KARAET: 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.
KARAET
Largest movements
- Receivables within one year +€37,327
up €37,327 (+71.0%), from €52,554 to €89,881
of which Other amounts receivable: +€53,874
- Cash -€9,272
down €9,272 (-38.4%), from €24,118 to €14,846
mainly Receivables within one year (-€37,327) and Tax, wage and social debts (-€5,079)
- Tangible fixed assets -€4,488
down €4,488 (-36.2%), from €12,389 to €7,901
of which Furniture and vehicles: -€2,755
- Current investments -€4,176
down €4,176 (-19.0%), from €22,011 to €17,835
- Reserves +€19,737
up €19,737 (+23.2%), from €85,211 to €104,949
of which Distributable reserves: +€19,737
- Tax, wage and social debts -€5,079
down €5,079 (-23.1%), from €21,984 to €16,905
- Trade debts +€4,732
up €4,732 (+539%), from €877 to €5,609
- Staff costs -€3,966
no longer reported in 2025 (was €3,966)
- Taxes +€3,166
up €3,166 (+44.8%), from €7,060 to €10,226
- Gross operating margin -€1,635
down €1,635 (-4.7%), from €35,077 to €33,442
- Financial income +€1,433
up €1,433 (+288%), from €497 to €1,930
- Depreciation -€1,218
down €1,218 (-21.3%), from €5,707 to €4,488
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 | €111,073 | €130,463 | +€19,390 | +17.5% |
| Fixed assets | 21/28 | €12,389 | €7,901 | -€4,488 | -36.2% |
| Tangible fixed assets | 22/27 | €12,389 | €7,901 | -€4,488 | -36.2% |
| Land and buildings | 22 | €3,373 | €2,064 | -€1,309 | -38.8% |
| Plant, machinery and equipment | 23 | €2,565 | €2,141 | -€425 | -16.6% |
| Furniture and vehicles | 24 | €6,451 | €3,696 | -€2,755 | -42.7% |
| Current assets | 29/58 | €98,683 | €122,562 | +€23,879 | +24.2% |
| Amounts receivable within one year | 40/41 | €52,554 | €89,881 | +€37,327 | +71.0% |
| Trade receivables | 40 | €30,032 | €13,485 | -€16,548 | -55.1% |
| Other amounts receivable | 41 | €22,522 | €76,396 | +€53,874 | +239% |
| Current investments | 50/53 | €22,011 | €17,835 | -€4,176 | -19.0% |
| Cash at bank and in hand | 54/58 | €24,118 | €14,846 | -€9,272 | -38.4% |
| Total equity and liabilities | 10/49 | €111,073 | €130,463 | +€19,390 | +17.5% |
| Equity | 10/15 | €88,211 | €107,949 | +€19,737 | +22.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Contributions outside capital | 11 | €3,000 | €3,000 | = | 0.0% |
| Other | 1109/19 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €85,211 | €104,949 | +€19,737 | +23.2% |
| Non-distributable reserves | 130/1 | €300 | €300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €300 | €300 | = | 0.0% |
| Distributable reserves | 133 | €84,911 | €104,649 | +€19,737 | +23.2% |
| Amounts payable | 17/49 | €22,861 | €22,514 | -€347 | -1.5% |
| Amounts payable within one year | 42/48 | €22,861 | €22,514 | -€347 | -1.5% |
| Trade debts | 44 | €877 | €5,609 | +€4,732 | +539% |
| Suppliers | 440/4 | €877 | €5,609 | +€4,732 | +539% |
| Taxes, remuneration and social security | 45 | €21,984 | €16,905 | -€5,079 | -23.1% |
| Taxes | 450/3 | €21,984 | €16,905 | -€5,079 | -23.1% |
| Non-recurring operating income | 76A | €13,362 | - | -€13,362 | |
| Remuneration, social security and pensions | 62 | €3,966 | - | -€3,966 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,707 | €4,488 | -€1,218 | -21.3% |
| Other operating charges | 640/8 | €858 | €864 | +€6 | +0.7% |
| Gross operating margin | 9900 | €35,077 | €33,442 | -€1,635 | -4.7% |
| Operating profit (loss) | 9901 | €24,547 | €28,090 | +€3,543 | +14.4% |
| Financial income | 75/76B | €497 | €1,930 | +€1,433 | +288% |
| Recurring financial income | 75 | €497 | €1,930 | +€1,433 | +288% |
| Financial charges | 65/66B | €94 | €55 | -€38 | -40.8% |
| Recurring financial charges | 65 | €94 | €55 | -€38 | -40.8% |
| Profit (loss) for the period before taxes | 9903 | €24,950 | €29,964 | +€5,013 | +20.1% |
| Income taxes | 67/77 | €7,060 | €10,226 | +€3,166 | +44.8% |
| Profit (loss) for the period | 9904 | €17,890 | €19,737 | +€1,847 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,890 | €19,737 | +€1,847 | +10.3% |
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 27 October 2026 via checked.be.