Davy Carlé: 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.
Davy Carlé
Largest movements
- Tangible fixed assets -€331,466
down €331,466 (-20.5%), from €1.6m to €1.3m
of which Land and buildings: -€322,457
- Cash +€118,937
up €118,937 (+107%), from €110,689 to €229,625
mainly Investment in fixed assets (net) (+€218,670) and Depreciation (+€112,795)
- Receivables within one year -€32,821
down €32,821 (-5.2%), from €632,036 to €599,215
of which Trade receivables: -€33,205
- Debts after one year -€139,180
down €139,180 (-9.8%), from €1.4m to €1.3m
of which Financial debts: -€147,064
- Profit (loss) carried forward -€53,054
down €53,054 (-16.1%), from -€329,851 to -€382,904
- Current portion of long-term debt -€31,815
down €31,815 (-100%), from €31,815 to €0
- Gross operating margin -€41,412
down €41,412 (-14.4%), from €288,228 to €246,816
- Staff costs -€16,614
down €16,614 (-11.2%), from €147,975 to €131,361
- Depreciation -€10,897
down €10,897 (-8.8%), from €123,692 to €112,795
- Financial charges -€9,371
down €9,371 (-18.6%), from €50,347 to €40,976
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 | €2,356,786 | €2,114,034 | -€242,752 | -10.3% |
| Fixed assets | 21/28 | €1,613,548 | €1,282,083 | -€331,466 | -20.5% |
| Tangible fixed assets | 22/27 | €1,613,548 | €1,282,083 | -€331,466 | -20.5% |
| Land and buildings | 22 | €1,472,255 | €1,149,798 | -€322,457 | -21.9% |
| Plant, machinery and equipment | 23 | €11,770 | €13,593 | +€1,823 | +15.5% |
| Furniture and vehicles | 24 | €129,524 | €81,285 | -€48,239 | -37.2% |
| Other tangible fixed assets | 26 | - | €37,407 | +€37,407 | |
| Current assets | 29/58 | €743,238 | €831,951 | +€88,714 | +11.9% |
| Amounts receivable within one year | 40/41 | €632,036 | €599,215 | -€32,821 | -5.2% |
| Trade receivables | 40 | €126,932 | €93,727 | -€33,205 | -26.2% |
| Other amounts receivable | 41 | €505,104 | €505,487 | +€383 | +0.1% |
| Cash at bank and in hand | 54/58 | €110,689 | €229,625 | +€118,937 | +107% |
| Deferred charges and accrued income | 490/1 | €513 | €3,111 | +€2,598 | +507% |
| Total equity and liabilities | 10/49 | €2,356,786 | €2,114,034 | -€242,752 | -10.3% |
| Equity | 10/15 | €269,649 | €216,596 | -€53,054 | -19.7% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Reserves | 13 | €49,500 | €49,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,500 | €19,500 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€329,851 | -€382,904 | -€53,054 | -16.1% |
| Amounts payable | 17/49 | €2,087,137 | €1,897,439 | -€189,698 | -9.1% |
| Amounts payable after more than one year | 17 | €1,415,046 | €1,275,866 | -€139,180 | -9.8% |
| Financial debts | 170/4 | €147,064 | €0 | -€147,064 | -100% |
| Other amounts payable | 178/9 | €1,267,982 | €1,275,866 | +€7,884 | +0.6% |
| Amounts payable within one year | 42/48 | €641,717 | €595,333 | -€46,384 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €31,815 | €0 | -€31,815 | -100% |
| Trade debts | 44 | €33,292 | €27,438 | -€5,855 | -17.6% |
| Suppliers | 440/4 | €33,292 | €27,438 | -€5,855 | -17.6% |
| Taxes, remuneration and social security | 45 | €14,671 | €4,900 | -€9,771 | -66.6% |
| Taxes | 450/3 | €4,520 | €2,633 | -€1,887 | -41.8% |
| Remuneration and social security | 454/9 | €10,150 | €2,267 | -€7,883 | -77.7% |
| Other amounts payable | 47/48 | €561,938 | €562,995 | +€1,057 | +0.2% |
| Accrued charges and deferred income | 492/3 | €30,375 | €26,240 | -€4,135 | -13.6% |
| Non-recurring operating income | 76A | €44,484 | €64,003 | +€19,520 | +43.9% |
| Remuneration, social security and pensions | 62 | €147,975 | €131,361 | -€16,614 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,692 | €112,795 | -€10,897 | -8.8% |
| Other operating charges | 640/8 | €14,041 | €14,544 | +€503 | +3.6% |
| Non-recurring operating charges | 66A | €4,326 | €0 | -€4,326 | -100% |
| Gross operating margin | 9900 | €288,228 | €246,816 | -€41,412 | -14.4% |
| Operating profit (loss) | 9901 | -€1,806 | -€11,885 | -€10,079 | -558% |
| Financial income | 75/76B | €109 | €80 | -€30 | -27.1% |
| Recurring financial income | 75 | €109 | €80 | -€30 | -27.1% |
| Financial charges | 65/66B | €50,347 | €40,976 | -€9,371 | -18.6% |
| Recurring financial charges | 65 | €50,347 | €40,976 | -€9,371 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | -€52,044 | -€52,781 | -€737 | -1.4% |
| Income taxes | 67/77 | €853 | €273 | -€580 | -68.0% |
| Profit (loss) for the period | 9904 | -€52,896 | -€53,054 | -€157 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,896 | -€53,054 | -€157 | -0.3% |
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 14 October 2026 via checked.be.