CARTHEA: 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.
CARTHEA
Largest movements
- Receivables within one year +€24,540
up €24,540 (+556.0%), from €4,414 to €28,954
of which Trade receivables: +€26,022
- Cash -€7,550
down €7,550 (-80.1%), from €9,422 to €1,872
mainly Receivables within one year (-€24,540) and Net result for the year (-€4,035)
- Tangible fixed assets -€4,205
down €4,205 (-19.7%), from €21,364 to €17,159
of which Furniture and vehicles: -€4,205
- Debts after one year +€15,372
up €15,372 (+45.2%), from €33,985 to €49,357
- Profit (loss) carried forward -€4,035
down €4,035 (-67.0%), from -€6,025 to -€10,060
- Trade debts +€1,448
up €1,448 (+139.2%), from €1,040 to €2,488
- Gross operating margin -€11,708
down €11,708 (-83.1%), from €14,091 to €2,383
- Depreciation -€742
down €742 (-10.6%), from €7,033 to €6,291
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 | €35,200 | €47,985 | +€12,785 | +36.3% |
| Fixed assets | 21/28 | €21,364 | €17,159 | -€4,205 | -19.7% |
| Tangible fixed assets | 22/27 | €21,364 | €17,159 | -€4,205 | -19.7% |
| Furniture and vehicles | 24 | €20,464 | €16,259 | -€4,205 | -20.5% |
| Other tangible fixed assets | 26 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €13,836 | €30,826 | +€16,990 | +122.8% |
| Amounts receivable within one year | 40/41 | €4,414 | €28,954 | +€24,540 | +556.0% |
| Trade receivables | 40 | €1,815 | €27,837 | +€26,022 | +1433.7% |
| Other amounts receivable | 41 | €2,599 | €1,117 | -€1,482 | -57.0% |
| Cash at bank and in hand | 54/58 | €9,422 | €1,872 | -€7,550 | -80.1% |
| Total equity and liabilities | 10/49 | €35,200 | €47,985 | +€12,785 | +36.3% |
| Equity | 10/15 | €175 | -€3,860 | -€4,035 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,025 | -€10,060 | -€4,035 | -67.0% |
| Amounts payable | 17/49 | €35,025 | €51,845 | +€16,820 | +48.0% |
| Amounts payable after more than one year | 17 | €33,985 | €49,357 | +€15,372 | +45.2% |
| Other amounts payable | 178/9 | €33,985 | €49,357 | +€15,372 | +45.2% |
| Amounts payable within one year | 42/48 | €1,040 | €2,488 | +€1,448 | +139.2% |
| Trade debts | 44 | €1,040 | €2,488 | +€1,448 | +139.2% |
| Suppliers | 440/4 | €1,040 | €2,488 | +€1,448 | +139.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,033 | €6,291 | -€742 | -10.6% |
| Non-recurring operating charges | 66A | €2,933 | - | -€2,933 | |
| Gross operating margin | 9900 | €14,091 | €2,383 | -€11,708 | -83.1% |
| Operating profit (loss) | 9901 | €4,125 | -€3,908 | -€8,033 | |
| Financial charges | 65/66B | €48 | €49 | +€1 | +2.1% |
| Recurring financial charges | 65 | €48 | €49 | +€1 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €4,077 | -€3,957 | -€8,034 | |
| Income taxes | 67/77 | - | €78 | +€78 | |
| Profit (loss) for the period | 9904 | €4,077 | -€4,035 | -€8,112 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,077 | -€4,035 | -€8,112 |
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 8 October 2026 via checked.be.