KARAL: 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.
What changed
KARAL
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€5,789
2024 · €5,428+€361
Equity
€356,723
2024 · €350,934+€5,789
Cash
€20,232
2024 · €20,941-€709
Balance sheet total
€663,647
2024 · €679,195-€15,548
Largest movements
Assets
- Tangible fixed assets -€15,027
down €15,027 (-2.3%), from €656,924 to €641,897
of which Furniture and vehicles: -€7,750
Equity and liabilities
- Debts after one year -€10,044
down €10,044 (-4.0%), from €251,187 to €241,143
of which Financial debts: -€10,044
- Accrued charges and deferred income -€7,670
down €7,670 (-47.8%), from €16,055 to €8,385
Income statement
- Other operating charges -€567
down €567 (-8.2%), from €6,868 to €6,301
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.
Result 2024
€5,428
Gross operating margin
-€43
Depreciation
-€171
Other operating charges
+€567
Financial income
-€0
Financial charges
-€56
Taxes
+€64
Result 2025
€5,789
raises the resultlowers the result
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.
From operations
+€11,085
Investment
-€1,943
Financing
-€9,851
Cash 2024
€20,941
From operations (derived)
+€11,085
Net result for the year
+€5,789
Depreciation
+€16,971
Receivables within one year
-€116
Deferred charges and accrued income
-€73
Provisions
-€1,128
Trade debts
-€148
Tax, wage and social debts
+€1,512
Other debts
-€4,052
Accrued charges and deferred income
-€7,670
Investment (derived)
-€1,943
Investment in fixed assets (net)
-€1,943
Financing
-€9,851
Debts after one year
-€10,044
Current portion of long-term debt
+€95
Short-term financial debts
+€98
Cash 2025
€20,232
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €679,195 | €663,647 | -€15,548 | -2.3% |
| Fixed assets | 21/28 | €656,924 | €641,897 | -€15,027 | -2.3% |
| Tangible fixed assets | 22/27 | €656,924 | €641,897 | -€15,027 | -2.3% |
| Land and buildings | 22 | €627,326 | €620,049 | -€7,278 | -1.2% |
| Furniture and vehicles | 24 | €29,598 | €21,848 | -€7,750 | -26.2% |
| Current assets | 29/58 | €22,271 | €21,750 | -€520 | -2.3% |
| Amounts receivable within one year | 40/41 | - | €116 | +€116 | |
| Other amounts receivable | 41 | - | €116 | +€116 | |
| Cash at bank and in hand | 54/58 | €20,941 | €20,232 | -€709 | -3.4% |
| Deferred charges and accrued income | 490/1 | €1,330 | €1,402 | +€73 | +5.5% |
| Total equity and liabilities | 10/49 | €679,195 | €663,647 | -€15,548 | -2.3% |
| Equity | 10/15 | €350,934 | €356,723 | +€5,789 | +1.6% |
| Contributions | 10/11 | €144,939 | €144,939 | = | 0.0% |
| Reserves | 13 | €205,995 | €211,784 | +€5,789 | +2.8% |
| Tax-exempt reserves | 132 | €74,821 | €71,439 | -€3,383 | -4.5% |
| Distributable reserves | 133 | €131,174 | €140,345 | +€9,171 | +7.0% |
| Provisions and deferred taxes | 16 | €24,940 | €23,813 | -€1,128 | -4.5% |
| Deferred taxes | 168 | €24,940 | €23,813 | -€1,128 | -4.5% |
| Amounts payable | 17/49 | €303,320 | €283,112 | -€20,209 | -6.7% |
| Amounts payable after more than one year | 17 | €251,187 | €241,143 | -€10,044 | -4.0% |
| Financial debts | 170/4 | €51,187 | €41,143 | -€10,044 | -19.6% |
| Other amounts payable | 178/9 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €36,079 | €33,584 | -€2,495 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €9,949 | €10,044 | +€95 | +1.0% |
| Financial debts | 43 | €67 | €166 | +€98 | +146% |
| Credit institutions | 430/8 | €67 | €166 | +€98 | +146% |
| Trade debts | 44 | €633 | €485 | -€148 | -23.4% |
| Suppliers | 440/4 | €633 | €485 | -€148 | -23.4% |
| Taxes, remuneration and social security | 45 | €1,575 | €3,087 | +€1,512 | +96.0% |
| Taxes | 450/3 | €1,575 | €3,087 | +€1,512 | +96.0% |
| Other amounts payable | 47/48 | €23,854 | €19,802 | -€4,052 | -17.0% |
| Accrued charges and deferred income | 492/3 | €16,055 | €8,385 | -€7,670 | -47.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,800 | €16,971 | +€171 | +1.0% |
| Other operating charges | 640/8 | €6,868 | €6,301 | -€567 | -8.2% |
| Gross operating margin | 9900 | €42,397 | €42,355 | -€43 | -0.1% |
| Operating profit (loss) | 9901 | €18,730 | €19,083 | +€353 | +1.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €8,854 | €8,910 | +€56 | +0.6% |
| Recurring financial charges | 65 | €8,854 | €8,910 | +€56 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €9,876 | €10,173 | +€297 | +3.0% |
| Transfer from deferred taxes | 780 | €1,128 | €1,128 | = | 0.0% |
| Income taxes | 67/77 | €5,575 | €5,512 | -€64 | -1.1% |
| Profit (loss) for the period | 9904 | €5,428 | €5,789 | +€361 | +6.6% |
| Transfer from tax-exempt reserves | 789 | €3,383 | €3,383 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,811 | €9,171 | +€361 | +4.1% |
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.