Karma: 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.
Karma
Largest movements
- Cash -€190,633
down €190,633 (-95.5%), from €199,714 to €9,081
mainly Investment in fixed assets (net) (-€117,383) and Trade debts (-€42,824)
- Tangible fixed assets +€91,885
up €91,885 (+14.6%), from €630,705 to €722,591
of which Land and buildings: +€260,141
- Receivables within one year +€12,682
up €12,682 (+23.9%), from €53,138 to €65,819
of which Other amounts receivable: +€8,232
- Trade debts -€42,824
down €42,824 (-83.8%), from €51,122 to €8,298
- Profit (loss) carried forward -€20,927
down €20,927 (-2.5%), from €841,738 to €820,812
- Current portion of long-term debt -€19,211
down €19,211 (-79.4%), from €24,188 to €4,977
- Financial income -€799,547
down €799,547 (-99.9%), from €800,043 to €496
of which Non-recurring financial income: -€800,043
- Depreciation +€10,946
up €10,946 (+75.2%), from €14,551 to €25,497
- Gross operating margin -€7,753
down €7,753 (-45.9%), from €16,875 to €9,122
- Financial charges +€1,231
up €1,231 (+45.6%), from €2,701 to €3,933
- Other operating charges +€448
up €448 (+67.1%), from €667 to €1,115
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 | €1,073,896 | €987,947 | -€85,949 | -8.0% |
| Fixed assets | 21/28 | €820,705 | €912,591 | +€91,885 | +11.2% |
| Tangible fixed assets | 22/27 | €630,705 | €722,591 | +€91,885 | +14.6% |
| Land and buildings | 22 | €462,449 | €722,591 | +€260,141 | +56.3% |
| Assets under construction and advance payments | 27 | €168,256 | - | -€168,256 | |
| Financial fixed assets | 28 | €190,000 | €190,000 | = | 0.0% |
| Current assets | 29/58 | €253,191 | €75,356 | -€177,835 | -70.2% |
| Amounts receivable within one year | 40/41 | €53,138 | €65,819 | +€12,682 | +23.9% |
| Trade receivables | 40 | €10,890 | €15,339 | +€4,449 | +40.9% |
| Other amounts receivable | 41 | €42,248 | €50,480 | +€8,232 | +19.5% |
| Cash at bank and in hand | 54/58 | €199,714 | €9,081 | -€190,633 | -95.5% |
| Deferred charges and accrued income | 490/1 | €339 | €456 | +€117 | +34.5% |
| Total equity and liabilities | 10/49 | €1,073,896 | €987,947 | -€85,949 | -8.0% |
| Equity | 10/15 | €882,246 | €861,319 | -€20,927 | -2.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €30,507 | €30,507 | = | 0.0% |
| Distributable reserves | 133 | €30,507 | €30,507 | = | 0.0% |
| Profit (loss) carried forward | 14 | €841,738 | €820,812 | -€20,927 | -2.5% |
| Amounts payable | 17/49 | €191,650 | €126,627 | -€65,023 | -33.9% |
| Amounts payable after more than one year | 17 | €98,309 | €94,617 | -€3,692 | -3.8% |
| Financial debts | 170/4 | €98,309 | €94,617 | -€3,692 | -3.8% |
| Amounts payable within one year | 42/48 | €93,341 | €32,011 | -€61,331 | -65.7% |
| Current portion of amounts payable after more than one year | 42 | €24,188 | €4,977 | -€19,211 | -79.4% |
| Trade debts | 44 | €51,122 | €8,298 | -€42,824 | -83.8% |
| Suppliers | 440/4 | €51,122 | €8,298 | -€42,824 | -83.8% |
| Other amounts payable | 47/48 | €18,031 | €18,736 | +€705 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,551 | €25,497 | +€10,946 | +75.2% |
| Other operating charges | 640/8 | €667 | €1,115 | +€448 | +67.1% |
| Gross operating margin | 9900 | €16,875 | €9,122 | -€7,753 | -45.9% |
| Operating profit (loss) | 9901 | €1,657 | -€17,490 | -€19,146 | |
| Financial income | 75/76B | €800,043 | €496 | -€799,547 | -99.9% |
| Recurring financial income | 75 | €800,043 | €496 | -€799,547 | -99.9% |
| Non-recurring financial income | 76B | €800,043 | - | -€800,043 | |
| Financial charges | 65/66B | €2,701 | €3,933 | +€1,231 | +45.6% |
| Recurring financial charges | 65 | €2,701 | €3,933 | +€1,231 | +45.6% |
| Profit (loss) for the period before taxes | 9903 | €798,998 | -€20,927 | -€819,924 | |
| Income taxes | 67/77 | €116 | - | -€116 | |
| Profit (loss) for the period | 9904 | €798,882 | -€20,927 | -€819,808 | |
| Profit (loss) for the period to be appropriated | 9905 | €798,882 | -€20,927 | -€819,808 |
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 24 October 2026 via checked.be.