Karinavh: 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.
Karinavh
Largest movements
- Cash +€21,147
up €21,147 (+22.8%), from €92,564 to €113,711
mainly Net result for the year (+€27,794) and Depreciation (+€971)
- Receivables within one year +€2,940
up €2,940 (+8.1%), from €36,271 to €39,211
of which Trade receivables: +€4,127
- Reserves +€23,000
up €23,000 (+38.4%), from €59,860 to €82,860
- Profit (loss) carried forward +€4,794
up €4,794 (+6.9%), from €69,047 to €73,841
- Tax, wage and social debts -€4,431
down €4,431 (-53.1%), from €8,345 to €3,914
of which Taxes: -€3,533
- Gross operating margin +€7,136
up €7,136 (+21.8%), from €32,739 to €39,875
- Taxes +€1,920
up €1,920 (+21.4%), from €8,956 to €10,877
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 | €148,157 | €171,061 | +€22,904 | +15.5% |
| Fixed assets | 21/28 | €7,202 | €6,231 | -€971 | -13.5% |
| Tangible fixed assets | 22/27 | €7,142 | €6,171 | -€971 | -13.6% |
| Land and buildings | 22 | €7,142 | €6,171 | -€971 | -13.6% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €140,955 | €164,830 | +€23,875 | +16.9% |
| Amounts receivable within one year | 40/41 | €36,271 | €39,211 | +€2,940 | +8.1% |
| Trade receivables | 40 | €18,795 | €22,922 | +€4,127 | +22.0% |
| Other amounts receivable | 41 | €17,476 | €16,289 | -€1,187 | -6.8% |
| Cash at bank and in hand | 54/58 | €92,564 | €113,711 | +€21,147 | +22.8% |
| Deferred charges and accrued income | 490/1 | €12,120 | €11,907 | -€212 | -1.8% |
| Total equity and liabilities | 10/49 | €148,157 | €171,061 | +€22,904 | +15.5% |
| Equity | 10/15 | €135,107 | €162,901 | +€27,794 | +20.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €59,860 | €82,860 | +€23,000 | +38.4% |
| Distributable reserves | 133 | €59,860 | €82,860 | +€23,000 | +38.4% |
| Profit (loss) carried forward | 14 | €69,047 | €73,841 | +€4,794 | +6.9% |
| Amounts payable | 17/49 | €13,050 | €8,159 | -€4,890 | -37.5% |
| Amounts payable within one year | 42/48 | €11,037 | €5,365 | -€5,672 | -51.4% |
| Trade debts | 44 | €2,692 | €1,450 | -€1,241 | -46.1% |
| Suppliers | 440/4 | €2,692 | €1,450 | -€1,241 | -46.1% |
| Taxes, remuneration and social security | 45 | €8,345 | €3,914 | -€4,431 | -53.1% |
| Taxes | 450/3 | €7,205 | €3,672 | -€3,533 | -49.0% |
| Remuneration and social security | 454/9 | €1,140 | €243 | -€897 | -78.7% |
| Accrued charges and deferred income | 492/3 | €2,013 | €2,795 | +€781 | +38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,306 | €971 | -€335 | -25.7% |
| Other operating charges | 640/8 | €721 | €1,057 | +€336 | +46.5% |
| Gross operating margin | 9900 | €32,739 | €39,875 | +€7,136 | +21.8% |
| Operating profit (loss) | 9901 | €30,712 | €37,847 | +€7,135 | +23.2% |
| Financial income | 75/76B | €781 | €967 | +€186 | +23.7% |
| Recurring financial income | 75 | €781 | €967 | +€186 | +23.7% |
| Financial charges | 65/66B | €88 | €142 | +€55 | +62.5% |
| Recurring financial charges | 65 | €88 | €142 | +€55 | +62.5% |
| Profit (loss) for the period before taxes | 9903 | €31,405 | €38,671 | +€7,266 | +23.1% |
| Income taxes | 67/77 | €8,956 | €10,877 | +€1,920 | +21.4% |
| Profit (loss) for the period | 9904 | €22,449 | €27,794 | +€5,346 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,449 | €27,794 | +€5,346 | +23.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.