KARO V: 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.
KARO V
Largest movements
- Tangible fixed assets +€47,483
up €47,483 (+578.2%), from €8,213 to €55,696
- Cash +€4,086
up €4,086 (+8.7%), from €46,712 to €50,798
mainly Debts after one year (+€28,808) and Net result for the year (+€27,057)
- Debts after one year +€28,808
up €28,808, from €0 to €28,808
- Other debts +€24,263
up €24,263 (+73.2%), from €33,159 to €57,421
- Gross operating margin +€13,635
up €13,635 (+45.4%), from €30,006 to €43,641
- Depreciation -€11,679
down €11,679 (-86.3%), from €13,540 to €1,861
- Taxes +€7,363
up €7,363 (+128.0%), from €5,752 to €13,115
- Financial income -€647
down €647 (-73.9%), from €875 to €228
- Financial charges +€452
up €452 (+107.6%), from €420 to €873
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 | €172,737 | €224,540 | +€51,803 | +30.0% |
| Fixed assets | 21/28 | €122,213 | €169,696 | +€47,483 | +38.9% |
| Tangible fixed assets | 22/27 | €8,213 | €55,696 | +€47,483 | +578.2% |
| Furniture and vehicles | 24 | €8,213 | €55,696 | +€47,483 | +578.2% |
| Financial fixed assets | 28 | €114,000 | €114,000 | = | 0.0% |
| Current assets | 29/58 | €50,525 | €54,844 | +€4,320 | +8.5% |
| Amounts receivable within one year | 40/41 | €3,769 | €2,686 | -€1,084 | -28.8% |
| Trade receivables | 40 | €1,340 | €0 | -€1,340 | -100.0% |
| Other amounts receivable | 41 | €2,429 | €2,686 | +€256 | +10.6% |
| Cash at bank and in hand | 54/58 | €46,712 | €50,798 | +€4,086 | +8.7% |
| Deferred charges and accrued income | 490/1 | €44 | €1,361 | +€1,317 | +3022.8% |
| Total equity and liabilities | 10/49 | €172,737 | €224,540 | +€51,803 | +30.0% |
| Equity | 10/15 | €123,076 | €123,881 | +€805 | +0.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €110,676 | €111,481 | +€805 | +0.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €108,816 | €109,621 | +€805 | +0.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €49,662 | €100,660 | +€50,998 | +102.7% |
| Amounts payable after more than one year | 17 | €0 | €28,808 | +€28,808 | |
| Financial debts | 170/4 | €0 | €28,808 | +€28,808 | |
| Amounts payable within one year | 42/48 | €49,662 | €71,852 | +€22,190 | +44.7% |
| Current portion of amounts payable after more than one year | 42 | €8,392 | €9,616 | +€1,224 | +14.6% |
| Financial debts | 43 | €853 | €0 | -€853 | -100.0% |
| Other loans | 439 | €853 | €0 | -€853 | -100.0% |
| Trade debts | 44 | €2,231 | €523 | -€1,708 | -76.6% |
| Suppliers | 440/4 | €2,231 | €523 | -€1,708 | -76.6% |
| Taxes, remuneration and social security | 45 | €5,028 | €4,291 | -€737 | -14.7% |
| Taxes | 450/3 | €5,028 | €1,878 | -€3,150 | -62.6% |
| Remuneration and social security | 454/9 | - | €2,413 | +€2,413 | |
| Other amounts payable | 47/48 | €33,159 | €57,421 | +€24,263 | +73.2% |
| Non-recurring operating income | 76A | - | €16,444 | +€16,444 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,540 | €1,861 | -€11,679 | -86.3% |
| Other operating charges | 640/8 | €752 | €964 | +€212 | +28.2% |
| Gross operating margin | 9900 | €30,006 | €43,641 | +€13,635 | +45.4% |
| Operating profit (loss) | 9901 | €15,715 | €40,817 | +€25,102 | +159.7% |
| Financial income | 75/76B | €875 | €228 | -€647 | -73.9% |
| Recurring financial income | 75 | €875 | €228 | -€647 | -73.9% |
| Financial charges | 65/66B | €420 | €873 | +€452 | +107.6% |
| Recurring financial charges | 65 | €420 | €873 | +€452 | +107.6% |
| Profit (loss) for the period before taxes | 9903 | €16,169 | €40,172 | +€24,003 | +148.4% |
| Income taxes | 67/77 | €5,752 | €13,115 | +€7,363 | +128.0% |
| Profit (loss) for the period | 9904 | €10,417 | €27,057 | +€16,640 | +159.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,417 | €27,057 | +€16,640 | +159.7% |
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 2 October 2026 via checked.be.