KARELCO: 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.
KARELCO
Largest movements
- Cash +€286,846
up €286,846 (+296%), from €96,875 to €383,721
mainly Current investments (+€184,138) and Investment in fixed assets (net) (+€47,355)
- Current investments -€184,138
down €184,138 (-15.7%), from €1.2m to €987,801
- Tangible fixed assets -€72,674
down €72,674 (-15.1%), from €480,273 to €407,600
of which Land and buildings: -€59,426
- Profit (loss) carried forward +€20,190
up €20,190 (+60.1%), from -€33,610 to -€13,420
- Gross operating margin +€34,510
up €34,510 (+346%), from €9,972 to €44,482
- Financial income -€25,703
down €25,703 (-56.7%), from €45,321 to €19,617
- Taxes +€10,455
up €10,455 (+2,356%), from €444 to €10,899
- Other operating charges -€1,040
down €1,040 (-13.6%), from €7,646 to €6,605
- Financial charges +€977
up €977 (+896%), from €109 to €1,086
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.
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 | €1,768,907 | €1,790,598 | +€21,691 | +1.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €480,273 | €407,600 | -€72,674 | -15.1% |
| Tangible fixed assets | 22/27 | €480,273 | €407,600 | -€72,674 | -15.1% |
| Land and buildings | 22 | €465,804 | €406,378 | -€59,426 | -12.8% |
| Plant, machinery and equipment | 23 | €127 | €0 | -€127 | -100% |
| Furniture and vehicles | 24 | €14,342 | €1,222 | -€13,120 | -91.5% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €1,288,634 | €1,382,998 | +€94,364 | +7.3% |
| Amounts receivable within one year | 40/41 | €19,819 | €9,549 | -€10,270 | -51.8% |
| Trade receivables | 40 | €214 | €214 | = | 0.0% |
| Other amounts receivable | 41 | €19,606 | €9,336 | -€10,270 | -52.4% |
| Current investments | 50/53 | €1,171,940 | €987,801 | -€184,138 | -15.7% |
| Cash at bank and in hand | 54/58 | €96,875 | €383,721 | +€286,846 | +296% |
| Deferred charges and accrued income | 490/1 | - | €1,926 | +€1,926 | |
| Total equity and liabilities | 10/49 | €1,768,907 | €1,790,598 | +€21,691 | +1.2% |
| Equity | 10/15 | €1,766,843 | €1,787,033 | +€20,190 | +1.1% |
| Contributions | 10/11 | €1,465,750 | €1,465,750 | = | 0.0% |
| Reserves | 13 | €334,703 | €334,703 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €315,953 | €315,953 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,610 | -€13,420 | +€20,190 | +60.1% |
| Amounts payable | 17/49 | €2,064 | €3,565 | +€1,501 | +72.7% |
| Amounts payable within one year | 42/48 | €2,064 | €3,565 | +€1,501 | +72.7% |
| Trade debts | 44 | €1,980 | €3,177 | +€1,197 | +60.4% |
| Suppliers | 440/4 | €1,980 | €3,177 | +€1,197 | +60.4% |
| Taxes, remuneration and social security | 45 | €84 | €388 | +€304 | +362% |
| Taxes | 450/3 | €84 | €388 | +€304 | +362% |
| Non-recurring operating income | 76A | - | €46,746 | +€46,746 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,268 | €25,319 | -€949 | -3.6% |
| Other operating charges | 640/8 | €7,646 | €6,605 | -€1,040 | -13.6% |
| Gross operating margin | 9900 | €9,972 | €44,482 | +€34,510 | +346% |
| Operating profit (loss) | 9901 | -€23,941 | €12,557 | +€36,499 | |
| Financial income | 75/76B | €45,321 | €19,617 | -€25,703 | -56.7% |
| Recurring financial income | 75 | €45,321 | €19,617 | -€25,703 | -56.7% |
| Financial charges | 65/66B | €109 | €1,086 | +€977 | +896% |
| Recurring financial charges | 65 | €109 | €1,086 | +€977 | +896% |
| Profit (loss) for the period before taxes | 9903 | €21,270 | €31,089 | +€9,818 | +46.2% |
| Income taxes | 67/77 | €444 | €10,899 | +€10,455 | +2,356% |
| Profit (loss) for the period | 9904 | €20,827 | €20,190 | -€637 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,827 | €20,190 | -€637 | -3.1% |
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 16 October 2026 via checked.be.