Cartel: 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.
Cartel
Largest movements
- Receivables within one year +€553,905
up €553,905 (+83.9%), from €659,948 to €1.2m
of which Trade receivables: +€401,220
- Cash -€172,998
down €172,998 (-55.0%), from €314,382 to €141,384
mainly Other debts (-€571,522) and Receivables within one year (-€553,905)
- Tangible fixed assets +€52,802
up €52,802 (+790.9%), from €6,676 to €59,478
of which Other tangible fixed assets: +€46,586
- Stocks and contracts -€35,421
down €35,421 (-100.0%), from €35,421 to €0
- Reserves +€701,157
up €701,157 (+37696.6%), from €1,860 to €703,017
of which Distributable reserves: +€703,017
- Other debts -€571,522
down €571,522 (-76.6%), from €745,757 to €174,235
- Tax, wage and social debts +€278,143
up €278,143 (+310.7%), from €89,509 to €367,652
of which Taxes: +€281,436
- Accrued charges and deferred income -€51,882
down €51,882 (-67.5%), from €76,844 to €24,962
- Trade debts +€39,340
up €39,340 (+78.4%), from €50,160 to €89,500
- Gross operating margin +€880,107
up €880,107 (+360.7%), from €244,032 to €1.1m
- Taxes +€316,212
up €316,212 (+632.4%), from €50,000 to €366,212
- Financial charges +€22,454
up €22,454 (+361.0%), from €6,220 to €28,674
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 | €1,259,269 | €1,654,506 | +€395,237 | +31.4% |
| Fixed assets | 21/28 | €10,524 | €63,326 | +€52,802 | +501.7% |
| Intangible fixed assets | 21 | €2,649 | €2,649 | = | 0.0% |
| Tangible fixed assets | 22/27 | €6,676 | €59,478 | +€52,802 | +790.9% |
| Plant, machinery and equipment | 23 | €6,676 | €5,548 | -€1,128 | -16.9% |
| Furniture and vehicles | 24 | - | €7,345 | +€7,345 | |
| Other tangible fixed assets | 26 | - | €46,586 | +€46,586 | |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €1,248,745 | €1,591,179 | +€342,435 | +27.4% |
| Amounts receivable after more than one year | 29 | €238,993 | €235,314 | -€3,680 | -1.5% |
| Other amounts receivable | 291 | €238,993 | €235,314 | -€3,680 | -1.5% |
| Stocks and contracts in progress | 3 | €35,421 | €0 | -€35,421 | -100.0% |
| Stocks | 30/36 | €35,421 | €0 | -€35,421 | -100.0% |
| Amounts receivable within one year | 40/41 | €659,948 | €1,213,853 | +€553,905 | +83.9% |
| Trade receivables | 40 | €400,235 | €801,456 | +€401,220 | +100.2% |
| Other amounts receivable | 41 | €259,713 | €412,398 | +€152,685 | +58.8% |
| Cash at bank and in hand | 54/58 | €314,382 | €141,384 | -€172,998 | -55.0% |
| Deferred charges and accrued income | 490/1 | - | €628 | +€628 | |
| Total equity and liabilities | 10/49 | €1,259,269 | €1,654,506 | +€395,237 | +31.4% |
| Equity | 10/15 | €296,999 | €998,156 | +€701,157 | +236.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €703,017 | +€701,157 | +37696.6% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Distributable reserves | 133 | - | €703,017 | +€703,017 | |
| Profit (loss) carried forward | 14 | €276,539 | €276,539 | = | 0.0% |
| Amounts payable | 17/49 | €962,270 | €656,350 | -€305,920 | -31.8% |
| Amounts payable within one year | 42/48 | €885,426 | €631,387 | -€254,039 | -28.7% |
| Trade debts | 44 | €50,160 | €89,500 | +€39,340 | +78.4% |
| Suppliers | 440/4 | €50,160 | €89,500 | +€39,340 | +78.4% |
| Taxes, remuneration and social security | 45 | €89,509 | €367,652 | +€278,143 | +310.7% |
| Taxes | 450/3 | €80,780 | €362,217 | +€281,436 | +348.4% |
| Remuneration and social security | 454/9 | €8,729 | €5,436 | -€3,293 | -37.7% |
| Other amounts payable | 47/48 | €745,757 | €174,235 | -€571,522 | -76.6% |
| Accrued charges and deferred income | 492/3 | €76,844 | €24,962 | -€51,882 | -67.5% |
| Remuneration, social security and pensions | 62 | €40,001 | €29,426 | -€10,576 | -26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,128 | €2,459 | +€1,331 | +118.0% |
| Other operating charges | 640/8 | €930 | €1,194 | +€264 | +28.4% |
| Gross operating margin | 9900 | €244,032 | €1,124,139 | +€880,107 | +360.7% |
| Operating profit (loss) | 9901 | €201,971 | €1,091,059 | +€889,088 | +440.2% |
| Financial income | 75/76B | €2,310 | €4,984 | +€2,674 | +115.8% |
| Recurring financial income | 75 | €2,310 | €4,984 | +€2,674 | +115.8% |
| Financial charges | 65/66B | €6,220 | €28,674 | +€22,454 | +361.0% |
| Recurring financial charges | 65 | €6,220 | €28,674 | +€22,454 | +361.0% |
| Profit (loss) for the period before taxes | 9903 | €198,061 | €1,067,369 | +€869,308 | +438.9% |
| Income taxes | 67/77 | €50,000 | €366,212 | +€316,212 | +632.4% |
| Profit (loss) for the period | 9904 | €148,061 | €701,157 | +€553,096 | +373.6% |
| Profit (loss) for the period to be appropriated | 9905 | €148,061 | €701,157 | +€553,096 | +373.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.