CARTOUCHE: 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.
CARTOUCHE
Largest movements
- Cash +€160,173
up €160,173 (+1,166%), from €13,733 to €173,906
mainly Current investments (+€141,523) and Receivables within one year (+€84,862)
- Current investments -€141,523
down €141,523 (-38.7%), from €365,659 to €224,136
- Receivables after one year +€96,262
new in 2025: €96,262
- Receivables within one year -€84,862
down €84,862 (-97.9%), from €86,675 to €1,813
of which Other amounts receivable: -€82,600
- Tangible fixed assets +€31,816
up €31,816 (+22.9%), from €138,636 to €170,452
of which Other tangible fixed assets: +€40,200
- Reserves +€56,283
up €56,283 (+17.9%), from €315,230 to €371,513
of which Distributable reserves: +€56,283
- Tax, wage and social debts +€22,480
up €22,480 (+124%), from €18,163 to €40,643
- Advances received -€13,665
no longer reported in 2025 (was €13,665)
- Gross operating margin +€36,096
up €36,096 (+48.6%), from €74,217 to €110,313
- Taxes +€6,500
up €6,500 (+17.8%), from €36,559 to €43,059
- Financial income -€1,485
down €1,485 (-25.1%), from €5,917 to €4,432
- Depreciation -€1,244
down €1,244 (-9.1%), from €13,658 to €12,414
- Other operating charges +€1,224
up €1,224 (+85.3%), from €1,435 to €2,659
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 | €605,818 | €667,550 | +€61,732 | +10.2% |
| Fixed assets | 21/28 | €139,305 | €171,121 | +€31,816 | +22.8% |
| Tangible fixed assets | 22/27 | €138,636 | €170,452 | +€31,816 | +22.9% |
| Land and buildings | 22 | €137,732 | €128,440 | -€9,292 | -6.7% |
| Plant, machinery and equipment | 23 | €117 | €59 | -€59 | -50.0% |
| Furniture and vehicles | 24 | €786 | €1,753 | +€967 | +123% |
| Other tangible fixed assets | 26 | - | €40,200 | +€40,200 | |
| Financial fixed assets | 28 | €669 | €669 | = | 0.0% |
| Current assets | 29/58 | €466,513 | €496,429 | +€29,916 | +6.4% |
| Amounts receivable after more than one year | 29 | - | €96,262 | +€96,262 | |
| Other amounts receivable | 291 | - | €96,262 | +€96,262 | |
| Amounts receivable within one year | 40/41 | €86,675 | €1,813 | -€84,862 | -97.9% |
| Trade receivables | 40 | €2,581 | €318 | -€2,263 | -87.7% |
| Other amounts receivable | 41 | €84,095 | €1,495 | -€82,600 | -98.2% |
| Current investments | 50/53 | €365,659 | €224,136 | -€141,523 | -38.7% |
| Cash at bank and in hand | 54/58 | €13,733 | €173,906 | +€160,173 | +1,166% |
| Deferred charges and accrued income | 490/1 | €446 | €312 | -€134 | -30.0% |
| Total equity and liabilities | 10/49 | €605,818 | €667,550 | +€61,732 | +10.2% |
| Equity | 10/15 | €568,898 | €625,181 | +€56,283 | +9.9% |
| Contributions | 10/11 | €198,592 | €198,592 | = | 0.0% |
| Reserves | 13 | €315,230 | €371,513 | +€56,283 | +17.9% |
| Non-distributable reserves | 130/1 | €2,466 | €2,466 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,466 | €2,466 | = | 0.0% |
| Distributable reserves | 133 | €312,764 | €369,047 | +€56,283 | +18.0% |
| Profit (loss) carried forward | 14 | €55,076 | €55,076 | = | 0.0% |
| Amounts payable | 17/49 | €36,920 | €42,369 | +€5,449 | +14.8% |
| Amounts payable within one year | 42/48 | €36,620 | €42,369 | +€5,749 | +15.7% |
| Trade debts | 44 | €4,792 | €1,726 | -€3,066 | -64.0% |
| Suppliers | 440/4 | €4,792 | €1,726 | -€3,066 | -64.0% |
| Advances received on contracts in progress | 46 | €13,665 | - | -€13,665 | |
| Taxes, remuneration and social security | 45 | €18,163 | €40,643 | +€22,480 | +124% |
| Taxes | 450/3 | €18,163 | €40,643 | +€22,480 | +124% |
| Accrued charges and deferred income | 492/3 | €300 | - | -€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,658 | €12,414 | -€1,244 | -9.1% |
| Other operating charges | 640/8 | €1,435 | €2,659 | +€1,224 | +85.3% |
| Gross operating margin | 9900 | €74,217 | €110,313 | +€36,096 | +48.6% |
| Operating profit (loss) | 9901 | €59,124 | €95,240 | +€36,116 | +61.1% |
| Financial income | 75/76B | €5,917 | €4,432 | -€1,485 | -25.1% |
| Recurring financial income | 75 | €5,917 | €4,432 | -€1,485 | -25.1% |
| Financial charges | 65/66B | €275 | €330 | +€55 | +20.1% |
| Recurring financial charges | 65 | €275 | €330 | +€55 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €64,766 | €99,342 | +€34,576 | +53.4% |
| Income taxes | 67/77 | €36,559 | €43,059 | +€6,500 | +17.8% |
| Profit (loss) for the period | 9904 | €28,207 | €56,283 | +€28,076 | +99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €28,207 | €56,283 | +€28,076 | +99.5% |
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 28 October 2026 via checked.be.