KARMON: what changed
Two fiscal 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.
KARMON
Largest movements
- Tangible fixed assets +€10,707
up €10,707 (+16.4%), from €65,473 to €76,180
of which Plant, machinery and equipment: +€26,034
- Reserves +€19,000
up €19,000 (+17.9%), from €106,060 to €125,060
of which Distributable reserves: +€19,000
- Debts after one year -€14,316
no longer reported in 2025 (was €14,316)
- Other debts +€5,581
up €5,581 (+218.1%), from €2,559 to €8,140
- Gross operating margin +€4,966
up €4,966 (+10.8%), from €46,139 to €51,104
- Depreciation +€4,137
up €4,137 (+24.8%), from €16,713 to €20,850
- Staff costs +€1,920
new in 2025: €1,920
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.
Cash bridge derived
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 | €178,515 | €188,227 | +€9,712 | +5.4% |
| Fixed assets | 21/28 | €65,473 | €76,180 | +€10,707 | +16.4% |
| Tangible fixed assets | 22/27 | €65,473 | €76,180 | +€10,707 | +16.4% |
| Land and buildings | 22 | €24,935 | €22,111 | -€2,824 | -11.3% |
| Plant, machinery and equipment | 23 | €2,276 | €28,310 | +€26,034 | +1143.7% |
| Furniture and vehicles | 24 | €38,261 | €25,759 | -€12,503 | -32.7% |
| Current assets | 29/58 | €113,042 | €112,047 | -€995 | -0.9% |
| Amounts receivable within one year | 40/41 | €15,428 | €15,837 | +€409 | +2.7% |
| Trade receivables | 40 | €12,551 | €12,493 | -€58 | -0.5% |
| Other amounts receivable | 41 | €2,877 | €3,344 | +€467 | +16.2% |
| Cash at bank and in hand | 54/58 | €97,428 | €96,210 | -€1,218 | -1.3% |
| Deferred charges and accrued income | 490/1 | €186 | - | -€186 | |
| Total equity and liabilities | 10/49 | €178,515 | €188,227 | +€9,712 | +5.4% |
| Equity | 10/15 | €143,454 | €163,390 | +€19,936 | +13.9% |
| Contributions | 10/11 | €70,100 | €70,100 | = | 0.0% |
| Reserves | 13 | €106,060 | €125,060 | +€19,000 | +17.9% |
| Non-distributable reserves | 130/1 | €8,060 | €8,060 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,060 | €8,060 | = | 0.0% |
| Distributable reserves | 133 | €98,000 | €117,000 | +€19,000 | +19.4% |
| Profit (loss) carried forward | 14 | -€32,706 | -€31,770 | +€936 | +2.9% |
| Amounts payable | 17/49 | €35,061 | €24,837 | -€10,224 | -29.2% |
| Amounts payable after more than one year | 17 | €14,316 | - | -€14,316 | |
| Financial debts | 170/4 | €14,316 | - | -€14,316 | |
| Amounts payable within one year | 42/48 | €20,745 | €24,837 | +€4,093 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €15,865 | €14,316 | -€1,548 | -9.8% |
| Taxes, remuneration and social security | 45 | €2,321 | €2,381 | +€60 | +2.6% |
| Taxes | 450/3 | €779 | €779 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,543 | €1,602 | +€60 | +3.9% |
| Other amounts payable | 47/48 | €2,559 | €8,140 | +€5,581 | +218.1% |
| Remuneration, social security and pensions | 62 | - | €1,920 | +€1,920 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,713 | €20,850 | +€4,137 | +24.8% |
| Other operating charges | 640/8 | €312 | €127 | -€185 | -59.3% |
| Gross operating margin | 9900 | €46,139 | €51,104 | +€4,966 | +10.8% |
| Operating profit (loss) | 9901 | €29,114 | €28,207 | -€907 | -3.1% |
| Financial income | 75/76B | €684 | €912 | +€228 | +33.4% |
| Recurring financial income | 75 | €684 | €912 | +€228 | +33.4% |
| Financial charges | 65/66B | €649 | €254 | -€396 | -60.9% |
| Recurring financial charges | 65 | €649 | €254 | -€396 | -60.9% |
| Profit (loss) for the period before taxes | 9903 | €29,148 | €28,865 | -€283 | -1.0% |
| Income taxes | 67/77 | €9,123 | €8,929 | -€194 | -2.1% |
| Profit (loss) for the period | 9904 | €20,025 | €19,936 | -€89 | -0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,025 | €19,936 | -€89 | -0.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.