KAREL V: 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.
KAREL V
Largest movements
- Financial fixed assets +€199,519
up €199,519 (+162%), from €122,850 to €322,369
- Stocks and contracts -€42,276
no longer reported in 2025 (was €42,276)
- Cash +€39,667
up €39,667 (+139%), from €28,566 to €68,233
mainly Debts after one year (+€247,439) and Stocks and contracts (+€42,276)
- Tangible fixed assets +€19,461
up €19,461 (+176%), from €11,079 to €30,540
of which Plant, machinery and equipment: +€12,032
- Deferred charges and accrued income -€8,844
down €8,844 (-26.5%), from €33,330 to €24,485
- Debts after one year +€247,439
up €247,439 (+662%), from €37,370 to €284,809
- Trade debts -€27,200
down €27,200 (-91.8%), from €29,628 to €2,428
- Other debts -€7,835
down €7,835 (-16.5%), from €47,481 to €39,646
- Current portion of long-term debt +€5,392
up €5,392 (+98.4%), from €5,480 to €10,871
- Gross operating margin +€34,754
up €34,754 (+72.6%), from €47,869 to €82,623
- Taxes +€9,720
up €9,720 (+107%), from €9,109 to €18,829
- Financial charges +€4,624
up €4,624 (+59.7%), from €7,750 to €12,375
- Depreciation +€2,925
up €2,925 (+65.8%), from €4,447 to €7,372
- Other operating charges +€857
up €857 (+32.3%), from €2,655 to €3,512
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 | €238,101 | €454,459 | +€216,358 | +90.9% |
| Fixed assets | 21/28 | €133,929 | €352,909 | +€218,980 | +164% |
| Tangible fixed assets | 22/27 | €11,079 | €30,540 | +€19,461 | +176% |
| Plant, machinery and equipment | 23 | €1,085 | €13,118 | +€12,032 | +1,109% |
| Furniture and vehicles | 24 | €9,994 | €17,422 | +€7,428 | +74.3% |
| Financial fixed assets | 28 | €122,850 | €322,369 | +€199,519 | +162% |
| Current assets | 29/58 | €104,172 | €101,551 | -€2,621 | -2.5% |
| Stocks and contracts in progress | 3 | €42,276 | - | -€42,276 | |
| Stocks | 30/36 | €42,276 | - | -€42,276 | |
| Amounts receivable within one year | 40/41 | - | €8,832 | +€8,832 | |
| Other amounts receivable | 41 | - | €8,832 | +€8,832 | |
| Cash at bank and in hand | 54/58 | €28,566 | €68,233 | +€39,667 | +139% |
| Deferred charges and accrued income | 490/1 | €33,330 | €24,485 | -€8,844 | -26.5% |
| Total equity and liabilities | 10/49 | €238,101 | €454,459 | +€216,358 | +90.9% |
| Equity | 10/15 | €95,843 | €96,459 | +€616 | +0.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €90,843 | €91,459 | +€616 | +0.7% |
| Distributable reserves | 133 | €90,843 | €91,459 | +€616 | +0.7% |
| Amounts payable | 17/49 | €142,258 | €358,001 | +€215,743 | +152% |
| Amounts payable after more than one year | 17 | €37,370 | €284,809 | +€247,439 | +662% |
| Financial debts | 170/4 | €37,370 | €284,809 | +€247,439 | +662% |
| Amounts payable within one year | 42/48 | €103,888 | €71,692 | -€32,196 | -31.0% |
| Current portion of amounts payable after more than one year | 42 | €5,480 | €10,871 | +€5,392 | +98.4% |
| Trade debts | 44 | €29,628 | €2,428 | -€27,200 | -91.8% |
| Suppliers | 440/4 | €29,628 | €2,428 | -€27,200 | -91.8% |
| Taxes, remuneration and social security | 45 | €21,299 | €18,747 | -€2,552 | -12.0% |
| Taxes | 450/3 | €21,299 | €18,747 | -€2,552 | -12.0% |
| Other amounts payable | 47/48 | €47,481 | €39,646 | -€7,835 | -16.5% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,500 | +€500 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,447 | €7,372 | +€2,925 | +65.8% |
| Other operating charges | 640/8 | €2,655 | €3,512 | +€857 | +32.3% |
| Non-recurring operating charges | 66A | €1,171 | - | -€1,171 | |
| Gross operating margin | 9900 | €47,869 | €82,623 | +€34,754 | +72.6% |
| Operating profit (loss) | 9901 | €39,596 | €71,739 | +€32,143 | +81.2% |
| Financial income | 75/76B | €7 | €81 | +€74 | +1,037% |
| Recurring financial income | 75 | €7 | €81 | +€74 | +1,037% |
| Financial charges | 65/66B | €7,750 | €12,375 | +€4,624 | +59.7% |
| Recurring financial charges | 65 | €7,750 | €12,375 | +€4,624 | +59.7% |
| Profit (loss) for the period before taxes | 9903 | €31,853 | €59,445 | +€27,592 | +86.6% |
| Income taxes | 67/77 | €9,109 | €18,829 | +€9,720 | +107% |
| Profit (loss) for the period | 9904 | €22,744 | €40,616 | +€17,871 | +78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,744 | €40,616 | +€17,871 | +78.6% |
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 24 October 2026 via checked.be.