JAN CARELSBERGH: 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.
JAN CARELSBERGH
Largest movements
- Intangible fixed assets -€41,429
down €41,429 (-48.0%), from €86,310 to €44,881
- Cash -€28,147
down €28,147 (-24.0%), from €117,308 to €89,161
mainly Contributions, distributions and other (-€53,788) and Investment in fixed assets (net) (-€52,068)
- Tangible fixed assets -€4,444
down €4,444 (-3.5%), from €126,590 to €122,147
of which Land and buildings: -€14,034
- Receivables within one year +€3,754
up €3,754 (+112%), from €3,354 to €7,108
- Debts after one year -€43,607
down €43,607 (-50.9%), from €85,651 to €42,045
- Reserves -€34,020
down €34,020 (-27.4%), from €124,324 to €90,304
- Other debts +€11,922
up €11,922 (+323%), from €3,693 to €15,614
- Current portion of long-term debt +€11,675
up €11,675 (+15.4%), from €75,726 to €87,401
- Tax, wage and social debts -€9,579
down €9,579 (-28.5%), from €33,608 to €24,030
of which Remuneration and social security: -€7,055
- Staff costs +€15,633
up €15,633 (+18.3%), from €85,530 to €101,163
- Gross operating margin -€13,482
down €13,482 (-5.3%), from €253,233 to €239,750
- Taxes -€8,536
down €8,536 (-39.1%), from €21,855 to €13,319
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 | €348,098 | €277,797 | -€70,301 | -20.2% |
| Fixed assets | 21/28 | €212,905 | €167,033 | -€45,872 | -21.5% |
| Intangible fixed assets | 21 | €86,310 | €44,881 | -€41,429 | -48.0% |
| Tangible fixed assets | 22/27 | €126,590 | €122,147 | -€4,444 | -3.5% |
| Land and buildings | 22 | €60,771 | €46,737 | -€14,034 | -23.1% |
| Plant, machinery and equipment | 23 | €6,991 | €4,411 | -€2,580 | -36.9% |
| Furniture and vehicles | 24 | €58,829 | €70,999 | +€12,170 | +20.7% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €135,193 | €110,764 | -€24,429 | -18.1% |
| Amounts receivable within one year | 40/41 | €3,354 | €7,108 | +€3,754 | +112% |
| Other amounts receivable | 41 | €3,354 | €7,108 | +€3,754 | +112% |
| Cash at bank and in hand | 54/58 | €117,308 | €89,161 | -€28,147 | -24.0% |
| Deferred charges and accrued income | 490/1 | €14,531 | €14,495 | -€36 | -0.3% |
| Total equity and liabilities | 10/49 | €348,098 | €277,797 | -€70,301 | -20.2% |
| Equity | 10/15 | €136,724 | €102,704 | -€34,020 | -24.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €124,324 | €90,304 | -€34,020 | -27.4% |
| Distributable reserves | 133 | €124,324 | €90,304 | -€34,020 | -27.4% |
| Amounts payable | 17/49 | €211,375 | €175,094 | -€36,281 | -17.2% |
| Amounts payable after more than one year | 17 | €85,651 | €42,045 | -€43,607 | -50.9% |
| Financial debts | 170/4 | €85,651 | €42,045 | -€43,607 | -50.9% |
| Amounts payable within one year | 42/48 | €124,927 | €133,049 | +€8,122 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €75,726 | €87,401 | +€11,675 | +15.4% |
| Trade debts | 44 | €11,900 | €6,005 | -€5,895 | -49.5% |
| Suppliers | 440/4 | €11,900 | €6,005 | -€5,895 | -49.5% |
| Taxes, remuneration and social security | 45 | €33,608 | €24,030 | -€9,579 | -28.5% |
| Taxes | 450/3 | €5,360 | €2,837 | -€2,523 | -47.1% |
| Remuneration and social security | 454/9 | €28,248 | €21,193 | -€7,055 | -25.0% |
| Other amounts payable | 47/48 | €3,693 | €15,614 | +€11,922 | +323% |
| Accrued charges and deferred income | 492/3 | €797 | - | -€797 | |
| Remuneration, social security and pensions | 62 | €85,530 | €101,163 | +€15,633 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,422 | €97,940 | +€1,517 | +1.6% |
| Other operating charges | 640/8 | €4,162 | €6,261 | +€2,099 | +50.4% |
| Gross operating margin | 9900 | €253,233 | €239,750 | -€13,482 | -5.3% |
| Operating profit (loss) | 9901 | €67,118 | €34,387 | -€32,731 | -48.8% |
| Financial income | 75/76B | €1,454 | €1,426 | -€28 | -1.9% |
| Recurring financial income | 75 | €1,454 | €1,426 | -€28 | -1.9% |
| Financial charges | 65/66B | €3,135 | €2,726 | -€409 | -13.1% |
| Recurring financial charges | 65 | €3,135 | €2,726 | -€409 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €65,437 | €33,087 | -€32,350 | -49.4% |
| Income taxes | 67/77 | €21,855 | €13,319 | -€8,536 | -39.1% |
| Profit (loss) for the period | 9904 | €43,582 | €19,768 | -€23,814 | -54.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,582 | €19,768 | -€23,814 | -54.6% |
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 16 October 2026 via checked.be.