KARFEAX: 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.
KARFEAX
Largest movements
- Cash +€101,223
up €101,223 (+652%), from €15,514 to €116,738
mainly Net result for the year (+€53,707) and Depreciation (+€24,162)
- Tangible fixed assets -€23,665
down €23,665 (-5.1%), from €460,469 to €436,804
of which Furniture and vehicles: -€14,385
- Reserves +€29,958
new in 2025: €29,958
- Profit (loss) carried forward +€23,748
up €23,748, from -€23,748 to €0
- Tax, wage and social debts +€15,598
up €15,598 (+63,692%), from €24 to €15,623
- Gross operating margin +€66,449
up €66,449 (+286%), from €23,209 to €89,658
- Taxes +€9,498
up €9,498 (+38,782%), from €24 to €9,522
- Depreciation -€6,547
down €6,547 (-21.3%), from €30,709 to €24,162
- Other operating charges +€1,465
up €1,465 (+311%), from €471 to €1,936
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 | €498,675 | €572,864 | +€74,189 | +14.9% |
| Formation expenses | 20 | €1,175 | €678 | -€497 | -42.3% |
| Fixed assets | 21/28 | €460,469 | €436,804 | -€23,665 | -5.1% |
| Tangible fixed assets | 22/27 | €460,469 | €436,804 | -€23,665 | -5.1% |
| Land and buildings | 22 | €390,914 | €381,634 | -€9,280 | -2.4% |
| Furniture and vehicles | 24 | €69,555 | €55,170 | -€14,385 | -20.7% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €37,031 | €135,382 | +€98,351 | +266% |
| Amounts receivable within one year | 40/41 | €19,759 | €16,608 | -€3,151 | -15.9% |
| Trade receivables | 40 | €12,100 | €16,608 | +€4,508 | +37.3% |
| Other amounts receivable | 41 | €7,659 | €0 | -€7,659 | -100% |
| Cash at bank and in hand | 54/58 | €15,514 | €116,738 | +€101,223 | +652% |
| Deferred charges and accrued income | 490/1 | €1,757 | €2,036 | +€279 | +15.9% |
| Total equity and liabilities | 10/49 | €498,675 | €572,864 | +€74,189 | +14.9% |
| Equity | 10/15 | -€23,648 | €30,058 | +€53,707 | |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | - | €29,958 | +€29,958 | |
| Distributable reserves | 133 | - | €29,958 | +€29,958 | |
| Profit (loss) carried forward | 14 | -€23,748 | €0 | +€23,748 | |
| Amounts payable | 17/49 | €522,323 | €542,805 | +€20,482 | +3.9% |
| Amounts payable within one year | 42/48 | €522,323 | €542,805 | +€20,482 | +3.9% |
| Trade debts | 44 | €242 | €3,426 | +€3,183 | +1,314% |
| Suppliers | 440/4 | €242 | €3,426 | +€3,183 | +1,314% |
| Taxes, remuneration and social security | 45 | €24 | €15,623 | +€15,598 | +63,692% |
| Taxes | 450/3 | €24 | €15,623 | +€15,598 | +63,692% |
| Other amounts payable | 47/48 | €522,056 | €523,757 | +€1,700 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,709 | €24,162 | -€6,547 | -21.3% |
| Other operating charges | 640/8 | €471 | €1,936 | +€1,465 | +311% |
| Gross operating margin | 9900 | €23,209 | €89,658 | +€66,449 | +286% |
| Operating profit (loss) | 9901 | -€7,970 | €63,560 | +€71,530 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €191 | €333 | +€142 | +74.1% |
| Recurring financial charges | 65 | €191 | €333 | +€142 | +74.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,161 | €63,229 | +€71,390 | |
| Income taxes | 67/77 | €24 | €9,522 | +€9,498 | +38,782% |
| Profit (loss) for the period | 9904 | -€8,186 | €53,707 | +€61,892 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,186 | €53,707 | +€61,892 |
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.