CARRE: 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.
CARRE
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts +€95,739
up €95,739 (+51.8%), from €184,777 to €280,515
- Trade debts -€57,354
down €57,354 (-34.6%), from €165,786 to €108,431
- Debts after one year -€33,410
down €33,410 (-11.4%), from €292,407 to €258,997
of which Financial debts: -€33,410
- Accrued charges and deferred income -€16,201
no longer reported in 2025 (was €16,201)
- Gross operating margin -€35,318
down €35,318 (-61.1%), from €57,758 to €22,439
- Financial charges -€19,791
down €19,791 (-57.6%), from €34,362 to €14,570
- Taxes -€4,270
down €4,270 (-68.3%), from €6,254 to €1,985
- Other operating charges +€589
up €589 (+41.2%), from €1,430 to €2,019
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 | €1,233,916 | €1,222,766 | -€11,150 | -0.9% |
| Fixed assets | 21/28 | €1,223,969 | €1,218,464 | -€5,505 | -0.4% |
| Tangible fixed assets | 22/27 | €7,603 | €2,097 | -€5,505 | -72.4% |
| Plant, machinery and equipment | 23 | €2,105 | €1,599 | -€507 | -24.1% |
| Furniture and vehicles | 24 | €5,497 | €499 | -€4,999 | -90.9% |
| Financial fixed assets | 28 | €1,216,367 | €1,216,367 | = | 0.0% |
| Current assets | 29/58 | €9,947 | €4,302 | -€5,645 | -56.8% |
| Amounts receivable within one year | 40/41 | €9,367 | €3,037 | -€6,330 | -67.6% |
| Trade receivables | 40 | - | €3,037 | +€3,037 | |
| Other amounts receivable | 41 | €9,367 | - | -€9,367 | |
| Cash at bank and in hand | 54/58 | €97 | €696 | +€599 | +615% |
| Deferred charges and accrued income | 490/1 | €482 | €569 | +€86 | +17.9% |
| Total equity and liabilities | 10/49 | €1,233,916 | €1,222,766 | -€11,150 | -0.9% |
| Equity | 10/15 | €245,136 | €243,496 | -€1,640 | -0.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | - | €18,592 | +€18,592 | |
| Issued capital | 100 | - | €18,592 | +€18,592 | |
| Reserves | 13 | €226,544 | €226,544 | = | 0.0% |
| Distributable reserves | 133 | €226,544 | €226,544 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€1,640 | -€1,640 | |
| Amounts payable | 17/49 | €988,780 | €979,270 | -€9,511 | -1.0% |
| Amounts payable after more than one year | 17 | €292,407 | €258,997 | -€33,410 | -11.4% |
| Financial debts | 170/4 | €106,447 | €73,037 | -€33,410 | -31.4% |
| Other amounts payable | 178/9 | €185,960 | €185,960 | = | 0.0% |
| Amounts payable within one year | 42/48 | €680,172 | €720,273 | +€40,101 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €184,909 | €186,084 | +€1,175 | +0.6% |
| Financial debts | 43 | €6,049 | €10,119 | +€4,070 | +67.3% |
| Credit institutions | 430/8 | €6,049 | €10,119 | +€4,070 | +67.3% |
| Trade debts | 44 | €165,786 | €108,431 | -€57,354 | -34.6% |
| Suppliers | 440/4 | €165,786 | €108,431 | -€57,354 | -34.6% |
| Advances received on contracts in progress | 46 | €14,407 | €5,500 | -€8,907 | -61.8% |
| Taxes, remuneration and social security | 45 | €124,243 | €129,623 | +€5,380 | +4.3% |
| Taxes | 450/3 | €6,254 | €2,576 | -€3,678 | -58.8% |
| Remuneration and social security | 454/9 | €117,989 | €127,047 | +€9,058 | +7.7% |
| Other amounts payable | 47/48 | €184,777 | €280,515 | +€95,739 | +51.8% |
| Accrued charges and deferred income | 492/3 | €16,201 | - | -€16,201 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,427 | €5,505 | +€78 | +1.4% |
| Other operating charges | 640/8 | €1,430 | €2,019 | +€589 | +41.2% |
| Gross operating margin | 9900 | €57,758 | €22,439 | -€35,318 | -61.1% |
| Operating profit (loss) | 9901 | €50,900 | €14,915 | -€35,985 | -70.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €34,362 | €14,570 | -€19,791 | -57.6% |
| Recurring financial charges | 65 | €34,362 | €14,570 | -€19,791 | -57.6% |
| Profit (loss) for the period before taxes | 9903 | €16,539 | €345 | -€16,194 | -97.9% |
| Income taxes | 67/77 | €6,254 | €1,985 | -€4,270 | -68.3% |
| Profit (loss) for the period | 9904 | €10,285 | -€1,640 | -€11,924 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,285 | -€1,640 | -€11,924 |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.