KARNO: 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.
KARNO
Largest movements
- Cash +€2.0m
up €2.0m (+696%), from €288,823 to €2.3m
mainly Trade debts (+€928,480) and Receivables within one year (+€663,583)
- Receivables within one year -€663,583
down €663,583 (-14.8%), from €4.5m to €3.8m
of which Trade receivables: -€924,282
- Stocks and contracts -€370,456
down €370,456 (-43.6%), from €849,618 to €479,163
- Deferred charges and accrued income +€74,526
up €74,526 (+2,331%), from €3,197 to €77,722
- Trade debts +€928,480
up €928,480 (+178%), from €522,851 to €1.5m
- Other debts -€572,238
down €572,238 (-99.3%), from €576,085 to €3,847
- Accrued charges and deferred income +€530,114
up €530,114 (+20.1%), from €2.6m to €3.2m
- Profit (loss) carried forward +€272,867
up €272,867 (+137%), from €199,498 to €472,365
- Advances received -€135,857
down €135,857 (-100%), from €135,857 to €0
- Gross operating margin +€404,080
up €404,080 (+124%), from €325,108 to €729,188
- Staff costs +€204,613
up €204,613 (+149%), from €137,213 to €341,827
- Taxes +€59,293
up €59,293, from -€3,268 to €56,025
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 | €5,650,866 | €6,697,230 | +€1.0m | +18.5% |
| Fixed assets | 21/28 | €30,267 | €26,246 | -€4,021 | -13.3% |
| Intangible fixed assets | 21 | €18,361 | €18,936 | +€575 | +3.1% |
| Tangible fixed assets | 22/27 | €11,907 | €31 | -€11,876 | -99.7% |
| Furniture and vehicles | 24 | €490 | €31 | -€459 | -93.7% |
| Assets under construction and advance payments | 27 | €11,417 | €0 | -€11,417 | -100% |
| Financial fixed assets | 28 | - | €7,280 | +€7,280 | |
| Current assets | 29/58 | €5,620,598 | €6,670,984 | +€1.1m | +18.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €849,618 | €479,163 | -€370,456 | -43.6% |
| Contracts in progress | 37 | €849,618 | €479,163 | -€370,456 | -43.6% |
| Amounts receivable within one year | 40/41 | €4,478,960 | €3,815,377 | -€663,583 | -14.8% |
| Trade receivables | 40 | €2,013,147 | €1,088,865 | -€924,282 | -45.9% |
| Other amounts receivable | 41 | €2,465,813 | €2,726,512 | +€260,699 | +10.6% |
| Cash at bank and in hand | 54/58 | €288,823 | €2,298,722 | +€2.0m | +696% |
| Deferred charges and accrued income | 490/1 | €3,197 | €77,722 | +€74,526 | +2,331% |
| Total equity and liabilities | 10/49 | €5,650,866 | €6,697,230 | +€1.0m | +18.5% |
| Equity | 10/15 | €311,498 | €584,365 | +€272,867 | +87.6% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €199,498 | €472,365 | +€272,867 | +137% |
| Amounts payable | 17/49 | €5,339,368 | €6,112,865 | +€773,497 | +14.5% |
| Amounts payable after more than one year | 17 | €583,011 | €512,343 | -€70,668 | -12.1% |
| Financial debts | 170/4 | €583,011 | €512,343 | -€70,668 | -12.1% |
| Amounts payable within one year | 42/48 | €2,125,126 | €2,439,177 | +€314,051 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €53,001 | €95,891 | +€42,890 | +80.9% |
| Financial debts | 43 | €800,000 | €800,000 | = | 0.0% |
| Credit institutions | 430/8 | €800,000 | €800,000 | = | 0.0% |
| Trade debts | 44 | €522,851 | €1,451,332 | +€928,480 | +178% |
| Suppliers | 440/4 | €522,851 | €1,451,332 | +€928,480 | +178% |
| Advances received on contracts in progress | 46 | €135,857 | €0 | -€135,857 | -100% |
| Taxes, remuneration and social security | 45 | €37,332 | €88,107 | +€50,775 | +136% |
| Taxes | 450/3 | €33,661 | €63,538 | +€29,877 | +88.8% |
| Remuneration and social security | 454/9 | €3,672 | €24,569 | +€20,898 | +569% |
| Other amounts payable | 47/48 | €576,085 | €3,847 | -€572,238 | -99.3% |
| Accrued charges and deferred income | 492/3 | €2,631,231 | €3,161,345 | +€530,114 | +20.1% |
| Remuneration, social security and pensions | 62 | €137,213 | €341,827 | +€204,613 | +149% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,019 | €11,301 | +€2,282 | +25.3% |
| Other operating charges | 640/8 | €900 | €4,393 | +€3,493 | +388% |
| Gross operating margin | 9900 | €325,108 | €729,188 | +€404,080 | +124% |
| Operating profit (loss) | 9901 | €177,976 | €371,667 | +€193,691 | +109% |
| Financial income | 75/76B | €77 | €5,781 | +€5,704 | +7,419% |
| Recurring financial income | 75 | €77 | €5,781 | +€5,704 | +7,419% |
| Financial charges | 65/66B | €54,722 | €48,557 | -€6,165 | -11.3% |
| Recurring financial charges | 65 | €54,722 | €48,557 | -€6,165 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €123,331 | €328,892 | +€205,561 | +167% |
| Income taxes | 67/77 | -€3,268 | €56,025 | +€59,293 | |
| Profit (loss) for the period | 9904 | €126,599 | €272,867 | +€146,268 | +116% |
| Profit (loss) for the period to be appropriated | 9905 | €126,599 | €272,867 | +€146,268 | +116% |
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 22 October 2026 via checked.be.