KARMA
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 15-09-2026 at the NBB all 26 filings
Turnover
≈ €290,000
Estimated: probably between €190,000 and €490,000
Total assets
€814,956▼ 2.4%
2025 · €835,205
Net result
€33,498▲ 3.9%
2025 · €32,234
Working capital
-€164,417▲ 0.8%
2025 · -€165,809
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€60,762
▲ 0.6%
2026
20192026
Net result
€33,498
▲ 3.9%
2026
20192026
Equity
€307,629
▲ 11.9%
2026
20192026
Total assets
€814,956
▼ 2.4%
2026
20192026
Debt
€476,892
▼ 9.6%
2026
20192026
Working capital
-€164,417
▲ 0.8%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€169,361-€877▼ 99.5%€44,191▲ 50×€44,061▼ 0.3%€26,449▼ 40.0%€59,757▲ 126%€60,376▲ 1.0%€60,762▲ 0.6%
Net result€119,399--€9,408€23,827€21,446▼ 10.0%€10,276▼ 52.1%€31,197▲ 204%€32,234▲ 3.3%€33,498▲ 3.9%
Equity€68,114-€58,706▼ 13.8%€183,077▲ 212%€203,723▲ 11.3%€213,199▲ 4.7%€243,563▲ 14.2%€274,964▲ 12.9%€307,629▲ 11.9%
Total assets€947,802-€923,299▼ 2.6%€902,596▼ 2.2%€887,344▼ 1.7%€872,272▼ 1.7%€853,458▼ 2.2%€835,205▼ 2.1%€814,956▼ 2.4%
Debt€841,138-€828,072▼ 1.6%€676,403▼ 18.3%€643,041▼ 4.9%€621,030▼ 3.4%€574,388▼ 7.5%€527,270▼ 8.2%€476,892▼ 9.6%
Working capital-€164,658--€222,101▼ 34.9%-€137,142▲ 38.3%-€161,526▼ 17.8%-€179,593▼ 11.2%-€174,048▲ 3.1%-€165,809▲ 4.7%-€164,417▲ 0.8%
The operating result for 2026 is 1% higher than in 2025 and the highest since 2022. It is the third rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €814,956
Fixed assets
€809,200 ▼ 2.2%
Current assets
€5,756 ▼ 25.0%
Equity and liabilities €814,956
Equity
€307,629 ▲ 11.9%
Provisions
€30,434 ▼ 7.7%
Debt
€476,892 ▼ 9.6%
Debt's share of the balance-sheet total falls from 63.1% to 58.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€79,089▲
2025 · €78,703
Cash flow
€51,825▲
2025 · €50,561
Current ratio
0.03▼
2025 · 0.04
Debt to equity
1.55▼
2025 · 1.92
ROE
10.9%▼
2025 · 11.7%
ROA
4.1%▲
2025 · 3.9%
Interest coverage
7.49▲
2025 · 6.84
Debt ≤ 1 year
€170,174▼
2025 · €173,487
Debt > 1 year
€303,332▼
2025 · €346,666
Income taxes
€19,250▲
2025 · €19,164
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 28-02-2022 | 28-02-2023 | 29-02-2024 | 28-02-2025 | 28-02-2026 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €18,327 | €18,327 | €18,327 | €18,327 | €18,327 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €108,327 | €18,327 | €18,327 | €18,327 | €18,327 | €18,327 | €18,327 | €18,327 | = |
| Other operating charges640/8 | - | - | - | €13,707 | €14,014 | €15,259 | €15,430 | €15,937 | ▲ 3.3% |
| Gross operating margin9900 | €296,861 | €24,808 | €75,579 | €76,095 | €58,790 | €93,342 | €94,133 | €95,026 | ▲ 0.9% |
| Operating profit (loss)9901 | €169,361 | €877 | €44,191 | €44,061 | €26,449 | €59,757 | €60,376 | €60,762 | ▲ 0.6% |
| Financial income75/76B | - | - | - | - | - | - | - | €10 | - |
| Recurring financial income75 | - | €1 | €0 | - | - | - | - | €10 | - |
| Financial charges65/66B | - | - | - | €10,657 | €9,825 | €11,611 | €11,514 | €10,560 | ▼ 8.3% |
| Recurring financial charges65 | €11,412 | €12,315 | €11,507 | €10,657 | €9,825 | €11,611 | €11,514 | €10,560 | ▼ 8.3% |
| Profit (loss) for the period before taxes9903 | €157,949 | -€11,437 | €32,684 | €33,404 | €16,624 | €48,146 | €48,862 | €50,212 | ▲ 2.8% |
| Transfer from deferred taxes780 | - | - | - | €2,536 | €2,536 | €2,536 | €2,536 | €2,536 | = |
| Income taxes67/77 | - | - | €11,393 | €14,494 | €8,884 | €19,485 | €19,164 | €19,250 | ▲ 0.4% |
| Profit (loss) for the period9904 | €119,399 | -€9,408 | €23,827 | €21,446 | €10,276 | €31,197 | €32,234 | €33,498 | ▲ 3.9% |
| Transfer from tax-exempt reserves789 | - | - | - | €7,609 | €7,609 | €7,609 | €7,609 | €7,609 | = |
| Profit (loss) for the period to be appropriated9905 | -€34,802 | -€1,292 | €31,436 | €29,054 | €17,885 | €38,805 | €39,843 | €41,107 | ▲ 3.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €947,802 | €923,299 | €902,596 | €887,344 | €872,272 | €853,458 | €835,205 | €814,956 | ▼ 2.4% |
| Fixed assets21/28 | €937,488 | €919,161 | €900,834 | €882,508 | €864,181 | €845,854 | €827,527 | €809,200 | ▼ 2.2% |
| Tangible fixed assets22/27 | €929,988 | €911,661 | €893,334 | €875,008 | €856,681 | €838,354 | €820,027 | €801,700 | ▼ 2.2% |
| Land and buildings22 | - | - | - | €875,008 | €856,681 | €838,354 | €820,027 | €801,700 | ▼ 2.2% |
| Financial fixed assets28 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Current assets29/58 | €10,313 | €4,138 | €1,761 | €4,836 | €8,092 | €7,604 | €7,678 | €5,756 | ▼ 25.0% |
| Amounts receivable within one year40/41 | €5,764 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €4,304 | €3,937 | €1,673 | €4,746 | €7,994 | €2,494 | €2,559 | €628 | ▼ 75.5% |
| Deferred charges and accrued income490/1 | - | - | - | €90 | €97 | €5,110 | €5,119 | €5,128 | ▲ 0.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €947,802 | €923,299 | €902,596 | €887,344 | €872,272 | €853,458 | €835,205 | €814,956 | ▼ 2.4% |
| Equity10/15 | €68,114 | €58,706 | €183,077 | €203,723 | €213,199 | €243,563 | €274,964 | €307,629 | ▲ 11.9% |
| Contributions10/11 | €18,750 | €18,750 | - | €18,750 | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Reserves13 | €156,076 | €147,960 | €131,221 | €152,667 | €162,943 | €194,139 | €226,374 | €259,872 | ▲ 14.8% |
| Non-distributable reserves130/1 | - | - | - | €1,875 | €1,875 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,875 | €1,875 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €121,737 | €114,129 | €106,520 | €98,912 | €91,303 | ▼ 7.7% |
| Distributable reserves133 | - | - | - | €29,054 | €46,939 | €87,619 | €127,462 | €168,569 | ▲ 32.3% |
| Profit (loss) carried forward14 | -€106,712 | -€108,004 | €33,107 | €32,307 | €31,507 | €30,674 | €29,841 | €29,008 | ▼ 2.8% |
| Provisions and deferred taxes16 | €38,550 | €36,521 | €43,115 | €40,579 | €38,043 | €35,507 | €32,971 | €30,434 | ▼ 7.7% |
| Deferred taxes168 | - | - | - | €40,579 | €38,043 | €35,507 | €32,971 | €30,434 | ▼ 7.7% |
| Amounts payable17/49 | €841,138 | €828,072 | €676,403 | €643,041 | €621,030 | €574,388 | €527,270 | €476,892 | ▼ 9.6% |
| Amounts payable after more than one year17 | €606,667 | €563,333 | €520,000 | €476,666 | €433,333 | €389,999 | €346,666 | €303,332 | ▼ 12.5% |
| Financial debts170/4 | - | - | - | €476,666 | €433,333 | €389,999 | €346,666 | €303,332 | ▼ 12.5% |
| Amounts payable within one year42/48 | €174,971 | €226,239 | €138,903 | €166,362 | €187,684 | €181,652 | €173,487 | €170,174 | ▼ 1.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €43,333 | €43,333 | €43,333 | €43,333 | €43,333 | = |
| Trade debts44 | €6,290 | - | €155 | €122 | €0 | €468 | €126 | €146 | ▲ 15.5% |
| Suppliers440/4 | - | - | - | €122 | €0 | €468 | €126 | €146 | ▲ 15.5% |
| Taxes, remuneration and social security45 | - | - | - | €14,494 | €23,378 | €19,485 | €19,164 | €4,200 | ▼ 78.1% |
| Taxes450/3 | - | - | - | €14,494 | €23,378 | €19,485 | €19,164 | €4,200 | ▼ 78.1% |
| Other amounts payable47/48 | - | - | - | €108,413 | €120,973 | €118,366 | €110,864 | €122,495 | ▲ 10.5% |
| Accrued charges and deferred income492/3 | - | - | - | €13 | €13 | €2,736 | €7,116 | €3,386 | ▼ 52.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €119,399 | -€9,408 | €23,827 | €21,446 | €10,276 | €31,197 | €32,234 | €33,498 | ▲ 3.9% |
| + Depreciation and write-downs630 | €108,327 | €18,327 | €18,327 | €18,327 | €18,327 | €18,327 | €18,327 | €18,327 | = |
| Operating cash flow (approximation) | €227,726 | €8,919 | €42,154 | €39,773 | €28,603 | €49,524 | €50,561 | €51,825 | ▲ 2.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€367 | -€2,264 | €3,072 | €3,249 | -€5,500 | €65 | -€1,931 | - |
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, 14,766 companies had the same profile as KARMA has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KARMA itself: 0.4% 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 14,766 companies, not a prediction for KARMA. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 28-02-2026 | micro format | 15-09-2026 | 2026-00516712 | |
| 28-02-2025 | micro format | 21-08-2025 | 2025-00400113 | |
| 29-02-2024 | micro format | 01-10-2024 | 2024-00493364 | |
| 28-02-2023 | micro format | 28-09-2023 | 2023-00468759 | |
| 28-02-2022 | micro format | 20-10-2022 | 2022-20472044 | |
| 28-02-2021 | micro format | 21-10-2021 | 2021-72700372 | |
| 29-02-2020 | micro format | 14-09-2020 | 2020-54100010 | |
| 28-02-2019 | micro format | 25-09-2019 | 2019-66100497 | |
| 28-02-2018 | micro format | 17-09-2018 | 2018-63200554 | |
| 28-02-2017 | abbreviated format | 29-08-2017 | 2017-58800305 |