Cartim: 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.
Cartim
Largest movements
- Tangible fixed assets +€619,413
up €619,413 (+133%), from €464,557 to €1.1m
of which Assets under construction and advance payments: +€627,729
- Cash +€152,420
up €152,420 (+221%), from €68,859 to €221,279
mainly Debts after one year (+€1.3m) and Receivables within one year (+€37,824)
- Receivables within one year -€37,824
down €37,824 (-42.0%), from €89,957 to €52,133
of which Other amounts receivable: -€86,224
- Debts after one year +€1.3m
new in 2025: €1.3m
of which Financial debts: +€1.3m
- Other debts -€500,004
down €500,004 (-99.9%), from €500,336 to €331
- Profit (loss) carried forward -€35,501
down €35,501 (-16.9%), from -€210,168 to -€245,669
- Financial income +€2,913
up €2,913 (+21,082%), from €14 to €2,927
- Gross operating margin +€637
up €637 (+2.6%), from -€24,455 to -€23,817
- Depreciation -€322
down €322 (-2.3%), from €13,794 to €13,471
- Other operating charges -€262
down €262 (-23.9%), from €1,096 to €834
- Financial charges -€261
down €261 (-65.3%), from €400 to €139
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 | €626,657 | €1,364,624 | +€737,966 | +118% |
| Fixed assets | 21/28 | €464,557 | €1,083,970 | +€619,413 | +133% |
| Tangible fixed assets | 22/27 | €464,557 | €1,083,970 | +€619,413 | +133% |
| Land and buildings | 22 | €129,472 | €129,472 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,891 | €5,119 | +€3,228 | +171% |
| Furniture and vehicles | 24 | €36,253 | €24,709 | -€11,543 | -31.8% |
| Assets under construction and advance payments | 27 | €296,942 | €924,670 | +€627,729 | +211% |
| Current assets | 29/58 | €162,100 | €280,653 | +€118,553 | +73.1% |
| Amounts receivable within one year | 40/41 | €89,957 | €52,133 | -€37,824 | -42.0% |
| Trade receivables | 40 | €3,025 | €51,425 | +€48,400 | +1,600% |
| Other amounts receivable | 41 | €86,932 | €708 | -€86,224 | -99.2% |
| Cash at bank and in hand | 54/58 | €68,859 | €221,279 | +€152,420 | +221% |
| Deferred charges and accrued income | 490/1 | €3,284 | €7,241 | +€3,957 | +120% |
| Total equity and liabilities | 10/49 | €626,657 | €1,364,624 | +€737,966 | +118% |
| Equity | 10/15 | €120,932 | €85,431 | -€35,501 | -29.4% |
| Contributions | 10/11 | €301,000 | €301,000 | = | 0.0% |
| Capital | 10 | €301,000 | €301,000 | = | 0.0% |
| Issued capital | 100 | €301,000 | €301,000 | = | 0.0% |
| Reserves | 13 | €30,100 | €30,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,100 | €30,100 | = | 0.0% |
| Legal reserve | 130 | €30,100 | €30,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€210,168 | -€245,669 | -€35,501 | -16.9% |
| Amounts payable | 17/49 | €505,725 | €1,279,193 | +€773,468 | +153% |
| Amounts payable after more than one year | 17 | - | €1,254,275 | +€1.3m | |
| Financial debts | 170/4 | - | €1,250,000 | +€1.3m | |
| Other amounts payable | 178/9 | - | €4,275 | +€4,275 | |
| Amounts payable within one year | 42/48 | €505,725 | €11,393 | -€494,332 | -97.7% |
| Trade debts | 44 | €5,195 | €6,117 | +€922 | +17.7% |
| Suppliers | 440/4 | €5,195 | €6,117 | +€922 | +17.7% |
| Taxes, remuneration and social security | 45 | €194 | €4,944 | +€4,750 | +2,444% |
| Taxes | 450/3 | €194 | €4,944 | +€4,750 | +2,444% |
| Other amounts payable | 47/48 | €500,336 | €331 | -€500,004 | -99.9% |
| Accrued charges and deferred income | 492/3 | - | €13,525 | +€13,525 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,794 | €13,471 | -€322 | -2.3% |
| Other operating charges | 640/8 | €1,096 | €834 | -€262 | -23.9% |
| Gross operating margin | 9900 | -€24,455 | -€23,817 | +€637 | +2.6% |
| Operating profit (loss) | 9901 | -€39,344 | -€38,123 | +€1,221 | +3.1% |
| Financial income | 75/76B | €14 | €2,927 | +€2,913 | +21,082% |
| Recurring financial income | 75 | €14 | €2,927 | +€2,913 | +21,082% |
| Financial charges | 65/66B | €400 | €139 | -€261 | -65.3% |
| Recurring financial charges | 65 | €400 | €139 | -€261 | -65.3% |
| Profit (loss) for the period before taxes | 9903 | -€39,731 | -€35,334 | +€4,396 | +11.1% |
| Income taxes | 67/77 | €194 | €167 | -€27 | -14.1% |
| Profit (loss) for the period | 9904 | -€39,925 | -€35,501 | +€4,424 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,925 | -€35,501 | +€4,424 | +11.1% |
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 13 October 2026 via checked.be.