KARGO PUBLISHING: 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.
KARGO PUBLISHING
Largest movements
- Cash -€16,896
down €16,896 (-78.8%), from €21,440 to €4,544
mainly Debts after one year (-€13,601) and Trade debts (-€7,866)
- Receivables within one year -€14,802
down €14,802 (-53.2%), from €27,830 to €13,027
of which Trade receivables: -€11,444
- Financial fixed assets -€2,697
down €2,697 (-48.5%), from €5,563 to €2,866
- Intangible fixed assets -€2,427
down €2,427 (-31.4%), from €7,721 to €5,294
- Tangible fixed assets -€1,326
down €1,326 (-7.3%), from €18,112 to €16,786
of which Plant, machinery and equipment: -€4,903
- Debts after one year -€13,601
down €13,601 (-100%), from €13,601 to €0
- Trade debts -€7,866
down €7,866 (-66.1%), from €11,899 to €4,034
- Investment grants -€7,000
down €7,000 (-65.5%), from €10,682 to €3,682
- Current portion of long-term debt -€6,298
down €6,298 (-31.6%), from €19,898 to €13,601
- Profit (loss) carried forward -€5,595
down €5,595 (-5.0%), from -€112,507 to -€118,101
- Gross operating margin +€30,279
up €30,279 (+98.7%), from -€30,693 to -€414
- Other operating charges -€599
down €599 (-53.2%), from €1,126 to €527
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 | €80,665 | €42,517 | -€38,148 | -47.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €31,396 | €24,946 | -€6,450 | -20.5% |
| Intangible fixed assets | 21 | €7,721 | €5,294 | -€2,427 | -31.4% |
| Tangible fixed assets | 22/27 | €18,112 | €16,786 | -€1,326 | -7.3% |
| Plant, machinery and equipment | 23 | €13,503 | €8,600 | -€4,903 | -36.3% |
| Furniture and vehicles | 24 | €2,572 | €2,048 | -€524 | -20.4% |
| Other tangible fixed assets | 26 | - | €6,138 | +€6,138 | |
| Assets under construction and advance payments | 27 | €2,037 | €0 | -€2,037 | -100% |
| Financial fixed assets | 28 | €5,563 | €2,866 | -€2,697 | -48.5% |
| Current assets | 29/58 | €49,269 | €17,571 | -€31,698 | -64.3% |
| Amounts receivable within one year | 40/41 | €27,830 | €13,027 | -€14,802 | -53.2% |
| Trade receivables | 40 | €21,455 | €10,011 | -€11,444 | -53.3% |
| Other amounts receivable | 41 | €6,375 | €3,016 | -€3,359 | -52.7% |
| Cash at bank and in hand | 54/58 | €21,440 | €4,544 | -€16,896 | -78.8% |
| Total equity and liabilities | 10/49 | €80,665 | €42,517 | -€38,148 | -47.3% |
| Equity | 10/15 | €11,675 | -€919 | -€12,595 | |
| Contributions | 10/11 | €113,500 | €113,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112,507 | -€118,101 | -€5,595 | -5.0% |
| Investment grants | 15 | €10,682 | €3,682 | -€7,000 | -65.5% |
| Amounts payable | 17/49 | €68,990 | €43,436 | -€25,554 | -37.0% |
| Amounts payable after more than one year | 17 | €13,601 | €0 | -€13,601 | -100% |
| Financial debts | 170/4 | €13,601 | €0 | -€13,601 | -100% |
| Amounts payable within one year | 42/48 | €55,389 | €43,436 | -€11,953 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €19,898 | €13,601 | -€6,298 | -31.6% |
| Trade debts | 44 | €11,899 | €4,034 | -€7,866 | -66.1% |
| Suppliers | 440/4 | €11,899 | €4,034 | -€7,866 | -66.1% |
| Taxes, remuneration and social security | 45 | €445 | €4,873 | +€4,428 | +995% |
| Taxes | 450/3 | €445 | €873 | +€428 | +96.3% |
| Remuneration and social security | 454/9 | - | €4,000 | +€4,000 | |
| Other amounts payable | 47/48 | €23,147 | €20,929 | -€2,218 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,183 | €10,149 | -€34 | -0.3% |
| Other operating charges | 640/8 | €1,126 | €527 | -€599 | -53.2% |
| Gross operating margin | 9900 | -€30,693 | -€414 | +€30,279 | +98.7% |
| Operating profit (loss) | 9901 | -€42,002 | -€11,090 | +€30,912 | +73.6% |
| Financial income | 75/76B | €7,000 | €7,000 | = | 0.0% |
| Recurring financial income | 75 | €7,000 | €7,000 | = | 0.0% |
| Financial charges | 65/66B | €1,318 | €1,505 | +€187 | +14.2% |
| Recurring financial charges | 65 | €1,318 | €1,505 | +€187 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | -€36,320 | -€5,595 | +€30,725 | +84.6% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€36,320 | -€5,595 | +€30,725 | +84.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,320 | -€5,595 | +€30,725 | +84.6% |
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 24 October 2026 via checked.be.