KARAM: 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.
KARAM
Largest movements
- Cash +€98,857
up €98,857 (+65.6%), from €150,802 to €249,659
mainly Net result for the year (+€104,788) and Accrued charges and deferred income (+€12,400)
- Deferred charges and accrued income +€6,311
up €6,311 (+78.8%), from €8,006 to €14,318
- Stocks and contracts -€6,145
down €6,145 (-7.0%), from €87,363 to €81,219
- Intangible fixed assets -€5,000
down €5,000 (-11.5%), from €43,329 to €38,329
- Receivables within one year +€4,348
up €4,348 (+14.4%), from €30,109 to €34,457
of which Other amounts receivable: +€4,145
- Reserves +€104,788
up €104,788 (+75.8%), from €138,268 to €243,056
- Trade debts -€19,960
down €19,960 (-37.7%), from €52,986 to €33,027
- Accrued charges and deferred income +€12,400
new in 2025: €12,400
- Gross operating margin +€93,616
up €93,616 (+52.1%), from €179,855 to €273,471
- Taxes +€29,954
up €29,954 (+102.1%), from €29,331 to €59,284
- Financial charges +€10,697
up €10,697 (+1649.1%), from €649 to €11,346
- Other operating charges +€7,808
up €7,808 (+301.1%), from €2,594 to €10,402
- Staff costs -€3,004
down €3,004 (-3.7%), from €81,091 to €78,086
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 | €332,955 | €429,015 | +€96,060 | +28.9% |
| Fixed assets | 21/28 | €56,675 | €49,363 | -€7,312 | -12.9% |
| Intangible fixed assets | 21 | €43,329 | €38,329 | -€5,000 | -11.5% |
| Tangible fixed assets | 22/27 | €8,696 | €6,384 | -€2,312 | -26.6% |
| Plant, machinery and equipment | 23 | €6,796 | €5,023 | -€1,773 | -26.1% |
| Furniture and vehicles | 24 | €1,317 | €923 | -€393 | -29.9% |
| Other tangible fixed assets | 26 | €583 | €438 | -€146 | -25.0% |
| Financial fixed assets | 28 | €4,650 | €4,650 | = | 0.0% |
| Current assets | 29/58 | €276,280 | €379,652 | +€103,372 | +37.4% |
| Stocks and contracts in progress | 3 | €87,363 | €81,219 | -€6,145 | -7.0% |
| Stocks | 30/36 | €87,363 | €81,219 | -€6,145 | -7.0% |
| Amounts receivable within one year | 40/41 | €30,109 | €34,457 | +€4,348 | +14.4% |
| Trade receivables | 40 | - | €203 | +€203 | |
| Other amounts receivable | 41 | €30,109 | €34,254 | +€4,145 | +13.8% |
| Cash at bank and in hand | 54/58 | €150,802 | €249,659 | +€98,857 | +65.6% |
| Deferred charges and accrued income | 490/1 | €8,006 | €14,318 | +€6,311 | +78.8% |
| Total equity and liabilities | 10/49 | €332,955 | €429,015 | +€96,060 | +28.9% |
| Equity | 10/15 | €183,698 | €288,485 | +€104,788 | +57.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €138,268 | €243,056 | +€104,788 | +75.8% |
| Distributable reserves | 133 | €138,268 | €243,056 | +€104,788 | +75.8% |
| Profit (loss) carried forward | 14 | €26,829 | €26,829 | = | 0.0% |
| Amounts payable | 17/49 | €149,257 | €140,530 | -€8,727 | -5.8% |
| Amounts payable within one year | 42/48 | €149,257 | €128,130 | -€21,127 | -14.2% |
| Trade debts | 44 | €52,986 | €33,027 | -€19,960 | -37.7% |
| Suppliers | 440/4 | €52,986 | €33,027 | -€19,960 | -37.7% |
| Taxes, remuneration and social security | 45 | €96,271 | €95,103 | -€1,168 | -1.2% |
| Taxes | 450/3 | €78,130 | €66,827 | -€11,303 | -14.5% |
| Remuneration and social security | 454/9 | €18,141 | €28,276 | +€10,135 | +55.9% |
| Accrued charges and deferred income | 492/3 | - | €12,400 | +€12,400 | |
| Non-recurring operating income | 76A | €174 | - | -€174 | |
| Remuneration, social security and pensions | 62 | €81,091 | €78,086 | -€3,004 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,066 | €10,741 | -€325 | -2.9% |
| Other operating charges | 640/8 | €2,594 | €10,402 | +€7,808 | +301.1% |
| Gross operating margin | 9900 | €179,855 | €273,471 | +€93,616 | +52.1% |
| Operating profit (loss) | 9901 | €85,104 | €174,242 | +€89,137 | +104.7% |
| Financial income | 75/76B | €373 | €1,176 | +€803 | +215.1% |
| Recurring financial income | 75 | €373 | €1,176 | +€803 | +215.1% |
| Financial charges | 65/66B | €649 | €11,346 | +€10,697 | +1649.1% |
| Recurring financial charges | 65 | €649 | €11,346 | +€10,697 | +1649.1% |
| Profit (loss) for the period before taxes | 9903 | €84,829 | €164,072 | +€79,243 | +93.4% |
| Income taxes | 67/77 | €29,331 | €59,284 | +€29,954 | +102.1% |
| Profit (loss) for the period | 9904 | €55,498 | €104,788 | +€49,289 | +88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,498 | €104,788 | +€49,289 | +88.8% |
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.