KARAUTO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 12-06-2026 PDF all 28 filings
Turnover
≈ €1.5m
Estimated: probably between €940,000 and €2.5m
EBIT margin
Not included in this filing
Net result
€92,379
2024 · -€4,040
Working capital
€1.0m▲ 9.8%
2024 · €915,198
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€147,405
▲ 113%
2025
20182025
Net result
€92,379
2025
middle half of the sector
20182025
Equity
€862,378
▲ 12.0%
2025
middle half of the sector
20182025
Total assets
€1.5m
▼ 4.3%
2025
middle half of the sector
20182025
Debt
€628,279
▼ 20.3%
2025
20182025
Working capital
€1.0m
▲ 9.8%
2025
middle half of the sector
20182025
Solvency
57.9%
▲ 8.4pp
2025
middle half of the sector
20182025
Current ratio
3.59
▲ 0.86
2025
highest quarter of the sector
20182025
Return on assets (ROA)
6.2%
▲ 6.5pp
2025
middle half of the sector
20182025
Staff (FTE)
2.8
▼ 15.2%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.03m-€0.1m▲ 305%€0.1m▲ 3.2%€0.3m▲ 115%€0.4m▲ 48.3%€0.2m▼ 49.9%€0.07m▼ 63.1%€0.1m▲ 113%
Net result€0.02m-€0.1m▲ 355%€0.1mwithin the sector's middle half▼ 7.5%€0.2mwithin the sector's middle half▲ 127%€0.3mwithin the sector's middle half▲ 33.9%€0.03mwithin the sector's middle half▼ 88.5%-€0.004mbelow the sector's middle half€0.09mwithin the sector's middle half
Equity€0.03m-€0.1m▲ 298%€0.2mwithin the sector's middle half▲ 69.2%€0.5mwithin the sector's middle half▲ 92.9%€0.7mwithin the sector's middle half▲ 64.5%€0.8mwithin the sector's middle half▲ 4.5%€0.8mwithin the sector's middle half▼ 0.5%€0.9mwithin the sector's middle half▲ 12.0%
Total assets€0.5m-€0.7m▲ 34.2%€0.8mwithin the sector's middle half▲ 19.1%€0.9mwithin the sector's middle half▲ 18.1%€1.3mwithin the sector's middle half▲ 41.3%€1.6mwithin the sector's middle half▲ 23.2%€1.6mwithin the sector's middle half▼ 4.0%€1.5mwithin the sector's middle half▼ 4.3%
Debt€0.5m-€0.5m▲ 14.4%€0.6m▲ 5.9%€0.5m▼ 13.3%€0.6m▲ 19.7%€0.8m▲ 47.2%€0.8m▼ 7.2%€0.6m▼ 20.3%
Working capital€0.2m-€0.3m▲ 30.9%€0.5mwithin the sector's middle half▲ 67.8%€0.7mwithin the sector's middle half▲ 36.1%€1.0mwithin the sector's middle half▲ 33.4%€1.0mwithin the sector's middle half▲ 0.5%€0.9mwithin the sector's middle half▼ 4.7%€1.0mwithin the sector's middle half▲ 9.8%
Solvency7.0%-20.8%▲ 13.8pp29.6%within the sector's middle half▲ 8.8pp48.3%within the sector's middle half▲ 18.7pp56.2%within the sector's middle half▲ 7.9pp47.7%within the sector's middle half▼ 8.5pp49.4%within the sector's middle half▲ 1.7pp57.9%within the sector's middle half▲ 8.4pp
Current ratio2.12-1.98▼ 0.143.40above the sector's middle half▲ 1.414.85above the sector's middle half▲ 1.453.73above the sector's middle half▼ 1.122.56within the sector's middle half▼ 1.172.73within the sector's middle half▲ 0.173.59above the sector's middle half▲ 0.86
Return on assets (ROA)4.6%-15.6%▲ 11.0pp12.1%above the sector's middle half▼ 3.5pp23.3%above the sector's middle half▲ 11.2pp22.0%above the sector's middle half▼ 1.2pp2.1%within the sector's middle half▼ 20.0pp-0.3%below the sector's middle half▼ 2.3pp6.2%within the sector's middle half▲ 6.5pp
Staff (FTE)2.9-4▲ 37.9%3.3below the sector's middle half3below the sector's middle half▼ 9.1%2.7below the sector's middle half▼ 10.0%3.3below the sector's middle half▲ 22.2%2.8below the sector's middle half▼ 15.2%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 113% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.5m
Fixed assets
€98,508 ▼ 13.6%
Current assets
€1.4m ▼ 3.6%
Equity and liabilities €1.5m
Equity
€862,378 ▲ 12.0%
Debt
€628,279 ▼ 20.3%
Debt's share of the balance-sheet total falls from 50.6% to 42.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€182,855▲
2024 · €96,152
Cash flow
€127,829▲
2024 · €22,761
Quick ratio
1.34▲
2024 · 0.80
Debt to equity
0.73▼
2024 · 1.02
ROE
10.7%▲
2024 · -0.5%
Interest coverage
9.45▲
2024 · 4.23
Debt ≤ 1 year
€387,533▼
2024 · €529,104
Debt > 1 year
€240,746▼
2024 · €259,158
Income taxes
€35,802▼
2024 · €50,650
Staff costs
€90,716▲
2024 · €87,498
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 3 | 4 | 3 | 3 |
| full-time | 2 | 1 | 3 | 2 | 2 |
| part-time | 2 | 2 | 1 | 1 | 1 |
| in full-time equivalents | 3.3 | 2.3 | 3.8 | 2 | 2.8 |
| Average over the year, in full-time equivalents | 3.3 | 3 | 2.7 | 3.3 | 2.8 |
| On a permanent contract | 3 | 2 | 2 | 2 | 2 |
| Joined | - | 1 | 1 | 0 | - |
| Left | - | 2 | 0 | 1 | - |
| Training hours | - | 1,128 | - | 1,655 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,443 | - | €41,363 | €93,570 | €20,000 |
| Depreciation and write-downs of the year | €16,944 | €17,614 | €7,584 | €26,801 | €35,450 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €10,456 | €945 | €350 | €42,322 | €5,404 | ▼ 87.2% |
| Remuneration, social security and pensions62 | - | - | - | €13,594 | €53,483 | €76,621 | €87,498 | €90,716 | ▲ 3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,974 | €9,675 | €12,597 | €16,944 | €17,614 | €7,584 | €26,801 | €35,450 | ▲ 32.3% |
| Other operating charges640/8 | - | - | - | €8,463 | €10,058 | €15,490 | €18,053 | €19,401 | ▲ 7.5% |
| Non-recurring operating charges66A | - | - | - | €300 | €1,047 | - | - | €190 | - |
| Gross operating margin9900 | €98,144 | €231,159 | €166,515 | €292,437 | €457,541 | €287,637 | €201,704 | €293,162 | ▲ 45.3% |
| Operating profit (loss)9901 | €28,111 | €113,886 | €117,565 | €253,135 | €375,339 | €187,943 | €69,351 | €147,405 | ▲ 113% |
| Financial income75/76B | - | - | - | - | - | €0 | €5 | €131 | ▲ 26× |
| Recurring financial income75 | €10 | €63 | €4 | - | - | €0 | €5 | €131 | ▲ 26× |
| Financial charges65/66B | - | - | - | €4,238 | €21,478 | €16,059 | €22,746 | €19,355 | ▼ 14.9% |
| Recurring financial charges65 | €5,410 | €10,731 | €6,924 | €4,238 | €21,478 | €16,059 | €22,746 | €19,355 | ▼ 14.9% |
| Profit (loss) for the period before taxes9903 | €22,711 | €103,218 | €110,644 | €248,897 | €353,860 | €171,885 | €46,610 | €128,181 | ▲ 175% |
| Income taxes67/77 | €25 | - | €15,142 | €31,991 | €63,466 | €138,561 | €50,650 | €35,802 | ▼ 29.3% |
| Profit (loss) for the period9904 | €22,687 | €103,218 | €95,502 | €216,907 | €290,394 | €33,323 | -€4,040 | €92,379 | - |
| Profit (loss) for the period to be appropriated9905 | €22,687 | €103,218 | €95,502 | €216,907 | €290,394 | €33,323 | -€4,040 | €92,379 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.7m | €0.8m | €0.9m | €1.3m | €1.6m | €1.6m | €1.5m | ▼ 4.3% |
| Fixed assets21/28 | €0.04m | €0.03m | €0.04m | €0.03m | €0.01m | €0.05m | €0.1m | €0.1m | ▼ 13.6% |
| Tangible fixed assets22/27 | €0.04m | €0.03m | €0.04m | €0.03m | €0.01m | €0.04m | €0.1m | €0.1m | ▼ 13.8% |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.003m | €0.009m | €0.007m | €0.005m | ▼ 31.1% |
| Furniture and vehicles24 | - | - | - | €0.007m | €0.002m | - | €0.06m | €0.06m | ▼ 1.8% |
| Leasing and similar rights25 | - | - | - | €0.01m | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.008m | €0.006m | €0.04m | €0.04m | €0.03m | ▼ 28.9% |
| Financial fixed assets28 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Current assets29/58 | €0.5m | €0.6m | €0.7m | €0.9m | €1.3m | €1.6m | €1.4m | €1.4m | ▼ 3.6% |
| Stocks and contracts in progress3 | €0.4m | €0.6m | €0.5m | €0.6m | €1.1m | €1.1m | €1.0m | €0.9m | ▼ 14.8% |
| Stocks30/36 | - | - | - | €0.6m | €1.1m | €1.1m | €1.0m | €0.9m | ▼ 14.8% |
| Amounts receivable within one year40/41 | €0.04m | €0.05m | €0.08m | €0.1m | €0.1m | €0.4m | €0.4m | €0.4m | ▲ 11.7% |
| Trade receivables40 | - | - | - | €0.1m | €0.1m | €0.1m | €0.07m | €0.07m | ▲ 3.8% |
| Other amounts receivable41 | - | - | - | €0.005m | €0.01m | €0.3m | €0.3m | €0.3m | ▲ 13.4% |
| Cash at bank and in hand54/58 | €0.04m | €0.02m | €0.1m | €0.1m | €0.1m | €0.07m | €0.04m | €0.1m | ▲ 127% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.008m | €0.004m | €0.01m | €0.01m | ▲ 12.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.7m | €0.8m | €0.9m | €1.3m | €1.6m | €1.6m | €1.5m | ▼ 4.3% |
| Equity10/15 | €0.03m | €0.1m | €0.2m | €0.5m | €0.7m | €0.8m | €0.8m | €0.9m | ▲ 12.0% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Contributions outside capital11 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Share premium1100/10 | - | - | - | - | - | €0.1m | €0.1m | €0.1m | = |
| Other1109/19 | - | - | - | €0.1m | €0.1m | - | - | - | - |
| Reserves13 | €0.01m | €0.04m | €0.1m | €0.4m | €0.6m | €0.7m | €0.7m | €0.8m | ▲ 13.8% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.6m | €0.7m | €0.7m | €0.8m | ▲ 13.8% |
| Profit (loss) carried forward14 | -€0.07m | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €0.5m | €0.5m | €0.6m | €0.5m | €0.6m | €0.8m | €0.8m | €0.6m | ▼ 20.3% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 7.1% |
| Financial debts170/4 | - | - | - | €0.3m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 7.1% |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | €0.6m | €0.5m | €0.4m | ▼ 26.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.02m | €0.04m | €0.06m | €0.02m | ▼ 65.8% |
| Financial debts43 | - | - | - | - | €0.01m | - | €0.002m | €0.02m | ▲ 885% |
| Credit institutions430/8 | - | - | - | - | €0.01m | - | €0.002m | €0.02m | ▲ 885% |
| Trade debts44 | €0.05m | €0.2m | €0.1m | €0.1m | €0.2m | €0.4m | €0.3m | €0.2m | ▼ 30.0% |
| Suppliers440/4 | - | - | - | €0.1m | €0.2m | €0.4m | €0.3m | €0.2m | ▼ 30.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 13.6% |
| Taxes450/3 | - | - | - | €0.05m | €0.1m | €0.2m | €0.1m | €0.09m | ▼ 23.2% |
| Remuneration and social security454/9 | - | - | - | €0.004m | €0.02m | €0.01m | €0.02m | €0.03m | ▲ 40.7% |
| Other amounts payable47/48 | - | - | - | €0.001m | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,687 | €103,218 | €95,502 | €216,907 | €290,394 | €33,323 | -€4,040 | €92,379 | - |
| + Depreciation and write-downs630 | €9,974 | €9,675 | €12,597 | €16,944 | €17,614 | €7,584 | €26,801 | €35,450 | ▲ 32.3% |
| Operating cash flow (approximation) | €32,661 | €112,892 | €108,099 | €233,851 | €308,008 | €40,907 | €22,761 | €127,829 | ▲ 462% |
| Investment in fixed assets (approximation) | - | €0 | -€25,793 | -€3,443 | €0 | -€41,363 | -€93,570 | -€20,000 | ▲ 78.6% |
| Change in cash | - | -€18,424 | €114,261 | -€10,518 | -€24,235 | -€28,861 | -€27,511 | €54,776 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as KARAUTO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KARAUTO itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for KARAUTO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 12-06-2026 | 2026-00162331 | |
| 31-12-2024 | full format | 28-08-2025 | 2025-00445368 | |
| 31-12-2023 | full format | 17-07-2024 | 2024-00260367 | |
| 31-12-2022 | full format | 04-07-2023 | 2023-00210121 | |
| 31-12-2021 | full format | 26-08-2022 | 2022-20335639 | |
| 31-12-2020 | full format | 16-09-2021 | 2021-67300573 | |
| 31-12-2019 | full format | 02-07-2020 | 2020-24900544 | |
| 31-12-2018 | full format | 09-07-2019 | 2019-30400306 | |
| 31-12-2017 | full format | 26-06-2018 | 2018-23300488 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-54700251 |