Kares: what changed
Two fiscal 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.
Kares
Largest movements
- Stocks and contracts +€4,887
up €4,887 (+30.7%), from €15,910 to €20,797
- Tangible fixed assets +€4,540
up €4,540 (+4.6%), from €98,342 to €102,883
of which Plant, machinery and equipment: +€11,353
- Cash -€3,488
down €3,488 (-5.9%), from €59,185 to €55,697
mainly Investment in fixed assets (net) (-€16,573) and Net result for the year (-€5,069)
- Receivables within one year +€2,109
up €2,109 (+2974.7%), from €71 to €2,179
of which Other amounts receivable: +€2,122
- Debts after one year +€7,640
up €7,640 (+67.5%), from €11,314 to €18,954
- Trade debts +€6,620
up €6,620 (+30.5%), from €21,736 to €28,356
- Profit (loss) carried forward -€5,069
down €5,069 (-4.9%), from €104,345 to €99,276
- Current portion of long-term debt +€4,976
up €4,976 (+826.2%), from €602 to €5,578
- Tax, wage and social debts -€4,952
down €4,952 (-23.1%), from €21,479 to €16,527
of which Remuneration and social security: -€3,663
- Financial charges +€5,904
up €5,904 (+71.8%), from €8,224 to €14,128
- Staff costs +€4,278
up €4,278 (+3.1%), from €139,349 to €143,627
- Gross operating margin +€3,308
up €3,308 (+2.0%), from €163,802 to €167,110
- Depreciation +€3,013
up €3,013 (+33.4%), from €9,020 to €12,032
- Taxes -€2,137
down €2,137 (-73.7%), from €2,901 to €764
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 | €174,324 | €181,963 | +€7,639 | +4.4% |
| Fixed assets | 21/28 | €98,749 | €103,289 | +€4,540 | +4.6% |
| Tangible fixed assets | 22/27 | €98,342 | €102,883 | +€4,540 | +4.6% |
| Plant, machinery and equipment | 23 | €6,545 | €17,898 | +€11,353 | +173.5% |
| Furniture and vehicles | 24 | €2,548 | €985 | -€1,563 | -61.3% |
| Leasing and similar rights | 25 | €89,250 | €84,000 | -€5,250 | -5.9% |
| Financial fixed assets | 28 | €406 | €406 | = | 0.0% |
| Current assets | 29/58 | €75,575 | €78,674 | +€3,099 | +4.1% |
| Stocks and contracts in progress | 3 | €15,910 | €20,797 | +€4,887 | +30.7% |
| Stocks | 30/36 | €15,910 | €20,797 | +€4,887 | +30.7% |
| Amounts receivable within one year | 40/41 | €71 | €2,179 | +€2,109 | +2974.7% |
| Trade receivables | 40 | €13 | - | -€13 | |
| Other amounts receivable | 41 | €57 | €2,179 | +€2,122 | +3691.5% |
| Cash at bank and in hand | 54/58 | €59,185 | €55,697 | -€3,488 | -5.9% |
| Deferred charges and accrued income | 490/1 | €410 | - | -€410 | |
| Total equity and liabilities | 10/49 | €174,324 | €181,963 | +€7,639 | +4.4% |
| Equity | 10/15 | €114,855 | €109,786 | -€5,069 | -4.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €4,310 | €4,310 | = | 0.0% |
| Distributable reserves | 133 | €4,310 | €4,310 | = | 0.0% |
| Profit (loss) carried forward | 14 | €104,345 | €99,276 | -€5,069 | -4.9% |
| Amounts payable | 17/49 | €59,468 | €72,177 | +€12,708 | +21.4% |
| Amounts payable after more than one year | 17 | €11,314 | €18,954 | +€7,640 | +67.5% |
| Financial debts | 170/4 | €11,314 | €18,954 | +€7,640 | +67.5% |
| Amounts payable within one year | 42/48 | €43,890 | €50,571 | +€6,682 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €602 | €5,578 | +€4,976 | +826.2% |
| Trade debts | 44 | €21,736 | €28,356 | +€6,620 | +30.5% |
| Suppliers | 440/4 | €21,736 | €28,356 | +€6,620 | +30.5% |
| Taxes, remuneration and social security | 45 | €21,479 | €16,527 | -€4,952 | -23.1% |
| Taxes | 450/3 | €15,534 | €14,246 | -€1,289 | -8.3% |
| Remuneration and social security | 454/9 | €5,945 | €2,281 | -€3,663 | -61.6% |
| Other amounts payable | 47/48 | €72 | €110 | +€38 | +52.1% |
| Accrued charges and deferred income | 492/3 | €4,265 | €2,652 | -€1,613 | -37.8% |
| Remuneration, social security and pensions | 62 | €139,349 | €143,627 | +€4,278 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,020 | €12,032 | +€3,013 | +33.4% |
| Other operating charges | 640/8 | €1,831 | €1,802 | -€30 | -1.6% |
| Gross operating margin | 9900 | €163,802 | €167,110 | +€3,308 | +2.0% |
| Operating profit (loss) | 9901 | €13,602 | €9,649 | -€3,953 | -29.1% |
| Financial income | 75/76B | €0 | €173 | +€173 | +247314.3% |
| Recurring financial income | 75 | €0 | €173 | +€173 | +247314.3% |
| Financial charges | 65/66B | €8,224 | €14,128 | +€5,904 | +71.8% |
| Recurring financial charges | 65 | €8,224 | €14,128 | +€5,904 | +71.8% |
| Profit (loss) for the period before taxes | 9903 | €5,378 | -€4,305 | -€9,684 | |
| Income taxes | 67/77 | €2,901 | €764 | -€2,137 | -73.7% |
| Profit (loss) for the period | 9904 | €2,477 | -€5,069 | -€7,547 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,477 | -€5,069 | -€7,547 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.