KARMA: 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.
KARMA
Largest movements
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Cash +€299,919
up €299,919 (+230.9%), from €129,905 to €429,824
mainly Current investments (+€350,000) and Depreciation (+€3,263)
- Receivables within one year +€12,587
up €12,587 (+4.7%), from €266,090 to €278,677
- Debts after one year -€24,622
down €24,622 (-100.0%), from €24,622 to €0
- Profit (loss) carried forward -€10,420
down €10,420 (-5.0%), from €206,975 to €196,555
- Gross operating margin +€16,057
up €16,057 (+50.3%), from -€31,919 to -€15,862
- Financial charges -€1,642
down €1,642 (-16.0%), from €10,235 to €8,593
- Depreciation -€1,549
down €1,549 (-32.2%), from €4,812 to €3,263
- Taxes -€1,454
down €1,454 (-65.2%), from €2,232 to €778
- Financial income +€1,388
up €1,388 (+7.8%), from €17,753 to €19,141
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 | €755,404 | €713,290 | -€42,114 | -5.6% |
| Fixed assets | 21/28 | €7,700 | €4,437 | -€3,263 | -42.4% |
| Tangible fixed assets | 22/27 | €7,700 | €4,437 | -€3,263 | -42.4% |
| Land and buildings | 22 | €4,495 | €1,232 | -€3,263 | -72.6% |
| Plant, machinery and equipment | 23 | €3,204 | €3,204 | = | 0.0% |
| Current assets | 29/58 | €747,704 | €708,854 | -€38,851 | -5.2% |
| Amounts receivable after more than one year | 29 | €400 | - | -€400 | |
| Other amounts receivable | 291 | €400 | - | -€400 | |
| Amounts receivable within one year | 40/41 | €266,090 | €278,677 | +€12,587 | +4.7% |
| Other amounts receivable | 41 | €266,090 | €278,677 | +€12,587 | +4.7% |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €129,905 | €429,824 | +€299,919 | +230.9% |
| Deferred charges and accrued income | 490/1 | €1,309 | €353 | -€956 | -73.0% |
| Total equity and liabilities | 10/49 | €755,404 | €713,290 | -€42,114 | -5.6% |
| Equity | 10/15 | €525,701 | €515,281 | -€10,420 | -2.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €257,227 | €257,227 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €251,077 | €251,077 | = | 0.0% |
| Profit (loss) carried forward | 14 | €206,975 | €196,555 | -€10,420 | -5.0% |
| Amounts payable | 17/49 | €229,703 | €198,009 | -€31,694 | -13.8% |
| Amounts payable after more than one year | 17 | €24,622 | €0 | -€24,622 | -100.0% |
| Other amounts payable | 178/9 | €24,622 | €0 | -€24,622 | -100.0% |
| Amounts payable within one year | 42/48 | €205,081 | €196,907 | -€8,174 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €31,704 | €24,622 | -€7,082 | -22.3% |
| Trade debts | 44 | €2,836 | €1,745 | -€1,091 | -38.5% |
| Suppliers | 440/4 | €2,836 | €1,745 | -€1,091 | -38.5% |
| Taxes, remuneration and social security | 45 | €1,968 | €1,968 | = | 0.0% |
| Taxes | 450/3 | €1,968 | €1,968 | = | 0.0% |
| Other amounts payable | 47/48 | €168,573 | €168,573 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,102 | +€1,102 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,812 | €3,263 | -€1,549 | -32.2% |
| Other operating charges | 640/8 | €1,159 | €1,065 | -€94 | -8.1% |
| Gross operating margin | 9900 | -€31,919 | -€15,862 | +€16,057 | +50.3% |
| Operating profit (loss) | 9901 | -€37,891 | -€20,191 | +€17,700 | +46.7% |
| Financial income | 75/76B | €17,753 | €19,141 | +€1,388 | +7.8% |
| Recurring financial income | 75 | €17,753 | €19,141 | +€1,388 | +7.8% |
| Financial charges | 65/66B | €10,235 | €8,593 | -€1,642 | -16.0% |
| Recurring financial charges | 65 | €10,235 | €8,593 | -€1,642 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | -€30,373 | -€9,642 | +€20,731 | +68.3% |
| Income taxes | 67/77 | €2,232 | €778 | -€1,454 | -65.2% |
| Profit (loss) for the period | 9904 | -€32,605 | -€10,420 | +€22,185 | +68.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,605 | -€10,420 | +€22,185 | +68.0% |
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 6 October 2026 via checked.be.