DR. KARTAL: 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. KARTAL
Largest movements
- Current investments -€256,018
no longer reported in 2025 (was €256,018)
- Receivables within one year +€214,659
new in 2025: €214,659
of which Trade receivables: +€210,000
- Other debts +€836,557
up €836,557 (+278,741%), from €300 to €836,857
- Reserves -€739,650
down €739,650 (-95.5%), from €774,854 to €35,204
- Tax, wage and social debts -€132,436
down €132,436 (-62.9%), from €210,393 to €77,957
- Debts after one year -€20,000
down €20,000 (-13.5%), from €148,333 to €128,333
- Gross operating margin -€29,852
down €29,852 (-9.1%), from €329,705 to €299,853
- Financial income +€19,159
up €19,159 (+265%), from €7,239 to €26,398
- Taxes -€7,223
down €7,223 (-9.3%), from €77,430 to €70,207
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 | €1,158,435 | €1,106,504 | -€51,931 | -4.5% |
| Fixed assets | 21/28 | €266,672 | €261,232 | -€5,440 | -2.0% |
| Tangible fixed assets | 22/27 | €266,672 | €261,232 | -€5,440 | -2.0% |
| Land and buildings | 22 | €246,224 | €244,120 | -€2,104 | -0.9% |
| Plant, machinery and equipment | 23 | €11,428 | €8,588 | -€2,839 | -24.8% |
| Furniture and vehicles | 24 | €6,646 | €5,184 | -€1,463 | -22.0% |
| Other tangible fixed assets | 26 | €2,374 | €3,341 | +€967 | +40.7% |
| Current assets | 29/58 | €891,763 | €845,272 | -€46,491 | -5.2% |
| Amounts receivable within one year | 40/41 | - | €214,659 | +€214,659 | |
| Trade receivables | 40 | - | €210,000 | +€210,000 | |
| Other amounts receivable | 41 | - | €4,659 | +€4,659 | |
| Current investments | 50/53 | €256,018 | - | -€256,018 | |
| Cash at bank and in hand | 54/58 | €635,744 | €630,613 | -€5,131 | -0.8% |
| Total equity and liabilities | 10/49 | €1,158,435 | €1,106,504 | -€51,931 | -4.5% |
| Equity | 10/15 | €777,854 | €38,204 | -€739,650 | -95.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €774,854 | €35,204 | -€739,650 | -95.5% |
| Distributable reserves | 133 | €774,854 | €35,204 | -€739,650 | -95.5% |
| Amounts payable | 17/49 | €380,580 | €1,068,299 | +€687,719 | +181% |
| Amounts payable after more than one year | 17 | €148,333 | €128,333 | -€20,000 | -13.5% |
| Financial debts | 170/4 | €148,333 | €128,333 | -€20,000 | -13.5% |
| Amounts payable within one year | 42/48 | €230,693 | €936,412 | +€705,720 | +306% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | - | €1,598 | +€1,598 | |
| Suppliers | 440/4 | - | €1,598 | +€1,598 | |
| Taxes, remuneration and social security | 45 | €210,393 | €77,957 | -€132,436 | -62.9% |
| Taxes | 450/3 | €210,393 | €77,957 | -€132,436 | -62.9% |
| Other amounts payable | 47/48 | €300 | €836,857 | +€836,557 | +278,741% |
| Accrued charges and deferred income | 492/3 | €1,554 | €3,554 | +€1,999 | +129% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,492 | €11,651 | +€2,159 | +22.7% |
| Other operating charges | 640/8 | €2,084 | €3,593 | +€1,509 | +72.4% |
| Gross operating margin | 9900 | €329,705 | €299,853 | -€29,852 | -9.1% |
| Operating profit (loss) | 9901 | €318,129 | €284,609 | -€33,520 | -10.5% |
| Financial income | 75/76B | €7,239 | €26,398 | +€19,159 | +265% |
| Recurring financial income | 75 | €7,239 | €26,398 | +€19,159 | +265% |
| Financial charges | 65/66B | €6,418 | €5,595 | -€823 | -12.8% |
| Recurring financial charges | 65 | €6,418 | €5,595 | -€823 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €318,950 | €305,411 | -€13,539 | -4.2% |
| Income taxes | 67/77 | €77,430 | €70,207 | -€7,223 | -9.3% |
| Profit (loss) for the period | 9904 | €241,520 | €235,204 | -€6,315 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €241,520 | €235,204 | -€6,315 | -2.6% |
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 16 October 2026 via checked.be.