KARMA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-10-2025 PDF all 15 filings
Every figure per financial year
The operating result for 2025 is a loss of €11,878, smaller than the loss of €13,357 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,052 | €5,052 | €5,052 | €4,833 | €4,773 | €4,773 | €4,773 | = |
| Other operating charges640/8 | - | €685 | €3,544 | €3,207 | €3,327 | €3,725 | €3,755 | ▲ 0.8% |
| Gross operating margin9900 | €11,594 | -€18,518 | -€15,711 | -€12,666 | -€17,713 | -€4,859 | -€3,349 | ▲ 31.1% |
| Operating profit (loss)9901 | €3,053 | -€24,256 | -€24,306 | -€20,706 | -€25,813 | -€13,357 | -€11,878 | ▲ 11.1% |
| Financial charges65/66B | - | €218 | €107 | €30 | €40 | €46 | €4,753 | ▲ 104× |
| Recurring financial charges65 | €51 | €218 | €107 | €30 | €40 | €46 | €4,753 | ▲ 104× |
| Profit (loss) for the period before taxes9903 | €3,002 | -€24,474 | -€24,413 | -€20,736 | -€25,854 | -€13,403 | -€16,631 | ▼ 24.1% |
| Income taxes67/77 | €1,130 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €1,871 | -€24,474 | -€24,413 | -€20,736 | -€25,854 | -€13,403 | -€16,631 | ▼ 24.1% |
| Profit (loss) for the period to be appropriated9905 | €1,871 | -€24,474 | -€24,413 | -€20,736 | -€25,854 | -€13,403 | -€16,631 | ▼ 24.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €166,205 | €157,123 | €158,972 | €154,109 | €148,821 | €138,002 | €133,188 | ▼ 3.5% |
| Fixed assets21/28 | €162,175 | €157,123 | €152,070 | €147,237 | €142,464 | €137,691 | €132,918 | ▼ 3.5% |
| Tangible fixed assets22/27 | €162,175 | €157,123 | €152,070 | €147,237 | €142,464 | €137,691 | €132,918 | ▼ 3.5% |
| Land and buildings22 | - | €156,784 | €152,011 | €147,237 | €142,464 | €137,691 | €132,918 | ▼ 3.5% |
| Plant, machinery and equipment23 | - | €339 | €59 | - | - | - | - | - |
| Current assets29/58 | €4,030 | - | €6,901 | €6,871 | €6,356 | €311 | €270 | ▼ 13.1% |
| Cash at bank and in hand54/58 | €4,030 | - | €6,901 | €6,871 | €6,356 | €311 | €270 | ▼ 13.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €166,205 | €157,123 | €158,972 | €154,109 | €148,821 | €138,002 | €133,188 | ▼ 3.5% |
| Equity10/15 | €78,526 | €54,052 | €29,639 | €8,903 | -€16,950 | -€30,353 | -€46,984 | ▼ 54.8% |
| Contributions10/11 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Reserves13 | €3,526 | €3,526 | €3,526 | €3,526 | €3,526 | €3,526 | €3,526 | = |
| Non-distributable reserves130/1 | - | €3,526 | €3,526 | €3,526 | €3,526 | €3,526 | €3,526 | = |
| Reserves not available under the articles1311 | - | €3,526 | €3,526 | €3,526 | €3,526 | €3,526 | €3,526 | = |
| Profit (loss) carried forward14 | - | -€24,474 | -€48,887 | -€69,623 | -€95,477 | -€108,880 | -€125,510 | ▼ 15.3% |
| Amounts payable17/49 | €87,678 | €103,070 | €129,332 | €145,205 | €165,771 | €168,355 | €180,172 | ▲ 7.0% |
| Amounts payable within one year42/48 | €87,678 | €103,070 | €129,332 | €145,205 | €165,771 | €168,355 | €180,172 | ▲ 7.0% |
| Financial debts43 | - | €1,192 | - | - | - | - | - | - |
| Credit institutions430/8 | - | €1,192 | - | - | - | - | - | - |
| Trade debts44 | €1,110 | - | - | - | - | - | €6,637 | - |
| Suppliers440/4 | - | - | - | - | - | - | €6,637 | - |
| Other amounts payable47/48 | - | €101,878 | €129,332 | €145,205 | €165,771 | €168,355 | €173,535 | ▲ 3.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,871 | -€24,474 | -€24,413 | -€20,736 | -€25,854 | -€13,403 | -€16,631 | ▼ 24.1% |
| + Depreciation and write-downs630 | €5,052 | €5,052 | €5,052 | €4,833 | €4,773 | €4,773 | €4,773 | = |
| Operating cash flow (approximation) | €6,924 | -€19,422 | -€19,361 | -€15,903 | -€21,080 | -€8,630 | -€11,857 | ▼ 37.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | - | - | -€30 | -€515 | -€6,046 | -€41 | ▲ 99.3% |
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, 6,619 companies had the same profile as KARMA has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KARMA itself: 2.7% 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 6,619 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 31-10-2025 | 2025-00560476 | |
| 31-03-2024 | micro format | 31-10-2025 | 2025-00560472 | |
| 31-03-2023 | micro format | 31-10-2025 | 2025-00560474 | |
| 31-03-2022 | micro format | 31-10-2025 | 2025-00560473 | |
| 31-03-2021 | micro format | 31-10-2025 | 2025-00560471 | |
| 31-03-2020 | micro format | 31-10-2025 | 2025-00560469 | |
| 31-03-2019 | micro format | 30-11-2019 | 2019-74900118 | |
| 31-03-2018 | micro format | 13-02-2019 | 2019-05100118 | |
| 31-03-2017 | micro format | 13-02-2019 | 2019-05100117 | |
| 31-03-2016 | abbreviated format | 13-02-2019 | 2019-05100122 |