Karma Consult
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00448637.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 8 filings
Turnover
≈ €400,000
Estimated: probably between €340,000 and €470,000
Total assets
€704,137▲ 93.8%
2024 · €363,354
Net result
€156,999▼ 4.4%
2024 · €164,258
Working capital
-€62,135
2024 · €90,999
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€169,621
▼ 0.7%
2025
20182025
Net result
€156,999
▼ 4.4%
2025
highest quarter of the sector
20182025
Equity
€160,281
▼ 26.2%
2025
middle half of the sector
20182025
Total assets
€704,137
▲ 93.8%
2025
highest quarter of the sector
20182025
Debt
€543,856
▲ 272%
2025
20182025
Working capital
-€62,135
2025
lowest quarter of the sector
20182025
Solvency
22.8%
▼ 37.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.62
▼ 2.44
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
22.3%
▼ 22.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€12,179-€95,966▲ 688%€57,030▼ 40.6%€138,769▲ 143%€158,228▲ 14.0%€119,289▼ 24.6%€170,751▲ 43.1%€169,621▼ 0.7%
Net result€6,907-€88,046▲ 13×€51,551above the sector's middle half▼ 41.5%€128,097above the sector's middle half▲ 148%€144,821above the sector's middle half▲ 13.1%€114,269above the sector's middle half▼ 21.1%€164,258above the sector's middle half▲ 43.7%€156,999above the sector's middle half▼ 4.4%
Equity€19,307-€107,353▲ 456%€158,903within the sector's middle half▲ 48.0%€100,334within the sector's middle half▼ 36.9%€232,155within the sector's middle half▲ 131%€183,024within the sector's middle half▼ 21.2%€217,282within the sector's middle half▲ 18.7%€160,281within the sector's middle half▼ 26.2%
Total assets€294,708-€398,176▲ 35.1%€398,042within the sector's middle half=€334,061within the sector's middle half▼ 16.1%€454,138within the sector's middle half▲ 35.9%€378,283within the sector's middle half▼ 16.7%€363,354within the sector's middle half▼ 3.9%€704,137above the sector's middle half▲ 93.8%
Debt€275,401-€290,823▲ 5.6%€239,139▼ 17.8%€233,728▼ 2.3%€221,983▼ 5.0%€195,259▼ 12.0%€146,071▼ 25.2%€543,856▲ 272%
Working capital-€113,256-€16,723€44,354within the sector's middle half▲ 165%-€43,994below the sector's middle half€161,921above the sector's middle half€97,492within the sector's middle half▼ 39.8%€90,999within the sector's middle half▼ 6.7%-€62,135below the sector's middle half
Solvency6.6%-27.0%▲ 20.4pp39.9%within the sector's middle half▲ 13.0pp30.0%within the sector's middle half▼ 9.9pp51.1%within the sector's middle half▲ 21.1pp48.4%within the sector's middle half▼ 2.7pp59.8%within the sector's middle half▲ 11.4pp22.8%below the sector's middle half▼ 37.0pp
Current ratio0.15-1.26▲ 1.112.00within the sector's middle half▲ 0.740.38below the sector's middle half▼ 1.624.01within the sector's middle half▲ 3.632.70within the sector's middle half▼ 1.313.06within the sector's middle half▲ 0.360.62below the sector's middle half▼ 2.44
Return on assets (ROA)2.3%-22.1%▲ 19.8pp13.0%within the sector's middle half▼ 9.2pp38.3%above the sector's middle half▲ 25.4pp31.9%above the sector's middle half▼ 6.5pp30.2%above the sector's middle half▼ 1.7pp45.2%above the sector's middle half▲ 15.0pp22.3%within the sector's middle half▼ 22.9pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 1% lower than in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €704,137
Fixed assets
€602,732 ▲ 164%
Current assets
€101,405 ▼ 25.0%
Equity and liabilities €704,137
Equity
€160,281 ▼ 26.2%
Debt
€543,856 ▲ 272%
Debt's share of the balance-sheet total rises from 40.2% to 77.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€228,370▲
2024 · €185,667
Cash flow
€215,748▲
2024 · €179,174
Debt to equity
3.39▲
2024 · 0.67
ROE
98.0%▲
2024 · 75.6%
Interest coverage
16.75▼
2024 · 27.70
Debt ≤ 1 year
€163,540▲
2024 · €44,132
Debt > 1 year
€376,126▲
2024 · €100,925
Income taxes
€215▼
2024 · €4,736
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | - | €285,000 |
| Carrying value of the mortgaged assets | - | - | - | - | €343,188 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,999 | €13,841 | €4,594 | €19,919 | €433,258 |
| Financial fixed assets | - | - | €5,000 | - | - |
| Depreciation and write-downs of the year | €3,435 | €10,434 | €11,108 | €14,915 | €58,749 |
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 | - | - | - | €4,073 | €46,469 | €4,858 | €6 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,337 | €12,270 | €12,069 | €3,435 | €10,434 | €11,108 | €14,915 | €58,749 | ▲ 294% |
| Other operating charges640/8 | - | - | - | €3,867 | €4,408 | €2,790 | €4,869 | €6,611 | ▲ 35.8% |
| Non-recurring operating charges66A | - | - | - | €1,371 | - | - | - | - | - |
| Gross operating margin9900 | €55,754 | €110,998 | €72,587 | €147,442 | €173,069 | €133,188 | €190,535 | €234,980 | ▲ 23.3% |
| Operating profit (loss)9901 | €12,179 | €95,966 | €57,030 | €138,769 | €158,228 | €119,289 | €170,751 | €169,621 | ▼ 0.7% |
| Financial income75/76B | - | - | - | €1 | €1,137 | €3,610 | €4,946 | €1,228 | ▼ 75.2% |
| Recurring financial income75 | €39 | €0 | €7 | €1 | €1,137 | €3,610 | €4,946 | €1,228 | ▼ 75.2% |
| Financial charges65/66B | - | - | - | €3,146 | €3,565 | €4,867 | €6,703 | €13,634 | ▲ 103% |
| Recurring financial charges65 | €4,913 | €7,520 | €4,258 | €3,146 | €3,565 | €4,867 | €6,703 | €13,634 | ▲ 103% |
| Profit (loss) for the period before taxes9903 | €7,304 | €88,445 | €52,778 | €135,624 | €155,800 | €118,032 | €168,994 | €157,214 | ▼ 7.0% |
| Income taxes67/77 | €398 | €399 | €1,228 | €7,527 | €10,979 | €3,763 | €4,736 | €215 | ▼ 95.5% |
| Profit (loss) for the period9904 | €6,907 | €88,046 | €51,551 | €128,097 | €144,821 | €114,269 | €164,258 | €156,999 | ▼ 4.4% |
| Profit (loss) for the period to be appropriated9905 | €6,907 | €88,046 | €51,551 | €128,097 | €144,821 | €114,269 | €164,258 | €156,999 | ▼ 4.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €294,708 | €398,176 | €398,042 | €334,061 | €454,138 | €378,283 | €363,354 | €704,137 | ▲ 93.8% |
| Fixed assets21/28 | €275,066 | €317,796 | €309,333 | €306,527 | €238,454 | €223,464 | €228,223 | €602,732 | ▲ 164% |
| Tangible fixed assets22/27 | €150,066 | €137,796 | €129,333 | €126,527 | €58,454 | €38,464 | €43,223 | €417,732 | ▲ 866% |
| Land and buildings22 | - | - | - | €110,838 | €13,476 | - | - | €343,188 | - |
| Plant, machinery and equipment23 | - | - | - | - | - | €3,715 | €2,956 | €2,197 | ▼ 25.7% |
| Furniture and vehicles24 | - | - | - | €1,366 | €795 | €244 | €15,442 | €13,053 | ▼ 15.5% |
| Leasing and similar rights25 | - | - | - | €8,990 | €38,850 | €29,171 | €19,491 | €53,961 | ▲ 177% |
| Other tangible fixed assets26 | - | - | - | €5,333 | €5,333 | €5,333 | €5,333 | €5,333 | = |
| Financial fixed assets28 | €125,000 | €180,000 | €180,000 | €180,000 | €180,000 | €185,000 | €185,000 | €185,000 | = |
| Current assets29/58 | €19,642 | €80,380 | €88,709 | €27,535 | €215,684 | €154,819 | €135,131 | €101,405 | ▼ 25.0% |
| Amounts receivable after more than one year29 | - | - | - | - | €136,137 | €66,497 | - | - | - |
| Other amounts receivable291 | - | - | - | - | €136,137 | €66,497 | - | - | - |
| Amounts receivable within one year40/41 | €8,508 | €54,674 | €18,986 | €14,552 | €16,337 | €53,628 | €86,681 | €55,862 | ▼ 35.6% |
| Trade receivables40 | - | - | - | - | - | €199 | - | €675 | - |
| Other amounts receivable41 | - | - | - | €14,552 | €16,337 | €53,429 | €86,681 | €55,187 | ▼ 36.3% |
| Cash at bank and in hand54/58 | €8,871 | €23,592 | €67,613 | €10,775 | €61,558 | €33,425 | €46,763 | €37,728 | ▼ 19.3% |
| Deferred charges and accrued income490/1 | - | - | - | €2,208 | €1,652 | €1,269 | €1,687 | €7,815 | ▲ 363% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €294,708 | €398,176 | €398,042 | €334,061 | €454,138 | €378,283 | €363,354 | €704,137 | ▲ 93.8% |
| Equity10/15 | €19,307 | €107,353 | €158,903 | €100,334 | €232,155 | €183,024 | €217,282 | €160,281 | ▼ 26.2% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €375 | €375 | €375 | €375 | €375 | €375 | €375 | €375 | = |
| Distributable reserves133 | - | - | - | €375 | €375 | €375 | €375 | €375 | = |
| Profit (loss) carried forward14 | €6,532 | €94,578 | €146,128 | €87,559 | €219,380 | €120,649 | €154,907 | €97,906 | ▼ 36.8% |
| Amounts payable17/49 | €275,401 | €290,823 | €239,139 | €233,728 | €221,983 | €195,259 | €146,071 | €543,856 | ▲ 272% |
| Amounts payable after more than one year17 | €142,503 | €227,166 | €194,784 | €162,109 | €167,795 | €135,090 | €100,925 | €376,126 | ▲ 273% |
| Financial debts170/4 | - | - | - | €162,109 | €167,795 | €135,090 | €100,925 | €376,126 | ▲ 273% |
| Amounts payable within one year42/48 | €132,898 | €63,657 | €44,354 | €71,529 | €53,763 | €57,327 | €44,132 | €163,540 | ▲ 271% |
| Current portion of amounts payable after more than one year42 | - | - | - | €33,386 | €33,295 | €32,915 | €34,180 | €45,904 | ▲ 34.3% |
| Trade debts44 | - | - | €2,359 | €604 | €1 | - | €42 | €575 | ▲ 14× |
| Suppliers440/4 | - | - | - | €604 | €1 | - | €42 | €575 | ▲ 14× |
| Taxes, remuneration and social security45 | - | - | - | €4,752 | €4,018 | €62 | €5 | €15,884 | ▲ 3,026× |
| Taxes450/3 | - | - | - | €4,752 | €4,018 | €62 | €5 | €15,884 | ▲ 3,026× |
| Other amounts payable47/48 | - | - | - | €32,788 | €16,449 | €24,350 | €9,905 | €101,177 | ▲ 921% |
| Accrued charges and deferred income492/3 | - | - | - | €89 | €425 | €2,841 | €1,014 | €4,190 | ▲ 313% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,907 | €88,046 | €51,551 | €128,097 | €144,821 | €114,269 | €164,258 | €156,999 | ▼ 4.4% |
| + Depreciation and write-downs630 | €40,337 | €12,270 | €12,069 | €3,435 | €10,434 | €11,108 | €14,915 | €58,749 | ▲ 294% |
| Operating cash flow (approximation) | €47,244 | €100,317 | €63,620 | €131,532 | €155,255 | €125,378 | €179,174 | €215,748 | ▲ 20.4% |
| Investment in fixed assets (approximation) | - | -€55,000 | -€3,607 | -€628 | €57,639 | €3,882 | -€19,675 | -€433,258 | ▼ 2,102% |
| Change in cash | - | €14,721 | €44,021 | -€56,839 | €50,783 | -€28,132 | €13,337 | -€9,035 | - |
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, 2,684 companies had the same profile as Karma Consult has now. Two years later, 97.3% were still going and 1.3% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
1.2%
stopped otherwise
1.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Karma Consult itself is lower: 0.2% within 12 months. It rests on far more data about Karma Consult than the profile alone.
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 2,684 companies, not a prediction for Karma Consult. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-08-2026 | 2026-00448637 | |
| 31-12-2024 | micro format | 26-09-2025 | 2025-00517543 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00486101 | |
| 31-12-2022 | micro format | 29-09-2023 | 2023-00465711 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20446788 | |
| 31-12-2020 | micro format | 16-11-2021 | 2021-77700173 | |
| 31-12-2019 | micro format | 10-09-2020 | 2020-52400502 | |
| 31-12-2018 | micro format | 08-08-2019 | 2019-44900293 |