CARSA: 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.
CARSA
Largest movements
- Cash +€8,740
up €8,740 (+62.8%), from €13,913 to €22,653
mainly Trade debts (+€8,075) and Receivables within one year (+€6,393)
- Receivables within one year -€6,393
down €6,393 (-30.4%), from €21,034 to €14,641
of which Other amounts receivable: -€14,752
- Tangible fixed assets -€1,468
down €1,468 (-19.0%), from €7,716 to €6,248
of which Plant, machinery and equipment: -€1,218
- Stocks and contracts +€1,028
up €1,028 (+13.7%), from €7,509 to €8,537
- Trade debts +€8,075
up €8,075 (+4,437%), from €182 to €8,257
- Tax, wage and social debts -€6,178
down €6,178 (-38.1%), from €16,199 to €10,021
of which Remuneration and social security: -€6,196
- Gross operating margin +€36,862
up €36,862 (+89,907%), from €41 to €36,903
- Staff costs +€28,388
new in 2025: €28,388
- Depreciation -€2,721
down €2,721 (-64.9%), from €4,190 to €1,469
- Other operating charges +€1,171
up €1,171 (+32.7%), from €3,583 to €4,754
- Taxes -€704
no longer reported in 2025 (was €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 | €50,292 | €52,199 | +€1,907 | +3.8% |
| Fixed assets | 21/28 | €7,836 | €6,368 | -€1,468 | -18.7% |
| Tangible fixed assets | 22/27 | €7,716 | €6,248 | -€1,468 | -19.0% |
| Plant, machinery and equipment | 23 | €2,183 | €965 | -€1,218 | -55.8% |
| Furniture and vehicles | 24 | €5,533 | €5,283 | -€250 | -4.5% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €42,456 | €45,831 | +€3,375 | +7.9% |
| Stocks and contracts in progress | 3 | €7,509 | €8,537 | +€1,028 | +13.7% |
| Stocks | 30/36 | €7,509 | €8,537 | +€1,028 | +13.7% |
| Amounts receivable within one year | 40/41 | €21,034 | €14,641 | -€6,393 | -30.4% |
| Trade receivables | 40 | - | €8,359 | +€8,359 | |
| Other amounts receivable | 41 | €21,034 | €6,282 | -€14,752 | -70.1% |
| Cash at bank and in hand | 54/58 | €13,913 | €22,653 | +€8,740 | +62.8% |
| Total equity and liabilities | 10/49 | €50,292 | €52,199 | +€1,907 | +3.8% |
| Equity | 10/15 | €33,911 | €33,921 | +€10 | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,311 | €15,321 | +€10 | +0.1% |
| Amounts payable | 17/49 | €16,381 | €18,278 | +€1,897 | +11.6% |
| Amounts payable within one year | 42/48 | €16,381 | €18,278 | +€1,897 | +11.6% |
| Trade debts | 44 | €182 | €8,257 | +€8,075 | +4,437% |
| Suppliers | 440/4 | €182 | €8,257 | +€8,075 | +4,437% |
| Taxes, remuneration and social security | 45 | €16,199 | €10,021 | -€6,178 | -38.1% |
| Taxes | 450/3 | €3,599 | €3,617 | +€18 | +0.5% |
| Remuneration and social security | 454/9 | €12,600 | €6,404 | -€6,196 | -49.2% |
| Non-recurring operating income | 76A | - | €1,472 | +€1,472 | |
| Remuneration, social security and pensions | 62 | - | €28,388 | +€28,388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,190 | €1,469 | -€2,721 | -64.9% |
| Other operating charges | 640/8 | €3,583 | €4,754 | +€1,171 | +32.7% |
| Gross operating margin | 9900 | €41 | €36,903 | +€36,862 | +89,907% |
| Operating profit (loss) | 9901 | -€7,732 | €2,292 | +€10,024 | |
| Financial income | 75/76B | €20 | €11 | -€9 | -45.0% |
| Recurring financial income | 75 | €20 | €11 | -€9 | -45.0% |
| Financial charges | 65/66B | €2,770 | €2,293 | -€477 | -17.2% |
| Recurring financial charges | 65 | €2,770 | €2,293 | -€477 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | -€10,482 | €10 | +€10,492 | |
| Income taxes | 67/77 | €704 | - | -€704 | |
| Profit (loss) for the period | 9904 | -€11,186 | €10 | +€11,196 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,186 | €10 | +€11,196 |
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 27 October 2026 via checked.be.