ELIE CARNOY: 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.
ELIE CARNOY
Largest movements
- Cash +€9,925
up €9,925 (+54.4%), from €18,243 to €28,168
mainly Net result for the year (+€11,145) and Depreciation (+€9,327)
- Tangible fixed assets -€9,327
down €9,327 (-26.4%), from €35,391 to €26,064
- Receivables within one year +€1,384
up €1,384 (+13.7%), from €10,131 to €11,515
of which Other amounts receivable: +€1,360
- Reserves +€10,312
up €10,312 (+45.8%), from €22,500 to €32,812
- Debts after one year -€9,292
down €9,292 (-34.1%), from €27,258 to €17,966
- Trade debts +€673
new in 2025: €673
- Gross operating margin -€8,623
down €8,623 (-23.9%), from €36,155 to €27,532
- Taxes -€3,001
down €3,001 (-36.9%), from €8,123 to €5,122
- Depreciation -€779
down €779 (-7.7%), from €10,106 to €9,327
- Other operating charges -€582
down €582 (-45.4%), from €1,282 to €701
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 | €63,765 | €65,746 | +€1,981 | +3.1% |
| Fixed assets | 21/28 | €35,391 | €26,064 | -€9,327 | -26.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €35,391 | €26,064 | -€9,327 | -26.4% |
| Furniture and vehicles | 24 | €35,391 | €26,064 | -€9,327 | -26.4% |
| Current assets | 29/58 | €28,374 | €39,683 | +€11,308 | +39.9% |
| Amounts receivable within one year | 40/41 | €10,131 | €11,515 | +€1,384 | +13.7% |
| Trade receivables | 40 | €6,736 | €6,760 | +€24 | +0.4% |
| Other amounts receivable | 41 | €3,396 | €4,755 | +€1,360 | +40.0% |
| Cash at bank and in hand | 54/58 | €18,243 | €28,168 | +€9,925 | +54.4% |
| Total equity and liabilities | 10/49 | €63,765 | €65,746 | +€1,981 | +3.1% |
| Equity | 10/15 | €23,208 | €33,520 | +€10,312 | +44.4% |
| Contributions | 10/11 | €200 | €200 | = | 0.0% |
| Reserves | 13 | €22,500 | €32,812 | +€10,312 | +45.8% |
| Distributable reserves | 133 | €22,500 | €32,812 | +€10,312 | +45.8% |
| Profit (loss) carried forward | 14 | €508 | €508 | = | 0.0% |
| Amounts payable | 17/49 | €40,557 | €32,227 | -€8,331 | -20.5% |
| Amounts payable after more than one year | 17 | €27,258 | €17,966 | -€9,292 | -34.1% |
| Financial debts | 170/4 | €27,258 | €17,966 | -€9,292 | -34.1% |
| Amounts payable within one year | 42/48 | €13,021 | €13,825 | +€804 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €8,951 | €9,292 | +€341 | +3.8% |
| Trade debts | 44 | - | €673 | +€673 | |
| Suppliers | 440/4 | - | €673 | +€673 | |
| Taxes, remuneration and social security | 45 | €150 | €150 | = | 0.0% |
| Taxes | 450/3 | €150 | €150 | = | 0.0% |
| Other amounts payable | 47/48 | €3,920 | €3,709 | -€210 | -5.4% |
| Accrued charges and deferred income | 492/3 | €278 | €436 | +€157 | +56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,106 | €9,327 | -€779 | -7.7% |
| Other operating charges | 640/8 | €1,282 | €701 | -€582 | -45.4% |
| Gross operating margin | 9900 | €36,155 | €27,532 | -€8,623 | -23.9% |
| Operating profit (loss) | 9901 | €24,767 | €17,504 | -€7,263 | -29.3% |
| Financial income | 75/76B | - | €22 | +€22 | |
| Recurring financial income | 75 | - | €22 | +€22 | |
| Financial charges | 65/66B | €1,537 | €1,259 | -€277 | -18.0% |
| Recurring financial charges | 65 | €1,537 | €1,259 | -€277 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €23,230 | €16,267 | -€6,963 | -30.0% |
| Income taxes | 67/77 | €8,123 | €5,122 | -€3,001 | -36.9% |
| Profit (loss) for the period | 9904 | €15,107 | €11,145 | -€3,962 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,107 | €11,145 | -€3,962 | -26.2% |
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 26 October 2026 via checked.be.