CARVER: 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.
CARVER
Largest movements
- Cash +€180,408
up €180,408 (+891.1%), from €20,246 to €200,653
mainly Other debts (+€201,172) and Net result for the year (+€120,740)
- Tangible fixed assets -€23,837
down €23,837 (-7.7%), from €307,620 to €283,783
of which Land and buildings: -€19,575
- Current investments -€12,578
down €12,578 (-2.1%), from €594,546 to €581,968
- Other debts +€201,172
up €201,172 (+192.7%), from €104,380 to €305,552
- Reserves -€174,150
down €174,150 (-40.9%), from €425,943 to €251,793
of which Distributable reserves: -€151,914
- Profit (loss) carried forward +€92,640
up €92,640, from -€92,629 to €11
- Tax, wage and social debts +€31,400
up €31,400 (+450.3%), from €6,973 to €38,373
of which Taxes: +€33,618
- Debts after one year -€16,032
down €16,032 (-30.1%), from €53,207 to €37,174
- Gross operating margin +€182,609
up €182,609 (+708.6%), from €25,771 to €208,380
- Taxes +€27,869
new in 2025: €27,869
- Depreciation -€14,401
down €14,401 (-43.1%), from €33,376 to €18,975
- Other operating charges +€11,575
up €11,575 (+66.5%), from €17,418 to €28,993
- Staff costs -€4,813
down €4,813 (-100.0%), from €4,813 to €0
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 | €942,538 | €1,083,395 | +€140,858 | +14.9% |
| Fixed assets | 21/28 | €307,620 | €283,783 | -€23,837 | -7.7% |
| Tangible fixed assets | 22/27 | €307,620 | €283,783 | -€23,837 | -7.7% |
| Land and buildings | 22 | €302,927 | €283,351 | -€19,575 | -6.5% |
| Plant, machinery and equipment | 23 | €4,694 | €432 | -€4,262 | -90.8% |
| Current assets | 29/58 | €634,917 | €799,612 | +€164,695 | +25.9% |
| Stocks and contracts in progress | 3 | €1,925 | €0 | -€1,925 | -100.0% |
| Stocks | 30/36 | €1,925 | €0 | -€1,925 | -100.0% |
| Amounts receivable within one year | 40/41 | €15,989 | €13,493 | -€2,496 | -15.6% |
| Other amounts receivable | 41 | €15,989 | €13,493 | -€2,496 | -15.6% |
| Current investments | 50/53 | €594,546 | €581,968 | -€12,578 | -2.1% |
| Cash at bank and in hand | 54/58 | €20,246 | €200,653 | +€180,408 | +891.1% |
| Deferred charges and accrued income | 490/1 | €2,212 | €3,498 | +€1,286 | +58.1% |
| Total equity and liabilities | 10/49 | €942,538 | €1,083,395 | +€140,858 | +14.9% |
| Equity | 10/15 | €755,901 | €673,804 | -€82,097 | -10.9% |
| Contributions | 10/11 | €422,000 | €422,000 | = | 0.0% |
| Capital | 10 | €422,000 | €422,000 | = | 0.0% |
| Issued capital | 100 | €422,000 | €422,000 | = | 0.0% |
| Reserves | 13 | €425,943 | €251,793 | -€174,150 | -40.9% |
| Non-distributable reserves | 130/1 | €42,200 | €19,964 | -€22,236 | -52.7% |
| Legal reserve | 130 | €42,200 | €19,964 | -€22,236 | -52.7% |
| Distributable reserves | 133 | €383,743 | €231,829 | -€151,914 | -39.6% |
| Profit (loss) carried forward | 14 | -€92,629 | €11 | +€92,640 | |
| Investment grants | 15 | €587 | €0 | -€587 | -100.0% |
| Amounts payable | 17/49 | €186,637 | €409,591 | +€222,955 | +119.5% |
| Amounts payable after more than one year | 17 | €53,207 | €37,174 | -€16,032 | -30.1% |
| Financial debts | 170/4 | €53,207 | €37,174 | -€16,032 | -30.1% |
| Amounts payable within one year | 42/48 | €127,494 | €360,546 | +€233,051 | +182.8% |
| Current portion of amounts payable after more than one year | 42 | €15,363 | €16,032 | +€670 | +4.4% |
| Trade debts | 44 | €778 | €588 | -€190 | -24.4% |
| Suppliers | 440/4 | €778 | €588 | -€190 | -24.4% |
| Taxes, remuneration and social security | 45 | €6,973 | €38,373 | +€31,400 | +450.3% |
| Taxes | 450/3 | €3,378 | €36,996 | +€33,618 | +995.2% |
| Remuneration and social security | 454/9 | €3,596 | €1,377 | -€2,218 | -61.7% |
| Other amounts payable | 47/48 | €104,380 | €305,552 | +€201,172 | +192.7% |
| Accrued charges and deferred income | 492/3 | €5,936 | €11,871 | +€5,936 | +100.0% |
| Remuneration, social security and pensions | 62 | €4,813 | €0 | -€4,813 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,376 | €18,975 | -€14,401 | -43.1% |
| Other operating charges | 640/8 | €17,418 | €28,993 | +€11,575 | +66.5% |
| Gross operating margin | 9900 | €25,771 | €208,380 | +€182,609 | +708.6% |
| Operating profit (loss) | 9901 | -€29,836 | €160,412 | +€190,248 | |
| Financial income | 75/76B | €3,752 | €5,598 | +€1,846 | +49.2% |
| Recurring financial income | 75 | €3,752 | €5,598 | +€1,846 | +49.2% |
| Financial charges | 65/66B | €13,813 | €17,401 | +€3,589 | +26.0% |
| Recurring financial charges | 65 | €13,813 | €17,401 | +€3,589 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | -€39,897 | €148,609 | +€188,505 | |
| Income taxes | 67/77 | - | €27,869 | +€27,869 | |
| Profit (loss) for the period | 9904 | -€39,897 | €120,740 | +€160,637 | |
| Profit (loss) for the period to be appropriated | 9905 | -€39,897 | €120,740 | +€160,637 |
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 30 September 2026 via checked.be.