CARPIMMO: 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.
What changed
CARPIMMO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€447,099
2024 · €493,280-€46,181
Equity
€12.1m
2024 · €11.7m+€447,099
Cash
€42,260
2024 · €168,994-€126,733
Balance sheet total
€21.8m
2024 · €22.0m-€264,023
Largest movements
Assets
- Tangible fixed assets -€473,343
down €473,343 (-4.3%), from €10.9m to €10.4m
of which Leasing and similar rights: -€396,250
- Receivables within one year +€337,994
up €337,994 (+135%), from €249,933 to €587,927
of which Trade receivables: +€214,502
Equity and liabilities
- Profit (loss) carried forward +€823,353
up €823,353, from -€823,353 to €0
- Debts after one year -€731,679
down €731,679 (-9.8%), from €7.5m to €6.7m
of which Financial debts: -€556,679
- Reserves -€376,254
down €376,254 (-8.0%), from €4.7m to €4.4m
of which Tax-exempt reserves: -€384,572
Income statement
- Gross operating margin -€61,267
down €61,267 (-3.7%), from €1.7m to €1.6m
- Depreciation +€39,947
up €39,947 (+6.1%), from €652,304 to €692,251
- Taxes -€32,223
down €32,223 (-10.6%), from €304,000 to €271,777
- Financial charges -€25,274
down €25,274 (-12.4%), from €203,996 to €178,722
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.
Result 2024
€493,280
Gross operating margin
-€61,267
Depreciation
-€39,947
Other operating charges
-€3,613
Financial income
+€1,150
Financial charges
+€25,274
Taxes
+€32,223
Result 2025
€447,099
raises the resultlowers the result
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.
From operations
+€676,960
Investment
-€218,907
Financing
-€584,787
Cash 2024
€168,994
From operations (derived)
+€676,960
Net result for the year
+€447,099
Depreciation
+€692,251
Receivables within one year
-€337,994
Deferred charges and accrued income
+€1,940
Provisions
-€128,191
Trade debts
-€131,686
Tax, wage and social debts
+€146,000
Accrued charges and deferred income
-€12,458
Investment (derived)
-€218,907
Investment in fixed assets (net)
-€218,907
Financing
-€584,787
Debts after one year
-€731,679
Current portion of long-term debt
+€146,892
Cash 2025
€42,260
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,025,396 | €21,761,373 | -€264,023 | -1.2% |
| Fixed assets | 21/28 | €21,547,435 | €21,074,092 | -€473,343 | -2.2% |
| Tangible fixed assets | 22/27 | €10,895,623 | €10,422,280 | -€473,343 | -4.3% |
| Land and buildings | 22 | €2,997,141 | €2,820,167 | -€176,975 | -5.9% |
| Plant, machinery and equipment | 23 | €634,447 | €914,329 | +€279,881 | +44.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €7,084,034 | €6,687,784 | -€396,250 | -5.6% |
| Assets under construction and advance payments | 27 | €180,000 | €0 | -€180,000 | -100% |
| Financial fixed assets | 28 | €10,651,812 | €10,651,812 | = | 0.0% |
| Current assets | 29/58 | €477,961 | €687,282 | +€209,321 | +43.8% |
| Amounts receivable within one year | 40/41 | €249,933 | €587,927 | +€337,994 | +135% |
| Trade receivables | 40 | €220,113 | €434,615 | +€214,502 | +97.5% |
| Other amounts receivable | 41 | €29,820 | €153,312 | +€123,492 | +414% |
| Cash at bank and in hand | 54/58 | €168,994 | €42,260 | -€126,733 | -75.0% |
| Deferred charges and accrued income | 490/1 | €59,035 | €57,095 | -€1,940 | -3.3% |
| Total equity and liabilities | 10/49 | €22,025,396 | €21,761,373 | -€264,023 | -1.2% |
| Equity | 10/15 | €11,681,669 | €12,128,768 | +€447,099 | +3.8% |
| Contributions | 10/11 | €7,777,000 | €7,777,000 | = | 0.0% |
| Capital | 10 | €7,777,000 | €7,777,000 | = | 0.0% |
| Issued capital | 100 | €7,777,000 | €7,777,000 | = | 0.0% |
| Reserves | 13 | €4,728,022 | €4,351,768 | -€376,254 | -8.0% |
| Non-distributable reserves | 130/1 | €42,000 | €42,416 | +€416 | +1.0% |
| Legal reserve | 130 | €42,000 | €42,416 | +€416 | +1.0% |
| Tax-exempt reserves | 132 | €4,685,172 | €4,300,600 | -€384,572 | -8.2% |
| Distributable reserves | 133 | €850 | €8,751 | +€7,901 | +929% |
| Profit (loss) carried forward | 14 | -€823,353 | €0 | +€823,353 | |
| Provisions and deferred taxes | 16 | €1,561,724 | €1,433,533 | -€128,191 | -8.2% |
| Deferred taxes | 168 | €1,561,724 | €1,433,533 | -€128,191 | -8.2% |
| Amounts payable | 17/49 | €8,782,003 | €8,199,072 | -€582,931 | -6.6% |
| Amounts payable after more than one year | 17 | €7,455,258 | €6,723,579 | -€731,679 | -9.8% |
| Financial debts | 170/4 | €6,415,468 | €5,858,789 | -€556,679 | -8.7% |
| Other amounts payable | 178/9 | €1,039,790 | €864,790 | -€175,000 | -16.8% |
| Amounts payable within one year | 42/48 | €1,314,287 | €1,475,493 | +€161,206 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €840,203 | €987,095 | +€146,892 | +17.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €320,084 | €188,398 | -€131,686 | -41.1% |
| Suppliers | 440/4 | €320,084 | €188,398 | -€131,686 | -41.1% |
| Taxes, remuneration and social security | 45 | €154,000 | €300,000 | +€146,000 | +94.8% |
| Taxes | 450/3 | €154,000 | €300,000 | +€146,000 | +94.8% |
| Accrued charges and deferred income | 492/3 | €12,458 | €0 | -€12,458 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €652,304 | €692,251 | +€39,947 | +6.1% |
| Other operating charges | 640/8 | €125,561 | €129,174 | +€3,613 | +2.9% |
| Gross operating margin | 9900 | €1,650,508 | €1,589,240 | -€61,267 | -3.7% |
| Operating profit (loss) | 9901 | €872,643 | €767,816 | -€104,827 | -12.0% |
| Financial income | 75/76B | €442 | €1,591 | +€1,150 | +260% |
| Recurring financial income | 75 | €442 | €1,591 | +€1,150 | +260% |
| Financial charges | 65/66B | €203,996 | €178,722 | -€25,274 | -12.4% |
| Recurring financial charges | 65 | €203,996 | €178,722 | -€25,274 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €669,089 | €590,685 | -€78,404 | -11.7% |
| Transfer from deferred taxes | 780 | €128,191 | €128,191 | = | 0.0% |
| Income taxes | 67/77 | €304,000 | €271,777 | -€32,223 | -10.6% |
| Profit (loss) for the period | 9904 | €493,280 | €447,099 | -€46,181 | -9.4% |
| Transfer from tax-exempt reserves | 789 | €384,572 | €384,572 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €877,851 | €831,670 | -€46,181 | -5.3% |
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 26 October 2026 via checked.be.