Kareman: 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.
Kareman
Largest movements
- Tangible fixed assets +€83,479
up €83,479 (+152.1%), from €54,876 to €138,355
of which Leasing and similar rights: +€66,855
- Cash +€20,254
up €20,254 (+108.8%), from €18,621 to €38,874
mainly Other debts (+€41,315) and Debts after one year (+€33,931)
- Intangible fixed assets -€4,284
down €4,284 (-24.0%), from €17,876 to €13,592
- Other debts +€41,315
new in 2025: €41,315
- Debts after one year +€33,931
up €33,931 (+52.9%), from €64,118 to €98,048
- Reserves +€16,929
new in 2025: €16,929
- Current portion of long-term debt +€10,464
up €10,464 (+99.1%), from €10,559 to €21,023
- Trade debts -€8,618
down €8,618 (-38.6%), from €22,336 to €13,718
- Gross operating margin +€58,957
up €58,957 (+115.9%), from €50,868 to €109,825
- Staff costs +€27,012
up €27,012 (+79.5%), from €33,995 to €61,007
- Depreciation +€8,229
up €8,229 (+72.2%), from €11,390 to €19,620
- Taxes +€3,871
up €3,871 (+2762.8%), from €140 to €4,011
- Other operating charges -€3,492
down €3,492 (-72.6%), from €4,808 to €1,317
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 | €110,326 | €207,658 | +€97,332 | +88.2% |
| Fixed assets | 21/28 | €79,052 | €158,247 | +€79,195 | +100.2% |
| Intangible fixed assets | 21 | €17,876 | €13,592 | -€4,284 | -24.0% |
| Tangible fixed assets | 22/27 | €54,876 | €138,355 | +€83,479 | +152.1% |
| Plant, machinery and equipment | 23 | €54,876 | €48,199 | -€6,678 | -12.2% |
| Furniture and vehicles | 24 | - | €23,302 | +€23,302 | |
| Leasing and similar rights | 25 | - | €66,855 | +€66,855 | |
| Financial fixed assets | 28 | €6,300 | €6,300 | = | 0.0% |
| Current assets | 29/58 | €31,274 | €49,412 | +€18,137 | +58.0% |
| Stocks and contracts in progress | 3 | €5,135 | €5,233 | +€98 | +1.9% |
| Stocks | 30/36 | €5,135 | €5,233 | +€98 | +1.9% |
| Amounts receivable within one year | 40/41 | €5,703 | €4,095 | -€1,608 | -28.2% |
| Other amounts receivable | 41 | €5,703 | €4,095 | -€1,608 | -28.2% |
| Cash at bank and in hand | 54/58 | €18,621 | €38,874 | +€20,254 | +108.8% |
| Deferred charges and accrued income | 490/1 | €1,815 | €1,209 | -€606 | -33.4% |
| Total equity and liabilities | 10/49 | €110,326 | €207,658 | +€97,332 | +88.2% |
| Equity | 10/15 | €6,443 | €26,929 | +€20,486 | +318.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €16,929 | +€16,929 | |
| Distributable reserves | 133 | - | €16,929 | +€16,929 | |
| Profit (loss) carried forward | 14 | -€3,557 | - | +€3,557 | |
| Amounts payable | 17/49 | €103,883 | €180,729 | +€76,846 | +74.0% |
| Amounts payable after more than one year | 17 | €64,118 | €98,048 | +€33,931 | +52.9% |
| Financial debts | 170/4 | €64,118 | €98,048 | +€33,931 | +52.9% |
| Amounts payable within one year | 42/48 | €39,765 | €82,681 | +€42,916 | +107.9% |
| Current portion of amounts payable after more than one year | 42 | €10,559 | €21,023 | +€10,464 | +99.1% |
| Trade debts | 44 | €22,336 | €13,718 | -€8,618 | -38.6% |
| Suppliers | 440/4 | €22,336 | €13,718 | -€8,618 | -38.6% |
| Taxes, remuneration and social security | 45 | €6,871 | €6,626 | -€245 | -3.6% |
| Taxes | 450/3 | €1,229 | €2,153 | +€924 | +75.1% |
| Remuneration and social security | 454/9 | €5,642 | €4,473 | -€1,169 | -20.7% |
| Other amounts payable | 47/48 | - | €41,315 | +€41,315 | |
| Remuneration, social security and pensions | 62 | €33,995 | €61,007 | +€27,012 | +79.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,390 | €19,620 | +€8,229 | +72.2% |
| Other operating charges | 640/8 | €4,808 | €1,317 | -€3,492 | -72.6% |
| Gross operating margin | 9900 | €50,868 | €109,825 | +€58,957 | +115.9% |
| Operating profit (loss) | 9901 | €675 | €27,881 | +€27,207 | +4031.9% |
| Financial income | 75/76B | €1,020 | €189 | -€831 | -81.5% |
| Recurring financial income | 75 | €1,020 | €189 | -€831 | -81.5% |
| Financial charges | 65/66B | €4,128 | €3,573 | -€555 | -13.4% |
| Recurring financial charges | 65 | €4,128 | €3,573 | -€555 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,433 | €24,497 | +€26,930 | |
| Income taxes | 67/77 | €140 | €4,011 | +€3,871 | +2762.8% |
| Profit (loss) for the period | 9904 | -€2,574 | €20,486 | +€23,060 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,574 | €20,486 | +€23,060 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.