CARPENTIER: 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.
CARPENTIER
Largest movements
- Stocks and contracts -€242,750
down €242,750 (-76.3%), from €318,000 to €75,250
- Cash +€155,297
up €155,297 (+587.1%), from €26,453 to €181,751
mainly Stocks and contracts (+€242,750) and Depreciation (+€126,526)
- Tangible fixed assets -€115,874
down €115,874 (-16.7%), from €694,930 to €579,056
of which Land and buildings: -€81,896
- Receivables within one year -€28,805
down €28,805 (-74.3%), from €38,756 to €9,951
of which Other amounts receivable: -€28,031
- Reserves -€246,088
down €246,088 (-18.5%), from €1.3m to €1.1m
of which Distributable reserves: -€239,688
- Depreciation -€13,816
down €13,816 (-9.8%), from €140,342 to €126,526
- Taxes +€10,619
up €10,619 (+68.0%), from €15,619 to €26,237
- Financial charges -€9,331
down €9,331 (-45.7%), from €20,420 to €11,089
of which Financial charges: -€9,331
- Other operating charges -€5,929
down €5,929 (-35.7%), from €16,600 to €10,671
- Gross operating margin -€4,950
down €4,950 (-2.3%), from €218,395 to €213,445
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 | €1,715,865 | €1,471,716 | -€244,149 | -14.2% |
| Fixed assets | 21/28 | €697,494 | €580,402 | -€117,092 | -16.8% |
| Intangible fixed assets | 21 | €2,538 | €1,320 | -€1,218 | -48.0% |
| Tangible fixed assets | 22/27 | €694,930 | €579,056 | -€115,874 | -16.7% |
| Land and buildings | 22 | €519,937 | €438,041 | -€81,896 | -15.8% |
| Plant, machinery and equipment | 23 | €76,944 | €69,885 | -€7,059 | -9.2% |
| Furniture and vehicles | 24 | €98,048 | €71,130 | -€26,918 | -27.5% |
| Financial fixed assets | 28 | €27 | €27 | = | 0.0% |
| Current assets | 29/58 | €1,018,370 | €891,314 | -€127,056 | -12.5% |
| Stocks and contracts in progress | 3 | €318,000 | €75,250 | -€242,750 | -76.3% |
| Stocks | 30/36 | €318,000 | €75,250 | -€242,750 | -76.3% |
| Amounts receivable within one year | 40/41 | €38,756 | €9,951 | -€28,805 | -74.3% |
| Trade receivables | 40 | €3,856 | €3,082 | -€774 | -20.1% |
| Other amounts receivable | 41 | €34,900 | €6,870 | -€28,031 | -80.3% |
| Current investments | 50/53 | €629,772 | €619,002 | -€10,770 | -1.7% |
| Cash at bank and in hand | 54/58 | €26,453 | €181,751 | +€155,297 | +587.1% |
| Deferred charges and accrued income | 490/1 | €5,389 | €5,360 | -€29 | -0.5% |
| Total equity and liabilities | 10/49 | €1,715,865 | €1,471,716 | -€244,149 | -14.2% |
| Equity | 10/15 | €1,621,376 | €1,375,288 | -€246,088 | -15.2% |
| Contributions | 10/11 | €287,000 | €287,000 | = | 0.0% |
| Capital | 10 | €287,000 | €287,000 | = | 0.0% |
| Issued capital | 100 | €287,000 | €287,000 | = | 0.0% |
| Reserves | 13 | €1,331,609 | €1,085,521 | -€246,088 | -18.5% |
| Non-distributable reserves | 130/1 | €28,700 | €28,700 | = | 0.0% |
| Legal reserve | 130 | €28,700 | €28,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,700 | €50,300 | -€6,400 | -11.3% |
| Distributable reserves | 133 | €1,246,209 | €1,006,521 | -€239,688 | -19.2% |
| Profit (loss) carried forward | 14 | €2,767 | €2,767 | = | 0.0% |
| Provisions and deferred taxes | 16 | €4,800 | €3,200 | -€1,600 | -33.3% |
| Deferred taxes | 168 | €4,800 | €3,200 | -€1,600 | -33.3% |
| Amounts payable | 17/49 | €89,689 | €93,228 | +€3,540 | +3.9% |
| Amounts payable within one year | 42/48 | €81,168 | €93,095 | +€11,927 | +14.7% |
| Trade debts | 44 | €21,154 | €23,201 | +€2,047 | +9.7% |
| Suppliers | 440/4 | €21,154 | €23,201 | +€2,047 | +9.7% |
| Taxes, remuneration and social security | 45 | €10,306 | €7,202 | -€3,104 | -30.1% |
| Taxes | 450/3 | €10,306 | €7,202 | -€3,104 | -30.1% |
| Other amounts payable | 47/48 | €49,709 | €62,692 | +€12,983 | +26.1% |
| Accrued charges and deferred income | 492/3 | €8,521 | €133 | -€8,387 | -98.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,342 | €126,526 | -€13,816 | -9.8% |
| Other operating charges | 640/8 | €16,600 | €10,671 | -€5,929 | -35.7% |
| Gross operating margin | 9900 | €218,395 | €213,445 | -€4,950 | -2.3% |
| Operating profit (loss) | 9901 | €61,454 | €76,249 | +€14,796 | +24.1% |
| Financial income | 75/76B | €12,795 | €13,389 | +€594 | +4.6% |
| Recurring financial income | 75 | €12,795 | €13,389 | +€594 | +4.6% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €20,420 | €11,089 | -€9,331 | -45.7% |
| Recurring financial charges | 65 | €20,420 | €11,089 | -€9,331 | -45.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €53,828 | €78,549 | +€24,721 | +45.9% |
| Transfer from deferred taxes | 780 | €6,400 | €1,600 | -€4,800 | -75.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €15,619 | €26,237 | +€10,619 | +68.0% |
| Profit (loss) for the period | 9904 | €44,609 | €53,912 | +€9,303 | +20.9% |
| Transfer from tax-exempt reserves | 789 | €1,600 | €6,400 | +€4,800 | +300.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €46,209 | €60,312 | +€14,103 | +30.5% |
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 8 October 2026 via checked.be.