DR. CARELS TINE: 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.
DR. CARELS TINE
Largest movements
- Current investments -€44,738
down €44,738 (-12.8%), from €348,482 to €303,744
- Deferred charges and accrued income -€44,115
down €44,115 (-51.5%), from €85,598 to €41,483
- Receivables within one year +€26,290
new in 2025: €26,290
- Tangible fixed assets -€17,588
down €17,588 (-7.2%), from €245,490 to €227,902
of which Land and buildings: -€19,007
- Other debts -€84,921
down €84,921 (-57.6%), from €147,317 to €62,396
- Reserves +€29,535
up €29,535 (+7.0%), from €424,810 to €454,346
- Debts after one year -€26,558
down €26,558 (-15.8%), from €168,569 to €142,010
- Gross operating margin -€128,082
down €128,082 (-51.3%), from €249,798 to €121,716
- Taxes -€31,150
down €31,150 (-79.5%), from €39,192 to €8,042
- Financial charges -€17,158
down €17,158 (-19.0%), from €90,140 to €72,982
- Financial income +€14,108
up €14,108 (+458%), from €3,083 to €17,191
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 | €798,142 | €713,834 | -€84,307 | -10.6% |
| Fixed assets | 21/28 | €245,490 | €227,902 | -€17,588 | -7.2% |
| Tangible fixed assets | 22/27 | €245,490 | €227,902 | -€17,588 | -7.2% |
| Land and buildings | 22 | €209,068 | €190,061 | -€19,007 | -9.1% |
| Plant, machinery and equipment | 23 | €11,489 | €19,321 | +€7,832 | +68.2% |
| Furniture and vehicles | 24 | €24,933 | €18,520 | -€6,413 | -25.7% |
| Current assets | 29/58 | €552,652 | €485,932 | -€66,720 | -12.1% |
| Amounts receivable within one year | 40/41 | - | €26,290 | +€26,290 | |
| Other amounts receivable | 41 | - | €26,290 | +€26,290 | |
| Current investments | 50/53 | €348,482 | €303,744 | -€44,738 | -12.8% |
| Cash at bank and in hand | 54/58 | €118,572 | €114,414 | -€4,158 | -3.5% |
| Deferred charges and accrued income | 490/1 | €85,598 | €41,483 | -€44,115 | -51.5% |
| Total equity and liabilities | 10/49 | €798,142 | €713,834 | -€84,307 | -10.6% |
| Equity | 10/15 | €437,210 | €466,746 | +€29,535 | +6.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €424,810 | €454,346 | +€29,535 | +7.0% |
| Distributable reserves | 133 | €424,810 | €454,346 | +€29,535 | +7.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €360,931 | €247,089 | -€113,843 | -31.5% |
| Amounts payable after more than one year | 17 | €168,569 | €142,010 | -€26,558 | -15.8% |
| Financial debts | 170/4 | €168,569 | €142,010 | -€26,558 | -15.8% |
| Amounts payable within one year | 42/48 | €188,449 | €101,134 | -€87,315 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €28,038 | €29,101 | +€1,063 | +3.8% |
| Trade debts | 44 | €3,169 | €5,560 | +€2,391 | +75.4% |
| Suppliers | 440/4 | €3,169 | €5,560 | +€2,391 | +75.4% |
| Taxes, remuneration and social security | 45 | €9,924 | €4,077 | -€5,848 | -58.9% |
| Taxes | 450/3 | €6,424 | €4,077 | -€2,348 | -36.5% |
| Remuneration and social security | 454/9 | €3,500 | €0 | -€3,500 | -100% |
| Other amounts payable | 47/48 | €147,317 | €62,396 | -€84,921 | -57.6% |
| Accrued charges and deferred income | 492/3 | €3,914 | €3,944 | +€30 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,734 | €28,042 | +€1,308 | +4.9% |
| Other operating charges | 640/8 | €236 | €306 | +€70 | +29.5% |
| Gross operating margin | 9900 | €249,798 | €121,716 | -€128,082 | -51.3% |
| Operating profit (loss) | 9901 | €222,828 | €93,368 | -€129,460 | -58.1% |
| Financial income | 75/76B | €3,083 | €17,191 | +€14,108 | +458% |
| Recurring financial income | 75 | €3,083 | €17,191 | +€14,108 | +458% |
| Financial charges | 65/66B | €90,140 | €72,982 | -€17,158 | -19.0% |
| Recurring financial charges | 65 | €90,140 | €72,982 | -€17,158 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €135,772 | €37,577 | -€98,194 | -72.3% |
| Income taxes | 67/77 | €39,192 | €8,042 | -€31,150 | -79.5% |
| Profit (loss) for the period | 9904 | €96,580 | €29,535 | -€67,044 | -69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €96,580 | €29,535 | -€67,044 | -69.4% |
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 30 October 2026 via checked.be.