Dr. Karim Baraké: 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.
Dr. Karim Baraké
Largest movements
- Cash +€98,875
up €98,875 (+105%), from €94,438 to €193,313
mainly Net result for the year (+€129,186) and Tax, wage and social debts (+€9,776)
- Tangible fixed assets +€22,210
new in 2025: €22,210
of which Plant, machinery and equipment: +€18,773
- Receivables within one year +€6,579
new in 2025: €6,579
- Profit (loss) carried forward +€129,186
up €129,186 (+217%), from €59,585 to €188,771
- Other debts -€13,816
no longer reported in 2025 (was €13,816)
- Tax, wage and social debts +€9,776
up €9,776 (+54.7%), from €17,867 to €27,643
of which Taxes: +€7,466
- Trade debts +€3,360
up €3,360 (+1,980%), from €170 to €3,529
- Gross operating margin +€93,530
up €93,530 (+124%), from €75,154 to €168,684
- Taxes +€22,466
up €22,466 (+146%), from €15,409 to €37,875
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 | €94,438 | €222,943 | +€128,505 | +136% |
| Fixed assets | 21/28 | - | €22,210 | +€22,210 | |
| Tangible fixed assets | 22/27 | - | €22,210 | +€22,210 | |
| Plant, machinery and equipment | 23 | - | €18,773 | +€18,773 | |
| Furniture and vehicles | 24 | - | €3,437 | +€3,437 | |
| Current assets | 29/58 | €94,438 | €200,733 | +€106,295 | +113% |
| Amounts receivable within one year | 40/41 | - | €6,579 | +€6,579 | |
| Other amounts receivable | 41 | - | €6,579 | +€6,579 | |
| Cash at bank and in hand | 54/58 | €94,438 | €193,313 | +€98,875 | +105% |
| Deferred charges and accrued income | 490/1 | - | €842 | +€842 | |
| Total equity and liabilities | 10/49 | €94,438 | €222,943 | +€128,505 | +136% |
| Equity | 10/15 | €62,585 | €191,771 | +€129,186 | +206% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,585 | €188,771 | +€129,186 | +217% |
| Amounts payable | 17/49 | €31,853 | €31,172 | -€681 | -2.1% |
| Amounts payable within one year | 42/48 | €31,853 | €31,172 | -€681 | -2.1% |
| Trade debts | 44 | €170 | €3,529 | +€3,360 | +1,980% |
| Suppliers | 440/4 | €170 | €3,529 | +€3,360 | +1,980% |
| Taxes, remuneration and social security | 45 | €17,867 | €27,643 | +€9,776 | +54.7% |
| Taxes | 450/3 | €17,867 | €25,333 | +€7,466 | +41.8% |
| Remuneration and social security | 454/9 | - | €2,310 | +€2,310 | |
| Other amounts payable | 47/48 | €13,816 | - | -€13,816 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,408 | +€1,408 | |
| Other operating charges | 640/8 | €43 | €62 | +€19 | +43.4% |
| Gross operating margin | 9900 | €75,154 | €168,684 | +€93,530 | +124% |
| Operating profit (loss) | 9901 | €75,111 | €167,214 | +€92,103 | +123% |
| Financial charges | 65/66B | €117 | €153 | +€36 | +30.8% |
| Recurring financial charges | 65 | €117 | €153 | +€36 | +30.8% |
| Profit (loss) for the period before taxes | 9903 | €74,994 | €167,061 | +€92,067 | +123% |
| Income taxes | 67/77 | €15,409 | €37,875 | +€22,466 | +146% |
| Profit (loss) for the period | 9904 | €59,585 | €129,186 | +€69,601 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €59,585 | €129,186 | +€69,601 | +117% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.