KARADAG 2: 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 2
Largest movements
- Receivables within one year +€74,812
up €74,812 (+25.4%), from €294,040 to €368,852
of which Trade receivables: +€79,793
- Cash -€74,375
down €74,375 (-86.5%), from €86,000 to €11,625
mainly Receivables within one year (-€74,812) and Investment in fixed assets (net) (-€46,882)
- Tangible fixed assets +€27,485
up €27,485 (+65.3%), from €42,077 to €69,562
- Other debts +€68,262
up €68,262 (+113%), from €60,245 to €128,507
- Trade debts -€44,336
down €44,336 (-10.2%), from €434,236 to €389,900
- Profit (loss) carried forward +€15,956
up €15,956 (+19.6%), from €81,587 to €97,542
- Staff costs -€31,139
down €31,139 (-13.2%), from €235,579 to €204,440
- Taxes +€19,989
up €19,989 (+279%), from €7,166 to €27,156
- Gross operating margin +€15,825
up €15,825 (+5.1%), from €311,517 to €327,342
- Other operating charges +€7,201
up €7,201 (+19.3%), from €37,384 to €44,585
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.
Derived cash bridge
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 | €634,417 | €669,582 | +€35,165 | +5.5% |
| Fixed assets | 21/28 | €66,127 | €93,612 | +€27,485 | +41.6% |
| Tangible fixed assets | 22/27 | €42,077 | €69,562 | +€27,485 | +65.3% |
| Plant, machinery and equipment | 23 | €9,249 | €21,911 | +€12,662 | +137% |
| Furniture and vehicles | 24 | €7,380 | €19,975 | +€12,595 | +171% |
| Other tangible fixed assets | 26 | €25,449 | €27,676 | +€2,227 | +8.8% |
| Financial fixed assets | 28 | €24,050 | €24,050 | = | 0.0% |
| Current assets | 29/58 | €568,290 | €575,970 | +€7,680 | +1.4% |
| Amounts receivable after more than one year | 29 | €0 | €0 | = | |
| Other amounts receivable | 291 | €0 | €0 | = | |
| Stocks and contracts in progress | 3 | €188,251 | €190,321 | +€2,070 | +1.1% |
| Stocks | 30/36 | €188,251 | €190,321 | +€2,070 | +1.1% |
| Amounts receivable within one year | 40/41 | €294,040 | €368,852 | +€74,812 | +25.4% |
| Trade receivables | 40 | €245,380 | €325,173 | +€79,793 | +32.5% |
| Other amounts receivable | 41 | €48,660 | €43,679 | -€4,981 | -10.2% |
| Cash at bank and in hand | 54/58 | €86,000 | €11,625 | -€74,375 | -86.5% |
| Deferred charges and accrued income | 490/1 | - | €5,173 | +€5,173 | |
| Total equity and liabilities | 10/49 | €634,417 | €669,582 | +€35,165 | +5.5% |
| Equity | 10/15 | €100,557 | €116,512 | +€15,956 | +15.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €370 | €370 | = | 0.0% |
| Non-distributable reserves | 130/1 | €370 | €370 | = | 0.0% |
| Reserves not available under the articles | 1311 | €370 | €370 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,587 | €97,542 | +€15,956 | +19.6% |
| Amounts payable | 17/49 | €533,860 | €553,070 | +€19,210 | +3.6% |
| Amounts payable within one year | 42/48 | €533,860 | €553,070 | +€19,210 | +3.6% |
| Trade debts | 44 | €434,236 | €389,900 | -€44,336 | -10.2% |
| Suppliers | 440/4 | €434,236 | €389,900 | -€44,336 | -10.2% |
| Taxes, remuneration and social security | 45 | €39,380 | €34,663 | -€4,717 | -12.0% |
| Taxes | 450/3 | €8,989 | €14,853 | +€5,864 | +65.2% |
| Remuneration and social security | 454/9 | €30,391 | €19,809 | -€10,582 | -34.8% |
| Other amounts payable | 47/48 | €60,245 | €128,507 | +€68,262 | +113% |
| Remuneration, social security and pensions | 62 | €235,579 | €204,440 | -€31,139 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,411 | €19,397 | +€2,986 | +18.2% |
| Other operating charges | 640/8 | €37,384 | €44,585 | +€7,201 | +19.3% |
| Gross operating margin | 9900 | €311,517 | €327,342 | +€15,825 | +5.1% |
| Operating profit (loss) | 9901 | €22,143 | €58,919 | +€36,776 | +166% |
| Financial income | 75/76B | €0 | €256 | +€256 | |
| Recurring financial income | 75 | €0 | €256 | +€256 | |
| Financial charges | 65/66B | €12,933 | €16,064 | +€3,131 | +24.2% |
| Recurring financial charges | 65 | €12,933 | €16,064 | +€3,131 | +24.2% |
| Profit (loss) for the period before taxes | 9903 | €9,210 | €43,111 | +€33,902 | +368% |
| Income taxes | 67/77 | €7,166 | €27,156 | +€19,989 | +279% |
| Profit (loss) for the period | 9904 | €2,043 | €15,956 | +€13,913 | +681% |
| Profit (loss) for the period to be appropriated | 9905 | €2,043 | €15,956 | +€13,913 | +681% |
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 22 October 2026 via checked.be.