D-CARLO: 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.
D-CARLO
Largest movements
- Tangible fixed assets -€49,238
down €49,238 (-12.8%), from €383,201 to €333,963
of which Land and buildings: -€42,142
- Cash -€6,835
down €6,835 (-16.0%), from €42,810 to €35,975
mainly Debts after one year (-€108,146) and Current portion of long-term debt (-€16,319)
- Debts after one year -€108,146
down €108,146 (-45.5%), from €237,433 to €129,287
- Other debts +€77,536
up €77,536 (+119%), from €65,419 to €142,955
- Current portion of long-term debt -€16,319
down €16,319 (-36.9%), from €44,183 to €27,864
- Trade debts -€14,237
down €14,237 (-52.3%), from €27,209 to €12,971
- Staff costs -€14,874
down €14,874 (-100%), from €14,874 to €0
- Gross operating margin -€9,904
down €9,904 (-11.9%), from €82,893 to €72,988
- Depreciation +€8,450
up €8,450 (+15.7%), from €53,984 to €62,434
- Financial charges -€3,425
down €3,425 (-62.4%), from €5,485 to €2,060
- Financial income +€1,159
up €1,159 (+41.2%), from €2,810 to €3,969
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 | €660,160 | €604,754 | -€55,406 | -8.4% |
| Fixed assets | 21/28 | €383,201 | €333,963 | -€49,238 | -12.8% |
| Tangible fixed assets | 22/27 | €383,201 | €333,963 | -€49,238 | -12.8% |
| Land and buildings | 22 | €352,381 | €310,239 | -€42,142 | -12.0% |
| Plant, machinery and equipment | 23 | €1,589 | €5,214 | +€3,625 | +228% |
| Furniture and vehicles | 24 | €13,200 | €4,132 | -€9,068 | -68.7% |
| Other tangible fixed assets | 26 | €16,032 | €14,378 | -€1,654 | -10.3% |
| Current assets | 29/58 | €276,959 | €270,791 | -€6,168 | -2.2% |
| Stocks and contracts in progress | 3 | €217,843 | €215,467 | -€2,377 | -1.1% |
| Stocks | 30/36 | €217,843 | €215,467 | -€2,377 | -1.1% |
| Amounts receivable within one year | 40/41 | €16,306 | €19,350 | +€3,044 | +18.7% |
| Trade receivables | 40 | €16,306 | €19,350 | +€3,044 | +18.7% |
| Cash at bank and in hand | 54/58 | €42,810 | €35,975 | -€6,835 | -16.0% |
| Total equity and liabilities | 10/49 | €660,160 | €604,754 | -€55,406 | -8.4% |
| Equity | 10/15 | €283,358 | €286,753 | +€3,394 | +1.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €192,198 | €192,198 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,198 | €9,198 | = | 0.0% |
| Distributable reserves | 133 | €183,000 | €183,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,161 | €64,555 | +€3,394 | +5.5% |
| Amounts payable | 17/49 | €376,802 | €318,002 | -€58,800 | -15.6% |
| Amounts payable after more than one year | 17 | €237,433 | €129,287 | -€108,146 | -45.5% |
| Financial debts | 170/4 | €237,433 | €129,287 | -€108,146 | -45.5% |
| Amounts payable within one year | 42/48 | €139,369 | €188,715 | +€49,346 | +35.4% |
| Current portion of amounts payable after more than one year | 42 | €44,183 | €27,864 | -€16,319 | -36.9% |
| Trade debts | 44 | €27,209 | €12,971 | -€14,237 | -52.3% |
| Suppliers | 440/4 | €27,209 | €12,971 | -€14,237 | -52.3% |
| Taxes, remuneration and social security | 45 | €2,559 | €4,925 | +€2,366 | +92.5% |
| Taxes | 450/3 | €2,559 | €4,925 | +€2,366 | +92.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €65,419 | €142,955 | +€77,536 | +119% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €18,595 | +€18,595 | |
| Remuneration, social security and pensions | 62 | €14,874 | €0 | -€14,874 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,984 | €62,434 | +€8,450 | +15.7% |
| Other operating charges | 640/8 | €8,617 | €8,871 | +€254 | +2.9% |
| Gross operating margin | 9900 | €82,893 | €72,988 | -€9,904 | -11.9% |
| Operating profit (loss) | 9901 | €5,418 | €1,684 | -€3,734 | -68.9% |
| Financial income | 75/76B | €2,810 | €3,969 | +€1,159 | +41.2% |
| Recurring financial income | 75 | €2,810 | €3,969 | +€1,159 | +41.2% |
| Financial charges | 65/66B | €5,485 | €2,060 | -€3,425 | -62.4% |
| Recurring financial charges | 65 | €5,485 | €2,060 | -€3,425 | -62.4% |
| Profit (loss) for the period before taxes | 9903 | €2,743 | €3,592 | +€849 | +31.0% |
| Income taxes | 67/77 | €191 | €198 | +€7 | +3.6% |
| Profit (loss) for the period | 9904 | €2,552 | €3,394 | +€842 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,552 | €3,394 | +€842 | +33.0% |
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 16 October 2026 via checked.be.