KARO: 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.
KARO
Largest movements
- Tangible fixed assets +€51,072
up €51,072 (+472.1%), from €10,819 to €61,891
of which Leasing and similar rights: +€42,047
- Cash +€20,499
up €20,499 (+45.9%), from €44,619 to €65,118
mainly Net result for the year (+€27,506) and Debts after one year (+€23,427)
- Receivables within one year +€10,266
up €10,266 (+659.4%), from €1,557 to €11,823
of which Trade receivables: +€9,396
- Stocks and contracts -€1,979
down €1,979 (-54.7%), from €3,615 to €1,636
- Reserves +€27,506
up €27,506 (+119.4%), from €23,039 to €50,545
- Debts after one year +€23,427
new in 2025: €23,427
- Trade debts +€10,624
up €10,624 (+146.3%), from €7,263 to €17,887
- Tax, wage and social debts +€9,656
up €9,656 (+123.4%), from €7,828 to €17,485
of which Taxes: +€11,565
- Current portion of long-term debt +€6,064
new in 2025: €6,064
- Gross operating margin +€32,956
up €32,956 (+108.8%), from €30,281 to €63,238
- Taxes +€9,847
up €9,847 (+306.3%), from €3,215 to €13,062
- Staff costs +€1,995
up €1,995 (+34.9%), from €5,715 to €7,710
- Depreciation +€1,029
up €1,029 (+9.3%), from €11,009 to €12,038
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,520 | €145,228 | +€80,708 | +125.1% |
| Fixed assets | 21/28 | €13,412 | €64,484 | +€51,072 | +380.8% |
| Tangible fixed assets | 22/27 | €10,819 | €61,891 | +€51,072 | +472.1% |
| Plant, machinery and equipment | 23 | €1,710 | €13,974 | +€12,264 | +717.4% |
| Furniture and vehicles | 24 | €9,109 | €5,870 | -€3,240 | -35.6% |
| Leasing and similar rights | 25 | - | €42,047 | +€42,047 | |
| Financial fixed assets | 28 | €2,593 | €2,593 | = | 0.0% |
| Current assets | 29/58 | €51,108 | €80,744 | +€29,636 | +58.0% |
| Stocks and contracts in progress | 3 | €3,615 | €1,636 | -€1,979 | -54.7% |
| Stocks | 30/36 | €3,615 | €1,636 | -€1,979 | -54.7% |
| Amounts receivable within one year | 40/41 | €1,557 | €11,823 | +€10,266 | +659.4% |
| Trade receivables | 40 | €0 | €9,396 | +€9,396 | |
| Other amounts receivable | 41 | €1,557 | €2,427 | +€870 | +55.9% |
| Cash at bank and in hand | 54/58 | €44,619 | €65,118 | +€20,499 | +45.9% |
| Deferred charges and accrued income | 490/1 | €1,318 | €2,167 | +€850 | +64.5% |
| Total equity and liabilities | 10/49 | €64,520 | €145,228 | +€80,708 | +125.1% |
| Equity | 10/15 | €41,639 | €69,145 | +€27,506 | +66.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €23,039 | €50,545 | +€27,506 | +119.4% |
| Distributable reserves | 133 | €23,039 | €50,545 | +€27,506 | +119.4% |
| Amounts payable | 17/49 | €22,881 | €76,083 | +€53,202 | +232.5% |
| Amounts payable after more than one year | 17 | - | €23,427 | +€23,427 | |
| Financial debts | 170/4 | - | €23,427 | +€23,427 | |
| Amounts payable within one year | 42/48 | €22,881 | €52,655 | +€29,775 | +130.1% |
| Current portion of amounts payable after more than one year | 42 | - | €6,064 | +€6,064 | |
| Trade debts | 44 | €7,263 | €17,887 | +€10,624 | +146.3% |
| Suppliers | 440/4 | €7,263 | €17,887 | +€10,624 | +146.3% |
| Taxes, remuneration and social security | 45 | €7,828 | €17,485 | +€9,656 | +123.4% |
| Taxes | 450/3 | €1,699 | €13,264 | +€11,565 | +680.7% |
| Remuneration and social security | 454/9 | €6,129 | €4,221 | -€1,908 | -31.1% |
| Other amounts payable | 47/48 | €7,790 | €11,219 | +€3,429 | +44.0% |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | €5,715 | €7,710 | +€1,995 | +34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,009 | €12,038 | +€1,029 | +9.3% |
| Other operating charges | 640/8 | €1,414 | €1,515 | +€101 | +7.1% |
| Gross operating margin | 9900 | €30,281 | €63,238 | +€32,956 | +108.8% |
| Operating profit (loss) | 9901 | €12,144 | €41,975 | +€29,831 | +245.7% |
| Financial income | 75/76B | €0 | €346 | +€346 | +1727950.0% |
| Recurring financial income | 75 | €0 | €346 | +€346 | +1727950.0% |
| Financial charges | 65/66B | €2,065 | €1,752 | -€312 | -15.1% |
| Recurring financial charges | 65 | €2,065 | €1,752 | -€312 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €10,079 | €40,568 | +€30,489 | +302.5% |
| Income taxes | 67/77 | €3,215 | €13,062 | +€9,847 | +306.3% |
| Profit (loss) for the period | 9904 | €6,864 | €27,506 | +€20,642 | +300.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,864 | €27,506 | +€20,642 | +300.7% |
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 10 October 2026 via checked.be.