KARELLI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-12-2025 PDF all 31 filings
Equity
-€27,895
2024 · €15,628
Net result
-€43,523▲ 15.4%
2024 · -€51,471
Total assets
€271,333▲ 0.7%
2024 · €269,504
Solvency
-10.3%▼ 16.1pp
2024 · 5.8%
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€38,785
▲ 15.6%
2025
20192025
Net result
-€43,523
▲ 15.4%
2025
lowest quarter of the sector
20192025
Equity
-€27,895
2025
lowest quarter of the sector
20192025
Total assets
€271,333
▲ 0.7%
2025
middle half of the sector
20192025
Debt
€299,228
▲ 17.9%
2025
20192025
Working capital
-€176,601
▼ 36.0%
2025
lowest quarter of the sector
20192025
Solvency
-10.3%
▼ 16.1pp
2025
lowest quarter of the sector
20192025
Current ratio
0.04
▼ 0.02
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-16.0%
▲ 3.1pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€22,886-€31,440▲ 37.4%-€55,226-€11,900▲ 78.5%-€31,199▼ 162%-€45,975▼ 47.4%-€38,785▲ 15.6%
Net result€10,207-€14,494within the sector's middle half▲ 42.0%-€62,350below the sector's middle half-€16,085below the sector's middle half▲ 74.2%-€37,009below the sector's middle half▼ 130%-€51,471below the sector's middle half▼ 39.1%-€43,523below the sector's middle half▲ 15.4%
Equity€168,050-€182,544within the sector's middle half▲ 8.6%€120,193within the sector's middle half▼ 34.2%€104,108within the sector's middle half▼ 13.4%€67,099within the sector's middle half▼ 35.5%€15,628below the sector's middle half▼ 76.7%-€27,895below the sector's middle half
Total assets€347,784-€347,059below the sector's middle half▼ 0.2%€297,317within the sector's middle half▼ 14.3%€302,640within the sector's middle half▲ 1.8%€289,823within the sector's middle half▼ 4.2%€269,504within the sector's middle half▼ 7.0%€271,333within the sector's middle half▲ 0.7%
Debt€179,734-€164,516▼ 8.5%€177,124▲ 7.7%€198,532▲ 12.1%€222,724▲ 12.2%€253,876▲ 14.0%€299,228▲ 17.9%
Working capital-€15,478-€3,015within the sector's middle half-€51,586below the sector's middle half-€57,311below the sector's middle half▼ 11.1%-€88,731below the sector's middle half▼ 54.8%-€129,887below the sector's middle half▼ 46.4%-€176,601below the sector's middle half▼ 36.0%
Solvency48.3%-52.6%within the sector's middle half▲ 4.3pp40.4%within the sector's middle half▼ 12.2pp34.4%within the sector's middle half▼ 6.0pp23.2%below the sector's middle half▼ 11.2pp5.8%below the sector's middle half▼ 17.4pp-10.3%below the sector's middle half▼ 16.1pp
Current ratio0.71-1.07within the sector's middle half▲ 0.360.18below the sector's middle half▼ 0.890.32below the sector's middle half▲ 0.140.18below the sector's middle half▼ 0.140.07below the sector's middle half▼ 0.110.04below the sector's middle half▼ 0.02
Return on assets (ROA)2.9%-4.2%within the sector's middle half▲ 1.2pp-21.0%below the sector's middle half▼ 25.1pp-5.3%below the sector's middle half▲ 15.7pp-12.8%below the sector's middle half▼ 7.5pp-19.1%below the sector's middle half▼ 6.3pp-16.0%below the sector's middle half▲ 3.1pp
above
within
below
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 a loss of €38,785, smaller than the loss of €45,975 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €271,333
Fixed assets
€263,172 ▲ 1.2%
Current assets
€8,161 ▼ 14.3%
Equity and liabilities
Equity-€27,895
Debt€299,228
Equity is negative. Debt (€299,228) exceeds the balance-sheet total (€271,333).
Key figures and ratios
Debt ≤ 1 year
€184,762▲
2024 · €139,410
Debt > 1 year
€110,000=
2024 · €110,000
Income taxes
€61▼
2024 · €118
Staff costs
€4,308▼
2024 · €4,633
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,173 | €6,004 | €2,138 | €20,985 |
| Depreciation and write-downs of the year | €12,533 | €11,522 | €12,524 | €17,794 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €20,000 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €3,893 | €4,298 | €4,633 | €4,308 | ▼ 7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,857 | €15,061 | €14,183 | €12,533 | €11,522 | €12,524 | €17,794 | ▲ 42.1% |
| Other operating charges640/8 | - | - | - | €2,966 | €523 | €2,235 | €1,993 | ▼ 10.8% |
| Gross operating margin9900 | €41,378 | €47,797 | -€35,126 | €7,492 | -€14,855 | -€26,583 | -€14,690 | ▲ 44.7% |
| Operating profit (loss)9901 | €22,886 | €31,440 | -€55,226 | -€11,900 | -€31,199 | -€45,975 | -€38,785 | ▲ 15.6% |
| Financial income75/76B | - | - | - | €1,514 | €0 | €0 | €11 | ▲ 1,140× |
| Recurring financial income75 | €11 | €1 | €119 | €1,514 | €0 | €0 | €11 | ▲ 1,140× |
| Financial charges65/66B | - | - | - | €6,058 | €5,573 | €5,379 | €4,688 | ▼ 12.8% |
| Recurring financial charges65 | €9,594 | €9,630 | €6,143 | €6,058 | €5,573 | €5,379 | €4,688 | ▼ 12.8% |
| Profit (loss) for the period before taxes9903 | €13,303 | €21,810 | -€61,250 | -€16,443 | -€36,772 | -€51,354 | -€43,462 | ▲ 15.4% |
| Income taxes67/77 | €3,097 | €7,317 | €1,100 | -€358 | €237 | €118 | €61 | ▼ 48.3% |
| Profit (loss) for the period9904 | €10,207 | €14,494 | -€62,350 | -€16,085 | -€37,009 | -€51,471 | -€43,523 | ▲ 15.4% |
| Profit (loss) for the period to be appropriated9905 | €5,740 | €10,898 | -€62,350 | -€16,085 | -€37,009 | -€51,471 | -€43,523 | ▲ 15.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €347,784 | €347,059 | €297,317 | €302,640 | €289,823 | €269,504 | €271,333 | ▲ 0.7% |
| Fixed assets21/28 | €310,682 | €298,394 | €286,245 | €275,885 | €270,367 | €259,981 | €263,172 | ▲ 1.2% |
| Tangible fixed assets22/27 | €310,670 | €298,381 | €286,232 | €275,872 | €270,354 | €259,968 | €263,159 | ▲ 1.2% |
| Land and buildings22 | - | - | - | €274,083 | €263,557 | €253,031 | €243,017 | ▼ 4.0% |
| Plant, machinery and equipment23 | - | - | - | €1,337 | €1,981 | €3,095 | €5,386 | ▲ 74.0% |
| Furniture and vehicles24 | - | - | - | €453 | €4,816 | €3,841 | €14,757 | ▲ 284% |
| Financial fixed assets28 | €13 | €13 | €13 | €13 | €13 | €13 | €13 | = |
| Current assets29/58 | €37,101 | €48,665 | €11,072 | €26,755 | €19,456 | €9,523 | €8,161 | ▼ 14.3% |
| Amounts receivable within one year40/41 | €4,816 | €6,458 | €4,716 | €6,396 | €7,683 | €3,693 | €4,870 | ▲ 31.9% |
| Trade receivables40 | - | - | - | €3,614 | €6,604 | €2,488 | €3,616 | ▲ 45.3% |
| Other amounts receivable41 | - | - | - | €2,782 | €1,079 | €1,204 | €1,254 | ▲ 4.1% |
| Cash at bank and in hand54/58 | €28,003 | €40,378 | €6,356 | €20,359 | €11,527 | €5,831 | €3,291 | ▼ 43.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | €246 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €347,784 | €347,059 | €297,317 | €302,640 | €289,823 | €269,504 | €271,333 | ▲ 0.7% |
| Equity10/15 | €168,050 | €182,544 | €120,193 | €104,108 | €67,099 | €15,628 | -€27,895 | - |
| Contributions10/11 | €97,500 | €0 | - | €97,500 | €97,500 | €97,500 | €97,500 | = |
| Reserves13 | €70,550 | €85,044 | €85,044 | €85,044 | €85,044 | €85,044 | €85,044 | = |
| Non-distributable reserves130/1 | - | - | - | €9,750 | €9,750 | €9,750 | €9,750 | = |
| Reserves not available under the articles1311 | - | - | - | €9,750 | €9,750 | €9,750 | €9,750 | = |
| Tax-exempt reserves132 | - | - | - | €23,088 | €23,088 | €23,088 | €23,088 | = |
| Distributable reserves133 | - | - | - | €52,206 | €52,206 | €52,206 | €52,206 | = |
| Profit (loss) carried forward14 | - | - | -€62,350 | -€78,436 | -€115,444 | -€166,916 | -€210,438 | ▼ 26.1% |
| Amounts payable17/49 | €179,734 | €164,516 | €177,124 | €198,532 | €222,724 | €253,876 | €299,228 | ▲ 17.9% |
| Amounts payable after more than one year17 | €110,000 | €110,000 | €110,000 | €110,000 | €110,000 | €110,000 | €110,000 | = |
| Financial debts170/4 | - | - | - | €110,000 | €110,000 | €110,000 | €110,000 | = |
| Amounts payable within one year42/48 | €52,579 | €45,651 | €62,658 | €84,066 | €108,187 | €139,410 | €184,762 | ▲ 32.5% |
| Trade debts44 | €3,056 | €2,889 | €2,868 | €1,364 | €3,019 | €1,835 | €4,712 | ▲ 157% |
| Suppliers440/4 | - | - | - | €1,364 | €3,019 | €1,835 | €4,712 | ▲ 157% |
| Taxes, remuneration and social security45 | - | - | - | €3,275 | - | - | - | - |
| Taxes450/3 | - | - | - | €3,275 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €79,427 | €105,168 | €137,575 | €180,049 | ▲ 30.9% |
| Accrued charges and deferred income492/3 | - | - | - | €4,466 | €4,537 | €4,466 | €4,466 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,207 | €14,494 | -€62,350 | -€16,085 | -€37,009 | -€51,471 | -€43,523 | ▲ 15.4% |
| + Depreciation and write-downs630 | €13,857 | €15,061 | €14,183 | €12,533 | €11,522 | €12,524 | €17,794 | ▲ 42.1% |
| Operating cash flow (approximation) | €24,064 | €29,555 | -€48,167 | -€3,552 | -€25,487 | -€38,947 | -€25,729 | ▲ 33.9% |
| Investment in fixed assets (approximation) | - | -€2,772 | -€2,034 | -€2,173 | -€6,004 | -€2,138 | -€20,985 | ▼ 881% |
| Change in cash | - | €12,375 | -€34,022 | €14,003 | -€8,831 | -€5,697 | -€2,539 | ▲ 55.4% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 18-12-2025 | 2025-00584550 | |
| 30-06-2024 | micro format | 05-01-2025 | 2025-00001701 | |
| 30-06-2023 | micro format | 05-12-2023 | 2023-00524917 | |
| 30-06-2022 | micro format | 24-01-2023 | 2023-00002991 | |
| 30-06-2021 | micro format | 24-01-2022 | 2022-02000534 | |
| 30-06-2020 | abbreviated format | 23-12-2020 | 2020-76900496 | |
| 30-06-2019 | abbreviated format | 28-01-2020 | 2020-02400238 | |
| 30-06-2018 | abbreviated format | 14-12-2018 | 2018-74500450 | |
| 30-06-2017 | abbreviated format | 25-01-2018 | 2018-02400103 | |
| 30-06-2016 | abbreviated format | 30-01-2017 | 2017-02600079 |