KARIN: 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.
KARIN
Largest movements
- Stocks and contracts +€39,750
up €39,750 (+13.8%), from €288,750 to €328,500
- Cash -€3,910
down €3,910 (-29.3%), from €13,325 to €9,415
mainly Debts after one year (-€194,686) and Stocks and contracts (-€39,750)
- Other debts +€222,720
new in 2025: €222,720
- Debts after one year -€194,686
down €194,686 (-60.9%), from €319,686 to €125,000
- Trade debts +€17,446
up €17,446 (+365.1%), from €4,778 to €22,224
- Profit (loss) carried forward -€6,858
down €6,858 (-3.8%), from -€181,849 to -€188,707
- Tax, wage and social debts -€5,480
down €5,480 (-50.7%), from €10,816 to €5,336
of which Remuneration and social security: -€7,554
- Gross operating margin -€4,130
down €4,130 (-12.6%), from €32,785 to €28,655
- Staff costs +€3,371
up €3,371 (+14.8%), from €22,740 to €26,111
- Other operating charges -€1,391
down €1,391 (-53.3%), from €2,607 to €1,216
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €305,502 | €339,944 | +€34,442 | +11.3% |
| Fixed assets | 21/28 | €427 | €143 | -€284 | -66.5% |
| Tangible fixed assets | 22/27 | €427 | €143 | -€284 | -66.5% |
| Leasing and similar rights | 25 | €427 | €143 | -€284 | -66.5% |
| Current assets | 29/58 | €305,075 | €339,801 | +€34,726 | +11.4% |
| Stocks and contracts in progress | 3 | €288,750 | €328,500 | +€39,750 | +13.8% |
| Stocks | 30/36 | €288,750 | €328,500 | +€39,750 | +13.8% |
| Amounts receivable within one year | 40/41 | €3,000 | €1,886 | -€1,114 | -37.1% |
| Trade receivables | 40 | €2,758 | €698 | -€2,060 | -74.7% |
| Other amounts receivable | 41 | €242 | €1,188 | +€946 | +391.5% |
| Cash at bank and in hand | 54/58 | €13,325 | €9,415 | -€3,910 | -29.3% |
| Total equity and liabilities | 10/49 | €305,502 | €339,944 | +€34,442 | +11.3% |
| Equity | 10/15 | -€30,427 | -€37,285 | -€6,858 | -22.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €51,422 | €51,422 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €41,422 | €41,422 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€181,849 | -€188,707 | -€6,858 | -3.8% |
| Amounts payable | 17/49 | €335,929 | €377,229 | +€41,300 | +12.3% |
| Amounts payable after more than one year | 17 | €319,686 | €125,000 | -€194,686 | -60.9% |
| Financial debts | 170/4 | €319,686 | €125,000 | -€194,686 | -60.9% |
| Amounts payable within one year | 42/48 | €15,594 | €250,279 | +€234,685 | +1505.0% |
| Trade debts | 44 | €4,778 | €22,224 | +€17,446 | +365.1% |
| Suppliers | 440/4 | €4,778 | €22,224 | +€17,446 | +365.1% |
| Taxes, remuneration and social security | 45 | €10,816 | €5,336 | -€5,480 | -50.7% |
| Taxes | 450/3 | €2,481 | €4,554 | +€2,073 | +83.6% |
| Remuneration and social security | 454/9 | €8,335 | €782 | -€7,554 | -90.6% |
| Other amounts payable | 47/48 | - | €222,720 | +€222,720 | |
| Accrued charges and deferred income | 492/3 | €650 | €1,950 | +€1,300 | +200.0% |
| Remuneration, social security and pensions | 62 | €22,740 | €26,111 | +€3,371 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47 | €284 | +€237 | +500.5% |
| Other operating charges | 640/8 | €2,607 | €1,216 | -€1,391 | -53.3% |
| Gross operating margin | 9900 | €32,785 | €28,655 | -€4,130 | -12.6% |
| Operating profit (loss) | 9901 | €7,391 | €1,043 | -€6,347 | -85.9% |
| Financial income | 75/76B | €28 | - | -€28 | |
| Recurring financial income | 75 | €28 | - | -€28 | |
| Financial charges | 65/66B | €8,139 | €7,901 | -€238 | -2.9% |
| Recurring financial charges | 65 | €8,139 | €7,901 | -€238 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | -€720 | -€6,858 | -€6,137 | -852.0% |
| Profit (loss) for the period | 9904 | -€720 | -€6,858 | -€6,137 | -852.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€720 | -€6,858 | -€6,137 | -852.0% |
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 9 October 2026 via checked.be.