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
- Tangible fixed assets -€18,327
down €18,327 (-2.2%), from €820,027 to €801,700
- Debts after one year -€43,333
down €43,333 (-12.5%), from €346,666 to €303,332
- Reserves +€33,498
up €33,498 (+14.8%), from €226,374 to €259,872
of which Distributable reserves: +€41,107
- Tax, wage and social debts -€14,964
down €14,964 (-78.1%), from €19,164 to €4,200
- Other debts +€11,631
up €11,631 (+10.5%), from €110,864 to €122,495
- Financial charges -€954
down €954 (-8.3%), from €11,514 to €10,560
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €835,205 | €814,956 | -€20,248 | -2.4% |
| Fixed assets | 21/28 | €827,527 | €809,200 | -€18,327 | -2.2% |
| Tangible fixed assets | 22/27 | €820,027 | €801,700 | -€18,327 | -2.2% |
| Land and buildings | 22 | €820,027 | €801,700 | -€18,327 | -2.2% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €7,678 | €5,756 | -€1,921 | -25.0% |
| Cash at bank and in hand | 54/58 | €2,559 | €628 | -€1,931 | -75.5% |
| Deferred charges and accrued income | 490/1 | €5,119 | €5,128 | +€9 | +0.2% |
| Total equity and liabilities | 10/49 | €835,205 | €814,956 | -€20,248 | -2.4% |
| Equity | 10/15 | €274,964 | €307,629 | +€32,665 | +11.9% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €226,374 | €259,872 | +€33,498 | +14.8% |
| Tax-exempt reserves | 132 | €98,912 | €91,303 | -€7,609 | -7.7% |
| Distributable reserves | 133 | €127,462 | €168,569 | +€41,107 | +32.3% |
| Profit (loss) carried forward | 14 | €29,841 | €29,008 | -€833 | -2.8% |
| Provisions and deferred taxes | 16 | €32,971 | €30,434 | -€2,536 | -7.7% |
| Deferred taxes | 168 | €32,971 | €30,434 | -€2,536 | -7.7% |
| Amounts payable | 17/49 | €527,270 | €476,892 | -€50,377 | -9.6% |
| Amounts payable after more than one year | 17 | €346,666 | €303,332 | -€43,333 | -12.5% |
| Financial debts | 170/4 | €346,666 | €303,332 | -€43,333 | -12.5% |
| Amounts payable within one year | 42/48 | €173,487 | €170,174 | -€3,314 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €43,333 | €43,333 | = | 0.0% |
| Trade debts | 44 | €126 | €146 | +€20 | +15.5% |
| Suppliers | 440/4 | €126 | €146 | +€20 | +15.5% |
| Taxes, remuneration and social security | 45 | €19,164 | €4,200 | -€14,964 | -78.1% |
| Taxes | 450/3 | €19,164 | €4,200 | -€14,964 | -78.1% |
| Other amounts payable | 47/48 | €110,864 | €122,495 | +€11,631 | +10.5% |
| Accrued charges and deferred income | 492/3 | €7,116 | €3,386 | -€3,730 | -52.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,327 | €18,327 | = | 0.0% |
| Other operating charges | 640/8 | €15,430 | €15,937 | +€506 | +3.3% |
| Gross operating margin | 9900 | €94,133 | €95,026 | +€893 | +0.9% |
| Operating profit (loss) | 9901 | €60,376 | €60,762 | +€386 | +0.6% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €11,514 | €10,560 | -€954 | -8.3% |
| Recurring financial charges | 65 | €11,514 | €10,560 | -€954 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €48,862 | €50,212 | +€1,350 | +2.8% |
| Transfer from deferred taxes | 780 | €2,536 | €2,536 | = | 0.0% |
| Income taxes | 67/77 | €19,164 | €19,250 | +€86 | +0.4% |
| Profit (loss) for the period | 9904 | €32,234 | €33,498 | +€1,264 | +3.9% |
| Transfer from tax-exempt reserves | 789 | €7,609 | €7,609 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,843 | €41,107 | +€1,264 | +3.2% |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.