CARTESIA: 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.
CARTESIA
Largest movements
- Cash +€96,759
up €96,759 (+14.0%), from €692,142 to €788,901
mainly Receivables within one year (+€62,802) and Depreciation (+€26,559)
- Receivables within one year -€62,802
down €62,802 (-15.7%), from €399,246 to €336,444
of which Other amounts receivable: -€65,499
- Tangible fixed assets -€26,559
down €26,559 (-20.0%), from €132,545 to €105,986
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€59,123
down €59,123 (-63.2%), from €93,559 to €34,436
- Taxes -€19,246
down €19,246 (-88.3%), from €21,789 to €2,543
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 | €1,231,929 | €1,233,377 | +€1,448 | +0.1% |
| Fixed assets | 21/28 | €132,545 | €105,986 | -€26,559 | -20.0% |
| Tangible fixed assets | 22/27 | €132,545 | €105,986 | -€26,559 | -20.0% |
| Land and buildings | 22 | €132,545 | €105,986 | -€26,559 | -20.0% |
| Current assets | 29/58 | €1,099,384 | €1,127,391 | +€28,007 | +2.5% |
| Amounts receivable within one year | 40/41 | €399,246 | €336,444 | -€62,802 | -15.7% |
| Trade receivables | 40 | €2,346 | €5,044 | +€2,698 | +115% |
| Other amounts receivable | 41 | €396,900 | €331,401 | -€65,499 | -16.5% |
| Cash at bank and in hand | 54/58 | €692,142 | €788,901 | +€96,759 | +14.0% |
| Deferred charges and accrued income | 490/1 | €7,997 | €2,046 | -€5,951 | -74.4% |
| Total equity and liabilities | 10/49 | €1,231,929 | €1,233,377 | +€1,448 | +0.1% |
| Equity | 10/15 | €1,110,365 | €1,116,352 | +€5,987 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €968,627 | €975,447 | +€6,820 | +0.7% |
| Non-distributable reserves | 130/1 | €85,783 | €91,378 | +€5,595 | +6.5% |
| Reserves not available under the articles | 1311 | €85,783 | €91,378 | +€5,595 | +6.5% |
| Distributable reserves | 133 | €882,844 | €884,069 | +€1,225 | +0.1% |
| Profit (loss) carried forward | 14 | €123,138 | €122,305 | -€833 | -0.7% |
| Provisions and deferred taxes | 16 | €27,975 | €22,380 | -€5,595 | -20.0% |
| Deferred taxes | 168 | €27,975 | €22,380 | -€5,595 | -20.0% |
| Amounts payable | 17/49 | €93,589 | €94,645 | +€1,056 | +1.1% |
| Amounts payable within one year | 42/48 | €93,589 | €94,645 | +€1,056 | +1.1% |
| Trade debts | 44 | €6,218 | €394 | -€5,824 | -93.7% |
| Suppliers | 440/4 | €6,218 | €394 | -€5,824 | -93.7% |
| Taxes, remuneration and social security | 45 | €874 | €290 | -€585 | -66.9% |
| Taxes | 450/3 | €874 | €290 | -€585 | -66.9% |
| Other amounts payable | 47/48 | €86,497 | €93,962 | +€7,465 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,850 | €26,559 | +€709 | +2.7% |
| Other operating charges | 640/8 | €3,720 | €3,837 | +€117 | +3.2% |
| Gross operating margin | 9900 | €93,559 | €34,436 | -€59,123 | -63.2% |
| Operating profit (loss) | 9901 | €63,989 | €4,040 | -€59,950 | -93.7% |
| Financial income | 75/76B | €34 | - | -€34 | |
| Recurring financial income | 75 | €34 | - | -€34 | |
| Financial charges | 65/66B | €270 | €272 | +€2 | +0.6% |
| Recurring financial charges | 65 | €270 | €272 | +€2 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €63,753 | €3,768 | -€59,985 | -94.1% |
| Income taxes | 67/77 | €21,789 | €2,543 | -€19,246 | -88.3% |
| Profit (loss) for the period | 9904 | €41,964 | €1,225 | -€40,740 | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €41,964 | €1,225 | -€40,740 | -97.1% |
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 14 October 2026 via checked.be.