KARBEEL: 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.
KARBEEL
Largest movements
- Receivables within one year -€803,381
down €803,381 (-58.7%), from €1.4m to €564,681
of which Trade receivables: -€803,381
- Tangible fixed assets +€798,925
up €798,925 (+8.5%), from €9.4m to €10.2m
of which Assets under construction and advance payments: +€451,605
- Cash -€569,081
down €569,081 (-53.0%), from €1.1m to €504,886
mainly Investment in fixed assets (net) (-€1.3m) and Debts after one year (-€750,000)
- Debts after one year -€750,000
down €750,000 (-9.5%), from €7.9m to €7.2m
- Profit (loss) carried forward +€142,768
up €142,768 (+3.9%), from €3.6m to €3.8m
- Gross operating margin -€512,371
down €512,371 (-35.1%), from €1.5m to €947,411
- Taxes -€46,041
down €46,041 (-18.2%), from €252,587 to €206,546
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 | €12,250,040 | €11,686,266 | -€563,773 | -4.6% |
| Fixed assets | 21/28 | €9,758,080 | €10,559,555 | +€801,475 | +8.2% |
| Tangible fixed assets | 22/27 | €9,384,061 | €10,182,986 | +€798,925 | +8.5% |
| Land and buildings | 22 | €8,715,148 | €9,042,007 | +€326,859 | +3.8% |
| Plant, machinery and equipment | 23 | €88,106 | €162,614 | +€74,507 | +84.6% |
| Furniture and vehicles | 24 | €29,129 | €25,782 | -€3,347 | -11.5% |
| Other tangible fixed assets | 26 | €431,132 | €380,433 | -€50,699 | -11.8% |
| Assets under construction and advance payments | 27 | €120,546 | €572,150 | +€451,605 | +374.6% |
| Financial fixed assets | 28 | €374,019 | €376,569 | +€2,550 | +0.7% |
| Current assets | 29/58 | €2,491,960 | €1,126,712 | -€1.4m | -54.8% |
| Amounts receivable within one year | 40/41 | €1,368,062 | €564,681 | -€803,381 | -58.7% |
| Trade receivables | 40 | €1,362,547 | €559,167 | -€803,381 | -59.0% |
| Other amounts receivable | 41 | €5,514 | €5,514 | = | 0.0% |
| Current investments | 50/53 | €44,872 | €45,344 | +€472 | +1.1% |
| Cash at bank and in hand | 54/58 | €1,073,967 | €504,886 | -€569,081 | -53.0% |
| Deferred charges and accrued income | 490/1 | €5,059 | €11,801 | +€6,742 | +133.3% |
| Total equity and liabilities | 10/49 | €12,250,040 | €11,686,266 | -€563,773 | -4.6% |
| Equity | 10/15 | €3,629,131 | €3,771,898 | +€142,768 | +3.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,624,131 | €3,766,898 | +€142,768 | +3.9% |
| Provisions and deferred taxes | 16 | €90,414 | €90,414 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €90,414 | €90,414 | = | 0.0% |
| Major repairs and maintenance | 162 | €90,414 | €90,414 | = | 0.0% |
| Amounts payable | 17/49 | €8,530,495 | €7,823,954 | -€706,541 | -8.3% |
| Amounts payable after more than one year | 17 | €7,935,000 | €7,185,000 | -€750,000 | -9.5% |
| Other amounts payable | 178/9 | €7,935,000 | €7,185,000 | -€750,000 | -9.5% |
| Amounts payable within one year | 42/48 | €593,832 | €638,208 | +€44,376 | +7.5% |
| Trade debts | 44 | €593,832 | €638,208 | +€44,376 | +7.5% |
| Suppliers | 440/4 | €593,832 | €638,208 | +€44,376 | +7.5% |
| Accrued charges and deferred income | 492/3 | €1,663 | €746 | -€917 | -55.1% |
| Non-recurring operating income | 76A | €624,663 | €101,426 | -€523,237 | -83.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €502,721 | €509,163 | +€6,442 | +1.3% |
| Other operating charges | 640/8 | €6,899 | €4,073 | -€2,827 | -41.0% |
| Non-recurring operating charges | 66A | €7,194 | €85,525 | +€78,331 | +1088.8% |
| Gross operating margin | 9900 | €1,459,782 | €947,411 | -€512,371 | -35.1% |
| Operating profit (loss) | 9901 | €852,554 | €348,651 | -€503,903 | -59.1% |
| Financial income | 75/76B | €1,531 | €869 | -€661 | -43.2% |
| Recurring financial income | 75 | €1,531 | €869 | -€661 | -43.2% |
| Financial charges | 65/66B | €206 | €206 | = | 0.0% |
| Recurring financial charges | 65 | €206 | €206 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €853,878 | €349,314 | -€504,564 | -59.1% |
| Income taxes | 67/77 | €252,587 | €206,546 | -€46,041 | -18.2% |
| Profit (loss) for the period | 9904 | €601,291 | €142,768 | -€458,523 | -76.3% |
| Profit (loss) for the period to be appropriated | 9905 | €601,291 | €142,768 | -€458,523 | -76.3% |
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.