Dr. Frédéric CARUSO: 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. Frédéric CARUSO
Largest movements
- Receivables within one year +€162,566
up €162,566 (+74.8%), from €217,411 to €379,976
of which Other amounts receivable: +€166,673
- Current investments +€18,106
up €18,106 (+134%), from €13,500 to €31,606
- Cash +€11,019
up €11,019 (+11.3%), from €97,734 to €108,753
mainly Net result for the year (+€220,605) and Tax, wage and social debts (+€20,517)
- Profit (loss) carried forward +€170,605
up €170,605 (+62.6%), from €272,505 to €443,110
- Tax, wage and social debts +€20,517
up €20,517 (+37.7%), from €54,365 to €74,883
- Gross operating margin -€82,450
down €82,450 (-23.2%), from €355,417 to €272,967
- Taxes -€18,954
down €18,954 (-22.0%), from €86,343 to €67,390
- Financial income +€11,715
up €11,715 (+203%), from €5,779 to €17,494
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 | €340,177 | €531,088 | +€190,911 | +56.1% |
| Fixed assets | 21/28 | €7,645 | €6,036 | -€1,610 | -21.1% |
| Tangible fixed assets | 22/27 | €7,645 | €5,396 | -€2,250 | -29.4% |
| Plant, machinery and equipment | 23 | €6,292 | €4,719 | -€1,573 | -25.0% |
| Furniture and vehicles | 24 | €1,353 | €677 | -€677 | -50.0% |
| Financial fixed assets | 28 | - | €640 | +€640 | |
| Current assets | 29/58 | €332,531 | €525,053 | +€192,521 | +57.9% |
| Amounts receivable within one year | 40/41 | €217,411 | €379,976 | +€162,566 | +74.8% |
| Trade receivables | 40 | €32,860 | €28,753 | -€4,107 | -12.5% |
| Other amounts receivable | 41 | €184,551 | €351,224 | +€166,673 | +90.3% |
| Current investments | 50/53 | €13,500 | €31,606 | +€18,106 | +134% |
| Cash at bank and in hand | 54/58 | €97,734 | €108,753 | +€11,019 | +11.3% |
| Deferred charges and accrued income | 490/1 | €3,887 | €4,717 | +€830 | +21.4% |
| Total equity and liabilities | 10/49 | €340,177 | €531,088 | +€190,911 | +56.1% |
| Equity | 10/15 | €285,600 | €456,205 | +€170,605 | +59.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €10,096 | €10,096 | = | 0.0% |
| Distributable reserves | 133 | €10,096 | €10,096 | = | 0.0% |
| Profit (loss) carried forward | 14 | €272,505 | €443,110 | +€170,605 | +62.6% |
| Amounts payable | 17/49 | €54,576 | €74,883 | +€20,306 | +37.2% |
| Amounts payable within one year | 42/48 | €54,576 | €74,883 | +€20,306 | +37.2% |
| Trade debts | 44 | €211 | €0 | -€211 | -100% |
| Suppliers | 440/4 | €211 | €0 | -€211 | -100% |
| Taxes, remuneration and social security | 45 | €54,365 | €74,883 | +€20,517 | +37.7% |
| Taxes | 450/3 | €54,365 | €74,883 | +€20,517 | +37.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,250 | €2,250 | = | 0.0% |
| Gross operating margin | 9900 | €355,417 | €272,967 | -€82,450 | -23.2% |
| Operating profit (loss) | 9901 | €353,168 | €270,718 | -€82,450 | -23.3% |
| Financial income | 75/76B | €5,779 | €17,494 | +€11,715 | +203% |
| Recurring financial income | 75 | €5,779 | €17,494 | +€11,715 | +203% |
| Financial charges | 65/66B | €99 | €217 | +€118 | +119% |
| Recurring financial charges | 65 | €99 | €217 | +€118 | +119% |
| Profit (loss) for the period before taxes | 9903 | €358,848 | €287,995 | -€70,853 | -19.7% |
| Income taxes | 67/77 | €86,343 | €67,390 | -€18,954 | -22.0% |
| Profit (loss) for the period | 9904 | €272,505 | €220,605 | -€51,899 | -19.0% |
| Profit (loss) for the period to be appropriated | 9905 | €272,505 | €220,605 | -€51,899 | -19.0% |
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 24 October 2026 via checked.be.