KARKAS: 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.
KARKAS
Largest movements
- Cash -€106,494
down €106,494 (-39.8%), from €267,454 to €160,960
mainly Net result for the year (-€70,669) and Receivables within one year (-€20,306)
- Receivables within one year +€20,306
up €20,306 (+106.5%), from €19,070 to €39,376
of which Other amounts receivable: +€14,372
- Tangible fixed assets -€6,307
down €6,307 (-3.9%), from €162,614 to €156,308
of which Land and buildings: -€4,242
- Profit (loss) carried forward -€70,669
down €70,669, from €203 to -€70,466
- Debts after one year -€14,000
down €14,000 (-35.3%), from €39,666 to €25,666
- Tax, wage and social debts -€12,992
down €12,992 (-54.4%), from €23,894 to €10,902
- Gross operating margin -€153,070
down €153,070, from €94,528 to -€58,543
- Taxes -€23,276
down €23,276 (-97.6%), from €23,837 to €560
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 | €451,306 | €359,263 | -€92,043 | -20.4% |
| Fixed assets | 21/28 | €162,764 | €156,457 | -€6,307 | -3.9% |
| Tangible fixed assets | 22/27 | €162,614 | €156,308 | -€6,307 | -3.9% |
| Land and buildings | 22 | €159,091 | €154,849 | -€4,242 | -2.7% |
| Furniture and vehicles | 24 | €3,523 | €1,459 | -€2,064 | -58.6% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €288,542 | €202,806 | -€85,736 | -29.7% |
| Amounts receivable within one year | 40/41 | €19,070 | €39,376 | +€20,306 | +106.5% |
| Trade receivables | 40 | €19,035 | €24,968 | +€5,933 | +31.2% |
| Other amounts receivable | 41 | €35 | €14,408 | +€14,372 | +40923.8% |
| Cash at bank and in hand | 54/58 | €267,454 | €160,960 | -€106,494 | -39.8% |
| Deferred charges and accrued income | 490/1 | €2,018 | €2,470 | +€452 | +22.4% |
| Total equity and liabilities | 10/49 | €451,306 | €359,263 | -€92,043 | -20.4% |
| Equity | 10/15 | €366,535 | €295,866 | -€70,669 | -19.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €353,933 | €353,933 | = | 0.0% |
| Distributable reserves | 133 | €353,933 | €353,933 | = | 0.0% |
| Profit (loss) carried forward | 14 | €203 | -€70,466 | -€70,669 | |
| Amounts payable | 17/49 | €84,771 | €63,397 | -€21,374 | -25.2% |
| Amounts payable after more than one year | 17 | €39,666 | €25,666 | -€14,000 | -35.3% |
| Financial debts | 170/4 | €39,666 | €25,666 | -€14,000 | -35.3% |
| Amounts payable within one year | 42/48 | €45,105 | €37,731 | -€7,374 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €14,000 | €17,364 | +€3,364 | +24.0% |
| Financial debts | 43 | €336 | €197 | -€139 | -41.5% |
| Credit institutions | 430/8 | €336 | €197 | -€139 | -41.5% |
| Trade debts | 44 | €3,287 | €5,353 | +€2,067 | +62.9% |
| Suppliers | 440/4 | €3,287 | €5,353 | +€2,067 | +62.9% |
| Taxes, remuneration and social security | 45 | €23,894 | €10,902 | -€12,992 | -54.4% |
| Taxes | 450/3 | €23,894 | €10,902 | -€12,992 | -54.4% |
| Other amounts payable | 47/48 | €3,588 | €3,915 | +€327 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,059 | €6,303 | +€245 | +4.0% |
| Other operating charges | 640/8 | €3,060 | €3,184 | +€124 | +4.0% |
| Gross operating margin | 9900 | €94,528 | -€58,543 | -€153,070 | |
| Operating profit (loss) | 9901 | €85,409 | -€68,030 | -€153,439 | |
| Financial income | 75/76B | €280 | €735 | +€455 | +162.3% |
| Recurring financial income | 75 | €280 | €735 | +€455 | +162.3% |
| Financial charges | 65/66B | €3,387 | €2,814 | -€573 | -16.9% |
| Recurring financial charges | 65 | €3,387 | €2,814 | -€573 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €82,302 | -€70,109 | -€152,411 | |
| Income taxes | 67/77 | €23,837 | €560 | -€23,276 | -97.6% |
| Profit (loss) for the period | 9904 | €58,466 | -€70,669 | -€129,135 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,466 | -€70,669 | -€129,135 |
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 7 October 2026 via checked.be.