KARGO: 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.
What changed
KARGO
NACE 43.350, Other building finishing work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€204,160
2024 · €134,713-€338,873
Equity
€309,340
2024 · €513,499-€204,160
Cash
€45
2024 · €13,429-€13,385
Balance sheet total
€5.8m
2024 · €5.8m-€38,091
Largest movements
Assets
- Tangible fixed assets -€143,345
down €143,345 (-2.6%), from €5.5m to €5.3m
of which Other tangible fixed assets: -€165,617
- Receivables within one year +€111,439
up €111,439 (+29.2%), from €381,383 to €492,821
of which Trade receivables: +€101,996
Equity and liabilities
- Profit (loss) carried forward -€168,092
down €168,092 (-2465.4%), from -€6,818 to -€174,910
- Advances received +€108,336
new in 2025: €108,336
- Current portion of long-term debt +€58,618
up €58,618 (+9.8%), from €598,936 to €657,553
Income statement
- Gross operating margin -€329,936
down €329,936 (-45.6%), from €723,175 to €393,239
- Depreciation +€62,744
up €62,744 (+16.2%), from €388,263 to €451,007
- Other operating charges +€8,731
up €8,731 (+27.0%), from €32,359 to €41,090
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
€134,713
Gross operating margin
-€329,936
Staff costs
+€122
Depreciation
-€62,744
Other operating charges
-€8,731
Financial charges
+€2,662
Taxes
-€2,262
Deferred taxes and other
+€62,016
Result 2025
-€204,160
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
+€274,628
Investment
-€307,662
Financing
+€19,650
Cash 2024
€13,429
From operations (derived)
+€274,628
Net result for the year
-€204,160
Depreciation
+€451,007
Receivables within one year
-€111,439
Deferred charges and accrued income
-€7,200
Provisions
-€9,017
Trade debts
+€29,924
Tax, wage and social debts
+€19,715
Advances received
+€108,336
Other debts
-€4,400
Accrued charges and deferred income
+€1,863
Investment (derived)
-€307,662
Investment in fixed assets (net)
-€307,662
Financing
+€19,650
Debts after one year
-€51,991
Current portion of long-term debt
+€58,618
Short-term financial debts
+€13,022
Cash 2025
€45
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,847,016 | €5,808,926 | -€38,091 | -0.7% |
| Fixed assets | 21/28 | €5,452,204 | €5,308,860 | -€143,345 | -2.6% |
| Tangible fixed assets | 22/27 | €5,452,204 | €5,308,860 | -€143,345 | -2.6% |
| Land and buildings | 22 | €4,123,482 | €4,157,061 | +€33,579 | +0.8% |
| Plant, machinery and equipment | 23 | €432 | €208 | -€224 | -51.9% |
| Furniture and vehicles | 24 | €20,798 | €9,715 | -€11,083 | -53.3% |
| Other tangible fixed assets | 26 | €1,307,493 | €1,141,875 | -€165,617 | -12.7% |
| Current assets | 29/58 | €394,812 | €500,066 | +€105,254 | +26.7% |
| Amounts receivable within one year | 40/41 | €381,383 | €492,821 | +€111,439 | +29.2% |
| Trade receivables | 40 | €292,208 | €394,204 | +€101,996 | +34.9% |
| Other amounts receivable | 41 | €89,174 | €98,617 | +€9,443 | +10.6% |
| Cash at bank and in hand | 54/58 | €13,429 | €45 | -€13,385 | -99.7% |
| Deferred charges and accrued income | 490/1 | €0 | €7,200 | +€7,200 | |
| Total equity and liabilities | 10/49 | €5,847,016 | €5,808,926 | -€38,091 | -0.7% |
| Equity | 10/15 | €513,499 | €309,340 | -€204,160 | -39.8% |
| Contributions | 10/11 | €55,776 | €55,776 | = | 0.0% |
| Reserves | 13 | €464,541 | €428,473 | -€36,068 | -7.8% |
| Tax-exempt reserves | 132 | €464,541 | €428,473 | -€36,068 | -7.8% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€6,818 | -€174,910 | -€168,092 | -2465.4% |
| Provisions and deferred taxes | 16 | €169,173 | €160,156 | -€9,017 | -5.3% |
| Deferred taxes | 168 | €169,173 | €160,156 | -€9,017 | -5.3% |
| Amounts payable | 17/49 | €5,164,344 | €5,339,430 | +€175,086 | +3.4% |
| Amounts payable after more than one year | 17 | €4,456,635 | €4,404,645 | -€51,991 | -1.2% |
| Financial debts | 170/4 | €3,648,808 | €3,870,868 | +€222,060 | +6.1% |
| Other amounts payable | 178/9 | €807,827 | €533,776 | -€274,051 | -33.9% |
| Amounts payable within one year | 42/48 | €707,709 | €932,923 | +€225,214 | +31.8% |
| Current portion of amounts payable after more than one year | 42 | €598,936 | €657,553 | +€58,618 | +9.8% |
| Financial debts | 43 | €0 | €13,022 | +€13,022 | |
| Other loans | 439 | €0 | €13,022 | +€13,022 | |
| Trade debts | 44 | €94,800 | €124,724 | +€29,924 | +31.6% |
| Suppliers | 440/4 | €94,800 | €124,724 | +€29,924 | +31.6% |
| Advances received on contracts in progress | 46 | - | €108,336 | +€108,336 | |
| Taxes, remuneration and social security | 45 | €8,073 | €27,788 | +€19,715 | +244.2% |
| Taxes | 450/3 | €8,073 | €27,788 | +€19,715 | +244.2% |
| Other amounts payable | 47/48 | €5,900 | €1,500 | -€4,400 | -74.6% |
| Accrued charges and deferred income | 492/3 | €0 | €1,863 | +€1,863 | |
| Non-recurring operating income | 76A | €303,648 | €0 | -€303,648 | -100.0% |
| Remuneration, social security and pensions | 62 | €263 | €140 | -€122 | -46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €388,263 | €451,007 | +€62,744 | +16.2% |
| Other operating charges | 640/8 | €32,359 | €41,090 | +€8,731 | +27.0% |
| Gross operating margin | 9900 | €723,175 | €393,239 | -€329,936 | -45.6% |
| Operating profit (loss) | 9901 | €302,290 | -€98,998 | -€401,288 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €114,292 | €111,630 | -€2,662 | -2.3% |
| Recurring financial charges | 65 | €114,292 | €111,630 | -€2,662 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €187,998 | -€210,628 | -€398,627 | |
| Transfer from deferred taxes | 780 | €6,731 | €9,017 | +€2,286 | +34.0% |
| Transfer to deferred taxes | 680 | €59,730 | €0 | -€59,730 | -100.0% |
| Income taxes | 67/77 | €286 | €2,548 | +€2,262 | +790.1% |
| Profit (loss) for the period | 9904 | €134,713 | -€204,160 | -€338,873 | |
| Transfer from tax-exempt reserves | 789 | €26,923 | €36,068 | +€9,145 | +34.0% |
| Transfer to tax-exempt reserves | 689 | €238,919 | €0 | -€238,919 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€77,283 | -€168,092 | -€90,809 | -117.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.