KARNI: 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.
What changed
KARNI
NACE 25.910, Manufacture of fabricated metal products, except machinery and equipment
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€868,196
2024 · €115,896+€752,300
Equity
€2.0m
2024 · €1.2m+€733,449
Cash
€846,344
2024 · €222,013+€624,331
Balance sheet total
€2.3m
2024 · €1.5m+€880,718
Largest movements
Assets
- Cash +€624,331
up €624,331 (+281.2%), from €222,013 to €846,344
mainly Net result for the year (+€868,196) and Provisions (+€257,954)
- Current investments +€500,000
new in 2025: €500,000
- Tangible fixed assets -€243,613
down €243,613 (-19.8%), from €1.2m to €988,701
of which Land and buildings: -€237,849
Equity and liabilities
- Reserves +€733,449
up €733,449 (+63.3%), from €1.2m to €1.9m
of which Tax-exempt reserves: +€773,861
- Provisions +€257,954
new in 2025: €257,954
- Current portion of long-term debt -€90,707
down €90,707 (-98.9%), from €91,739 to €1,033
Income statement
- Gross operating margin +€986,438
up €986,438 (+334.2%), from €295,164 to €1.3m
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.
Result 2024
€115,896
Gross operating margin
+€986,438
Depreciation
+€8,069
Other operating charges
-€2,717
Financial income
+€2,087
Financial charges
+€6,204
Taxes
+€10,174
Deferred taxes and other
-€257,954
Result 2025
€868,196
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.
From operations
+€1.2m
Investment
-€331,815
Financing
-€225,454
Cash 2024
€222,013
From operations (derived)
+€1.2m
Net result for the year
+€868,196
Depreciation
+€75,428
Provisions
+€257,954
Trade debts
+€1,174
Tax, wage and social debts
-€18,407
Accrued charges and deferred income
-€2,745
Investment (derived)
-€331,815
Investment in fixed assets (net)
+€168,185
Current investments
-€500,000
Financing
-€225,454
Current portion of long-term debt
-€90,707
Contributions, distributions and other
-€134,747
Cash 2025
€846,344
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,454,327 | €2,335,045 | +€880,718 | +60.6% |
| Fixed assets | 21/28 | €1,232,315 | €988,701 | -€243,613 | -19.8% |
| Tangible fixed assets | 22/27 | €1,232,315 | €988,701 | -€243,613 | -19.8% |
| Land and buildings | 22 | €1,226,550 | €988,701 | -€237,849 | -19.4% |
| Other tangible fixed assets | 26 | €5,764 | €0 | -€5,764 | -100.0% |
| Current assets | 29/58 | €222,013 | €1,346,344 | +€1.1m | +506.4% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €222,013 | €846,344 | +€624,331 | +281.2% |
| Total equity and liabilities | 10/49 | €1,454,327 | €2,335,045 | +€880,718 | +60.6% |
| Equity | 10/15 | €1,229,124 | €1,962,573 | +€733,449 | +59.7% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €1,159,124 | €1,892,573 | +€733,449 | +63.3% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €773,861 | +€773,861 | |
| Distributable reserves | 133 | €1,134,124 | €1,093,711 | -€40,412 | -3.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | - | €257,954 | +€257,954 | |
| Deferred taxes | 168 | - | €257,954 | +€257,954 | |
| Amounts payable | 17/49 | €225,204 | €114,519 | -€110,685 | -49.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €218,072 | €110,133 | -€107,939 | -49.5% |
| Current portion of amounts payable after more than one year | 42 | €91,739 | €1,033 | -€90,707 | -98.9% |
| Trade debts | 44 | - | €1,174 | +€1,174 | |
| Suppliers | 440/4 | - | €1,174 | +€1,174 | |
| Taxes, remuneration and social security | 45 | €37,833 | €19,426 | -€18,407 | -48.7% |
| Taxes | 450/3 | €37,833 | €19,426 | -€18,407 | -48.7% |
| Other amounts payable | 47/48 | €88,500 | €88,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,131 | €4,386 | -€2,745 | -38.5% |
| Non-recurring operating income | 76A | - | €1,031,815 | +€1.0m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,497 | €75,428 | -€8,069 | -9.7% |
| Other operating charges | 640/8 | €28,193 | €30,910 | +€2,717 | +9.6% |
| Gross operating margin | 9900 | €295,164 | €1,281,602 | +€986,438 | +334.2% |
| Operating profit (loss) | 9901 | €183,474 | €1,175,264 | +€991,790 | +540.6% |
| Financial income | 75/76B | €987 | €3,074 | +€2,087 | +211.4% |
| Recurring financial income | 75 | €987 | €3,074 | +€2,087 | +211.4% |
| Financial charges | 65/66B | €14,209 | €8,005 | -€6,204 | -43.7% |
| Recurring financial charges | 65 | €14,209 | €8,005 | -€6,204 | -43.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €170,252 | €1,170,333 | +€1.0m | +587.4% |
| Transfer to deferred taxes | 680 | - | €257,954 | +€257,954 | |
| Income taxes | 67/77 | €54,357 | €44,183 | -€10,174 | -18.7% |
| Profit (loss) for the period | 9904 | €115,896 | €868,196 | +€752,300 | +649.1% |
| Transfer to tax-exempt reserves | 689 | - | €773,861 | +€773,861 | |
| Profit (loss) for the period to be appropriated | 9905 | €115,896 | €94,335 | -€21,561 | -18.6% |
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 7 October 2026 via checked.be.