KARENBERG: 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.
KARENBERG
Largest movements
- Current investments +€42,224
up €42,224 (+27.9%), from €151,194 to €193,418
- Receivables after one year +€23,939
up €23,939 (+77.2%), from €31,000 to €54,939
- Cash -€21,184
down €21,184 (-16.6%), from €127,813 to €106,629
mainly Current investments (-€42,224) and Receivables after one year (-€23,939)
- Receivables within one year -€17,224
down €17,224 (-24.5%), from €70,258 to €53,034
of which Trade receivables: -€27,663
- Accrued charges and deferred income +€32,176
new in 2025: €32,176
- Tax, wage and social debts -€6,529
down €6,529 (-70.4%), from €9,280 to €2,751
- Gross operating margin -€48,540
down €48,540 (-83.1%), from €58,410 to €9,870
- Taxes -€13,562
down €13,562 (-81.9%), from €16,553 to €2,991
- Financial income +€1,816
up €1,816 (+234%), from €775 to €2,591
- Other operating charges +€593
up €593 (+153%), from €387 to €980
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 | €395,527 | €425,271 | +€29,744 | +7.5% |
| Fixed assets | 21/28 | €15,262 | €14,963 | -€299 | -2.0% |
| Tangible fixed assets | 22/27 | €15,262 | €14,963 | -€299 | -2.0% |
| Plant, machinery and equipment | 23 | - | €4,397 | +€4,397 | |
| Furniture and vehicles | 24 | €15,262 | €10,566 | -€4,696 | -30.8% |
| Current assets | 29/58 | €380,265 | €410,308 | +€30,043 | +7.9% |
| Amounts receivable after more than one year | 29 | €31,000 | €54,939 | +€23,939 | +77.2% |
| Other amounts receivable | 291 | €31,000 | €54,939 | +€23,939 | +77.2% |
| Amounts receivable within one year | 40/41 | €70,258 | €53,034 | -€17,224 | -24.5% |
| Trade receivables | 40 | €68,758 | €41,095 | -€27,663 | -40.2% |
| Other amounts receivable | 41 | €1,500 | €11,939 | +€10,439 | +696% |
| Current investments | 50/53 | €151,194 | €193,418 | +€42,224 | +27.9% |
| Cash at bank and in hand | 54/58 | €127,813 | €106,629 | -€21,184 | -16.6% |
| Deferred charges and accrued income | 490/1 | - | €2,287 | +€2,287 | |
| Total equity and liabilities | 10/49 | €395,527 | €425,271 | +€29,744 | +7.5% |
| Equity | 10/15 | €386,028 | €389,659 | +€3,631 | +0.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €1,000 | +€1,000 | |
| Other | 1109/19 | - | €1,000 | +€1,000 | |
| Reserves | 13 | €60,000 | €63,500 | +€3,500 | +5.8% |
| Distributable reserves | 133 | €60,000 | €63,500 | +€3,500 | +5.8% |
| Profit (loss) carried forward | 14 | €325,028 | €325,159 | +€131 | 0.0% |
| Amounts payable | 17/49 | €9,499 | €35,611 | +€26,112 | +275% |
| Amounts payable within one year | 42/48 | €9,499 | €3,436 | -€6,063 | -63.8% |
| Trade debts | 44 | €219 | €685 | +€466 | +213% |
| Suppliers | 440/4 | €219 | €685 | +€466 | +213% |
| Taxes, remuneration and social security | 45 | €9,280 | €2,751 | -€6,529 | -70.4% |
| Taxes | 450/3 | €9,280 | €2,751 | -€6,529 | -70.4% |
| Accrued charges and deferred income | 492/3 | - | €32,176 | +€32,176 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,696 | €4,800 | +€104 | +2.2% |
| Other operating charges | 640/8 | €387 | €980 | +€593 | +153% |
| Gross operating margin | 9900 | €58,410 | €9,870 | -€48,540 | -83.1% |
| Operating profit (loss) | 9901 | €53,327 | €4,091 | -€49,236 | -92.3% |
| Financial income | 75/76B | €775 | €2,591 | +€1,816 | +234% |
| Recurring financial income | 75 | €775 | €2,591 | +€1,816 | +234% |
| Financial charges | 65/66B | €418 | €60 | -€358 | -85.7% |
| Recurring financial charges | 65 | €418 | €60 | -€358 | -85.7% |
| Profit (loss) for the period before taxes | 9903 | €53,684 | €6,622 | -€47,062 | -87.7% |
| Income taxes | 67/77 | €16,553 | €2,991 | -€13,562 | -81.9% |
| Profit (loss) for the period | 9904 | €37,131 | €3,632 | -€33,499 | -90.2% |
| Profit (loss) for the period to be appropriated | 9905 | €37,131 | €3,632 | -€33,499 | -90.2% |
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 18 October 2026 via checked.be.