Carolou: 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.
Carolou
Largest movements
- Tangible fixed assets -€8,974
down €8,974 (-33.3%), from €26,953 to €17,978
of which Furniture and vehicles: -€9,904
- Cash -€8,451
down €8,451 (-81.8%), from €10,326 to €1,875
mainly Debts after one year (-€19,928) and Other debts (-€13,558)
- Receivables within one year -€2,036
down €2,036 (-8.2%), from €24,684 to €22,647
of which Other amounts receivable: -€3,020
- Current investments +€1,938
up €1,938 (+35.2%), from €5,501 to €7,438
- Deferred charges and accrued income +€1,257
up €1,257 (+69.0%), from €1,821 to €3,077
- Debts after one year -€19,928
down €19,928 (-84.6%), from €23,542 to €3,614
- Other debts -€13,558
down €13,558 (-100.0%), from €13,558 to €0
- Reserves +€10,637
up €10,637 (+141.8%), from €7,500 to €18,137
- Tax, wage and social debts +€7,953
up €7,953 (+77.0%), from €10,334 to €18,287
of which Taxes: +€7,830
- Current portion of long-term debt -€5,358
down €5,358 (-36.9%), from €14,514 to €9,156
- Gross operating margin -€34,493
down €34,493 (-42.0%), from €82,165 to €47,671
- Staff costs -€12,805
down €12,805 (-34.2%), from €37,402 to €24,597
- Taxes -€5,416
down €5,416 (-57.5%), from €9,424 to €4,008
- Depreciation -€4,831
down €4,831 (-47.4%), from €10,187 to €5,356
- Other operating charges -€1,010
down €1,010 (-60.8%), from €1,660 to €650
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 | €82,127 | €66,129 | -€15,998 | -19.5% |
| Fixed assets | 21/28 | €27,205 | €17,978 | -€9,226 | -33.9% |
| Tangible fixed assets | 22/27 | €26,953 | €17,978 | -€8,974 | -33.3% |
| Plant, machinery and equipment | 23 | €809 | €4,446 | +€3,637 | +449.4% |
| Furniture and vehicles | 24 | €10,309 | €405 | -€9,904 | -96.1% |
| Other tangible fixed assets | 26 | €15,834 | €13,127 | -€2,707 | -17.1% |
| Financial fixed assets | 28 | €252 | €0 | -€252 | -100.0% |
| Current assets | 29/58 | €54,922 | €48,151 | -€6,772 | -12.3% |
| Stocks and contracts in progress | 3 | €12,592 | €13,114 | +€522 | +4.1% |
| Stocks | 30/36 | €12,592 | €13,114 | +€522 | +4.1% |
| Amounts receivable within one year | 40/41 | €24,684 | €22,647 | -€2,036 | -8.2% |
| Trade receivables | 40 | €489 | €1,473 | +€984 | +201.4% |
| Other amounts receivable | 41 | €24,195 | €21,175 | -€3,020 | -12.5% |
| Current investments | 50/53 | €5,501 | €7,438 | +€1,938 | +35.2% |
| Cash at bank and in hand | 54/58 | €10,326 | €1,875 | -€8,451 | -81.8% |
| Deferred charges and accrued income | 490/1 | €1,821 | €3,077 | +€1,257 | +69.0% |
| Total equity and liabilities | 10/49 | €82,127 | €66,129 | -€15,998 | -19.5% |
| Equity | 10/15 | €10,000 | €20,637 | +€10,637 | +106.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €7,500 | €18,137 | +€10,637 | +141.8% |
| Distributable reserves | 133 | €7,500 | €18,137 | +€10,637 | +141.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €72,127 | €45,492 | -€26,635 | -36.9% |
| Amounts payable after more than one year | 17 | €23,542 | €3,614 | -€19,928 | -84.6% |
| Financial debts | 170/4 | €23,542 | €3,614 | -€19,928 | -84.6% |
| Amounts payable within one year | 42/48 | €48,585 | €39,234 | -€9,351 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €14,514 | €9,156 | -€5,358 | -36.9% |
| Financial debts | 43 | €59 | €672 | +€613 | +1042.6% |
| Credit institutions | 430/8 | €59 | €672 | +€613 | +1042.6% |
| Trade debts | 44 | €10,121 | €11,118 | +€998 | +9.9% |
| Suppliers | 440/4 | €10,121 | €11,118 | +€998 | +9.9% |
| Taxes, remuneration and social security | 45 | €10,334 | €18,287 | +€7,953 | +77.0% |
| Taxes | 450/3 | €7,438 | €15,268 | +€7,830 | +105.3% |
| Remuneration and social security | 454/9 | €2,895 | €3,019 | +€124 | +4.3% |
| Other amounts payable | 47/48 | €13,558 | €0 | -€13,558 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €2,644 | +€2,644 | |
| Non-recurring operating income | 76A | - | €6,744 | +€6,744 | |
| Remuneration, social security and pensions | 62 | €37,402 | €24,597 | -€12,805 | -34.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,187 | €5,356 | -€4,831 | -47.4% |
| Other operating charges | 640/8 | €1,660 | €650 | -€1,010 | -60.8% |
| Non-recurring operating charges | 66A | - | €221 | +€221 | |
| Gross operating margin | 9900 | €82,165 | €47,671 | -€34,493 | -42.0% |
| Operating profit (loss) | 9901 | €32,916 | €16,848 | -€16,068 | -48.8% |
| Financial income | 75/76B | €480 | €22 | -€458 | -95.5% |
| Recurring financial income | 75 | €480 | €22 | -€458 | -95.5% |
| Financial charges | 65/66B | €2,915 | €2,225 | -€690 | -23.7% |
| Recurring financial charges | 65 | €2,915 | €2,225 | -€690 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €30,481 | €14,645 | -€15,836 | -52.0% |
| Income taxes | 67/77 | €9,424 | €4,008 | -€5,416 | -57.5% |
| Profit (loss) for the period | 9904 | €21,058 | €10,637 | -€10,421 | -49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €21,058 | €10,637 | -€10,421 | -49.5% |
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.