KARNICO: 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.
KARNICO
Largest movements
- Current investments -€150,000
no longer reported in 2025 (was €150,000)
- Cash +€124,831
up €124,831 (+148.9%), from €83,861 to €208,692
mainly Current investments (+€150,000) and Net result for the year (+€128,349)
- Receivables within one year +€69,329
new in 2025: €69,329
of which Trade receivables: +€40,000
- Tangible fixed assets -€45,925
down €45,925 (-1.2%), from €3.8m to €3.7m
of which Land and buildings: -€51,398
- Reserves +€128,349
up €128,349 (+15.8%), from €811,079 to €939,428
- Debts after one year -€116,875
down €116,875 (-42.5%), from €275,209 to €158,334
- Gross operating margin -€7,588
down €7,588 (-2.2%), from €340,258 to €332,669
- Financial charges -€6,403
down €6,403 (-19.1%), from €33,464 to €27,061
- Financial income +€4,411
up €4,411 (+441149.0%), from €1 to €4,412
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 | €4,021,556 | €4,019,791 | -€1,765 | 0.0% |
| Fixed assets | 21/28 | €3,787,051 | €3,741,126 | -€45,925 | -1.2% |
| Tangible fixed assets | 22/27 | €3,787,051 | €3,741,126 | -€45,925 | -1.2% |
| Land and buildings | 22 | €3,787,051 | €3,735,653 | -€51,398 | -1.4% |
| Plant, machinery and equipment | 23 | - | €5,473 | +€5,473 | |
| Current assets | 29/58 | €234,505 | €278,665 | +€44,160 | +18.8% |
| Amounts receivable within one year | 40/41 | - | €69,329 | +€69,329 | |
| Trade receivables | 40 | - | €40,000 | +€40,000 | |
| Other amounts receivable | 41 | - | €29,329 | +€29,329 | |
| Current investments | 50/53 | €150,000 | - | -€150,000 | |
| Cash at bank and in hand | 54/58 | €83,861 | €208,692 | +€124,831 | +148.9% |
| Deferred charges and accrued income | 490/1 | €644 | €643 | -€0 | -0.1% |
| Total equity and liabilities | 10/49 | €4,021,556 | €4,019,791 | -€1,765 | 0.0% |
| Equity | 10/15 | €3,389,124 | €3,517,473 | +€128,349 | +3.8% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,828,045 | €1,828,045 | = | 0.0% |
| Reserves | 13 | €811,079 | €939,428 | +€128,349 | +15.8% |
| Distributable reserves | 133 | €811,079 | €939,428 | +€128,349 | +15.8% |
| Amounts payable | 17/49 | €632,432 | €502,317 | -€130,114 | -20.6% |
| Amounts payable after more than one year | 17 | €275,209 | €158,334 | -€116,875 | -42.5% |
| Financial debts | 170/4 | €275,209 | €158,334 | -€116,875 | -42.5% |
| Amounts payable within one year | 42/48 | €331,427 | €329,836 | -€1,591 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €122,500 | €116,875 | -€5,625 | -4.6% |
| Trade debts | 44 | €373 | €1,642 | +€1,268 | +339.7% |
| Suppliers | 440/4 | €373 | €1,642 | +€1,268 | +339.7% |
| Taxes, remuneration and social security | 45 | €15,510 | €16,429 | +€919 | +5.9% |
| Taxes | 450/3 | €15,510 | €16,429 | +€919 | +5.9% |
| Other amounts payable | 47/48 | €193,043 | €194,890 | +€1,847 | +1.0% |
| Accrued charges and deferred income | 492/3 | €25,796 | €14,147 | -€11,649 | -45.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,730 | €88,281 | +€2,551 | +3.0% |
| Other operating charges | 640/8 | €31,380 | €32,345 | +€965 | +3.1% |
| Gross operating margin | 9900 | €340,258 | €332,669 | -€7,588 | -2.2% |
| Operating profit (loss) | 9901 | €223,148 | €212,043 | -€11,105 | -5.0% |
| Financial income | 75/76B | €1 | €4,412 | +€4,411 | +441149.0% |
| Recurring financial income | 75 | €1 | €4,412 | +€4,411 | +441149.0% |
| Financial charges | 65/66B | €33,464 | €27,061 | -€6,403 | -19.1% |
| Recurring financial charges | 65 | €33,464 | €27,061 | -€6,403 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €189,685 | €189,395 | -€290 | -0.2% |
| Income taxes | 67/77 | €61,695 | €61,046 | -€649 | -1.1% |
| Profit (loss) for the period | 9904 | €127,991 | €128,349 | +€359 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €127,991 | €128,349 | +€359 | +0.3% |
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 5 October 2026 via checked.be.