CARTOBEL: 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.
CARTOBEL
Largest movements
- Receivables within one year -€13,199
down €13,199 (-11.0%), from €120,189 to €106,990
of which Trade receivables: -€12,284
- Cash +€12,307
up €12,307 (+11.9%), from €103,354 to €115,661
mainly Net result for the year (+€15,010) and Receivables within one year (+€13,199)
- Stocks and contracts +€6,015
up €6,015 (+41.7%), from €14,440 to €20,455
- Deferred charges and accrued income +€2,811
up €2,811 (+97.2%), from €2,890 to €5,701
- Other debts -€16,715
no longer reported in 2025 (was €16,715)
- Profit (loss) carried forward +€15,010
up €15,010, from -€9,310 to €5,700
- Trade debts +€8,575
up €8,575 (+35.0%), from €24,494 to €33,069
- Gross operating margin +€30,744
up €30,744 (+26.3%), from €117,085 to €147,828
- Staff costs -€16,849
down €16,849 (-12.9%), from €130,125 to €113,276
- Other operating charges +€6,693
up €6,693 (+68.9%), from €9,716 to €16,409
- Write-downs +€2,419
up €2,419, from -€2,293 to €126
- Taxes +€2,232
new in 2025: €2,232
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 | €240,873 | €248,806 | +€7,933 | +3.3% |
| Current assets | 29/58 | €240,873 | €248,806 | +€7,933 | +3.3% |
| Stocks and contracts in progress | 3 | €14,440 | €20,455 | +€6,015 | +41.7% |
| Stocks | 30/36 | €14,440 | €20,455 | +€6,015 | +41.7% |
| Amounts receivable within one year | 40/41 | €120,189 | €106,990 | -€13,199 | -11.0% |
| Trade receivables | 40 | €102,189 | €89,905 | -€12,284 | -12.0% |
| Other amounts receivable | 41 | €18,000 | €17,085 | -€915 | -5.1% |
| Cash at bank and in hand | 54/58 | €103,354 | €115,661 | +€12,307 | +11.9% |
| Deferred charges and accrued income | 490/1 | €2,890 | €5,701 | +€2,811 | +97.2% |
| Total equity and liabilities | 10/49 | €240,873 | €248,806 | +€7,933 | +3.3% |
| Equity | 10/15 | €173,340 | €188,350 | +€15,010 | +8.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €121,150 | €121,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €115,000 | €115,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,310 | €5,700 | +€15,010 | |
| Amounts payable | 17/49 | €67,532 | €60,456 | -€7,076 | -10.5% |
| Amounts payable within one year | 42/48 | €66,526 | €59,082 | -€7,444 | -11.2% |
| Trade debts | 44 | €24,494 | €33,069 | +€8,575 | +35.0% |
| Suppliers | 440/4 | €24,494 | €33,069 | +€8,575 | +35.0% |
| Taxes, remuneration and social security | 45 | €25,317 | €26,013 | +€696 | +2.7% |
| Taxes | 450/3 | €7,359 | €10,130 | +€2,771 | +37.7% |
| Remuneration and social security | 454/9 | €17,958 | €15,883 | -€2,075 | -11.6% |
| Other amounts payable | 47/48 | €16,715 | - | -€16,715 | |
| Accrued charges and deferred income | 492/3 | €1,006 | €1,374 | +€367 | +36.5% |
| Remuneration, social security and pensions | 62 | €130,125 | €113,276 | -€16,849 | -12.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,293 | €126 | +€2,419 | |
| Other operating charges | 640/8 | €9,716 | €16,409 | +€6,693 | +68.9% |
| Gross operating margin | 9900 | €117,085 | €147,828 | +€30,744 | +26.3% |
| Operating profit (loss) | 9901 | -€20,463 | €18,018 | +€38,481 | |
| Financial income | 75/76B | €958 | €283 | -€675 | -70.5% |
| Recurring financial income | 75 | €958 | €283 | -€675 | -70.5% |
| Financial charges | 65/66B | €1,070 | €1,059 | -€11 | -1.0% |
| Recurring financial charges | 65 | €1,070 | €1,059 | -€11 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | -€20,575 | €17,241 | +€37,816 | |
| Income taxes | 67/77 | - | €2,232 | +€2,232 | |
| Profit (loss) for the period | 9904 | -€20,575 | €15,010 | +€35,585 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,575 | €15,010 | +€35,585 |
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 7 October 2026 via checked.be.