KARADAG: 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.
KARADAG
Largest movements
- Receivables within one year +€35,429
up €35,429 (+21.6%), from €163,874 to €199,303
of which Trade receivables: +€35,050
- Cash +€16,086
up €16,086 (+27.2%), from €59,081 to €75,168
mainly Trade debts (+€25,904) and Current portion of long-term debt (+€21,776)
- Tangible fixed assets -€11,847
down €11,847 (-3.8%), from €314,500 to €302,653
of which Land and buildings: -€8,400
- Trade debts +€25,904
up €25,904 (+16.7%), from €154,925 to €180,828
- Current portion of long-term debt +€21,776
up €21,776, from €0 to €21,776
- Debts after one year -€9,840
down €9,840 (-3.4%), from €291,755 to €281,915
- Tax, wage and social debts -€9,536
down €9,536 (-39.3%), from €24,261 to €14,725
of which Taxes: -€9,822
- Profit (loss) carried forward +€7,721
up €7,721 (+7.2%), from €107,275 to €114,996
- Gross operating margin +€37,875
up €37,875 (+23.6%), from €160,827 to €198,702
- Depreciation -€23,961
down €23,961 (-66.9%), from €35,808 to €11,847
- Staff costs +€11,936
up €11,936 (+9.3%), from €128,752 to €140,688
- Financial charges -€10,115
down €10,115 (-34.9%), from €29,014 to €18,899
- Other operating charges -€8,432
down €8,432 (-31.9%), from €26,391 to €17,959
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 | €679,580 | €721,282 | +€41,701 | +6.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €314,500 | €302,653 | -€11,847 | -3.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €314,500 | €302,653 | -€11,847 | -3.8% |
| Land and buildings | 22 | €306,596 | €298,196 | -€8,400 | -2.7% |
| Plant, machinery and equipment | 23 | €5,268 | €3,980 | -€1,288 | -24.4% |
| Furniture and vehicles | 24 | €1,613 | €0 | -€1,613 | -100.0% |
| Other tangible fixed assets | 26 | €1,024 | €478 | -€546 | -53.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €365,080 | €418,628 | +€53,548 | +14.7% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,500 | +€500 | +1.3% |
| Other amounts receivable | 291 | €40,000 | €40,500 | +€500 | +1.3% |
| Stocks and contracts in progress | 3 | €102,125 | €103,657 | +€1,533 | +1.5% |
| Stocks | 30/36 | €102,125 | €103,657 | +€1,533 | +1.5% |
| Amounts receivable within one year | 40/41 | €163,874 | €199,303 | +€35,429 | +21.6% |
| Trade receivables | 40 | €160,000 | €195,050 | +€35,050 | +21.9% |
| Other amounts receivable | 41 | €3,874 | €4,253 | +€379 | +9.8% |
| Cash at bank and in hand | 54/58 | €59,081 | €75,168 | +€16,086 | +27.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €679,580 | €721,282 | +€41,701 | +6.1% |
| Equity | 10/15 | €127,735 | €135,456 | +€7,721 | +6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,275 | €114,996 | +€7,721 | +7.2% |
| Amounts payable | 17/49 | €551,845 | €585,826 | +€33,981 | +6.2% |
| Amounts payable after more than one year | 17 | €291,755 | €281,915 | -€9,840 | -3.4% |
| Financial debts | 170/4 | €291,755 | €281,915 | -€9,840 | -3.4% |
| Amounts payable within one year | 42/48 | €260,090 | €303,911 | +€43,821 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | €21,776 | +€21,776 | |
| Trade debts | 44 | €154,925 | €180,828 | +€25,904 | +16.7% |
| Suppliers | 440/4 | €154,925 | €180,828 | +€25,904 | +16.7% |
| Taxes, remuneration and social security | 45 | €24,261 | €14,725 | -€9,536 | -39.3% |
| Taxes | 450/3 | €12,502 | €2,680 | -€9,822 | -78.6% |
| Remuneration and social security | 454/9 | €11,759 | €12,045 | +€287 | +2.4% |
| Other amounts payable | 47/48 | €80,905 | €86,582 | +€5,677 | +7.0% |
| Remuneration, social security and pensions | 62 | €128,752 | €140,688 | +€11,936 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,808 | €11,847 | -€23,961 | -66.9% |
| Other operating charges | 640/8 | €26,391 | €17,959 | -€8,432 | -31.9% |
| Gross operating margin | 9900 | €160,827 | €198,702 | +€37,875 | +23.6% |
| Operating profit (loss) | 9901 | -€30,124 | €28,208 | +€58,332 | |
| Financial income | 75/76B | €0 | €0 | = | |
| Recurring financial income | 75 | €0 | €0 | = | |
| Financial charges | 65/66B | €29,014 | €18,899 | -€10,115 | -34.9% |
| Recurring financial charges | 65 | €29,014 | €18,899 | -€10,115 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | -€59,138 | €9,309 | +€68,447 | |
| Income taxes | 67/77 | €1,155 | €1,589 | +€434 | +37.6% |
| Profit (loss) for the period | 9904 | -€60,293 | €7,721 | +€68,014 | |
| Profit (loss) for the period to be appropriated | 9905 | -€60,293 | €7,721 | +€68,014 |
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 11 October 2026 via checked.be.