Karmika: 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.
Karmika
Largest movements
- Tangible fixed assets -€90,514
down €90,514 (-12.7%), from €714,892 to €624,377
of which Leasing and similar rights: -€51,937
- Receivables within one year -€28,880
down €28,880 (-95.2%), from €30,321 to €1,442
of which Trade receivables: -€29,133
- Debts after one year -€107,165
down €107,165 (-10.3%), from €1.0m to €930,570
of which Trade debts: -€266,737
- Reserves -€46,222
down €46,222 (-36.8%), from €125,530 to €79,308
of which Distributable reserves: -€46,222
- Other debts +€33,118
up €33,118 (+35.3%), from €93,872 to €126,990
- Short-term financial debts +€18,788
up €18,788, from €0 to €18,788
- Gross operating margin -€36,174
down €36,174 (-37.0%), from €97,863 to €61,689
- Staff costs -€27,073
down €27,073 (-100%), from €27,073 to €0
- Financial charges +€12,990
up €12,990 (+44.3%), from €29,343 to €42,333
- Depreciation -€10,544
down €10,544 (-25.6%), from €41,184 to €30,640
- Other operating charges -€1,176
down €1,176 (-19.8%), from €5,941 to €4,766
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 | €1,413,645 | €1,292,556 | -€121,089 | -8.6% |
| Fixed assets | 21/28 | €1,381,629 | €1,291,114 | -€90,514 | -6.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €714,892 | €624,377 | -€90,514 | -12.7% |
| Land and buildings | 22 | €610,383 | €592,486 | -€17,897 | -2.9% |
| Plant, machinery and equipment | 23 | €49,665 | €29,945 | -€19,720 | -39.7% |
| Furniture and vehicles | 24 | €2,906 | €1,946 | -€960 | -33.0% |
| Leasing and similar rights | 25 | €51,937 | €0 | -€51,937 | -100% |
| Financial fixed assets | 28 | €666,737 | €666,737 | = | 0.0% |
| Current assets | 29/58 | €32,016 | €1,442 | -€30,575 | -95.5% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €30,321 | €1,442 | -€28,880 | -95.2% |
| Trade receivables | 40 | €30,321 | €1,188 | -€29,133 | -96.1% |
| Other amounts receivable | 41 | €0 | €253 | +€253 | |
| Cash at bank and in hand | 54/58 | €661 | €0 | -€661 | -100% |
| Deferred charges and accrued income | 490/1 | €1,034 | €0 | -€1,034 | -100% |
| Total equity and liabilities | 10/49 | €1,413,645 | €1,292,556 | -€121,089 | -8.6% |
| Equity | 10/15 | €144,130 | €97,908 | -€46,222 | -32.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €125,530 | €79,308 | -€46,222 | -36.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €125,530 | €79,308 | -€46,222 | -36.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,269,515 | €1,194,648 | -€74,867 | -5.9% |
| Amounts payable after more than one year | 17 | €1,037,736 | €930,570 | -€107,165 | -10.3% |
| Financial debts | 170/4 | €770,999 | €930,570 | +€159,571 | +20.7% |
| Trade debts | 175 | €266,737 | €0 | -€266,737 | -100% |
| Amounts payable within one year | 42/48 | €229,132 | €253,490 | +€24,357 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €99,465 | €95,753 | -€3,712 | -3.7% |
| Financial debts | 43 | €0 | €18,788 | +€18,788 | |
| Credit institutions | 430/8 | €0 | €18,788 | +€18,788 | |
| Trade debts | 44 | €15,267 | €5,384 | -€9,883 | -64.7% |
| Suppliers | 440/4 | €15,267 | €5,384 | -€9,883 | -64.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €20,529 | €6,575 | -€13,953 | -68.0% |
| Taxes | 450/3 | €20,529 | €6,575 | -€13,953 | -68.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €93,872 | €126,990 | +€33,118 | +35.3% |
| Accrued charges and deferred income | 492/3 | €2,647 | €10,588 | +€7,941 | +300% |
| Remuneration, social security and pensions | 62 | €27,073 | €0 | -€27,073 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,184 | €30,640 | -€10,544 | -25.6% |
| Other operating charges | 640/8 | €5,941 | €4,766 | -€1,176 | -19.8% |
| Non-recurring operating charges | 66A | - | €30,220 | +€30,220 | |
| Gross operating margin | 9900 | €97,863 | €61,689 | -€36,174 | -37.0% |
| Operating profit (loss) | 9901 | €23,665 | -€3,937 | -€27,602 | |
| Financial income | 75/76B | €11 | €48 | +€37 | +351% |
| Recurring financial income | 75 | €11 | €48 | +€37 | +351% |
| Financial charges | 65/66B | €29,343 | €42,333 | +€12,990 | +44.3% |
| Recurring financial charges | 65 | €29,343 | €42,333 | +€12,990 | +44.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,667 | -€46,222 | -€40,554 | -716% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€5,667 | -€46,222 | -€40,554 | -716% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,667 | -€46,222 | -€40,554 | -716% |
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 18 October 2026 via checked.be.