KARAL: 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.
KARAL
Largest movements
- Cash +€487,605
up €487,605 (+98.2%), from €496,681 to €984,286
mainly Investment in fixed assets (net) (+€356,731) and Other debts (+€339,889)
- Tangible fixed assets -€412,119
down €412,119 (-35.0%), from €1.2m to €765,900
of which Land and buildings: -€258,308
- Deferred charges and accrued income -€24,376
down €24,376 (-9.4%), from €258,958 to €234,582
- Current investments +€22,514
up €22,514 (+10.6%), from €212,996 to €235,509
- Other debts +€339,889
up €339,889 (+183.6%), from €185,171 to €525,060
- Debts after one year -€102,089
down €102,089 (-30.8%), from €331,699 to €229,610
of which Financial debts: -€102,089
- Tax, wage and social debts -€62,557
down €62,557 (-90.3%), from €69,307 to €6,750
- Current portion of long-term debt -€43,875
down €43,875 (-69.6%), from €63,041 to €19,166
- Reserves -€39,825
down €39,825 (-2.8%), from €1.4m to €1.4m
of which Distributable reserves: -€39,825
- Gross operating margin +€15,056
up €15,056 (+3.0%), from €502,009 to €517,065
- Taxes +€10,742
up €10,742 (+8.0%), from €133,780 to €144,522
- Depreciation -€8,791
down €8,791 (-13.7%), from €64,178 to €55,387
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 | €2,149,585 | €2,226,943 | +€77,358 | +3.6% |
| Fixed assets | 21/28 | €1,178,019 | €765,900 | -€412,119 | -35.0% |
| Tangible fixed assets | 22/27 | €1,178,019 | €765,900 | -€412,119 | -35.0% |
| Land and buildings | 22 | €947,514 | €689,206 | -€258,308 | -27.3% |
| Plant, machinery and equipment | 23 | €9,354 | €11,996 | +€2,642 | +28.2% |
| Furniture and vehicles | 24 | €221,151 | €64,698 | -€156,452 | -70.7% |
| Current assets | 29/58 | €971,567 | €1,461,043 | +€489,476 | +50.4% |
| Amounts receivable within one year | 40/41 | €2,932 | €6,665 | +€3,733 | +127.3% |
| Other amounts receivable | 41 | €2,932 | €6,665 | +€3,733 | +127.3% |
| Current investments | 50/53 | €212,996 | €235,509 | +€22,514 | +10.6% |
| Cash at bank and in hand | 54/58 | €496,681 | €984,286 | +€487,605 | +98.2% |
| Deferred charges and accrued income | 490/1 | €258,958 | €234,582 | -€24,376 | -9.4% |
| Total equity and liabilities | 10/49 | €2,149,585 | €2,226,943 | +€77,358 | +3.6% |
| Equity | 10/15 | €1,439,099 | €1,399,274 | -€39,825 | -2.8% |
| Contributions | 10/11 | €6,944 | €6,944 | = | 0.0% |
| Reserves | 13 | €1,432,155 | €1,392,330 | -€39,825 | -2.8% |
| Tax-exempt reserves | 132 | €60,000 | €60,000 | = | 0.0% |
| Distributable reserves | 133 | €1,372,155 | €1,332,330 | -€39,825 | -2.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €22,859 | €22,859 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €22,859 | €22,859 | = | 0.0% |
| Pensions and similar obligations | 160 | €22,859 | €22,859 | = | 0.0% |
| Amounts payable | 17/49 | €687,627 | €804,809 | +€117,183 | +17.0% |
| Amounts payable after more than one year | 17 | €331,699 | €229,610 | -€102,089 | -30.8% |
| Financial debts | 170/4 | €102,089 | €0 | -€102,089 | -100.0% |
| Other amounts payable | 178/9 | €229,610 | €229,610 | = | 0.0% |
| Amounts payable within one year | 42/48 | €337,512 | €558,943 | +€221,431 | +65.6% |
| Current portion of amounts payable after more than one year | 42 | €63,041 | €19,166 | -€43,875 | -69.6% |
| Financial debts | 43 | €8,450 | €0 | -€8,450 | -100.0% |
| Credit institutions | 430/8 | €8,450 | €0 | -€8,450 | -100.0% |
| Trade debts | 44 | €11,544 | €7,967 | -€3,576 | -31.0% |
| Suppliers | 440/4 | €11,544 | €7,967 | -€3,576 | -31.0% |
| Taxes, remuneration and social security | 45 | €69,307 | €6,750 | -€62,557 | -90.3% |
| Taxes | 450/3 | €69,307 | €6,750 | -€62,557 | -90.3% |
| Other amounts payable | 47/48 | €185,171 | €525,060 | +€339,889 | +183.6% |
| Accrued charges and deferred income | 492/3 | €18,415 | €16,256 | -€2,158 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,178 | €55,387 | -€8,791 | -13.7% |
| Other operating charges | 640/8 | €10,940 | €13,382 | +€2,442 | +22.3% |
| Non-recurring operating charges | 66A | €7,797 | €1,257 | -€6,540 | -83.9% |
| Gross operating margin | 9900 | €502,009 | €517,065 | +€15,056 | +3.0% |
| Operating profit (loss) | 9901 | €419,094 | €447,038 | +€27,944 | +6.7% |
| Financial income | 75/76B | €952 | €2,166 | +€1,215 | +127.6% |
| Recurring financial income | 75 | €952 | €2,166 | +€1,215 | +127.6% |
| Financial charges | 65/66B | €25,601 | €22,512 | -€3,089 | -12.1% |
| Recurring financial charges | 65 | €25,601 | €22,512 | -€3,089 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €394,444 | €426,692 | +€32,248 | +8.2% |
| Income taxes | 67/77 | €133,780 | €144,522 | +€10,742 | +8.0% |
| Profit (loss) for the period | 9904 | €260,664 | €282,171 | +€21,506 | +8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €260,664 | €282,171 | +€21,506 | +8.3% |
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 8 October 2026 via checked.be.