Karga: 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.
What changed
Karga
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€69,962
2024 · €2.4m-€2.4m
Equity
€4.7m
2024 · €7.7m-€3.0m
Cash
€541,894
2024 · €55,062+€486,831
Balance sheet total
€8.2m
2024 · €11.1m-€2.9m
Largest movements
Assets
- Financial fixed assets -€3.1m
no longer reported in 2025 (was €3.1m)
- Receivables after one year -€570,000
down €570,000 (-35.7%), from €1.6m to €1.0m
- Cash +€486,831
up €486,831 (+884.1%), from €55,062 to €541,894
mainly Investment in fixed assets (net) (+€2.5m) and Receivables after one year (+€570,000)
- Tangible fixed assets +€253,626
up €253,626 (+4.3%), from €5.8m to €6.1m
Equity and liabilities
- Reserves -€1.8m
down €1.8m (-35.7%), from €5.0m to €3.2m
of which Distributable reserves: -€1.7m
- Contributions -€1.2m
down €1.2m (-45.8%), from €2.6m to €1.4m
Income statement
- Financial income -€2.4m
down €2.4m (-97.9%), from €2.5m to €51,766
of which Financial income: -€2.4m
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.
Result 2024
€2.4m
Depreciation
-€43,089
Write-downs
-€14,000
Other operating charges
+€14,706
Other operating items
-€15,964
Financial income
-€2.4m
Financial charges
+€86,077
Taxes
+€7,255
Result 2025
€69,962
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.
From operations
+€986,795
Investment
+€2.5m
Financing
-€3.0m
Cash 2024
€55,062
From operations (derived)
+€986,795
Net result for the year
+€69,962
Depreciation
+€299,235
Receivables after one year
+€570,000
Receivables within one year
+€62,121
Deferred charges and accrued income
-€50,258
Smaller working-capital items
+€6,436
Accrued charges and deferred income
+€29,299
Investment (derived)
+€2.5m
Investment in fixed assets (net)
+€2.5m
Financing
-€3.0m
Debts after one year
+€103,197
Current portion of long-term debt
-€50,299
Contributions, distributions and other
-€3.1m
Cash 2025
€541,894
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,140,330 | €8,216,452 | -€2.9m | -26.2% |
| Fixed assets | 21/28 | €8,920,942 | €6,092,096 | -€2.8m | -31.7% |
| Tangible fixed assets | 22/27 | €5,838,469 | €6,092,096 | +€253,626 | +4.3% |
| Land and buildings | 22 | €5,838,469 | €6,092,096 | +€253,626 | +4.3% |
| Financial fixed assets | 28 | €3,082,472 | - | -€3.1m | |
| Affiliated companies | 280/1 | €3,082,472 | - | -€3.1m | |
| Participating interests | 280 | €3,082,472 | - | -€3.1m | |
| Current assets | 29/58 | €2,219,388 | €2,124,357 | -€95,032 | -4.3% |
| Amounts receivable after more than one year | 29 | €1,597,333 | €1,027,333 | -€570,000 | -35.7% |
| Other amounts receivable | 291 | €1,597,333 | €1,027,333 | -€570,000 | -35.7% |
| Amounts receivable within one year | 40/41 | €563,331 | €501,210 | -€62,121 | -11.0% |
| Trade receivables | 40 | €1,759 | €9 | -€1,750 | -99.5% |
| Other amounts receivable | 41 | €561,572 | €501,200 | -€60,372 | -10.8% |
| Cash at bank and in hand | 54/58 | €55,062 | €541,894 | +€486,831 | +884.1% |
| Deferred charges and accrued income | 490/1 | €3,662 | €53,920 | +€50,258 | +1372.5% |
| Total equity and liabilities | 10/49 | €11,140,330 | €8,216,452 | -€2.9m | -26.2% |
| Equity | 10/15 | €7,694,472 | €4,681,962 | -€3.0m | -39.2% |
| Contributions | 10/11 | €2,645,645 | €1,433,882 | -€1.2m | -45.8% |
| Capital | 10 | €2,645,645 | €1,433,882 | -€1.2m | -45.8% |
| Issued capital | 100 | €2,645,645 | €1,433,882 | -€1.2m | -45.8% |
| Reserves | 13 | €5,048,827 | €3,248,079 | -€1.8m | -35.7% |
| Non-distributable reserves | 130/1 | €264,565 | €143,388 | -€121,176 | -45.8% |
| Legal reserve | 130 | €264,565 | €143,388 | -€121,176 | -45.8% |
| Distributable reserves | 133 | €4,784,263 | €3,104,691 | -€1.7m | -35.1% |
| Amounts payable | 17/49 | €3,445,858 | €3,534,491 | +€88,633 | +2.6% |
| Amounts payable after more than one year | 17 | €2,921,733 | €3,024,929 | +€103,197 | +3.5% |
| Financial debts | 170/4 | €2,921,733 | €3,024,929 | +€103,197 | +3.5% |
| Credit institutions | 173 | €2,921,733 | €3,024,929 | +€103,197 | +3.5% |
| Amounts payable within one year | 42/48 | €524,125 | €480,262 | -€43,863 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €499,972 | €449,672 | -€50,299 | -10.1% |
| Trade debts | 44 | €20,972 | €27,962 | +€6,990 | +33.3% |
| Suppliers | 440/4 | €20,972 | €27,962 | +€6,990 | +33.3% |
| Other amounts payable | 47/48 | €3,181 | €2,628 | -€554 | -17.4% |
| Accrued charges and deferred income | 492/3 | - | €29,299 | +€29,299 | |
| Operating income | 70/76A | €535,619 | €584,636 | +€49,017 | +9.2% |
| Other operating income | 74 | €535,619 | €584,636 | +€49,017 | +9.2% |
| Operating charges | 60/66A | €330,835 | €438,200 | +€107,364 | +32.5% |
| Services and other goods | 61 | €44,228 | €109,209 | +€64,981 | +146.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €256,146 | €299,235 | +€43,089 | +16.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€14,000 | - | +€14,000 | |
| Other operating charges | 640/8 | €44,462 | €29,756 | -€14,706 | -33.1% |
| Operating profit (loss) | 9901 | €204,783 | €146,436 | -€58,347 | -28.5% |
| Financial income | 75/76B | €2,455,456 | €51,766 | -€2.4m | -97.9% |
| Recurring financial income | 75 | €2,425,920 | €51,766 | -€2.4m | -97.9% |
| Income from financial fixed assets | 750 | €2,421,767 | - | -€2.4m | |
| Income from current assets | 751 | €4,153 | €51,766 | +€47,612 | +1146.3% |
| Other financial income | 752/9 | €0 | €1 | +€1 | +4850.0% |
| Non-recurring financial income | 76B | €29,536 | - | -€29,536 | |
| Financial charges | 65/66B | €174,610 | €88,532 | -€86,077 | -49.3% |
| Recurring financial charges | 65 | €70,247 | €88,532 | +€18,285 | +26.0% |
| Debt charges | 650 | €64,633 | €83,341 | +€18,708 | +28.9% |
| Other financial charges | 652/9 | €5,614 | €5,191 | -€423 | -7.5% |
| Non-recurring financial charges | 66B | €104,363 | - | -€104,363 | |
| Profit (loss) for the period before taxes | 9903 | €2,485,630 | €109,671 | -€2.4m | -95.6% |
| Income taxes | 67/77 | €46,964 | €39,709 | -€7,255 | -15.4% |
| Taxes | 670/3 | €46,964 | €39,709 | -€7,255 | -15.4% |
| Profit (loss) for the period | 9904 | €2,438,667 | €69,962 | -€2.4m | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,438,667 | €69,962 | -€2.4m | -97.1% |
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 11 October 2026 via checked.be.