KARA WOLF: 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.
KARA WOLF
Largest movements
- Receivables within one year +€95,832
up €95,832 (+23.5%), from €407,181 to €503,013
of which Trade receivables: +€57,841
- Cash +€9,254
up €9,254 (+44066.7%), from €21 to €9,275
mainly Trade debts (+€142,880) and Other debts (+€1,000)
- Trade debts +€142,880
up €142,880 (+120.9%), from €118,160 to €261,040
- Profit (loss) carried forward -€19,517
down €19,517 (-12.2%), from €159,987 to €140,470
- Tax, wage and social debts -€17,790
down €17,790 (-31.3%), from €56,760 to €38,970
of which Taxes: -€14,290
- Other operating charges +€41,873
up €41,873 (+2689.3%), from €1,557 to €43,430
- Gross operating margin -€28,886
down €28,886 (-56.9%), from €50,768 to €21,882
- Taxes -€13,183
down €13,183 (-72.6%), from €18,160 to €4,977
- Financial income +€11,947
up €11,947 (+74668.8%), from €16 to €11,963
- Financial charges +€2,769
up €2,769 (+179.7%), from €1,541 to €4,310
of which Non-recurring financial charges: +€2,292
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 | €410,138 | €516,711 | +€106,573 | +26.0% |
| Fixed assets | 21/28 | €1,499 | €1,488 | -€11 | -0.7% |
| Tangible fixed assets | 22/27 | €1,499 | €1,488 | -€11 | -0.7% |
| Plant, machinery and equipment | 23 | €240 | - | -€240 | |
| Furniture and vehicles | 24 | €1,259 | €1,488 | +€229 | +18.2% |
| Current assets | 29/58 | €408,639 | €515,223 | +€106,584 | +26.1% |
| Amounts receivable within one year | 40/41 | €407,181 | €503,013 | +€95,832 | +23.5% |
| Trade receivables | 40 | €194,837 | €252,678 | +€57,841 | +29.7% |
| Other amounts receivable | 41 | €212,344 | €250,335 | +€37,991 | +17.9% |
| Cash at bank and in hand | 54/58 | €21 | €9,275 | +€9,254 | +44066.7% |
| Deferred charges and accrued income | 490/1 | €1,437 | €2,935 | +€1,498 | +104.2% |
| Total equity and liabilities | 10/49 | €410,138 | €516,711 | +€106,573 | +26.0% |
| Equity | 10/15 | €194,718 | €175,201 | -€19,517 | -10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,131 | €16,131 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,732 | €2,732 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,732 | €2,732 | = | 0.0% |
| Distributable reserves | 133 | €13,399 | €13,399 | = | 0.0% |
| Profit (loss) carried forward | 14 | €159,987 | €140,470 | -€19,517 | -12.2% |
| Amounts payable | 17/49 | €215,420 | €341,510 | +€126,090 | +58.5% |
| Amounts payable within one year | 42/48 | €215,420 | €341,510 | +€126,090 | +58.5% |
| Trade debts | 44 | €118,160 | €261,040 | +€142,880 | +120.9% |
| Suppliers | 440/4 | €118,160 | €261,040 | +€142,880 | +120.9% |
| Taxes, remuneration and social security | 45 | €56,760 | €38,970 | -€17,790 | -31.3% |
| Taxes | 450/3 | €49,260 | €34,970 | -€14,290 | -29.0% |
| Remuneration and social security | 454/9 | €7,500 | €4,000 | -€3,500 | -46.7% |
| Other amounts payable | 47/48 | €40,500 | €41,500 | +€1,000 | +2.5% |
| Non-recurring operating income | 76A | €5,075 | - | -€5,075 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,134 | €645 | -€1,489 | -69.8% |
| Other operating charges | 640/8 | €1,557 | €43,430 | +€41,873 | +2689.3% |
| Gross operating margin | 9900 | €50,768 | €21,882 | -€28,886 | -56.9% |
| Operating profit (loss) | 9901 | €47,077 | -€22,193 | -€69,270 | |
| Financial income | 75/76B | €16 | €11,963 | +€11,947 | +74668.8% |
| Recurring financial income | 75 | €16 | €11,963 | +€11,947 | +74668.8% |
| Financial charges | 65/66B | €1,541 | €4,310 | +€2,769 | +179.7% |
| Recurring financial charges | 65 | €1,541 | €2,018 | +€477 | +31.0% |
| Non-recurring financial charges | 66B | - | €2,292 | +€2,292 | |
| Profit (loss) for the period before taxes | 9903 | €45,552 | -€14,540 | -€60,092 | |
| Income taxes | 67/77 | €18,160 | €4,977 | -€13,183 | -72.6% |
| Profit (loss) for the period | 9904 | €27,392 | -€19,517 | -€46,909 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,392 | -€19,517 | -€46,909 |
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 6 October 2026 via checked.be.