KARIM EXPORT: 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
KARIM EXPORT
NACE 50.200, Water transport
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €1.2m-€159,484
Equity
€7.8m
2024 · €6.8m+€932,136
Cash
€4.9m
2024 · €4.6m+€319,464
Balance sheet total
€9.3m
2024 · €8.8m+€455,851
Largest movements
Assets
- Cash +€319,464
up €319,464 (+6.9%), from €4.6m to €4.9m
mainly Net result for the year (+€1.0m) and Stocks and contracts (+€76,389)
- Receivables within one year +€105,220
up €105,220 (+14.4%), from €728,531 to €833,750
of which Trade receivables: +€96,780
- Financial fixed assets +€100,000
up €100,000 (+162.6%), from €61,494 to €161,494
Equity and liabilities
- Profit (loss) carried forward +€935,220
up €935,220 (+14.0%), from €6.7m to €7.6m
- Trade debts -€537,859
down €537,859 (-45.9%), from €1.2m to €633,009
Income statement
- Write-downs +€352,344
new in 2025: €352,344
- Gross operating margin +€293,131
up €293,131 (+13.6%), from €2.2m to €2.5m
- Staff costs +€93,938
up €93,938 (+11.9%), from €792,662 to €886,601
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
€1.2m
Gross operating margin
+€293,131
Staff costs
-€93,938
Depreciation
-€19,620
Write-downs
-€352,344
Other operating charges
+€9,064
Other operating items
-€1,612
Financial income
+€58
Financial charges
-€2,958
Taxes
+€8,737
Result 2025
€1.0m
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
+€565,102
Investment
-€142,555
Financing
-€103,084
Cash 2024
€4.6m
From operations (derived)
+€565,102
Net result for the year
+€1.0m
Depreciation
+€34,999
Stocks and contracts
+€76,389
Receivables within one year
-€105,220
Trade debts
-€537,859
Tax, wage and social debts
+€43,704
Other debts
+€17,869
Investment (derived)
-€142,555
Investment in fixed assets (net)
-€142,555
Financing
-€103,084
Contributions, distributions and other
-€103,084
Cash 2025
€4.9m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,848,914 | €9,304,765 | +€455,851 | +5.2% |
| Fixed assets | 21/28 | €101,315 | €208,871 | +€107,556 | +106.2% |
| Tangible fixed assets | 22/27 | €39,821 | €47,377 | +€7,556 | +19.0% |
| Plant, machinery and equipment | 23 | €15,870 | €7,172 | -€8,698 | -54.8% |
| Furniture and vehicles | 24 | €23,952 | €40,205 | +€16,253 | +67.9% |
| Financial fixed assets | 28 | €61,494 | €161,494 | +€100,000 | +162.6% |
| Current assets | 29/58 | €8,747,599 | €9,095,894 | +€348,295 | +4.0% |
| Amounts receivable after more than one year | 29 | €2,645,733 | €2,645,733 | = | 0.0% |
| Other amounts receivable | 291 | €2,645,733 | €2,645,733 | = | 0.0% |
| Stocks and contracts in progress | 3 | €776,473 | €700,084 | -€76,389 | -9.8% |
| Stocks | 30/36 | €776,473 | €700,084 | -€76,389 | -9.8% |
| Amounts receivable within one year | 40/41 | €728,531 | €833,750 | +€105,220 | +14.4% |
| Trade receivables | 40 | €710,153 | €806,933 | +€96,780 | +13.6% |
| Other amounts receivable | 41 | €18,377 | €26,817 | +€8,440 | +45.9% |
| Cash at bank and in hand | 54/58 | €4,596,862 | €4,916,326 | +€319,464 | +6.9% |
| Total equity and liabilities | 10/49 | €8,848,914 | €9,304,765 | +€455,851 | +5.2% |
| Equity | 10/15 | €6,821,421 | €7,753,557 | +€932,136 | +13.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €63,216 | €63,216 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €57,016 | €57,016 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,690,038 | €7,625,258 | +€935,220 | +14.0% |
| Investment grants | 15 | €6,167 | €3,084 | -€3,084 | -50.0% |
| Amounts payable | 17/49 | €2,027,493 | €1,551,208 | -€476,285 | -23.5% |
| Amounts payable within one year | 42/48 | €2,027,493 | €1,551,208 | -€476,285 | -23.5% |
| Trade debts | 44 | €1,170,868 | €633,009 | -€537,859 | -45.9% |
| Suppliers | 440/4 | €1,170,868 | €633,009 | -€537,859 | -45.9% |
| Taxes, remuneration and social security | 45 | €121,238 | €164,942 | +€43,704 | +36.0% |
| Taxes | 450/3 | €24,879 | €33,338 | +€8,459 | +34.0% |
| Remuneration and social security | 454/9 | €96,359 | €131,604 | +€35,245 | +36.6% |
| Other amounts payable | 47/48 | €735,387 | €753,257 | +€17,869 | +2.4% |
| Remuneration, social security and pensions | 62 | €792,662 | €886,601 | +€93,938 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,379 | €34,999 | +€19,620 | +127.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €352,344 | +€352,344 | |
| Other operating charges | 640/8 | €134,977 | €125,913 | -€9,064 | -6.7% |
| Non-recurring operating charges | 66A | - | €1,612 | +€1,612 | |
| Gross operating margin | 9900 | €2,158,292 | €2,451,423 | +€293,131 | +13.6% |
| Operating profit (loss) | 9901 | €1,215,274 | €1,049,954 | -€165,320 | -13.6% |
| Financial income | 75/76B | €3,207 | €3,264 | +€58 | +1.8% |
| Recurring financial income | 75 | €3,207 | €3,264 | +€58 | +1.8% |
| Financial charges | 65/66B | €8,547 | €11,505 | +€2,958 | +34.6% |
| Recurring financial charges | 65 | €8,547 | €11,505 | +€2,958 | +34.6% |
| Profit (loss) for the period before taxes | 9903 | €1,209,934 | €1,041,713 | -€168,221 | -13.9% |
| Income taxes | 67/77 | €15,230 | €6,493 | -€8,737 | -57.4% |
| Profit (loss) for the period | 9904 | €1,194,704 | €1,035,220 | -€159,484 | -13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,194,704 | €1,035,220 | -€159,484 | -13.3% |
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 30 September 2026 via checked.be.