TOP CARO: 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.
TOP CARO
Largest movements
- Receivables within one year -€31,980
down €31,980 (-20.7%), from €154,508 to €122,528
- Cash +€15,962
up €15,962 (+87.1%), from €18,317 to €34,279
mainly Net result for the year (+€55,908) and Receivables within one year (+€31,980)
- Trade debts -€76,044
down €76,044 (-50.7%), from €149,968 to €73,925
- Profit (loss) carried forward +€55,908
up €55,908 (+97.2%), from €57,507 to €113,414
- Tax, wage and social debts +€7,179
up €7,179 (+38.7%), from €18,557 to €25,736
- Other operating charges -€9,663
down €9,663 (-93.0%), from €10,388 to €725
- Gross operating margin +€8,543
up €8,543 (+11.7%), from €73,311 to €81,854
- Taxes +€3,258
up €3,258 (+19.6%), from €16,636 to €19,895
- Depreciation +€1,728
up €1,728 (+69.7%), from €2,479 to €4,207
- Write-downs +€1,105
new in 2025: €1,105
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 | €256,827 | €243,836 | -€12,991 | -5.1% |
| Fixed assets | 21/28 | €35,882 | €38,420 | +€2,538 | +7.1% |
| Tangible fixed assets | 22/27 | €35,132 | €37,670 | +€2,538 | +7.2% |
| Plant, machinery and equipment | 23 | €494 | €4,828 | +€4,334 | +878% |
| Furniture and vehicles | 24 | €4,322 | €4,160 | -€162 | -3.7% |
| Other tangible fixed assets | 26 | €30,316 | €28,682 | -€1,635 | -5.4% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €220,945 | €205,416 | -€15,529 | -7.0% |
| Stocks and contracts in progress | 3 | €7,371 | €6,266 | -€1,105 | -15.0% |
| Stocks | 30/36 | €7,371 | €6,266 | -€1,105 | -15.0% |
| Amounts receivable within one year | 40/41 | €154,508 | €122,528 | -€31,980 | -20.7% |
| Trade receivables | 40 | €154,508 | €122,528 | -€31,980 | -20.7% |
| Current investments | 50/53 | €40,595 | €40,846 | +€251 | +0.6% |
| Cash at bank and in hand | 54/58 | €18,317 | €34,279 | +€15,962 | +87.1% |
| Deferred charges and accrued income | 490/1 | €154 | €1,498 | +€1,344 | +872% |
| Total equity and liabilities | 10/49 | €256,827 | €243,836 | -€12,991 | -5.1% |
| Equity | 10/15 | €87,788 | €143,695 | +€55,908 | +63.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,681 | €11,681 | = | 0.0% |
| Distributable reserves | 133 | €11,681 | €11,681 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,507 | €113,414 | +€55,908 | +97.2% |
| Amounts payable | 17/49 | €169,040 | €100,141 | -€68,898 | -40.8% |
| Amounts payable within one year | 42/48 | €169,006 | €100,141 | -€68,865 | -40.7% |
| Trade debts | 44 | €149,968 | €73,925 | -€76,044 | -50.7% |
| Suppliers | 440/4 | €149,968 | €73,925 | -€76,044 | -50.7% |
| Taxes, remuneration and social security | 45 | €18,557 | €25,736 | +€7,179 | +38.7% |
| Taxes | 450/3 | €18,557 | €25,736 | +€7,179 | +38.7% |
| Other amounts payable | 47/48 | €480 | €480 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €34 | - | -€34 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,479 | €4,207 | +€1,728 | +69.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,105 | +€1,105 | |
| Other operating charges | 640/8 | €10,388 | €725 | -€9,663 | -93.0% |
| Gross operating margin | 9900 | €73,311 | €81,854 | +€8,543 | +11.7% |
| Operating profit (loss) | 9901 | €60,443 | €75,817 | +€15,374 | +25.4% |
| Financial income | 75/76B | €716 | €308 | -€407 | -56.9% |
| Recurring financial income | 75 | €716 | €308 | -€407 | -56.9% |
| Financial charges | 65/66B | €146 | €323 | +€177 | +122% |
| Recurring financial charges | 65 | €146 | €323 | +€177 | +122% |
| Profit (loss) for the period before taxes | 9903 | €61,013 | €75,802 | +€14,789 | +24.2% |
| Income taxes | 67/77 | €16,636 | €19,895 | +€3,258 | +19.6% |
| Profit (loss) for the period | 9904 | €44,377 | €55,908 | +€11,531 | +26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,377 | €55,908 | +€11,531 | +26.0% |
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 20 October 2026 via checked.be.