CARTESIS: 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.
CARTESIS
Largest movements
- Financial fixed assets +€50,000
new in 2025: €50,000
- Tangible fixed assets -€15,166
down €15,166 (-38.9%), from €38,954 to €23,788
of which Leasing and similar rights: -€13,313
- Receivables after one year +€8,137
up €8,137 (+6.8%), from €119,100 to €127,237
- Receivables within one year +€5,478
up €5,478 (+45.7%), from €11,976 to €17,454
of which Trade receivables: +€5,657
- Deferred charges and accrued income -€4,677
no longer reported in 2025 (was €4,677)
- Debts after one year +€41,527
up €41,527 (+490.1%), from €8,473 to €50,000
of which Other amounts payable: +€50,000
- Tax, wage and social debts +€8,661
up €8,661 (+428.1%), from €2,023 to €10,685
- Other debts -€6,000
down €6,000 (-3.9%), from €152,500 to €146,500
- Current portion of long-term debt -€5,739
down €5,739 (-40.4%), from €14,213 to €8,473
- Gross operating margin -€150,840
down €150,840 (-87.2%), from €173,024 to €22,184
- Financial income -€4,324
no longer reported in 2025 (was €4,324)
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 | €183,002 | €222,522 | +€39,520 | +21.6% |
| Fixed assets | 21/28 | €38,954 | €73,788 | +€34,834 | +89.4% |
| Tangible fixed assets | 22/27 | €38,954 | €23,788 | -€15,166 | -38.9% |
| Furniture and vehicles | 24 | €5,074 | €3,805 | -€1,270 | -25.0% |
| Leasing and similar rights | 25 | €23,593 | €10,280 | -€13,313 | -56.4% |
| Other tangible fixed assets | 26 | €10,287 | €9,704 | -€583 | -5.7% |
| Financial fixed assets | 28 | - | €50,000 | +€50,000 | |
| Current assets | 29/58 | €144,048 | €148,734 | +€4,686 | +3.3% |
| Amounts receivable after more than one year | 29 | €119,100 | €127,237 | +€8,137 | +6.8% |
| Other amounts receivable | 291 | €119,100 | €127,237 | +€8,137 | +6.8% |
| Amounts receivable within one year | 40/41 | €11,976 | €17,454 | +€5,478 | +45.7% |
| Trade receivables | 40 | €11,798 | €17,454 | +€5,657 | +47.9% |
| Other amounts receivable | 41 | €178 | - | -€178 | |
| Cash at bank and in hand | 54/58 | €8,296 | €4,043 | -€4,253 | -51.3% |
| Deferred charges and accrued income | 490/1 | €4,677 | - | -€4,677 | |
| Total equity and liabilities | 10/49 | €183,002 | €222,522 | +€39,520 | +21.6% |
| Equity | 10/15 | €2,715 | €2,979 | +€265 | +9.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €215 | €479 | +€265 | +123.2% |
| Amounts payable | 17/49 | €180,287 | €219,543 | +€39,256 | +21.8% |
| Amounts payable after more than one year | 17 | €8,473 | €50,000 | +€41,527 | +490.1% |
| Financial debts | 170/4 | €8,473 | - | -€8,473 | |
| Other amounts payable | 178/9 | - | €50,000 | +€50,000 | |
| Amounts payable within one year | 42/48 | €171,814 | €169,543 | -€2,271 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €14,213 | €8,473 | -€5,739 | -40.4% |
| Trade debts | 44 | €3,078 | €3,885 | +€807 | +26.2% |
| Suppliers | 440/4 | €3,078 | €3,885 | +€807 | +26.2% |
| Taxes, remuneration and social security | 45 | €2,023 | €10,685 | +€8,661 | +428.1% |
| Taxes | 450/3 | €2,023 | €10,685 | +€8,661 | +428.1% |
| Other amounts payable | 47/48 | €152,500 | €146,500 | -€6,000 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,365 | €16,653 | -€711 | -4.1% |
| Other operating charges | 640/8 | €3,808 | €2,359 | -€1,450 | -38.1% |
| Gross operating margin | 9900 | €173,024 | €22,184 | -€150,840 | -87.2% |
| Operating profit (loss) | 9901 | €151,851 | €3,172 | -€148,679 | -97.9% |
| Financial income | 75/76B | €4,324 | - | -€4,324 | |
| Recurring financial income | 75 | €4,324 | - | -€4,324 | |
| Financial charges | 65/66B | €1,436 | €1,199 | -€238 | -16.5% |
| Recurring financial charges | 65 | €1,436 | €1,199 | -€238 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €154,738 | €1,973 | -€152,765 | -98.7% |
| Income taxes | 67/77 | €2,023 | €1,708 | -€315 | -15.6% |
| Profit (loss) for the period | 9904 | €152,715 | €265 | -€152,450 | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €152,715 | €265 | -€152,450 | -99.8% |
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 4 October 2026 via checked.be.