Karman: 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.
Karman
Largest movements
- Cash -€167,840
down €167,840 (-34.6%), from €485,622 to €317,782
mainly Contributions, distributions and other (-€179,079) and Debts after one year (-€162,772)
- Receivables within one year +€34,523
up €34,523 (+11.5%), from €299,168 to €333,691
of which Other amounts receivable: +€33,856
- Profit (loss) carried forward +€263,488
up €263,488, from €0 to €263,488
- Reserves -€179,079
down €179,079 (-10.3%), from €1.7m to €1.6m
- Debts after one year -€162,772
down €162,772 (-100%), from €162,772 to €0
- Tax, wage and social debts -€74,741
down €74,741 (-93.5%), from €79,899 to €5,158
of which Taxes: -€74,774
- Gross operating margin -€377,816
down €377,816 (-45.6%), from €829,386 to €451,570
- Taxes -€138,950
down €138,950 (-61.6%), from €225,740 to €86,790
- Depreciation -€10,537
down €10,537 (-10.3%), from €102,597 to €92,060
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 | €2,203,224 | €2,065,469 | -€137,755 | -6.3% |
| Fixed assets | 21/28 | €1,418,434 | €1,413,996 | -€4,438 | -0.3% |
| Tangible fixed assets | 22/27 | €1,418,434 | €1,413,996 | -€4,438 | -0.3% |
| Land and buildings | 22 | €1,281,918 | €1,234,551 | -€47,367 | -3.7% |
| Furniture and vehicles | 24 | €136,517 | €179,445 | +€42,929 | +31.4% |
| Current assets | 29/58 | €784,790 | €651,473 | -€133,317 | -17.0% |
| Amounts receivable within one year | 40/41 | €299,168 | €333,691 | +€34,523 | +11.5% |
| Trade receivables | 40 | €16,343 | €17,010 | +€667 | +4.1% |
| Other amounts receivable | 41 | €282,825 | €316,681 | +€33,856 | +12.0% |
| Cash at bank and in hand | 54/58 | €485,622 | €317,782 | -€167,840 | -34.6% |
| Total equity and liabilities | 10/49 | €2,203,224 | €2,065,469 | -€137,755 | -6.3% |
| Equity | 10/15 | €1,763,124 | €1,847,533 | +€84,408 | +4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,744,524 | €1,565,445 | -€179,079 | -10.3% |
| Distributable reserves | 133 | €1,744,524 | €1,565,445 | -€179,079 | -10.3% |
| Profit (loss) carried forward | 14 | €0 | €263,488 | +€263,488 | |
| Amounts payable | 17/49 | €440,100 | €217,936 | -€222,164 | -50.5% |
| Amounts payable after more than one year | 17 | €162,772 | €0 | -€162,772 | -100% |
| Financial debts | 170/4 | €162,772 | €0 | -€162,772 | -100% |
| Amounts payable within one year | 42/48 | €262,703 | €202,253 | -€60,449 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €161,475 | €162,772 | +€1,297 | +0.8% |
| Trade debts | 44 | €2,791 | €1,593 | -€1,199 | -42.9% |
| Suppliers | 440/4 | €2,791 | €1,593 | -€1,199 | -42.9% |
| Taxes, remuneration and social security | 45 | €79,899 | €5,158 | -€74,741 | -93.5% |
| Taxes | 450/3 | €75,506 | €733 | -€74,774 | -99.0% |
| Remuneration and social security | 454/9 | €4,393 | €4,425 | +€33 | +0.7% |
| Other amounts payable | 47/48 | €18,537 | €32,731 | +€14,194 | +76.6% |
| Accrued charges and deferred income | 492/3 | €14,625 | €15,683 | +€1,057 | +7.2% |
| Non-recurring operating income | 76A | €16,943 | €22,464 | +€5,521 | +32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,597 | €92,060 | -€10,537 | -10.3% |
| Other operating charges | 640/8 | €5,708 | €6,050 | +€343 | +6.0% |
| Gross operating margin | 9900 | €829,386 | €451,570 | -€377,816 | -45.6% |
| Operating profit (loss) | 9901 | €721,082 | €353,460 | -€367,622 | -51.0% |
| Financial income | 75/76B | €0 | €1,023 | +€1,023 | |
| Recurring financial income | 75 | €0 | €1,023 | +€1,023 | |
| Financial charges | 65/66B | €4,499 | €4,205 | -€294 | -6.5% |
| Recurring financial charges | 65 | €4,499 | €4,205 | -€294 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €716,583 | €350,278 | -€366,305 | -51.1% |
| Income taxes | 67/77 | €225,740 | €86,790 | -€138,950 | -61.6% |
| Profit (loss) for the period | 9904 | €490,843 | €263,488 | -€227,355 | -46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €490,843 | €263,488 | -€227,355 | -46.3% |
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 17 October 2026 via checked.be.