CARTEL: 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.
CARTEL
Largest movements
- Current investments -€80,239
down €80,239 (-53.4%), from €150,304 to €70,065
- Tangible fixed assets -€24,274
down €24,274 (-39.1%), from €62,119 to €37,845
of which Leasing and similar rights: -€14,346
- Cash +€6,455
up €6,455 (+1110.0%), from €582 to €7,037
mainly Current investments (+€80,239) and Depreciation (+€29,804)
- Receivables within one year -€3,106
down €3,106 (-9.3%), from €33,435 to €30,329
of which Other amounts receivable: -€7,241
- Reserves -€46,889
down €46,889 (-42.6%), from €109,997 to €63,108
of which Distributable reserves: -€46,889
- Other debts -€32,979
down €32,979 (-64.3%), from €51,290 to €18,311
- Debts after one year -€31,260
down €31,260 (-73.4%), from €42,583 to €11,323
- Current portion of long-term debt +€5,541
up €5,541 (+21.5%), from €25,719 to €31,260
- Tax, wage and social debts +€3,149
up €3,149 (+220.3%), from €1,429 to €4,578
- Gross operating margin -€42,403
down €42,403 (-51.1%), from €82,987 to €40,584
- Taxes -€8,644
down €8,644 (-75.7%), from €11,422 to €2,778
- Other operating charges -€1,971
down €1,971 (-70.0%), from €2,814 to €843
- Financial charges +€993
up €993 (+48.4%), from €2,052 to €3,045
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 | €246,439 | €145,275 | -€101,164 | -41.1% |
| Fixed assets | 21/28 | €62,119 | €37,845 | -€24,274 | -39.1% |
| Tangible fixed assets | 22/27 | €62,119 | €37,845 | -€24,274 | -39.1% |
| Plant, machinery and equipment | 23 | €2,761 | €3,824 | +€1,064 | +38.5% |
| Furniture and vehicles | 24 | €36,797 | €25,806 | -€10,992 | -29.9% |
| Leasing and similar rights | 25 | €22,561 | €8,215 | -€14,346 | -63.6% |
| Current assets | 29/58 | €184,321 | €107,431 | -€76,890 | -41.7% |
| Amounts receivable within one year | 40/41 | €33,435 | €30,329 | -€3,106 | -9.3% |
| Trade receivables | 40 | €21,778 | €25,914 | +€4,135 | +19.0% |
| Other amounts receivable | 41 | €11,657 | €4,415 | -€7,241 | -62.1% |
| Current investments | 50/53 | €150,304 | €70,065 | -€80,239 | -53.4% |
| Cash at bank and in hand | 54/58 | €582 | €7,037 | +€6,455 | +1110.0% |
| Total equity and liabilities | 10/49 | €246,439 | €145,275 | -€101,164 | -41.1% |
| Equity | 10/15 | €116,997 | €70,108 | -€46,889 | -40.1% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €109,997 | €63,108 | -€46,889 | -42.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €107,997 | €61,108 | -€46,889 | -43.4% |
| Amounts payable | 17/49 | €129,442 | €75,167 | -€54,275 | -41.9% |
| Amounts payable after more than one year | 17 | €42,583 | €11,323 | -€31,260 | -73.4% |
| Financial debts | 170/4 | €42,583 | €11,323 | -€31,260 | -73.4% |
| Amounts payable within one year | 42/48 | €86,859 | €63,844 | -€23,015 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €25,719 | €31,260 | +€5,541 | +21.5% |
| Financial debts | 43 | €1,686 | €1,867 | +€180 | +10.7% |
| Credit institutions | 430/8 | €1,686 | €1,867 | +€180 | +10.7% |
| Trade debts | 44 | €6,734 | €7,828 | +€1,094 | +16.2% |
| Suppliers | 440/4 | €6,734 | €7,828 | +€1,094 | +16.2% |
| Taxes, remuneration and social security | 45 | €1,429 | €4,578 | +€3,149 | +220.3% |
| Taxes | 450/3 | €1,429 | €4,578 | +€3,149 | +220.3% |
| Other amounts payable | 47/48 | €51,290 | €18,311 | -€32,979 | -64.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,157 | €29,804 | -€353 | -1.2% |
| Other operating charges | 640/8 | €2,814 | €843 | -€1,971 | -70.0% |
| Gross operating margin | 9900 | €82,987 | €40,584 | -€42,403 | -51.1% |
| Operating profit (loss) | 9901 | €50,017 | €9,938 | -€40,079 | -80.1% |
| Financial income | 75/76B | €1,008 | €777 | -€231 | -23.0% |
| Recurring financial income | 75 | €1,008 | €777 | -€231 | -23.0% |
| Financial charges | 65/66B | €2,052 | €3,045 | +€993 | +48.4% |
| Recurring financial charges | 65 | €2,052 | €3,045 | +€993 | +48.4% |
| Profit (loss) for the period before taxes | 9903 | €48,973 | €7,670 | -€41,303 | -84.3% |
| Income taxes | 67/77 | €11,422 | €2,778 | -€8,644 | -75.7% |
| Profit (loss) for the period | 9904 | €37,551 | €4,891 | -€32,659 | -87.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,551 | €4,891 | -€32,659 | -87.0% |
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 2 October 2026 via checked.be.