KARFIN: 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.
KARFIN
Largest movements
- Current investments -€64,759
down €64,759 (-3.5%), from €1.9m to €1.8m
- Financial fixed assets +€49,244
up €49,244 (+377%), from €13,077 to €62,321
- Other debts +€105,756
up €105,756 (+161%), from €65,843 to €171,599
- Reserves -€93,494
down €93,494 (-13.8%), from €678,654 to €585,161
of which Distributable reserves: -€94,864
- Financial income -€362,696
down €362,696 (-68.7%), from €528,261 to €165,565
- Taxes -€34,207
down €34,207 (-100%), from €34,207 to €0
- Financial charges +€8,056
up €8,056 (+9.8%), from €81,849 to €89,905
- Depreciation -€4,168
down €4,168 (-12.2%), from €34,031 to €29,862
- Gross operating margin -€2,424
down €2,424 (-32.5%), from -€7,468 to -€9,893
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 | €4,810,166 | €4,803,436 | -€6,730 | -0.1% |
| Fixed assets | 21/28 | €2,638,930 | €2,658,312 | +€19,382 | +0.7% |
| Tangible fixed assets | 22/27 | €2,625,853 | €2,595,991 | -€29,862 | -1.1% |
| Land and buildings | 22 | €2,610,180 | €2,580,654 | -€29,526 | -1.1% |
| Plant, machinery and equipment | 23 | €799 | €463 | -€336 | -42.1% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €14,874 | €14,874 | = | 0.0% |
| Financial fixed assets | 28 | €13,077 | €62,321 | +€49,244 | +377% |
| Current assets | 29/58 | €2,171,236 | €2,145,125 | -€26,111 | -1.2% |
| Amounts receivable after more than one year | 29 | €270,000 | €260,000 | -€10,000 | -3.7% |
| Other amounts receivable | 291 | €270,000 | €260,000 | -€10,000 | -3.7% |
| Amounts receivable within one year | 40/41 | €18,697 | €48,226 | +€29,528 | +158% |
| Other amounts receivable | 41 | €18,697 | €48,226 | +€29,528 | +158% |
| Current investments | 50/53 | €1,853,734 | €1,788,975 | -€64,759 | -3.5% |
| Cash at bank and in hand | 54/58 | €26,975 | €45,756 | +€18,781 | +69.6% |
| Deferred charges and accrued income | 490/1 | €1,829 | €2,168 | +€338 | +18.5% |
| Total equity and liabilities | 10/49 | €4,810,166 | €4,803,436 | -€6,730 | -0.1% |
| Equity | 10/15 | €3,722,627 | €3,610,060 | -€112,567 | -3.0% |
| Contributions | 10/11 | €2,604,000 | €2,604,000 | = | 0.0% |
| Capital | 10 | €2,604,000 | €2,604,000 | = | 0.0% |
| Issued capital | 100 | €2,604,000 | €2,604,000 | = | 0.0% |
| Reserves | 13 | €678,654 | €585,161 | -€93,494 | -13.8% |
| Non-distributable reserves | 130/1 | €176,290 | €177,660 | +€1,370 | +0.8% |
| Legal reserve | 130 | €176,290 | €177,660 | +€1,370 | +0.8% |
| Distributable reserves | 133 | €502,364 | €407,501 | -€94,864 | -18.9% |
| Profit (loss) carried forward | 14 | €439,973 | €420,900 | -€19,073 | -4.3% |
| Amounts payable | 17/49 | €1,087,539 | €1,193,376 | +€105,837 | +9.7% |
| Amounts payable after more than one year | 17 | €950,000 | €950,000 | = | 0.0% |
| Financial debts | 170/4 | €950,000 | €950,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €84,054 | €189,855 | +€105,801 | +126% |
| Trade debts | 44 | - | €45 | +€45 | |
| Suppliers | 440/4 | - | €45 | +€45 | |
| Taxes, remuneration and social security | 45 | €18,211 | €18,211 | = | 0.0% |
| Taxes | 450/3 | €18,211 | €18,211 | = | 0.0% |
| Other amounts payable | 47/48 | €65,843 | €171,599 | +€105,756 | +161% |
| Accrued charges and deferred income | 492/3 | €53,484 | €53,521 | +€37 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,031 | €29,862 | -€4,168 | -12.2% |
| Other operating charges | 640/8 | €8,826 | €8,608 | -€219 | -2.5% |
| Gross operating margin | 9900 | -€7,468 | -€9,893 | -€2,424 | -32.5% |
| Operating profit (loss) | 9901 | -€50,325 | -€48,363 | +€1,962 | +3.9% |
| Financial income | 75/76B | €528,261 | €165,565 | -€362,696 | -68.7% |
| Recurring financial income | 75 | €528,261 | €165,565 | -€362,696 | -68.7% |
| Financial charges | 65/66B | €81,849 | €89,905 | +€8,056 | +9.8% |
| Recurring financial charges | 65 | €81,849 | €89,905 | +€8,056 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €396,087 | €27,297 | -€368,790 | -93.1% |
| Income taxes | 67/77 | €34,207 | €0 | -€34,207 | -100% |
| Profit (loss) for the period | 9904 | €361,880 | €27,297 | -€334,583 | -92.5% |
| Profit (loss) for the period to be appropriated | 9905 | €361,880 | €27,297 | -€334,583 | -92.5% |
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 20 October 2026 via checked.be.