KARENO: 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.
KARENO
Largest movements
- Cash -€3,983
down €3,983 (-38.2%), from €10,421 to €6,438
mainly Net result for the year (-€8,838)
- Stocks and contracts -€1,459
down €1,459 (-9.2%), from €15,867 to €14,408
- Profit (loss) carried forward -€8,838
down €8,838 (-35.7%), from -€24,745 to -€33,584
- Other debts +€3,362
up €3,362 (+15.9%), from €21,158 to €24,520
- Gross operating margin +€4,271
up €4,271 (+40.0%), from -€10,677 to -€6,406
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 | €26,288 | €20,846 | -€5,442 | -20.7% |
| Current assets | 29/58 | €26,288 | €20,846 | -€5,442 | -20.7% |
| Stocks and contracts in progress | 3 | €15,867 | €14,408 | -€1,459 | -9.2% |
| Stocks | 30/36 | €15,867 | €14,408 | -€1,459 | -9.2% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €10,421 | €6,438 | -€3,983 | -38.2% |
| Total equity and liabilities | 10/49 | €26,288 | €20,846 | -€5,442 | -20.7% |
| Equity | 10/15 | €4,413 | -€4,425 | -€8,838 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €9,159 | €9,159 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €9,159 | €9,159 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,745 | -€33,584 | -€8,838 | -35.7% |
| Amounts payable | 17/49 | €21,874 | €25,271 | +€3,397 | +15.5% |
| Amounts payable within one year | 42/48 | €21,874 | €25,271 | +€3,397 | +15.5% |
| Trade debts | 44 | €248 | €278 | +€29 | +11.8% |
| Suppliers | 440/4 | €248 | €278 | +€29 | +11.8% |
| Taxes, remuneration and social security | 45 | €468 | €474 | +€5 | +1.1% |
| Taxes | 450/3 | €468 | €474 | +€5 | +1.1% |
| Other amounts payable | 47/48 | €21,158 | €24,520 | +€3,362 | +15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €2,436 | €2,392 | -€43 | -1.8% |
| Gross operating margin | 9900 | -€10,677 | -€6,406 | +€4,271 | +40.0% |
| Operating profit (loss) | 9901 | -€13,113 | -€8,798 | +€4,314 | +32.9% |
| Financial income | 75/76B | €121 | €55 | -€66 | -54.7% |
| Recurring financial income | 75 | €121 | €55 | -€66 | -54.7% |
| Financial charges | 65/66B | €44 | €36 | -€9 | -19.2% |
| Recurring financial charges | 65 | €44 | €36 | -€9 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,036 | -€8,779 | +€4,257 | +32.7% |
| Income taxes | 67/77 | €57 | €59 | +€2 | +3.4% |
| Profit (loss) for the period | 9904 | -€13,093 | -€8,838 | +€4,255 | +32.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,093 | -€8,838 | +€4,255 | +32.5% |
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 17 October 2026 via checked.be.