DS Karel: 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.
DS Karel
Largest movements
- Receivables within one year -€10,833
down €10,833 (-54.6%), from €19,858 to €9,024
of which Trade receivables: -€9,488
- Tangible fixed assets -€6,477
down €6,477 (-7.1%), from €90,703 to €84,226
of which Leasing and similar rights: -€3,810
- Cash -€5,487
down €5,487 (-9.2%), from €59,676 to €54,189
mainly Advances received (-€26,000) and Investment in fixed assets (net) (-€19,135)
- Advances received -€26,000
no longer reported in 2025 (was €26,000)
- Reserves +€19,682
up €19,682 (+37.1%), from €53,056 to €72,739
- Trade debts -€11,402
down €11,402 (-85.3%), from €13,372 to €1,969
- Debts after one year -€8,022
down €8,022 (-13.8%), from €58,187 to €50,165
- Current portion of long-term debt +€2,362
up €2,362 (+16.9%), from €14,004 to €16,366
- Gross operating margin +€15,513
up €15,513 (+38.1%), from €40,726 to €56,240
- Depreciation +€5,450
up €5,450 (+26.3%), from €20,745 to €26,195
- Taxes +€2,190
up €2,190 (+57.5%), from €3,810 to €6,000
- Write-downs -€2,015
no longer reported in 2025 (was €2,015)
- Financial charges +€774
up €774 (+31.1%), from €2,487 to €3,260
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 | €170,819 | €147,438 | -€23,381 | -13.7% |
| Fixed assets | 21/28 | €91,286 | €84,226 | -€7,060 | -7.7% |
| Intangible fixed assets | 21 | €583 | €0 | -€583 | -100% |
| Tangible fixed assets | 22/27 | €90,703 | €84,226 | -€6,477 | -7.1% |
| Plant, machinery and equipment | 23 | €17,808 | €18,370 | +€562 | +3.2% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | €50,800 | €46,990 | -€3,810 | -7.5% |
| Other tangible fixed assets | 26 | €22,095 | €18,866 | -€3,230 | -14.6% |
| Current assets | 29/58 | €79,534 | €63,213 | -€16,321 | -20.5% |
| Amounts receivable within one year | 40/41 | €19,858 | €9,024 | -€10,833 | -54.6% |
| Trade receivables | 40 | €12,511 | €3,023 | -€9,488 | -75.8% |
| Other amounts receivable | 41 | €7,346 | €6,001 | -€1,345 | -18.3% |
| Cash at bank and in hand | 54/58 | €59,676 | €54,189 | -€5,487 | -9.2% |
| Total equity and liabilities | 10/49 | €170,819 | €147,438 | -€23,381 | -13.7% |
| Equity | 10/15 | €59,256 | €78,939 | +€19,682 | +33.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €53,056 | €72,739 | +€19,682 | +37.1% |
| Distributable reserves | 133 | €53,056 | €72,739 | +€19,682 | +37.1% |
| Amounts payable | 17/49 | €111,563 | €68,500 | -€43,063 | -38.6% |
| Amounts payable after more than one year | 17 | €58,187 | €50,165 | -€8,022 | -13.8% |
| Financial debts | 170/4 | €58,187 | €50,165 | -€8,022 | -13.8% |
| Amounts payable within one year | 42/48 | €53,376 | €18,335 | -€35,041 | -65.6% |
| Current portion of amounts payable after more than one year | 42 | €14,004 | €16,366 | +€2,362 | +16.9% |
| Trade debts | 44 | €13,372 | €1,969 | -€11,402 | -85.3% |
| Suppliers | 440/4 | €13,372 | €1,969 | -€11,402 | -85.3% |
| Advances received on contracts in progress | 46 | €26,000 | - | -€26,000 | |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Non-recurring operating income | 76A | €10,000 | - | -€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,745 | €26,195 | +€5,450 | +26.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,015 | - | -€2,015 | |
| Other operating charges | 640/8 | €1,157 | €1,102 | -€56 | -4.8% |
| Gross operating margin | 9900 | €40,726 | €56,240 | +€15,513 | +38.1% |
| Operating profit (loss) | 9901 | €16,809 | €28,943 | +€12,133 | +72.2% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,487 | €3,260 | +€774 | +31.1% |
| Recurring financial charges | 65 | €2,487 | €3,260 | +€774 | +31.1% |
| Profit (loss) for the period before taxes | 9903 | €14,322 | €25,682 | +€11,360 | +79.3% |
| Income taxes | 67/77 | €3,810 | €6,000 | +€2,190 | +57.5% |
| Profit (loss) for the period | 9904 | €10,513 | €19,682 | +€9,170 | +87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,513 | €19,682 | +€9,170 | +87.2% |
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 27 October 2026 via checked.be.