KARMEN: 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.
KARMEN
Largest movements
- Stocks and contracts +€73,666
up €73,666 (+33.0%), from €223,483 to €297,149
- Tangible fixed assets -€48,158
down €48,158 (-4.0%), from €1.2m to €1.1m
of which Land and buildings: -€42,146
- Debts after one year -€57,372
down €57,372 (-13.2%), from €434,812 to €377,440
- Trade debts +€47,623
up €47,623 (+153%), from €31,134 to €78,757
- Other debts +€30,565
up €30,565 (+7.5%), from €407,940 to €438,505
- Reserves +€20,838
up €20,838 (+11.0%), from €189,295 to €210,133
of which Distributable reserves: +€37,838
- Gross operating margin +€12,218
up €12,218 (+4.5%), from €271,303 to €283,521
- Other operating charges +€6,896
up €6,896 (+44.1%), from €15,629 to €22,526
- Staff costs +€6,258
up €6,258 (+4.4%), from €142,348 to €148,606
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 | €1,496,691 | €1,519,791 | +€23,100 | +1.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,195,474 | €1,147,316 | -€48,158 | -4.0% |
| Tangible fixed assets | 22/27 | €1,195,474 | €1,147,316 | -€48,158 | -4.0% |
| Land and buildings | 22 | €1,178,280 | €1,136,135 | -€42,146 | -3.6% |
| Plant, machinery and equipment | 23 | €2,325 | €1,669 | -€657 | -28.2% |
| Furniture and vehicles | 24 | €14,868 | €9,513 | -€5,355 | -36.0% |
| Current assets | 29/58 | €301,217 | €372,475 | +€71,257 | +23.7% |
| Stocks and contracts in progress | 3 | €223,483 | €297,149 | +€73,666 | +33.0% |
| Stocks | 30/36 | €223,483 | €297,149 | +€73,666 | +33.0% |
| Amounts receivable within one year | 40/41 | €40,447 | €47,862 | +€7,415 | +18.3% |
| Trade receivables | 40 | €11,992 | €32,919 | +€20,927 | +175% |
| Other amounts receivable | 41 | €28,455 | €14,943 | -€13,512 | -47.5% |
| Cash at bank and in hand | 54/58 | €27,170 | €17,391 | -€9,779 | -36.0% |
| Deferred charges and accrued income | 490/1 | €10,117 | €10,073 | -€44 | -0.4% |
| Total equity and liabilities | 10/49 | €1,496,691 | €1,519,791 | +€23,100 | +1.5% |
| Equity | 10/15 | €359,295 | €380,133 | +€20,838 | +5.8% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €189,295 | €210,133 | +€20,838 | +11.0% |
| Non-distributable reserves | 130/1 | €17,000 | - | -€17,000 | |
| Reserves not available under the articles | 1311 | €17,000 | - | -€17,000 | |
| Distributable reserves | 133 | €172,295 | €210,133 | +€37,838 | +22.0% |
| Amounts payable | 17/49 | €1,137,396 | €1,139,658 | +€2,262 | +0.2% |
| Amounts payable after more than one year | 17 | €434,812 | €377,440 | -€57,372 | -13.2% |
| Financial debts | 170/4 | €434,812 | €377,440 | -€57,372 | -13.2% |
| Amounts payable within one year | 42/48 | €702,584 | €762,218 | +€59,634 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €214,586 | €207,372 | -€7,214 | -3.4% |
| Trade debts | 44 | €31,134 | €78,757 | +€47,623 | +153% |
| Suppliers | 440/4 | €31,134 | €78,757 | +€47,623 | +153% |
| Taxes, remuneration and social security | 45 | €48,924 | €37,584 | -€11,340 | -23.2% |
| Taxes | 450/3 | €39,605 | €20,592 | -€19,013 | -48.0% |
| Remuneration and social security | 454/9 | €9,319 | €16,992 | +€7,673 | +82.3% |
| Other amounts payable | 47/48 | €407,940 | €438,505 | +€30,565 | +7.5% |
| Remuneration, social security and pensions | 62 | €142,348 | €148,606 | +€6,258 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,341 | €54,803 | -€538 | -1.0% |
| Other operating charges | 640/8 | €15,629 | €22,526 | +€6,896 | +44.1% |
| Gross operating margin | 9900 | €271,303 | €283,521 | +€12,218 | +4.5% |
| Operating profit (loss) | 9901 | €57,985 | €57,586 | -€399 | -0.7% |
| Financial income | 75/76B | €179 | €1,450 | +€1,271 | +710% |
| Recurring financial income | 75 | €179 | €1,450 | +€1,271 | +710% |
| Financial charges | 65/66B | €25,334 | €27,015 | +€1,681 | +6.6% |
| Recurring financial charges | 65 | €25,334 | €27,015 | +€1,681 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €32,829 | €32,022 | -€808 | -2.5% |
| Income taxes | 67/77 | €9,669 | €11,183 | +€1,514 | +15.7% |
| Profit (loss) for the period | 9904 | €23,160 | €20,838 | -€2,322 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,160 | €20,838 | -€2,322 | -10.0% |
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 14 October 2026 via checked.be.