KARMAKON: 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.
KARMAKON
Largest movements
- Cash +€53,804
up €53,804 (+1,762%), from €3,053 to €56,858
mainly Net result for the year (+€103,697) and Depreciation (+€53,450)
- Tangible fixed assets -€52,057
down €52,057 (-12.1%), from €430,309 to €378,252
of which Land and buildings: -€47,788
- Reserves +€103,697
up €103,697 (+61.2%), from €169,487 to €273,185
of which Distributable reserves: +€103,697
- Other debts -€64,727
down €64,727 (-34.9%), from €185,630 to €120,903
- Debts after one year -€33,186
down €33,186 (-19.4%), from €170,713 to €137,528
- Short-term financial debts -€25,000
down €25,000 (-13.2%), from €190,000 to €165,000
- Tax, wage and social debts +€24,537
up €24,537 (+28.6%), from €85,817 to €110,354
of which Taxes: +€21,129
- Gross operating margin -€34,004
down €34,004 (-13.5%), from €251,020 to €217,016
- Taxes -€3,732
down €3,732 (-6.7%), from €55,339 to €51,607
- Financial charges -€2,754
down €2,754 (-14.7%), from €18,736 to €15,983
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 | €1,173,181 | €1,175,108 | +€1,927 | +0.2% |
| Fixed assets | 21/28 | €430,326 | €378,269 | -€52,057 | -12.1% |
| Tangible fixed assets | 22/27 | €430,309 | €378,252 | -€52,057 | -12.1% |
| Land and buildings | 22 | €418,831 | €371,044 | -€47,788 | -11.4% |
| Plant, machinery and equipment | 23 | €6,522 | €5,397 | -€1,125 | -17.2% |
| Furniture and vehicles | 24 | €4,956 | €1,811 | -€3,145 | -63.5% |
| Financial fixed assets | 28 | €17 | €17 | = | 0.0% |
| Current assets | 29/58 | €742,854 | €796,839 | +€53,985 | +7.3% |
| Amounts receivable after more than one year | 29 | €255,000 | €255,000 | = | 0.0% |
| Other amounts receivable | 291 | €255,000 | €255,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €473,401 | €461,977 | -€11,423 | -2.4% |
| Trade receivables | 40 | €409,818 | €378,604 | -€31,214 | -7.6% |
| Other amounts receivable | 41 | €63,583 | €83,374 | +€19,791 | +31.1% |
| Cash at bank and in hand | 54/58 | €3,053 | €56,858 | +€53,804 | +1,762% |
| Deferred charges and accrued income | 490/1 | €11,400 | €23,004 | +€11,604 | +102% |
| Total equity and liabilities | 10/49 | €1,173,181 | €1,175,108 | +€1,927 | +0.2% |
| Equity | 10/15 | €497,302 | €599,333 | +€102,031 | +20.5% |
| Contributions | 10/11 | €185,500 | €185,500 | = | 0.0% |
| Reserves | 13 | €169,487 | €273,185 | +€103,697 | +61.2% |
| Tax-exempt reserves | 132 | €9,600 | €9,600 | = | 0.0% |
| Distributable reserves | 133 | €159,888 | €263,585 | +€103,697 | +64.9% |
| Profit (loss) carried forward | 14 | €142,314 | €140,648 | -€1,666 | -1.2% |
| Amounts payable | 17/49 | €675,879 | €575,775 | -€100,104 | -14.8% |
| Amounts payable after more than one year | 17 | €170,713 | €137,528 | -€33,186 | -19.4% |
| Financial debts | 170/4 | €170,713 | €137,528 | -€33,186 | -19.4% |
| Amounts payable within one year | 42/48 | €494,953 | €431,809 | -€63,144 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €31,937 | €33,186 | +€1,249 | +3.9% |
| Financial debts | 43 | €190,000 | €165,000 | -€25,000 | -13.2% |
| Credit institutions | 430/8 | €190,000 | €165,000 | -€25,000 | -13.2% |
| Trade debts | 44 | €1,569 | €2,367 | +€797 | +50.8% |
| Suppliers | 440/4 | €1,569 | €2,367 | +€797 | +50.8% |
| Taxes, remuneration and social security | 45 | €85,817 | €110,354 | +€24,537 | +28.6% |
| Taxes | 450/3 | €85,817 | €106,946 | +€21,129 | +24.6% |
| Remuneration and social security | 454/9 | - | €3,408 | +€3,408 | |
| Other amounts payable | 47/48 | €185,630 | €120,903 | -€64,727 | -34.9% |
| Accrued charges and deferred income | 492/3 | €10,212 | €6,438 | -€3,774 | -37.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,124 | €53,450 | -€674 | -1.2% |
| Other operating charges | 640/8 | €4,056 | €4,967 | +€912 | +22.5% |
| Non-recurring operating charges | 66A | - | €12 | +€12 | |
| Gross operating margin | 9900 | €251,020 | €217,016 | -€34,004 | -13.5% |
| Operating profit (loss) | 9901 | €192,840 | €158,587 | -€34,253 | -17.8% |
| Financial income | 75/76B | €12,700 | €12,700 | +€0 | 0.0% |
| Recurring financial income | 75 | €12,700 | €12,700 | +€0 | 0.0% |
| Financial charges | 65/66B | €18,736 | €15,983 | -€2,754 | -14.7% |
| Recurring financial charges | 65 | €18,736 | €15,983 | -€2,754 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €186,804 | €155,304 | -€31,499 | -16.9% |
| Income taxes | 67/77 | €55,339 | €51,607 | -€3,732 | -6.7% |
| Profit (loss) for the period | 9904 | €131,465 | €103,697 | -€27,768 | -21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €131,465 | €103,697 | -€27,768 | -21.1% |
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 21 October 2026 via checked.be.