KARABOUDJAN: 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.
KARABOUDJAN
Largest movements
- Current investments +€641,992
up €641,992 (+7.0%), from €9.2m to €9.8m
- Cash -€385,813
down €385,813 (-42.4%), from €910,123 to €524,309
mainly Current investments (-€641,992) and Investment in fixed assets (net) (-€46,145)
- Reserves +€299,323
up €299,323 (+4.7%), from €6.4m to €6.7m
of which Distributable reserves: +€299,323
- Financial income -€2.0m
down €2.0m (-82.1%), from €2.4m to €434,819
of which Non-recurring financial income: -€2.1m
- Taxes -€181,755
down €181,755 (-58.7%), from €309,750 to €127,995
- Gross operating margin -€12,366
down €12,366 (-6.7%), from €183,332 to €170,966
- Depreciation +€6,546
up €6,546 (+30.1%), from €21,745 to €28,291
- Other operating charges +€5,912
up €5,912 (+42.9%), from €13,770 to €19,683
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 | €10,290,983 | €10,523,897 | +€232,914 | +2.3% |
| Fixed assets | 21/28 | €126,466 | €144,321 | +€17,854 | +14.1% |
| Tangible fixed assets | 22/27 | €122,215 | €140,070 | +€17,854 | +14.6% |
| Land and buildings | 22 | €74,479 | €69,672 | -€4,806 | -6.5% |
| Plant, machinery and equipment | 23 | €23,394 | €11,060 | -€12,334 | -52.7% |
| Furniture and vehicles | 24 | €18,165 | €43,786 | +€25,620 | +141.0% |
| Other tangible fixed assets | 26 | €6,177 | €15,552 | +€9,375 | +151.8% |
| Financial fixed assets | 28 | €4,251 | €4,251 | = | 0.0% |
| Current assets | 29/58 | €10,164,517 | €10,379,576 | +€215,060 | +2.1% |
| Amounts receivable within one year | 40/41 | €99,143 | €58,785 | -€40,357 | -40.7% |
| Trade receivables | 40 | €82,229 | €57,563 | -€24,666 | -30.0% |
| Other amounts receivable | 41 | €16,913 | €1,222 | -€15,691 | -92.8% |
| Current investments | 50/53 | €9,151,979 | €9,793,971 | +€641,992 | +7.0% |
| Cash at bank and in hand | 54/58 | €910,123 | €524,309 | -€385,813 | -42.4% |
| Deferred charges and accrued income | 490/1 | €3,272 | €2,511 | -€762 | -23.3% |
| Total equity and liabilities | 10/49 | €10,290,983 | €10,523,897 | +€232,914 | +2.3% |
| Equity | 10/15 | €9,892,984 | €10,192,307 | +€299,323 | +3.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €6,411,567 | €6,710,890 | +€299,323 | +4.7% |
| Non-distributable reserves | 130/1 | €88,454 | €88,454 | = | 0.0% |
| Reserves not available under the articles | 1311 | €88,454 | €88,454 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,066 | €14,066 | = | 0.0% |
| Distributable reserves | 133 | €6,309,047 | €6,608,370 | +€299,323 | +4.7% |
| Profit (loss) carried forward | 14 | €3,469,017 | €3,469,017 | = | 0.0% |
| Provisions and deferred taxes | 16 | €4,684 | €4,684 | = | 0.0% |
| Deferred taxes | 168 | €4,684 | €4,684 | = | 0.0% |
| Amounts payable | 17/49 | €393,315 | €326,906 | -€66,409 | -16.9% |
| Amounts payable within one year | 42/48 | €386,221 | €321,174 | -€65,047 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €21,037 | €9,250 | -€11,786 | -56.0% |
| Suppliers | 440/4 | €21,037 | €9,250 | -€11,786 | -56.0% |
| Taxes, remuneration and social security | 45 | €278,986 | €236,202 | -€42,784 | -15.3% |
| Taxes | 450/3 | €268,637 | €228,326 | -€40,311 | -15.0% |
| Remuneration and social security | 454/9 | €10,349 | €7,876 | -€2,472 | -23.9% |
| Other amounts payable | 47/48 | €86,198 | €75,722 | -€10,477 | -12.2% |
| Accrued charges and deferred income | 492/3 | €7,094 | €5,732 | -€1,363 | -19.2% |
| Non-recurring operating income | 76A | €30,317 | €0 | -€30,317 | -100.0% |
| Remuneration, social security and pensions | 62 | €47,371 | €51,381 | +€4,010 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,745 | €28,291 | +€6,546 | +30.1% |
| Other operating charges | 640/8 | €13,770 | €19,683 | +€5,912 | +42.9% |
| Non-recurring operating charges | 66A | €1,397 | €0 | -€1,397 | -100.0% |
| Gross operating margin | 9900 | €183,332 | €170,966 | -€12,366 | -6.7% |
| Operating profit (loss) | 9901 | €99,048 | €71,611 | -€27,437 | -27.7% |
| Financial income | 75/76B | €2,430,973 | €434,819 | -€2.0m | -82.1% |
| Recurring financial income | 75 | €322,622 | €434,819 | +€112,197 | +34.8% |
| Non-recurring financial income | 76B | €2,108,352 | €0 | -€2.1m | -100.0% |
| Financial charges | 65/66B | €74,975 | €79,111 | +€4,136 | +5.5% |
| Recurring financial charges | 65 | €74,975 | €79,111 | +€4,136 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €2,455,046 | €427,319 | -€2.0m | -82.6% |
| Income taxes | 67/77 | €309,750 | €127,995 | -€181,755 | -58.7% |
| Profit (loss) for the period | 9904 | €2,145,296 | €299,323 | -€1.8m | -86.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,145,296 | €299,323 | -€1.8m | -86.0% |
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 4 October 2026 via checked.be.