,322 | -97.0% |
| Profit (loss) for the period | 9904 | €44,796 | -€97,586 | -€142,382 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,796 | -€97,586 | -€142,382 |
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 30 October 2026 via checked.be.