KARAPETYAN: 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.
KARAPETYAN
Largest movements
- Tangible fixed assets -€71,385
down €71,385 (-48.9%), from €146,084 to €74,699
of which Furniture and vehicles: -€68,216
- Receivables within one year -€37,109
down €37,109 (-94.3%), from €39,359 to €2,249
of which Other amounts receivable: -€18,703
- Cash -€3,432
down €3,432 (-73.4%), from €4,675 to €1,243
mainly Current portion of long-term debt (-€65,048) and Debts after one year (-€63,711)
- Current portion of long-term debt -€65,048
down €65,048 (-100%), from €65,048 to €0
- Debts after one year -€63,711
down €63,711 (-100%), from €63,711 to €0
- Profit (loss) carried forward +€51,103
up €51,103, from -€5,888 to €45,215
- Tax, wage and social debts -€15,375
down €15,375 (-90.7%), from €16,951 to €1,576
of which Remuneration and social security: -€10,236
- Trade debts -€11,577
down €11,577 (-90.3%), from €12,816 to €1,238
- Staff costs -€127,510
down €127,510, from €126,204 to -€1,305
- Depreciation +€24,180
up €24,180 (+36.4%), from €66,457 to €90,637
- Gross operating margin -€5,449
down €5,449 (-3.6%), from €152,677 to €147,228
- Financial charges -€3,141
down €3,141 (-51.8%), from €6,059 to €2,918
- Other operating charges -€3,054
down €3,054 (-57.1%), from €5,352 to €2,298
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 | €190,906 | €78,642 | -€112,264 | -58.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €146,284 | €74,899 | -€71,385 | -48.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €146,084 | €74,699 | -€71,385 | -48.9% |
| Plant, machinery and equipment | 23 | €611 | €22 | -€589 | -96.4% |
| Furniture and vehicles | 24 | €132,391 | €64,175 | -€68,216 | -51.5% |
| Other tangible fixed assets | 26 | €13,082 | €10,501 | -€2,580 | -19.7% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €44,622 | €3,744 | -€40,879 | -91.6% |
| Amounts receivable within one year | 40/41 | €39,359 | €2,249 | -€37,109 | -94.3% |
| Trade receivables | 40 | €18,551 | €144 | -€18,406 | -99.2% |
| Other amounts receivable | 41 | €20,808 | €2,105 | -€18,703 | -89.9% |
| Cash at bank and in hand | 54/58 | €4,675 | €1,243 | -€3,432 | -73.4% |
| Deferred charges and accrued income | 490/1 | €589 | €252 | -€338 | -57.3% |
| Total equity and liabilities | 10/49 | €190,906 | €78,642 | -€112,264 | -58.8% |
| Equity | 10/15 | €24,149 | €75,253 | +€51,103 | +212% |
| Contributions | 10/11 | €15,178 | €15,178 | = | 0.0% |
| Reserves | 13 | €14,860 | €14,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €11,860 | €11,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,888 | €45,215 | +€51,103 | |
| Amounts payable | 17/49 | €166,757 | €3,390 | -€163,367 | -98.0% |
| Amounts payable after more than one year | 17 | €63,711 | €0 | -€63,711 | -100% |
| Financial debts | 170/4 | €63,711 | €0 | -€63,711 | -100% |
| Amounts payable within one year | 42/48 | €103,046 | €3,389 | -€99,656 | -96.7% |
| Current portion of amounts payable after more than one year | 42 | €65,048 | €0 | -€65,048 | -100% |
| Trade debts | 44 | €12,816 | €1,238 | -€11,577 | -90.3% |
| Suppliers | 440/4 | €12,816 | €1,238 | -€11,577 | -90.3% |
| Taxes, remuneration and social security | 45 | €16,951 | €1,576 | -€15,375 | -90.7% |
| Taxes | 450/3 | €6,715 | €1,576 | -€5,139 | -76.5% |
| Remuneration and social security | 454/9 | €10,236 | €0 | -€10,236 | -100% |
| Other amounts payable | 47/48 | €8,231 | €575 | -€7,657 | -93.0% |
| Accrued charges and deferred income | 492/3 | €0 | €1 | +€0 | +66.7% |
| Non-recurring operating income | 76A | €37,851 | €4,503 | -€33,348 | -88.1% |
| Remuneration, social security and pensions | 62 | €126,204 | -€1,305 | -€127,510 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,457 | €90,637 | +€24,180 | +36.4% |
| Other operating charges | 640/8 | €5,352 | €2,298 | -€3,054 | -57.1% |
| Gross operating margin | 9900 | €152,677 | €147,228 | -€5,449 | -3.6% |
| Operating profit (loss) | 9901 | -€45,336 | €55,598 | +€100,934 | |
| Financial income | 75/76B | €100 | - | -€100 | |
| Recurring financial income | 75 | €100 | - | -€100 | |
| Financial charges | 65/66B | €6,059 | €2,918 | -€3,141 | -51.8% |
| Recurring financial charges | 65 | €6,059 | €2,918 | -€3,141 | -51.8% |
| Profit (loss) for the period before taxes | 9903 | -€51,295 | €52,679 | +€103,975 | |
| Income taxes | 67/77 | €1,377 | €1,576 | +€199 | +14.4% |
| Profit (loss) for the period | 9904 | -€52,672 | €51,103 | +€103,776 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,672 | €51,103 | +€103,776 |
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 14 October 2026 via checked.be.