CARTHACODES: 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.
CARTHACODES
Largest movements
- Cash +€51,835
up €51,835 (+65.0%), from €79,694 to €131,529
mainly Net result for the year (+€81,300) and Tax, wage and social debts (+€33,438)
- Receivables within one year +€46,038
up €46,038 (+383.6%), from €12,000 to €58,038
- Tangible fixed assets +€2,340
up €2,340 (+75.7%), from €3,091 to €5,431
of which Furniture and vehicles: +€1,461
- Deferred charges and accrued income -€2,134
down €2,134 (-97.9%), from €2,179 to €45
- Reserves +€44,500
up €44,500 (+73.0%), from €61,000 to €105,500
- Tax, wage and social debts +€33,438
up €33,438 (+109.8%), from €30,465 to €63,902
of which Taxes: +€30,938
- Other debts +€19,558
up €19,558 (+4201.8%), from €465 to €20,023
- Gross operating margin +€20,355
up €20,355 (+21.7%), from €93,798 to €114,153
- Taxes +€2,918
up €2,918 (+12.1%), from €24,108 to €27,026
- Other operating charges -€2,188
down €2,188 (-70.2%), from €3,115 to €927
- Depreciation +€1,411
up €1,411 (+308.2%), from €458 to €1,869
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 | €96,964 | €195,043 | +€98,079 | +101.1% |
| Fixed assets | 21/28 | €3,091 | €5,431 | +€2,340 | +75.7% |
| Tangible fixed assets | 22/27 | €3,091 | €5,431 | +€2,340 | +75.7% |
| Plant, machinery and equipment | 23 | €3,091 | €3,970 | +€879 | +28.4% |
| Furniture and vehicles | 24 | - | €1,461 | +€1,461 | |
| Current assets | 29/58 | €93,873 | €189,612 | +€95,739 | +102.0% |
| Amounts receivable within one year | 40/41 | €12,000 | €58,038 | +€46,038 | +383.6% |
| Trade receivables | 40 | €12,000 | €58,038 | +€46,038 | +383.6% |
| Cash at bank and in hand | 54/58 | €79,694 | €131,529 | +€51,835 | +65.0% |
| Deferred charges and accrued income | 490/1 | €2,179 | €45 | -€2,134 | -97.9% |
| Total equity and liabilities | 10/49 | €96,964 | €195,043 | +€98,079 | +101.1% |
| Equity | 10/15 | €65,479 | €110,179 | +€44,700 | +68.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €61,000 | €105,500 | +€44,500 | +73.0% |
| Distributable reserves | 133 | €61,000 | €105,500 | +€44,500 | +73.0% |
| Profit (loss) carried forward | 14 | €1,479 | €1,679 | +€200 | +13.5% |
| Amounts payable | 17/49 | €31,485 | €84,863 | +€53,378 | +169.5% |
| Amounts payable within one year | 42/48 | €31,485 | €84,863 | +€53,378 | +169.5% |
| Trade debts | 44 | €555 | €938 | +€383 | +69.0% |
| Suppliers | 440/4 | €555 | €938 | +€383 | +69.0% |
| Taxes, remuneration and social security | 45 | €30,465 | €63,902 | +€33,438 | +109.8% |
| Taxes | 450/3 | €30,465 | €61,402 | +€30,938 | +101.6% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €465 | €20,023 | +€19,558 | +4201.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €458 | €1,869 | +€1,411 | +308.2% |
| Other operating charges | 640/8 | €3,115 | €927 | -€2,188 | -70.2% |
| Gross operating margin | 9900 | €93,798 | €114,153 | +€20,355 | +21.7% |
| Operating profit (loss) | 9901 | €90,225 | €111,357 | +€21,132 | +23.4% |
| Financial income | 75/76B | €57 | €596 | +€539 | +945.6% |
| Recurring financial income | 75 | €57 | €596 | +€539 | +945.6% |
| Financial charges | 65/66B | €3,695 | €3,627 | -€68 | -1.8% |
| Recurring financial charges | 65 | €3,695 | €3,627 | -€68 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €86,587 | €108,326 | +€21,738 | +25.1% |
| Income taxes | 67/77 | €24,108 | €27,026 | +€2,918 | +12.1% |
| Profit (loss) for the period | 9904 | €62,479 | €81,300 | +€18,821 | +30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,479 | €81,300 | +€18,821 | +30.1% |
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 6 October 2026 via checked.be.