Karka: 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.
Karka
Largest movements
- Receivables after one year +€3.1m
up €3.1m (+1,970%), from €155,000 to €3.2m
- Cash +€263,098
up €263,098 (+136%), from €193,254 to €456,351
mainly Short-term financial debts (+€2.9m) and Net result for the year (+€292,099)
- Tangible fixed assets -€198,577
down €198,577 (-9.3%), from €2.1m to €1.9m
of which Land and buildings: -€198,768
- Short-term financial debts +€2.9m
new in 2025: €2.9m
- Reserves +€292,099
up €292,099 (+15.5%), from €1.9m to €2.2m
of which Distributable reserves: +€292,099
- Gross operating margin +€97,727
up €97,727 (+14.1%), from €691,473 to €789,200
- Taxes +€23,694
up €23,694 (+30.2%), from €78,487 to €102,181
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 | €2,487,401 | €5,637,940 | +€3.2m | +127% |
| Fixed assets | 21/28 | €2,135,283 | €1,936,707 | -€198,577 | -9.3% |
| Tangible fixed assets | 22/27 | €2,135,283 | €1,936,707 | -€198,577 | -9.3% |
| Land and buildings | 22 | €2,016,099 | €1,817,332 | -€198,768 | -9.9% |
| Plant, machinery and equipment | 23 | €684 | €875 | +€191 | +27.9% |
| Other tangible fixed assets | 26 | €118,501 | €118,501 | = | 0.0% |
| Current assets | 29/58 | €352,118 | €3,701,233 | +€3.3m | +951% |
| Amounts receivable after more than one year | 29 | €155,000 | €3,208,343 | +€3.1m | +1,970% |
| Other amounts receivable | 291 | €155,000 | €3,208,343 | +€3.1m | +1,970% |
| Amounts receivable within one year | 40/41 | €3,864 | €36,322 | +€32,458 | +840% |
| Trade receivables | 40 | - | €1,676 | +€1,676 | |
| Other amounts receivable | 41 | €3,864 | €34,646 | +€30,782 | +797% |
| Cash at bank and in hand | 54/58 | €193,254 | €456,351 | +€263,098 | +136% |
| Deferred charges and accrued income | 490/1 | - | €217 | +€217 | |
| Total equity and liabilities | 10/49 | €2,487,401 | €5,637,940 | +€3.2m | +127% |
| Equity | 10/15 | €2,373,732 | €2,665,832 | +€292,099 | +12.3% |
| Contributions | 10/11 | €483,743 | €483,743 | = | 0.0% |
| Capital | 10 | €381,899 | €381,899 | = | 0.0% |
| Issued capital | 100 | €382,435 | €382,435 | = | 0.0% |
| Uncalled capital | 101 | €535 | €535 | = | 0.0% |
| Contributions outside capital | 11 | €101,843 | €101,843 | = | 0.0% |
| Share premium | 1100/10 | €101,843 | €101,843 | = | 0.0% |
| Reserves | 13 | €1,889,990 | €2,182,089 | +€292,099 | +15.5% |
| Non-distributable reserves | 130/1 | €38,243 | €38,243 | = | 0.0% |
| Legal reserve | 130 | €38,243 | €38,243 | = | 0.0% |
| Distributable reserves | 133 | €1,851,746 | €2,143,845 | +€292,099 | +15.8% |
| Amounts payable | 17/49 | €113,669 | €2,972,108 | +€2.9m | +2,515% |
| Amounts payable within one year | 42/48 | €113,669 | €2,972,108 | +€2.9m | +2,515% |
| Financial debts | 43 | - | €2,905,000 | +€2.9m | |
| Credit institutions | 430/8 | - | €2,905,000 | +€2.9m | |
| Trade debts | 44 | €1,850 | - | -€1,850 | |
| Suppliers | 440/4 | €1,850 | - | -€1,850 | |
| Taxes, remuneration and social security | 45 | €111,623 | €66,912 | -€44,711 | -40.1% |
| Taxes | 450/3 | €100,767 | €55,668 | -€45,100 | -44.8% |
| Remuneration and social security | 454/9 | €10,855 | €11,244 | +€389 | +3.6% |
| Other amounts payable | 47/48 | €197 | €197 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €79,735 | €83,357 | +€3,622 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €199,570 | €199,871 | +€301 | +0.2% |
| Other operating charges | 640/8 | €94,378 | €97,452 | +€3,074 | +3.3% |
| Gross operating margin | 9900 | €691,473 | €789,200 | +€97,727 | +14.1% |
| Operating profit (loss) | 9901 | €317,790 | €408,520 | +€90,729 | +28.6% |
| Financial charges | 65/66B | €18,173 | €14,240 | -€3,933 | -21.6% |
| Recurring financial charges | 65 | €18,173 | €14,240 | -€3,933 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €299,618 | €394,280 | +€94,663 | +31.6% |
| Income taxes | 67/77 | €78,487 | €102,181 | +€23,694 | +30.2% |
| Profit (loss) for the period | 9904 | €221,131 | €292,099 | +€70,969 | +32.1% |
| Profit (loss) for the period to be appropriated | 9905 | €221,131 | €292,099 | +€70,969 | +32.1% |
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 26 October 2026 via checked.be.