Dr. Ümit Karaca: what changed
Two fiscal 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. Ümit Karaca
Largest movements
- Cash +€47,729
up €47,729 (+687.5%), from €6,943 to €54,672
mainly Net result for the year (+€71,051) and Tax, wage and social debts (+€23,450)
- Deferred charges and accrued income +€33,245
up €33,245 (+78.3%), from €42,481 to €75,726
- Receivables within one year -€2,392
no longer reported in 2025 (was €2,392)
- Reserves +€71,051
up €71,051 (+318.9%), from €22,283 to €93,334
- Tax, wage and social debts +€23,450
up €23,450 (+382.6%), from €6,129 to €29,578
- Other debts -€18,216
down €18,216 (-56.0%), from €32,505 to €14,288
- Trade debts +€2,534
up €2,534 (+208.9%), from €1,213 to €3,747
- Gross operating margin +€69,685
up €69,685 (+203.4%), from €34,255 to €103,941
- Taxes +€13,364
up €13,364 (+218.1%), from €6,129 to €19,493
- Financial charges +€4,039
up €4,039 (+199.9%), from €2,020 to €6,060
- Depreciation +€3,473
up €3,473 (+106.0%), from €3,276 to €6,750
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.
Cash bridge derived
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 | €66,040 | €144,698 | +€78,659 | +119.1% |
| Fixed assets | 21/28 | €14,224 | €14,300 | +€76 | +0.5% |
| Tangible fixed assets | 22/27 | €14,224 | €14,300 | +€76 | +0.5% |
| Plant, machinery and equipment | 23 | - | €4,340 | +€4,340 | |
| Furniture and vehicles | 24 | €14,224 | €9,960 | -€4,263 | -30.0% |
| Current assets | 29/58 | €51,816 | €130,398 | +€78,582 | +151.7% |
| Amounts receivable within one year | 40/41 | €2,392 | - | -€2,392 | |
| Trade receivables | 40 | €2,392 | - | -€2,392 | |
| Cash at bank and in hand | 54/58 | €6,943 | €54,672 | +€47,729 | +687.5% |
| Deferred charges and accrued income | 490/1 | €42,481 | €75,726 | +€33,245 | +78.3% |
| Total equity and liabilities | 10/49 | €66,040 | €144,698 | +€78,659 | +119.1% |
| Equity | 10/15 | €24,783 | €95,834 | +€71,051 | +286.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €22,283 | €93,334 | +€71,051 | +318.9% |
| Distributable reserves | 133 | €22,283 | €93,334 | +€71,051 | +318.9% |
| Amounts payable | 17/49 | €41,256 | €48,864 | +€7,608 | +18.4% |
| Amounts payable within one year | 42/48 | €39,846 | €47,614 | +€7,768 | +19.5% |
| Trade debts | 44 | €1,213 | €3,747 | +€2,534 | +208.9% |
| Suppliers | 440/4 | €1,213 | €3,747 | +€2,534 | +208.9% |
| Taxes, remuneration and social security | 45 | €6,129 | €29,578 | +€23,450 | +382.6% |
| Taxes | 450/3 | €6,129 | €29,578 | +€23,450 | +382.6% |
| Other amounts payable | 47/48 | €32,505 | €14,288 | -€18,216 | -56.0% |
| Accrued charges and deferred income | 492/3 | €1,410 | €1,250 | -€160 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,276 | €6,750 | +€3,473 | +106.0% |
| Other operating charges | 640/8 | €547 | €588 | +€41 | +7.5% |
| Gross operating margin | 9900 | €34,255 | €103,941 | +€69,685 | +203.4% |
| Operating profit (loss) | 9901 | €30,432 | €96,603 | +€66,171 | +217.4% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €2,020 | €6,060 | +€4,039 | +199.9% |
| Recurring financial charges | 65 | €2,020 | €6,060 | +€4,039 | +199.9% |
| Profit (loss) for the period before taxes | 9903 | €28,412 | €90,544 | +€62,132 | +218.7% |
| Income taxes | 67/77 | €6,129 | €19,493 | +€13,364 | +218.1% |
| Profit (loss) for the period | 9904 | €22,283 | €71,051 | +€48,768 | +218.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,283 | €71,051 | +€48,768 | +218.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.