Le Cartel: 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.
Le Cartel
Largest movements
- Cash +€66,302
up €66,302 (+34.8%), from €190,571 to €256,872
mainly Net result for the year (+€54,862) and Depreciation (+€51,764)
- Tangible fixed assets -€53,870
down €53,870 (-5.5%), from €984,661 to €930,791
of which Land and buildings: -€37,436
- Debts after one year -€104,657
down €104,657 (-37.4%), from €279,697 to €175,040
- Profit (loss) carried forward +€54,862
up €54,862 (+13.8%), from €398,233 to €453,095
- Accrued charges and deferred income +€49,792
up €49,792 (+98.9%), from €50,346 to €100,138
- Gross operating margin +€79,974
up €79,974 (+8.8%), from €913,314 to €993,288
- Staff costs +€30,757
up €30,757 (+3.6%), from €854,532 to €885,289
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 | €1,260,781 | €1,267,559 | +€6,778 | +0.5% |
| Fixed assets | 21/28 | €984,661 | €930,791 | -€53,870 | -5.5% |
| Tangible fixed assets | 22/27 | €984,661 | €930,791 | -€53,870 | -5.5% |
| Land and buildings | 22 | €893,397 | €855,961 | -€37,436 | -4.2% |
| Plant, machinery and equipment | 23 | €40,096 | €39,177 | -€919 | -2.3% |
| Furniture and vehicles | 24 | €51,169 | €35,653 | -€15,515 | -30.3% |
| Current assets | 29/58 | €276,119 | €336,767 | +€60,648 | +22.0% |
| Amounts receivable within one year | 40/41 | €83,572 | €76,347 | -€7,225 | -8.6% |
| Trade receivables | 40 | €9,765 | €7,976 | -€1,790 | -18.3% |
| Other amounts receivable | 41 | €73,806 | €68,371 | -€5,435 | -7.4% |
| Cash at bank and in hand | 54/58 | €190,571 | €256,872 | +€66,302 | +34.8% |
| Deferred charges and accrued income | 490/1 | €1,977 | €3,548 | +€1,571 | +79.5% |
| Total equity and liabilities | 10/49 | €1,260,781 | €1,267,559 | +€6,778 | +0.5% |
| Equity | 10/15 | €700,704 | €755,259 | +€54,555 | +7.8% |
| Contributions | 10/11 | €86,763 | €86,763 | = | 0.0% |
| Capital | 10 | €86,763 | €86,763 | = | 0.0% |
| Reserves | 13 | €143,778 | €143,778 | = | 0.0% |
| Profit (loss) carried forward | 14 | €398,233 | €453,095 | +€54,862 | +13.8% |
| Investment grants | 15 | €71,930 | €71,623 | -€307 | -0.4% |
| Amounts payable | 17/49 | €560,076 | €512,299 | -€47,777 | -8.5% |
| Amounts payable after more than one year | 17 | €279,697 | €175,040 | -€104,657 | -37.4% |
| Financial debts | 170/4 | €279,697 | €175,040 | -€104,657 | -37.4% |
| Amounts payable within one year | 42/48 | €230,034 | €237,121 | +€7,087 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €99,623 | €88,944 | -€10,679 | -10.7% |
| Trade debts | 44 | €4,841 | €5,216 | +€375 | +7.7% |
| Suppliers | 440/4 | €4,841 | €5,216 | +€375 | +7.7% |
| Taxes, remuneration and social security | 45 | €120,208 | €132,919 | +€12,710 | +10.6% |
| Taxes | 450/3 | €17,974 | €21,328 | +€3,355 | +18.7% |
| Remuneration and social security | 454/9 | €102,235 | €111,590 | +€9,356 | +9.2% |
| Accrued charges and deferred income | 492/3 | €50,346 | €100,138 | +€49,792 | +98.9% |
| Remuneration, social security and pensions | 62 | €854,532 | €885,289 | +€30,757 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,582 | €51,764 | -€1,818 | -3.4% |
| Other operating charges | 640/8 | €3,141 | €3,671 | +€530 | +16.9% |
| Gross operating margin | 9900 | €913,314 | €993,288 | +€79,974 | +8.8% |
| Operating profit (loss) | 9901 | €2,059 | €52,563 | +€50,504 | +2,453% |
| Financial income | 75/76B | €9,907 | €10,674 | +€767 | +7.7% |
| Recurring financial income | 75 | €9,907 | €10,673 | +€765 | +7.7% |
| Non-recurring financial income | 76B | - | €2 | +€2 | |
| Financial charges | 65/66B | €13,084 | €8,376 | -€4,709 | -36.0% |
| Recurring financial charges | 65 | €13,084 | €8,361 | -€4,723 | -36.1% |
| Non-recurring financial charges | 66B | - | €15 | +€15 | |
| Profit (loss) for the period before taxes | 9903 | -€1,118 | €54,862 | +€55,979 | |
| Profit (loss) for the period | 9904 | -€1,118 | €54,862 | +€55,979 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,118 | €54,862 | +€55,979 |
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 1 November 2026 via checked.be.