Carfin: 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.
What changed
Carfin
NACE 64.190, Financial service activities, except insurance and pension funding
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€13.2m
2023 · €12.0m+€1.3m
Equity
€133.9m
2023 · €170.6m-€36.8m
Cash
€106.8m
2023 · €55.8m+€51.0m
Balance sheet total
€452.4m
2023 · €534.5m-€82.1m
Largest movements
Assets
- Receivables within one year -€85.9m
down €85.9m (-25.3%), from €339.1m to €253.2m
of which Other amounts receivable: -€85.6m
- Cash +€51.0m
up €51.0m (+91.4%), from €55.8m to €106.8m
mainly Receivables within one year (+€85.9m) and Investment in fixed assets (net) (+€46.9m)
- Financial fixed assets -€47.4m
down €47.4m (-45.0%), from €105.2m to €57.8m
of which Affiliated companies: -€47.4m
Equity and liabilities
- Short-term financial debts -€63.8m
down €63.8m (-19.4%), from €328.8m to €265.0m
of which Credit institutions: -€236.1m
- Profit (loss) carried forward -€36.8m
down €36.8m (-87.5%), from €42.0m to €5.2m
- Other debts +€20.0m
up €20.0m (+66.7%), from €30.0m to €50.0m
Income statement
- Financial income +€49.7m
up €49.7m (+136.0%), from €36.6m to €86.3m
of which Financial income: +€49.6m
- Financial charges +€48.0m
up €48.0m (+233.5%), from €20.6m to €68.6m
- Taxes +€372,556
up €372,556 (+9.2%), from €4.0m to €4.4m
of which Taxes: +€316,022
- Services and other goods +€62,087
up €62,087 (+10.1%), from €613,075 to €675,161
- Other operating charges +€27,106
up €27,106 (+33.0%), from €82,147 to €109,253
From the 2023 result to the 2024 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.
Result 2023
€12.0m
Turnover
-€2,260
Other operating income
-€406
Services and other goods
-€62,087
Staff costs
-€11,877
Depreciation
+€231
Provisions
+€11,575
Other operating charges
-€27,106
Other operating items
-€478
Financial income
+€49.7m
Financial charges
-€48.0m
Taxes
-€372,556
Result 2024
€13.2m
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€117.8m
Investment
+€47.0m
Financing
-€113.8m
Cash 2023
€55.8m
From operations (derived)
+€117.8m
Net result for the year
+€13.2m
Depreciation
+€24,758
Receivables after one year
-€500,000
Receivables within one year
+€85.9m
Deferred charges and accrued income
+€768,894
Provisions
+€787,959
Trade debts
-€214,987
Tax, wage and social debts
-€1.6m
Other debts
+€20.0m
Accrued charges and deferred income
-€573,146
Investment (derived)
+€47.0m
Investment in fixed assets (net)
+€46.9m
Current investments
+€24,756
Financing
-€113.8m
Short-term financial debts
-€63.8m
Contributions, distributions and other
-€50.0m
Cash 2024
€106.8m
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €534,525,201 | €452,392,477 | -€82.1m | -15.4% |
| Fixed assets | 21/28 | €116,140,805 | €69,181,177 | -€47.0m | -40.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €10,896,680 | €11,336,066 | +€439,386 | +4.0% |
| Land and buildings | 22 | €10,895,466 | €11,329,808 | +€434,342 | +4.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €1,214 | €6,258 | +€5,044 | +415.5% |
| Financial fixed assets | 28 | €105,244,125 | €57,845,111 | -€47.4m | -45.0% |
| Affiliated companies | 280/1 | €102,335,548 | €54,985,548 | -€47.4m | -46.3% |
| Participating interests | 280 | €1,985,548 | €1,985,548 | = | 0.0% |
| Amounts receivable | 281 | €100,350,000 | €53,000,000 | -€47.4m | -47.2% |
| Companies linked by participating interests | 282/3 | €2,784,000 | €2,784,000 | = | 0.0% |
| Participating interests | 282 | €2,784,000 | €2,784,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €124,577 | €75,563 | -€49,014 | -39.3% |
| Shares | 284 | €124,577 | €75,563 | -€49,014 | -39.3% |
| Current assets | 29/58 | €418,384,396 | €383,211,300 | -€35.2m | -8.4% |
| Amounts receivable after more than one year | 29 | €21,000,000 | €21,500,000 | +€500,000 | +2.4% |
| Other amounts receivable | 291 | €21,000,000 | €21,500,000 | +€500,000 | +2.4% |
| Stocks and contracts in progress | 3 | €1,606,574 | €1,606,574 | = | 0.0% |
| Stocks | 30/36 | €1,606,574 | €1,606,574 | = | 0.0% |
| Goods purchased for resale | 34 | €1,606,574 | €1,606,574 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €339,069,761 | €253,201,584 | -€85.9m | -25.3% |
| Trade receivables | 40 | €823,129 | €572,207 | -€250,922 | -30.5% |
| Other amounts receivable | 41 | €338,246,633 | €252,629,376 | -€85.6m | -25.3% |
| Current investments | 50/53 | €75,003 | €50,247 | -€24,756 | -33.0% |
| Other investments | 51/53 | €75,003 | €50,247 | -€24,756 | -33.0% |
| Cash at bank and in hand | 54/58 | €55,764,496 | €106,753,227 | +€51.0m | +91.4% |
| Deferred charges and accrued income | 490/1 | €868,561 | €99,668 | -€768,894 | -88.5% |
| Total equity and liabilities | 10/49 | €534,525,201 | €452,392,477 | -€82.1m | -15.4% |
| Equity | 10/15 | €170,625,801 | €133,850,233 | -€36.8m | -21.6% |
| Contributions | 10/11 | €116,554,150 | €116,554,150 | = | 0.0% |
| Capital | 10 | €99,856,108 | €99,856,108 | = | 0.0% |
| Issued capital | 100 | €99,856,108 | €99,856,108 | = | 0.0% |
| Outside capital | 11 | €16,698,042 | €16,698,042 | = | 0.0% |
| Share premium | 1100/10 | €16,698,042 | €16,698,042 | = | 0.0% |
| Reserves | 13 | €12,055,457 | €12,055,457 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,290,790 | €11,290,790 | = | 0.0% |
| Legal reserve | 130 | €9,985,611 | €9,985,611 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,305,179 | €1,305,179 | = | 0.0% |
| Tax-exempt reserves | 132 | €764,667 | €764,667 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,016,193 | €5,240,625 | -€36.8m | -87.5% |
| Provisions and deferred taxes | 16 | €23,003 | €810,962 | +€787,959 | +3425.5% |
| Provisions for liabilities and charges | 160/5 | €23,003 | €810,962 | +€787,959 | +3425.5% |
| Other liabilities and charges | 164/5 | €23,003 | €810,962 | +€787,959 | +3425.5% |
| Amounts payable | 17/49 | €363,876,397 | €317,731,282 | -€46.1m | -12.7% |
| Amounts payable within one year | 42/48 | €362,749,116 | €317,177,146 | -€45.6m | -12.6% |
| Financial debts | 43 | €328,773,654 | €264,973,771 | -€63.8m | -19.4% |
| Credit institutions | 430/8 | €244,346,461 | €8,268,171 | -€236.1m | -96.6% |
| Other loans | 439 | €84,427,193 | €256,705,600 | +€172.3m | +204.1% |
| Trade debts | 44 | €562,128 | €347,141 | -€214,987 | -38.2% |
| Suppliers | 440/4 | €562,128 | €347,141 | -€214,987 | -38.2% |
| Taxes, remuneration and social security | 45 | €3,413,227 | €1,856,105 | -€1.6m | -45.6% |
| Taxes | 450/3 | €3,314,912 | €1,753,412 | -€1.6m | -47.1% |
| Remuneration and social security | 454/9 | €98,315 | €102,693 | +€4,378 | +4.5% |
| Other amounts payable | 47/48 | €30,000,106 | €50,000,129 | +€20.0m | +66.7% |
| Accrued charges and deferred income | 492/3 | €1,127,282 | €554,136 | -€573,146 | -50.8% |
| Operating income | 70/76A | €1,077,951 | €1,075,285 | -€2,666 | -0.2% |
| Turnover | 70 | €2,260 | - | -€2,260 | |
| Other operating income | 74 | €1,075,691 | €1,075,285 | -€406 | 0.0% |
| Operating charges | 60/66A | €1,090,116 | €1,179,857 | +€89,741 | +8.2% |
| Services and other goods | 61 | €613,075 | €675,161 | +€62,087 | +10.1% |
| Remuneration, social security and pensions | 62 | €369,692 | €381,568 | +€11,877 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,988 | €24,758 | -€231 | -0.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€11,575 | -€11,575 | |
| Other operating charges | 640/8 | €82,147 | €109,253 | +€27,106 | +33.0% |
| Non-recurring operating charges | 66A | €214 | €693 | +€478 | +223.1% |
| Operating profit (loss) | 9901 | -€12,165 | -€104,572 | -€92,407 | -759.6% |
| Financial income | 75/76B | €36,567,610 | €86,312,336 | +€49.7m | +136.0% |
| Recurring financial income | 75 | €36,567,610 | €86,135,300 | +€49.6m | +135.6% |
| Income from financial fixed assets | 750 | €11,516,611 | €12,414,495 | +€897,884 | +7.8% |
| Income from current assets | 751 | €4,393,626 | €5,483,525 | +€1.1m | +24.8% |
| Other financial income | 752/9 | €20,657,373 | €68,237,279 | +€47.6m | +230.3% |
| Non-recurring financial income | 76B | - | €177,036 | +€177,036 | |
| Financial charges | 65/66B | €20,564,553 | €68,578,561 | +€48.0m | +233.5% |
| Recurring financial charges | 65 | €20,564,553 | €68,578,561 | +€48.0m | +233.5% |
| Debt charges | 650 | €9,928,208 | €5,953,494 | -€4.0m | -40.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €38,300 | -€28 | -€38,328 | |
| Other financial charges | 652/9 | €10,598,045 | €62,625,095 | +€52.0m | +490.9% |
| Profit (loss) for the period before taxes | 9903 | €15,990,892 | €17,629,203 | +€1.6m | +10.2% |
| Income taxes | 67/77 | €4,032,216 | €4,404,771 | +€372,556 | +9.2% |
| Taxes | 670/3 | €4,088,749 | €4,404,771 | +€316,022 | +7.7% |
| Tax adjustments and reversals of tax provisions | 77 | €56,533 | - | -€56,533 | |
| Profit (loss) for the period | 9904 | €11,958,676 | €13,224,432 | +€1.3m | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,958,676 | €13,224,432 | +€1.3m | +10.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.