DE KAREEL: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
DE KAREEL
Largest movements
- Tangible fixed assets -€108,347
down €108,347 (-20.4%), from €530,206 to €421,859
of which Land and buildings: -€108,440
- Cash -€33,423
down €33,423 (-69.4%), from €48,146 to €14,724
mainly Debts after one year (-€50,338) and Other debts (-€35,241)
- Debts after one year -€50,338
down €50,338 (-16.8%), from €298,770 to €248,431
- Other debts -€35,241
down €35,241 (-25.9%), from €135,844 to €100,603
- Profit (loss) carried forward -€32,658
down €32,658 (-24.1%), from -€135,337 to -€167,995
- Current portion of long-term debt -€23,921
down €23,921 (-31.2%), from €76,726 to €52,805
- Gross operating margin -€20,513
down €20,513 (-17.3%), from €118,308 to €97,795
- Financial charges -€1,656
down €1,656 (-13.1%), from €12,594 to €10,938
- Depreciation +€1,230
up €1,230 (+1.1%), from €114,249 to €115,480
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €600,630 | €459,001 | -€141,629 | -23.6% |
| Fixed assets | 21/28 | €530,206 | €421,859 | -€108,347 | -20.4% |
| Tangible fixed assets | 22/27 | €530,206 | €421,859 | -€108,347 | -20.4% |
| Land and buildings | 22 | €490,954 | €382,514 | -€108,440 | -22.1% |
| Plant, machinery and equipment | 23 | €33,095 | €34,564 | +€1,469 | +4.4% |
| Furniture and vehicles | 24 | €6,156 | €4,781 | -€1,375 | -22.3% |
| Current assets | 29/58 | €70,425 | €37,143 | -€33,282 | -47.3% |
| Stocks and contracts in progress | 3 | €4,005 | €5,500 | +€1,495 | +37.3% |
| Stocks | 30/36 | €4,005 | €5,500 | +€1,495 | +37.3% |
| Amounts receivable within one year | 40/41 | €14,799 | €16,439 | +€1,640 | +11.1% |
| Trade receivables | 40 | €4,957 | €6,228 | +€1,270 | +25.6% |
| Other amounts receivable | 41 | €9,841 | €10,211 | +€370 | +3.8% |
| Cash at bank and in hand | 54/58 | €48,146 | €14,724 | -€33,423 | -69.4% |
| Deferred charges and accrued income | 490/1 | €3,475 | €481 | -€2,994 | -86.2% |
| Total equity and liabilities | 10/49 | €600,630 | €459,001 | -€141,629 | -23.6% |
| Equity | 10/15 | €75,587 | €42,929 | -€32,658 | -43.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €10,924 | €10,924 | = | 0.0% |
| Tax-exempt reserves | 132 | €91 | €91 | = | 0.0% |
| Distributable reserves | 133 | €10,833 | €10,833 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€135,337 | -€167,995 | -€32,658 | -24.1% |
| Amounts payable | 17/49 | €525,043 | €416,072 | -€108,971 | -20.8% |
| Amounts payable after more than one year | 17 | €298,770 | €248,431 | -€50,338 | -16.8% |
| Financial debts | 170/4 | €298,770 | €248,431 | -€50,338 | -16.8% |
| Amounts payable within one year | 42/48 | €222,879 | €164,288 | -€58,592 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €76,726 | €52,805 | -€23,921 | -31.2% |
| Trade debts | 44 | €1,254 | €3,243 | +€1,989 | +159% |
| Suppliers | 440/4 | €1,254 | €3,243 | +€1,989 | +159% |
| Taxes, remuneration and social security | 45 | €9,055 | €7,636 | -€1,418 | -15.7% |
| Taxes | 450/3 | €9,055 | €6,336 | -€2,718 | -30.0% |
| Remuneration and social security | 454/9 | - | €1,300 | +€1,300 | |
| Other amounts payable | 47/48 | €135,844 | €100,603 | -€35,241 | -25.9% |
| Accrued charges and deferred income | 492/3 | €3,394 | €3,353 | -€41 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,249 | €115,480 | +€1,230 | +1.1% |
| Other operating charges | 640/8 | €5,103 | €4,718 | -€385 | -7.5% |
| Gross operating margin | 9900 | €118,308 | €97,795 | -€20,513 | -17.3% |
| Operating profit (loss) | 9901 | -€1,044 | -€22,402 | -€21,358 | -2,046% |
| Financial income | 75/76B | €47 | €682 | +€635 | +1,356% |
| Recurring financial income | 75 | €47 | €682 | +€635 | +1,356% |
| Financial charges | 65/66B | €12,594 | €10,938 | -€1,656 | -13.1% |
| Recurring financial charges | 65 | €12,594 | €10,938 | -€1,656 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | -€13,591 | -€32,658 | -€19,067 | -140% |
| Profit (loss) for the period | 9904 | -€13,591 | -€32,658 | -€19,067 | -140% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,591 | -€32,658 | -€19,067 | -140% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.