Michel CARBON: 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.
Michel CARBON
Largest movements
- Financial fixed assets -€381,139
down €381,139 (-94.2%), from €404,624 to €23,486
- Stocks and contracts +€241,386
up €241,386 (+23.1%), from €1.0m to €1.3m
- Cash -€163,566
down €163,566 (-28.1%), from €582,326 to €418,761
mainly Other debts (-€341,138) and Stocks and contracts (-€241,386)
- Tangible fixed assets -€66,995
down €66,995 (-11.6%), from €579,558 to €512,562
- Other debts -€341,138
down €341,138 (-98.2%), from €347,218 to €6,079
- Debts after one year -€118,295
down €118,295 (-94.1%), from €125,771 to €7,476
- Reserves +€94,000
up €94,000 (+7.0%), from €1.3m to €1.4m
of which Distributable reserves: +€94,000
- Trade debts -€55,143
down €55,143 (-5.4%), from €1.0m to €971,668
- Gross operating margin -€261,361
down €261,361 (-31.6%), from €827,554 to €566,193
- Financial income +€97,122
up €97,122 (+1,176%), from €8,260 to €105,383
- Taxes -€47,471
down €47,471 (-49.3%), from €96,268 to €48,797
- Depreciation -€18,889
down €18,889 (-8.4%), from €224,902 to €206,014
- Financial charges -€17,694
down €17,694 (-23.6%), from €74,818 to €57,123
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 | €3,095,574 | €2,675,320 | -€420,254 | -13.6% |
| Fixed assets | 21/28 | €984,182 | €536,048 | -€448,134 | -45.5% |
| Tangible fixed assets | 22/27 | €579,558 | €512,562 | -€66,995 | -11.6% |
| Land and buildings | 22 | €153,776 | €129,205 | -€24,571 | -16.0% |
| Plant, machinery and equipment | 23 | €39,442 | €23,280 | -€16,162 | -41.0% |
| Furniture and vehicles | 24 | €324,890 | €319,908 | -€4,982 | -1.5% |
| Leasing and similar rights | 25 | €61,450 | €40,170 | -€21,280 | -34.6% |
| Financial fixed assets | 28 | €404,624 | €23,486 | -€381,139 | -94.2% |
| Current assets | 29/58 | €2,111,392 | €2,139,272 | +€27,880 | +1.3% |
| Amounts receivable after more than one year | 29 | €34,913 | €15,899 | -€19,015 | -54.5% |
| Other amounts receivable | 291 | €34,913 | €15,899 | -€19,015 | -54.5% |
| Stocks and contracts in progress | 3 | €1,042,802 | €1,284,188 | +€241,386 | +23.1% |
| Stocks | 30/36 | €1,042,802 | €1,284,188 | +€241,386 | +23.1% |
| Amounts receivable within one year | 40/41 | €434,415 | €405,797 | -€28,618 | -6.6% |
| Trade receivables | 40 | €388,054 | €301,070 | -€86,984 | -22.4% |
| Other amounts receivable | 41 | €46,361 | €104,727 | +€58,366 | +126% |
| Cash at bank and in hand | 54/58 | €582,326 | €418,761 | -€163,566 | -28.1% |
| Deferred charges and accrued income | 490/1 | €16,935 | €14,627 | -€2,308 | -13.6% |
| Total equity and liabilities | 10/49 | €3,095,574 | €2,675,320 | -€420,254 | -13.6% |
| Equity | 10/15 | €1,388,320 | €1,483,330 | +€95,010 | +6.8% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €1,335,462 | €1,429,462 | +€94,000 | +7.0% |
| Tax-exempt reserves | 132 | €45,500 | €45,500 | = | 0.0% |
| Distributable reserves | 133 | €1,289,962 | €1,383,962 | +€94,000 | +7.3% |
| Profit (loss) carried forward | 14 | €32,407 | €33,416 | +€1,010 | +3.1% |
| Provisions and deferred taxes | 16 | €39,133 | €66,955 | +€27,821 | +71.1% |
| Provisions for liabilities and charges | 160/5 | €39,133 | €66,955 | +€27,821 | +71.1% |
| Other liabilities and charges | 164/5 | €39,133 | €66,955 | +€27,821 | +71.1% |
| Amounts payable | 17/49 | €1,668,120 | €1,125,035 | -€543,085 | -32.6% |
| Amounts payable after more than one year | 17 | €125,771 | €7,476 | -€118,295 | -94.1% |
| Financial debts | 170/4 | €125,771 | €7,476 | -€118,295 | -94.1% |
| Amounts payable within one year | 42/48 | €1,542,349 | €1,117,559 | -€424,789 | -27.5% |
| Current portion of amounts payable after more than one year | 42 | €114,510 | €116,165 | +€1,655 | +1.4% |
| Trade debts | 44 | €1,026,811 | €971,668 | -€55,143 | -5.4% |
| Suppliers | 440/4 | €1,026,811 | €971,668 | -€55,143 | -5.4% |
| Taxes, remuneration and social security | 45 | €53,810 | €23,647 | -€30,163 | -56.1% |
| Taxes | 450/3 | €12,982 | €2,805 | -€10,176 | -78.4% |
| Remuneration and social security | 454/9 | €40,828 | €20,842 | -€19,987 | -49.0% |
| Other amounts payable | 47/48 | €347,218 | €6,079 | -€341,138 | -98.2% |
| Non-recurring operating income | 76A | - | €10,019 | +€10,019 | |
| Remuneration, social security and pensions | 62 | €188,251 | €198,533 | +€10,282 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224,902 | €206,014 | -€18,889 | -8.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €39,133 | €27,821 | -€11,312 | -28.9% |
| Other operating charges | 640/8 | €24,623 | €38,279 | +€13,656 | +55.5% |
| Gross operating margin | 9900 | €827,554 | €566,193 | -€261,361 | -31.6% |
| Operating profit (loss) | 9901 | €350,645 | €95,547 | -€255,098 | -72.8% |
| Financial income | 75/76B | €8,260 | €105,383 | +€97,122 | +1,176% |
| Recurring financial income | 75 | €8,260 | €105,383 | +€97,122 | +1,176% |
| Financial charges | 65/66B | €74,818 | €57,123 | -€17,694 | -23.6% |
| Recurring financial charges | 65 | €74,818 | €57,123 | -€17,694 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | €284,088 | €143,807 | -€140,282 | -49.4% |
| Income taxes | 67/77 | €96,268 | €48,797 | -€47,471 | -49.3% |
| Profit (loss) for the period | 9904 | €187,820 | €95,010 | -€92,811 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €187,820 | €95,010 | -€92,811 | -49.4% |
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 30 October 2026 via checked.be.