DAVID CARETTE: 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.
DAVID CARETTE
Largest movements
- Stocks and contracts +€16,983
up €16,983 (+34.9%), from €48,689 to €65,672
- Tangible fixed assets -€13,679
down €13,679 (-24.3%), from €56,274 to €42,595
of which Furniture and vehicles: -€11,906
- Cash -€12,192
down €12,192 (-43.2%), from €28,230 to €16,038
mainly Stocks and contracts (-€16,983) and Trade debts (-€10,462)
- Receivables within one year -€4,139
down €4,139 (-60.6%), from €6,830 to €2,691
of which Trade receivables: -€5,817
- Trade debts -€10,462
down €10,462 (-73.3%), from €14,265 to €3,803
- Other debts -€2,632
down €2,632 (-52.6%), from €5,000 to €2,368
- Write-downs -€13,817
no longer reported in 2025 (was €13,817)
- Gross operating margin -€11,606
down €11,606 (-33.2%), from €34,936 to €23,330
- Depreciation -€7,971
down €7,971 (-35.2%), from €22,665 to €14,694
- Taxes +€3,218
up €3,218 (+187.0%), from €1,721 to €4,939
- Other operating charges +€1,498
up €1,498 (+207.4%), from €722 to €2,220
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 | €141,812 | €129,321 | -€12,491 | -8.8% |
| Fixed assets | 21/28 | €56,339 | €42,660 | -€13,679 | -24.3% |
| Tangible fixed assets | 22/27 | €56,274 | €42,595 | -€13,679 | -24.3% |
| Furniture and vehicles | 24 | €43,352 | €31,446 | -€11,906 | -27.5% |
| Other tangible fixed assets | 26 | €12,922 | €11,149 | -€1,773 | -13.7% |
| Financial fixed assets | 28 | €64 | €65 | +€1 | +0.8% |
| Current assets | 29/58 | €85,473 | €86,661 | +€1,188 | +1.4% |
| Stocks and contracts in progress | 3 | €48,689 | €65,672 | +€16,983 | +34.9% |
| Stocks | 30/36 | €48,689 | €65,672 | +€16,983 | +34.9% |
| Amounts receivable within one year | 40/41 | €6,830 | €2,691 | -€4,139 | -60.6% |
| Trade receivables | 40 | €5,817 | - | -€5,817 | |
| Other amounts receivable | 41 | €1,013 | €2,691 | +€1,678 | +165.5% |
| Cash at bank and in hand | 54/58 | €28,230 | €16,038 | -€12,192 | -43.2% |
| Deferred charges and accrued income | 490/1 | €1,724 | €2,260 | +€536 | +31.1% |
| Total equity and liabilities | 10/49 | €141,812 | €129,321 | -€12,491 | -8.8% |
| Equity | 10/15 | €107,201 | €107,055 | -€146 | -0.1% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €98,207 | €98,207 | -€0 | 0.0% |
| Distributable reserves | 133 | €98,207 | €98,207 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€5,266 | -€5,412 | -€146 | -2.8% |
| Amounts payable | 17/49 | €34,610 | €22,266 | -€12,344 | -35.7% |
| Amounts payable within one year | 42/48 | €34,610 | €22,266 | -€12,344 | -35.7% |
| Trade debts | 44 | €14,265 | €3,803 | -€10,462 | -73.3% |
| Suppliers | 440/4 | €14,265 | €3,803 | -€10,462 | -73.3% |
| Taxes, remuneration and social security | 45 | €15,345 | €16,095 | +€750 | +4.9% |
| Taxes | 450/3 | €15,345 | €16,095 | +€750 | +4.9% |
| Other amounts payable | 47/48 | €5,000 | €2,368 | -€2,632 | -52.6% |
| Non-recurring operating income | 76A | - | €2,736 | +€2,736 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,665 | €14,694 | -€7,971 | -35.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,817 | - | -€13,817 | |
| Other operating charges | 640/8 | €722 | €2,220 | +€1,498 | +207.4% |
| Non-recurring operating charges | 66A | €567 | - | -€567 | |
| Gross operating margin | 9900 | €34,936 | €23,330 | -€11,606 | -33.2% |
| Operating profit (loss) | 9901 | -€2,835 | €6,416 | +€9,251 | |
| Financial income | 75/76B | €13 | €84 | +€71 | +546.2% |
| Recurring financial income | 75 | €13 | €84 | +€71 | +546.2% |
| Financial charges | 65/66B | €460 | €1,707 | +€1,248 | +271.5% |
| Recurring financial charges | 65 | €460 | €1,707 | +€1,248 | +271.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,282 | €4,793 | +€8,075 | |
| Income taxes | 67/77 | €1,721 | €4,939 | +€3,218 | +187.0% |
| Profit (loss) for the period | 9904 | -€5,003 | -€146 | +€4,857 | +97.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,003 | -€146 | +€4,857 | +97.1% |
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 8 October 2026 via checked.be.