CARTEC PROJECT: 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.
CARTEC PROJECT
Largest movements
- Receivables within one year +€210,886
up €210,886 (+126.6%), from €166,614 to €377,499
of which Trade receivables: +€190,434
- Cash -€33,326
down €33,326 (-53.6%), from €62,228 to €28,902
mainly Receivables within one year (-€210,886) and Investment in fixed assets (net) (-€4,871)
- Deferred charges and accrued income -€28,359
down €28,359 (-83.2%), from €34,071 to €5,712
- Trade debts +€153,530
up €153,530 (+82.1%), from €186,921 to €340,451
- Other debts +€5,579
up €5,579 (+71.7%), from €7,781 to €13,361
- Write-downs +€61,843
new in 2025: €61,843
- Gross operating margin +€39,149
up €39,149 (+179.3%), from €21,829 to €60,978
- Financial income +€10,552
up €10,552 (+746.4%), from €1,414 to €11,966
- Other operating charges -€3,977
down €3,977 (-69.7%), from €5,709 to €1,731
- Financial charges +€3,532
up €3,532 (+51.3%), from €6,887 to €10,419
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 | €263,792 | €417,150 | +€153,358 | +58.1% |
| Fixed assets | 21/28 | €880 | €5,038 | +€4,158 | +472.7% |
| Tangible fixed assets | 22/27 | €211 | €4,369 | +€4,158 | +1973.5% |
| Plant, machinery and equipment | 23 | €211 | €883 | +€672 | +319.1% |
| Furniture and vehicles | 24 | - | €3,486 | +€3,486 | |
| Financial fixed assets | 28 | €669 | €669 | = | 0.0% |
| Current assets | 29/58 | €262,913 | €412,113 | +€149,200 | +56.7% |
| Amounts receivable within one year | 40/41 | €166,614 | €377,499 | +€210,886 | +126.6% |
| Trade receivables | 40 | €166,609 | €357,043 | +€190,434 | +114.3% |
| Other amounts receivable | 41 | €4 | €20,456 | +€20,452 | +456512.1% |
| Cash at bank and in hand | 54/58 | €62,228 | €28,902 | -€33,326 | -53.6% |
| Deferred charges and accrued income | 490/1 | €34,071 | €5,712 | -€28,359 | -83.2% |
| Total equity and liabilities | 10/49 | €263,792 | €417,150 | +€153,358 | +58.1% |
| Equity | 10/15 | €47,988 | €45,875 | -€2,114 | -4.4% |
| Contributions | 10/11 | €13,850 | €13,850 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,138 | €32,025 | -€2,114 | -6.2% |
| Amounts payable | 17/49 | €215,804 | €371,276 | +€155,471 | +72.0% |
| Amounts payable within one year | 42/48 | €213,831 | €371,189 | +€157,358 | +73.6% |
| Trade debts | 44 | €186,921 | €340,451 | +€153,530 | +82.1% |
| Suppliers | 440/4 | €186,921 | €340,451 | +€153,530 | +82.1% |
| Taxes, remuneration and social security | 45 | €19,129 | €17,377 | -€1,751 | -9.2% |
| Taxes | 450/3 | €17,724 | €11,414 | -€6,310 | -35.6% |
| Remuneration and social security | 454/9 | €1,405 | €5,963 | +€4,558 | +324.4% |
| Other amounts payable | 47/48 | €7,781 | €13,361 | +€5,579 | +71.7% |
| Accrued charges and deferred income | 492/3 | €1,973 | €87 | -€1,886 | -95.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €630 | €713 | +€84 | +13.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €61,843 | +€61,843 | |
| Other operating charges | 640/8 | €5,709 | €1,731 | -€3,977 | -69.7% |
| Gross operating margin | 9900 | €21,829 | €60,978 | +€39,149 | +179.3% |
| Operating profit (loss) | 9901 | €15,491 | -€3,310 | -€18,800 | |
| Financial income | 75/76B | €1,414 | €11,966 | +€10,552 | +746.4% |
| Recurring financial income | 75 | €1,414 | €11,966 | +€10,552 | +746.4% |
| Financial charges | 65/66B | €6,887 | €10,419 | +€3,532 | +51.3% |
| Recurring financial charges | 65 | €6,887 | €10,419 | +€3,532 | +51.3% |
| Profit (loss) for the period before taxes | 9903 | €10,018 | -€1,762 | -€11,780 | |
| Income taxes | 67/77 | €3,857 | €352 | -€3,506 | -90.9% |
| Profit (loss) for the period | 9904 | €6,160 | -€2,114 | -€8,274 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,160 | -€2,114 | -€8,274 |
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 10 October 2026 via checked.be.