KAR-MI: what changed
KAR-MI
Largest movements
- Receivables within one year +€227,138
up €227,138 (+101%), from €224,779 to €451,917
of which Other amounts receivable: +€197,124
- Tangible fixed assets +€188,544
up €188,544 (+29.2%), from €645,336 to €833,880
of which Land and buildings: +€235,156
- Cash -€107,526
down €107,526 (-39.7%), from €271,184 to €163,658
mainly Investment in fixed assets (net) (-€295,754) and Receivables within one year (-€227,138)
- Reserves +€249,671
up €249,671 (+64.1%), from €389,330 to €639,001
- Advances received +€41,868
up €41,868 (+17.1%), from €245,432 to €287,300
- Accrued charges and deferred income -€40,789
down €40,789 (-100%), from €40,789 to €0
- Tax, wage and social debts +€22,582
up €22,582 (+38.6%), from €58,512 to €81,094
of which Taxes: +€20,962
- Current portion of long-term debt +€18,892
up €18,892 (+24.1%), from €78,445 to €97,337
- Gross operating margin +€50,357
up €50,357 (+9.9%), from €508,200 to €558,557
- Staff costs +€36,144
up €36,144 (+61.3%), from €58,970 to €95,114
- Other operating charges -€14,255
down €14,255 (-80.8%), from €17,642 to €3,386
- Taxes -€6,633
down €6,633 (-6.1%), from €108,985 to €102,352
- Depreciation +€6,139
up €6,139 (+6.8%), from €90,687 to €96,826
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,188,497 | €1,502,049 | +€313,552 | +26.4% |
| Fixed assets | 21/28 | €649,746 | €848,674 | +€198,929 | +30.6% |
| Intangible fixed assets | 21 | €1,740 | €2,624 | +€885 | +50.9% |
| Tangible fixed assets | 22/27 | €645,336 | €833,880 | +€188,544 | +29.2% |
| Land and buildings | 22 | €202,931 | €438,087 | +€235,156 | +116% |
| Plant, machinery and equipment | 23 | €33,096 | €30,861 | -€2,235 | -6.8% |
| Furniture and vehicles | 24 | €409,309 | €364,931 | -€44,377 | -10.8% |
| Financial fixed assets | 28 | €2,670 | €12,170 | +€9,500 | +356% |
| Current assets | 29/58 | €538,752 | €653,375 | +€114,623 | +21.3% |
| Stocks and contracts in progress | 3 | €22,543 | €18,426 | -€4,117 | -18.3% |
| Stocks | 30/36 | €22,543 | €18,426 | -€4,117 | -18.3% |
| Amounts receivable within one year | 40/41 | €224,779 | €451,917 | +€227,138 | +101% |
| Trade receivables | 40 | €148,236 | €178,250 | +€30,014 | +20.2% |
| Other amounts receivable | 41 | €76,543 | €273,667 | +€197,124 | +258% |
| Cash at bank and in hand | 54/58 | €271,184 | €163,658 | -€107,526 | -39.7% |
| Deferred charges and accrued income | 490/1 | €20,245 | €19,374 | -€871 | -4.3% |
| Total equity and liabilities | 10/49 | €1,188,497 | €1,502,049 | +€313,552 | +26.4% |
| Equity | 10/15 | €409,330 | €659,001 | +€249,671 | +61.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €389,330 | €639,001 | +€249,671 | +64.1% |
| Distributable reserves | 133 | €389,330 | €639,001 | +€249,671 | +64.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €779,167 | €843,049 | +€63,881 | +8.2% |
| Amounts payable after more than one year | 17 | €340,439 | €350,167 | +€9,728 | +2.9% |
| Financial debts | 170/4 | €340,439 | €350,167 | +€9,728 | +2.9% |
| Amounts payable within one year | 42/48 | €397,940 | €492,881 | +€94,942 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €78,445 | €97,337 | +€18,892 | +24.1% |
| Trade debts | 44 | €15,551 | €27,150 | +€11,599 | +74.6% |
| Suppliers | 440/4 | €15,551 | €27,150 | +€11,599 | +74.6% |
| Advances received on contracts in progress | 46 | €245,432 | €287,300 | +€41,868 | +17.1% |
| Taxes, remuneration and social security | 45 | €58,512 | €81,094 | +€22,582 | +38.6% |
| Taxes | 450/3 | €57,735 | €78,697 | +€20,962 | +36.3% |
| Remuneration and social security | 454/9 | €777 | €2,398 | +€1,620 | +208% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €40,789 | €0 | -€40,789 | -100% |
| Remuneration, social security and pensions | 62 | €58,970 | €95,114 | +€36,144 | +61.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,687 | €96,826 | +€6,139 | +6.8% |
| Other operating charges | 640/8 | €17,642 | €3,386 | -€14,255 | -80.8% |
| Gross operating margin | 9900 | €508,200 | €558,557 | +€50,357 | +9.9% |
| Operating profit (loss) | 9901 | €340,902 | €363,231 | +€22,329 | +6.6% |
| Financial income | 75/76B | €3,265 | €7,653 | +€4,388 | +134% |
| Recurring financial income | 75 | €3,265 | €7,653 | +€4,388 | +134% |
| Financial charges | 65/66B | €16,805 | €18,861 | +€2,057 | +12.2% |
| Recurring financial charges | 65 | €16,805 | €18,861 | +€2,057 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €327,362 | €352,023 | +€24,661 | +7.5% |
| Income taxes | 67/77 | €108,985 | €102,352 | -€6,633 | -6.1% |
| Profit (loss) for the period | 9904 | €218,377 | €249,671 | +€31,293 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €218,377 | €249,671 | +€31,293 | +14.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.