KARJOSA: 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.
KARJOSA
Largest movements
- Cash -€32,944
down €32,944 (-46.9%), from €70,282 to €37,338
mainly Investment in fixed assets (net) (-€34,000) and Receivables within one year (-€26,670)
- Receivables within one year +€26,670
up €26,670 (+87.2%), from €30,570 to €57,239
of which Trade receivables: +€15,000
- Tangible fixed assets +€12,779
up €12,779 (+2.6%), from €493,369 to €506,147
of which Land and buildings: +€7,675
- Other debts +€24,567
up €24,567 (+9.8%), from €250,669 to €275,235
- Debts after one year -€12,850
down €12,850 (-2.9%), from €443,429 to €430,579
of which Financial debts: -€12,850
- Gross operating margin -€13,510
down €13,510 (-34.2%), from €39,527 to €26,016
- Taxes -€4,662
no longer reported in 2025 (was €4,662)
- Other operating charges +€1,887
up €1,887 (+76.2%), from €2,477 to €4,364
- Depreciation +€1,342
up €1,342 (+6.8%), from €19,879 to €21,221
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 | €853,596 | €860,100 | +€6,504 | +0.8% |
| Fixed assets | 21/28 | €493,369 | €506,147 | +€12,779 | +2.6% |
| Tangible fixed assets | 22/27 | €493,369 | €506,147 | +€12,779 | +2.6% |
| Land and buildings | 22 | €486,926 | €494,601 | +€7,675 | +1.6% |
| Plant, machinery and equipment | 23 | €1,074 | €769 | -€306 | -28.4% |
| Furniture and vehicles | 24 | €5,368 | €10,777 | +€5,409 | +101% |
| Current assets | 29/58 | €360,227 | €353,953 | -€6,274 | -1.7% |
| Amounts receivable within one year | 40/41 | €30,570 | €57,239 | +€26,670 | +87.2% |
| Trade receivables | 40 | €21,780 | €36,780 | +€15,000 | +68.9% |
| Other amounts receivable | 41 | €8,790 | €20,459 | +€11,670 | +133% |
| Current investments | 50/53 | €259,375 | €259,375 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €70,282 | €37,338 | -€32,944 | -46.9% |
| Total equity and liabilities | 10/49 | €853,596 | €860,100 | +€6,504 | +0.8% |
| Equity | 10/15 | €138,770 | €137,057 | -€1,713 | -1.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €55,360 | €55,360 | = | 0.0% |
| Distributable reserves | 133 | €55,360 | €55,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,210 | €75,497 | -€1,713 | -2.2% |
| Amounts payable | 17/49 | €714,826 | €723,043 | +€8,217 | +1.1% |
| Amounts payable after more than one year | 17 | €443,429 | €430,579 | -€12,850 | -2.9% |
| Financial debts | 170/4 | €143,429 | €130,579 | -€12,850 | -9.0% |
| Other amounts payable | 178/9 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €271,397 | €292,464 | +€21,067 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €12,665 | €12,850 | +€185 | +1.5% |
| Trade debts | 44 | €5,026 | €65 | -€4,961 | -98.7% |
| Suppliers | 440/4 | €5,026 | €65 | -€4,961 | -98.7% |
| Taxes, remuneration and social security | 45 | €3,036 | €4,313 | +€1,277 | +42.1% |
| Taxes | 450/3 | €3,036 | €4,313 | +€1,277 | +42.1% |
| Other amounts payable | 47/48 | €250,669 | €275,235 | +€24,567 | +9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,879 | €21,221 | +€1,342 | +6.8% |
| Other operating charges | 640/8 | €2,477 | €4,364 | +€1,887 | +76.2% |
| Gross operating margin | 9900 | €39,527 | €26,016 | -€13,510 | -34.2% |
| Operating profit (loss) | 9901 | €17,170 | €431 | -€16,739 | -97.5% |
| Financial income | 75/76B | €118 | €118 | +€0 | 0.0% |
| Recurring financial income | 75 | €118 | €118 | +€0 | 0.0% |
| Financial charges | 65/66B | €2,444 | €2,262 | -€182 | -7.4% |
| Recurring financial charges | 65 | €2,444 | €2,262 | -€182 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €14,844 | -€1,713 | -€16,557 | |
| Income taxes | 67/77 | €4,662 | - | -€4,662 | |
| Profit (loss) for the period | 9904 | €10,183 | -€1,713 | -€11,896 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,183 | -€1,713 | -€11,896 |
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 20 October 2026 via checked.be.