M CAREOS: what changed
Two fiscal 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.
M CAREOS
Largest movements
- Cash +€69,877
up €69,877 (+178.8%), from €39,078 to €108,955
mainly Net result for the year (+€152,903) and Depreciation (+€11,754)
- Current investments +€34,710
up €34,710 (+4.4%), from €781,090 to €815,800
- Tangible fixed assets -€11,754
down €11,754 (-27.3%), from €43,098 to €31,344
- Reserves +€134,903
up €134,903 (+28.4%), from €474,206 to €609,108
- Tax, wage and social debts -€33,115
down €33,115 (-57.6%), from €57,534 to €24,419
- Debts after one year -€15,210
down €15,210 (-59.1%), from €25,719 to €10,509
- Gross operating margin +€45,256
up €45,256 (+24.5%), from €185,044 to €230,299
- Taxes +€15,518
up €15,518 (+31.0%), from €50,138 to €65,656
- Financial income -€2,922
down €2,922 (-35.8%), from €8,167 to €5,245
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 | €876,985 | €975,782 | +€98,797 | +11.3% |
| Fixed assets | 21/28 | €43,098 | €31,344 | -€11,754 | -27.3% |
| Tangible fixed assets | 22/27 | €43,098 | €31,344 | -€11,754 | -27.3% |
| Furniture and vehicles | 24 | €43,098 | €31,344 | -€11,754 | -27.3% |
| Current assets | 29/58 | €833,887 | €944,438 | +€110,551 | +13.3% |
| Amounts receivable within one year | 40/41 | €13,719 | €18,772 | +€5,053 | +36.8% |
| Trade receivables | 40 | - | €2,152 | +€2,152 | |
| Other amounts receivable | 41 | €13,719 | €16,620 | +€2,901 | +21.1% |
| Current investments | 50/53 | €781,090 | €815,800 | +€34,710 | +4.4% |
| Cash at bank and in hand | 54/58 | €39,078 | €108,955 | +€69,877 | +178.8% |
| Deferred charges and accrued income | 490/1 | - | €911 | +€911 | |
| Total equity and liabilities | 10/49 | €876,985 | €975,782 | +€98,797 | +11.3% |
| Equity | 10/15 | €745,406 | €880,308 | +€134,903 | +18.1% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €474,206 | €609,108 | +€134,903 | +28.4% |
| Distributable reserves | 133 | €474,206 | €609,108 | +€134,903 | +28.4% |
| Profit (loss) carried forward | 14 | €256,940 | €256,940 | = | 0.0% |
| Amounts payable | 17/49 | €131,579 | €95,474 | -€36,106 | -27.4% |
| Amounts payable after more than one year | 17 | €25,719 | €10,509 | -€15,210 | -59.1% |
| Financial debts | 170/4 | €25,719 | €10,509 | -€15,210 | -59.1% |
| Amounts payable within one year | 42/48 | €105,860 | €84,965 | -€20,895 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | €14,571 | €15,210 | +€639 | +4.4% |
| Financial debts | 43 | €23,333 | €23,333 | +€0 | 0.0% |
| Credit institutions | 430/8 | €23,333 | €23,333 | +€0 | 0.0% |
| Trade debts | 44 | €272 | €4,003 | +€3,731 | +1371.8% |
| Suppliers | 440/4 | €272 | €4,003 | +€3,731 | +1371.8% |
| Taxes, remuneration and social security | 45 | €57,534 | €24,419 | -€33,115 | -57.6% |
| Taxes | 450/3 | €57,534 | €24,419 | -€33,115 | -57.6% |
| Other amounts payable | 47/48 | €10,150 | €18,000 | +€7,850 | +77.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,027 | €11,754 | -€273 | -2.3% |
| Other operating charges | 640/8 | €288 | €685 | +€397 | +137.9% |
| Gross operating margin | 9900 | €185,044 | €230,299 | +€45,256 | +24.5% |
| Operating profit (loss) | 9901 | €172,729 | €217,860 | +€45,131 | +26.1% |
| Financial income | 75/76B | €8,167 | €5,245 | -€2,922 | -35.8% |
| Recurring financial income | 75 | €8,167 | €5,245 | -€2,922 | -35.8% |
| Financial charges | 65/66B | €4,289 | €4,546 | +€256 | +6.0% |
| Recurring financial charges | 65 | €4,289 | €4,546 | +€256 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €176,607 | €218,559 | +€41,952 | +23.8% |
| Income taxes | 67/77 | €50,138 | €65,656 | +€15,518 | +31.0% |
| Profit (loss) for the period | 9904 | €126,469 | €152,903 | +€26,434 | +20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €126,469 | €152,903 | +€26,434 | +20.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.