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
- Receivables within one year -€216,997
down €216,997 (-58.3%), from €372,229 to €155,232
of which Other amounts receivable: -€173,595
- Cash +€79,999
up €79,999 (+466.3%), from €17,158 to €97,157
mainly Receivables within one year (+€216,997) and Depreciation (+€110,304)
- Tangible fixed assets -€36,601
down €36,601 (-6.6%), from €551,223 to €514,622
of which Land and buildings: -€61,054
- Reserves -€175,032
down €175,032 (-45.0%), from €388,889 to €213,857
of which Distributable reserves: -€173,843
- Short-term financial debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Trade debts +€34,813
up €34,813 (+25.7%), from €135,687 to €170,500
- Current portion of long-term debt +€34,741
up €34,741 (+33.2%), from €104,729 to €139,470
- Debts after one year +€34,251
up €34,251 (+16.5%), from €207,094 to €241,345
- Staff costs +€41,176
up €41,176 (+18.8%), from €219,435 to €260,611
- Taxes -€29,167
down €29,167 (-91.0%), from €32,042 to €2,875
- Gross operating margin +€27,479
up €27,479 (+6.2%), from €441,637 to €469,115
- Depreciation +€25,638
up €25,638 (+30.3%), from €84,666 to €110,304
- Financial charges +€17,333
up €17,333 (+197.9%), from €8,758 to €26,091
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 | €1,053,018 | €877,450 | -€175,568 | -16.7% |
| Fixed assets | 21/28 | €551,223 | €514,622 | -€36,601 | -6.6% |
| Tangible fixed assets | 22/27 | €551,223 | €514,622 | -€36,601 | -6.6% |
| Land and buildings | 22 | €283,963 | €222,910 | -€61,054 | -21.5% |
| Plant, machinery and equipment | 23 | €28,189 | €32,383 | +€4,195 | +14.9% |
| Furniture and vehicles | 24 | €239,071 | €259,329 | +€20,258 | +8.5% |
| Current assets | 29/58 | €501,795 | €362,828 | -€138,967 | -27.7% |
| Amounts receivable after more than one year | 29 | €646 | €171 | -€475 | -73.5% |
| Other amounts receivable | 291 | €646 | €171 | -€475 | -73.5% |
| Stocks and contracts in progress | 3 | €103,081 | €101,747 | -€1,335 | -1.3% |
| Stocks | 30/36 | €103,081 | €101,747 | -€1,335 | -1.3% |
| Amounts receivable within one year | 40/41 | €372,229 | €155,232 | -€216,997 | -58.3% |
| Trade receivables | 40 | €166,508 | €123,106 | -€43,402 | -26.1% |
| Other amounts receivable | 41 | €205,721 | €32,126 | -€173,595 | -84.4% |
| Cash at bank and in hand | 54/58 | €17,158 | €97,157 | +€79,999 | +466.3% |
| Deferred charges and accrued income | 490/1 | €8,681 | €8,522 | -€159 | -1.8% |
| Total equity and liabilities | 10/49 | €1,053,018 | €877,450 | -€175,568 | -16.7% |
| Equity | 10/15 | €407,489 | €232,457 | -€175,032 | -43.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €388,889 | €213,857 | -€175,032 | -45.0% |
| Tax-exempt reserves | 132 | €121,659 | €120,469 | -€1,190 | -1.0% |
| Distributable reserves | 133 | €267,230 | €93,388 | -€173,843 | -65.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €39,279 | €38,882 | -€397 | -1.0% |
| Deferred taxes | 168 | €39,279 | €38,882 | -€397 | -1.0% |
| Amounts payable | 17/49 | €606,250 | €606,111 | -€139 | 0.0% |
| Amounts payable after more than one year | 17 | €207,094 | €241,345 | +€34,251 | +16.5% |
| Financial debts | 170/4 | €207,094 | €241,345 | +€34,251 | +16.5% |
| Amounts payable within one year | 42/48 | €375,039 | €343,691 | -€31,348 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €104,729 | €139,470 | +€34,741 | +33.2% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100.0% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100.0% |
| Trade debts | 44 | €135,687 | €170,500 | +€34,813 | +25.7% |
| Suppliers | 440/4 | €135,687 | €170,500 | +€34,813 | +25.7% |
| Taxes, remuneration and social security | 45 | €34,623 | €33,721 | -€902 | -2.6% |
| Taxes | 450/3 | €7,925 | €2,271 | -€5,654 | -71.3% |
| Remuneration and social security | 454/9 | €26,698 | €31,450 | +€4,752 | +17.8% |
| Accrued charges and deferred income | 492/3 | €24,117 | €21,075 | -€3,042 | -12.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €219,435 | €260,611 | +€41,176 | +18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,666 | €110,304 | +€25,638 | +30.3% |
| Other operating charges | 640/8 | €7,710 | €7,750 | +€40 | +0.5% |
| Non-recurring operating charges | 66A | - | €56,980 | +€56,980 | |
| Gross operating margin | 9900 | €441,637 | €469,115 | +€27,479 | +6.2% |
| Operating profit (loss) | 9901 | €129,826 | €33,470 | -€96,356 | -74.2% |
| Financial income | 75/76B | €4,852 | €67 | -€4,785 | -98.6% |
| Recurring financial income | 75 | €4,852 | €67 | -€4,785 | -98.6% |
| Financial charges | 65/66B | €8,758 | €26,091 | +€17,333 | +197.9% |
| Recurring financial charges | 65 | €8,758 | €26,091 | +€17,333 | +197.9% |
| Profit (loss) for the period before taxes | 9903 | €125,920 | €7,446 | -€118,473 | -94.1% |
| Transfer from deferred taxes | 780 | €314 | €397 | +€82 | +26.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €32,042 | €2,875 | -€29,167 | -91.0% |
| Profit (loss) for the period | 9904 | €94,192 | €4,968 | -€89,224 | -94.7% |
| Transfer from tax-exempt reserves | 789 | €943 | €1,190 | +€246 | +26.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €95,135 | €6,157 | -€88,978 | -93.5% |
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 11 October 2026 via checked.be.