F-CARRE: 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.
F-CARRE
Largest movements
- Deferred charges and accrued income -€192,056
down €192,056 (-82.2%), from €233,717 to €41,661
- Receivables within one year +€179,117
up €179,117 (+46.3%), from €386,974 to €566,091
of which Trade receivables: +€119,835
- Receivables after one year -€57,000
down €57,000 (-33.2%), from €171,597 to €114,597
- Tangible fixed assets -€51,472
down €51,472 (-11.8%), from €436,269 to €384,797
of which Land and buildings: -€84,000
- Cash -€24,344
down €24,344 (-20.7%), from €117,785 to €93,441
mainly Current portion of long-term debt (-€249,188) and Receivables within one year (-€179,117)
- Current portion of long-term debt -€249,188
down €249,188 (-76.7%), from €325,041 to €75,853
- Trade debts +€112,356
up €112,356 (+37.1%), from €303,081 to €415,437
- Reserves +€52,750
up €52,750 (+43.9%), from €120,274 to €173,024
- Debts after one year -€48,191
down €48,191 (-8.0%), from €601,106 to €552,915
- Staff costs -€79,945
down €79,945 (-45.0%), from €177,852 to €97,907
- Gross operating margin -€50,521
down €50,521 (-14.1%), from €358,166 to €307,645
- Taxes +€8,493
up €8,493 (+46.1%), from €18,419 to €26,912
- Financial income +€5,756
up €5,756 (+168.6%), from €3,414 to €9,170
- Financial charges -€5,382
down €5,382 (-11.0%), from €49,075 to €43,693
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 | €1,437,322 | €1,290,767 | -€146,555 | -10.2% |
| Fixed assets | 21/28 | €527,249 | €474,977 | -€52,272 | -9.9% |
| Tangible fixed assets | 22/27 | €436,269 | €384,797 | -€51,472 | -11.8% |
| Land and buildings | 22 | €422,762 | €338,762 | -€84,000 | -19.9% |
| Plant, machinery and equipment | 23 | €6,274 | €11,087 | +€4,813 | +76.7% |
| Furniture and vehicles | 24 | €7,233 | €34,948 | +€27,715 | +383.2% |
| Financial fixed assets | 28 | €90,980 | €90,180 | -€800 | -0.9% |
| Current assets | 29/58 | €910,073 | €815,790 | -€94,283 | -10.4% |
| Amounts receivable after more than one year | 29 | €171,597 | €114,597 | -€57,000 | -33.2% |
| Other amounts receivable | 291 | €171,597 | €114,597 | -€57,000 | -33.2% |
| Amounts receivable within one year | 40/41 | €386,974 | €566,091 | +€179,117 | +46.3% |
| Trade receivables | 40 | €311,247 | €431,082 | +€119,835 | +38.5% |
| Other amounts receivable | 41 | €75,727 | €135,009 | +€59,282 | +78.3% |
| Cash at bank and in hand | 54/58 | €117,785 | €93,441 | -€24,344 | -20.7% |
| Deferred charges and accrued income | 490/1 | €233,717 | €41,661 | -€192,056 | -82.2% |
| Total equity and liabilities | 10/49 | €1,437,322 | €1,290,767 | -€146,555 | -10.2% |
| Equity | 10/15 | €152,732 | €205,691 | +€52,959 | +34.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €120,274 | €173,024 | +€52,750 | +43.9% |
| Distributable reserves | 133 | €120,274 | €173,024 | +€52,750 | +43.9% |
| Profit (loss) carried forward | 14 | €13,858 | €14,067 | +€209 | +1.5% |
| Amounts payable | 17/49 | €1,284,590 | €1,085,076 | -€199,514 | -15.5% |
| Amounts payable after more than one year | 17 | €601,106 | €552,915 | -€48,191 | -8.0% |
| Financial debts | 170/4 | €601,106 | €552,915 | -€48,191 | -8.0% |
| Amounts payable within one year | 42/48 | €672,108 | €525,529 | -€146,579 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €325,041 | €75,853 | -€249,188 | -76.7% |
| Trade debts | 44 | €303,081 | €415,437 | +€112,356 | +37.1% |
| Suppliers | 440/4 | €303,081 | €415,437 | +€112,356 | +37.1% |
| Taxes, remuneration and social security | 45 | €37,663 | €34,239 | -€3,424 | -9.1% |
| Taxes | 450/3 | €19,444 | €18,129 | -€1,315 | -6.8% |
| Remuneration and social security | 454/9 | €18,219 | €16,110 | -€2,109 | -11.6% |
| Other amounts payable | 47/48 | €6,323 | - | -€6,323 | |
| Accrued charges and deferred income | 492/3 | €11,376 | €6,632 | -€4,744 | -41.7% |
| Remuneration, social security and pensions | 62 | €177,852 | €97,907 | -€79,945 | -45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,142 | €92,643 | +€1,501 | +1.6% |
| Other operating charges | 640/8 | €5,341 | €2,701 | -€2,640 | -49.4% |
| Gross operating margin | 9900 | €358,166 | €307,645 | -€50,521 | -14.1% |
| Operating profit (loss) | 9901 | €83,831 | €114,394 | +€30,563 | +36.5% |
| Financial income | 75/76B | €3,414 | €9,170 | +€5,756 | +168.6% |
| Recurring financial income | 75 | €3,414 | €9,170 | +€5,756 | +168.6% |
| Financial charges | 65/66B | €49,075 | €43,693 | -€5,382 | -11.0% |
| Recurring financial charges | 65 | €49,075 | €43,693 | -€5,382 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €38,170 | €79,871 | +€41,701 | +109.3% |
| Income taxes | 67/77 | €18,419 | €26,912 | +€8,493 | +46.1% |
| Profit (loss) for the period | 9904 | €19,751 | €52,959 | +€33,208 | +168.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,751 | €52,959 | +€33,208 | +168.1% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.