Ets KARAMAN: 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.
Ets KARAMAN
Largest movements
- Cash -€288,128
down €288,128 (-68.6%), from €419,957 to €131,829
mainly Stocks and contracts (-€182,364) and Other debts (-€84,219)
- Stocks and contracts +€182,364
up €182,364 (+74.7%), from €244,033 to €426,397
- Receivables within one year +€60,383
up €60,383 (+41.5%), from €145,432 to €205,815
of which Trade receivables: +€51,139
- Other debts -€84,219
down €84,219 (-22.5%), from €374,582 to €290,363
- Debts after one year -€69,468
down €69,468 (-14.8%), from €469,486 to €400,018
- Trade debts +€43,714
up €43,714 (+60.2%), from €72,570 to €116,284
- Current portion of long-term debt +€35,165
new in 2025: €35,165
- Reserves +€25,000
up €25,000 (+27.0%), from €92,656 to €117,656
of which Distributable reserves: +€25,000
- Taxes -€20,201
down €20,201 (-64.5%), from €31,328 to €11,127
- Other operating charges -€2,953
down €2,953 (-20.9%), from €14,147 to €11,193
- Gross operating margin +€1,900
up €1,900 (+2.0%), from €94,279 to €96,180
- Staff costs +€989
new in 2025: €989
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 | €1,330,412 | €1,289,063 | -€41,349 | -3.1% |
| Fixed assets | 21/28 | €520,989 | €525,021 | +€4,032 | +0.8% |
| Tangible fixed assets | 22/27 | €518,489 | €522,521 | +€4,032 | +0.8% |
| Land and buildings | 22 | €492,188 | €515,986 | +€23,798 | +4.8% |
| Plant, machinery and equipment | 23 | €15,604 | - | -€15,604 | |
| Furniture and vehicles | 24 | €10,697 | €6,536 | -€4,162 | -38.9% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €809,423 | €764,041 | -€45,381 | -5.6% |
| Stocks and contracts in progress | 3 | €244,033 | €426,397 | +€182,364 | +74.7% |
| Stocks | 30/36 | €244,033 | €426,397 | +€182,364 | +74.7% |
| Amounts receivable within one year | 40/41 | €145,432 | €205,815 | +€60,383 | +41.5% |
| Trade receivables | 40 | €13,952 | €65,090 | +€51,139 | +366.5% |
| Other amounts receivable | 41 | €131,480 | €140,725 | +€9,244 | +7.0% |
| Cash at bank and in hand | 54/58 | €419,957 | €131,829 | -€288,128 | -68.6% |
| Total equity and liabilities | 10/49 | €1,330,412 | €1,289,063 | -€41,349 | -3.1% |
| Equity | 10/15 | €410,771 | €443,039 | +€32,268 | +7.9% |
| Contributions | 10/11 | €26,029 | €26,029 | = | 0.0% |
| Capital | 10 | €26,029 | €26,029 | = | 0.0% |
| Issued capital | 100 | €26,029 | €26,029 | = | 0.0% |
| Reserves | 13 | €92,656 | €117,656 | +€25,000 | +27.0% |
| Non-distributable reserves | 130/1 | €2,656 | €2,656 | = | 0.0% |
| Legal reserve | 130 | €2,656 | €2,656 | = | 0.0% |
| Distributable reserves | 133 | €90,000 | €115,000 | +€25,000 | +27.8% |
| Profit (loss) carried forward | 14 | €292,086 | €299,354 | +€7,268 | +2.5% |
| Amounts payable | 17/49 | €919,640 | €846,023 | -€73,617 | -8.0% |
| Amounts payable after more than one year | 17 | €469,486 | €400,018 | -€69,468 | -14.8% |
| Financial debts | 170/4 | €469,486 | €400,018 | -€69,468 | -14.8% |
| Amounts payable within one year | 42/48 | €450,154 | €442,006 | -€8,149 | -1.8% |
| Current portion of amounts payable after more than one year | 42 | - | €35,165 | +€35,165 | |
| Trade debts | 44 | €72,570 | €116,284 | +€43,714 | +60.2% |
| Suppliers | 440/4 | €72,570 | €116,284 | +€43,714 | +60.2% |
| Taxes, remuneration and social security | 45 | €3,002 | €194 | -€2,809 | -93.6% |
| Taxes | 450/3 | €3,002 | - | -€3,002 | |
| Remuneration and social security | 454/9 | - | €194 | +€194 | |
| Other amounts payable | 47/48 | €374,582 | €290,363 | -€84,219 | -22.5% |
| Accrued charges and deferred income | 492/3 | - | €4,000 | +€4,000 | |
| Remuneration, social security and pensions | 62 | - | €989 | +€989 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,700 | €24,486 | -€214 | -0.9% |
| Other operating charges | 640/8 | €14,147 | €11,193 | -€2,953 | -20.9% |
| Non-recurring operating charges | 66A | - | €3,208 | +€3,208 | |
| Gross operating margin | 9900 | €94,279 | €96,180 | +€1,900 | +2.0% |
| Operating profit (loss) | 9901 | €55,432 | €56,304 | +€872 | +1.6% |
| Financial income | 75/76B | €2,771 | €2,607 | -€164 | -5.9% |
| Recurring financial income | 75 | €2,771 | €2,607 | -€164 | -5.9% |
| Financial charges | 65/66B | €16,084 | €15,516 | -€568 | -3.5% |
| Recurring financial charges | 65 | €16,084 | €15,516 | -€568 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €42,120 | €43,395 | +€1,275 | +3.0% |
| Income taxes | 67/77 | €31,328 | €11,127 | -€20,201 | -64.5% |
| Profit (loss) for the period | 9904 | €10,792 | €32,268 | +€21,476 | +199.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,792 | €32,268 | +€21,476 | +199.0% |
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 3 October 2026 via checked.be.