KAROLA: 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.
KAROLA
Largest movements
- Financial fixed assets +€1.4m
up €1.4m (+4,000%), from €35,000 to €1.4m
- Current investments -€728,000
down €728,000 (-100%), from €728,000 to €0
- Tangible fixed assets -€178,855
down €178,855 (-9.9%), from €1.8m to €1.6m
of which Land and buildings: -€188,741
- Debts after one year +€306,161
up €306,161 (+60.5%), from €506,259 to €812,420
of which Other amounts payable: +€351,350
- Reserves +€126,062
up €126,062 (+6.6%), from €1.9m to €2.0m
of which Distributable reserves: +€126,062
- Other debts +€99,730
up €99,730 (+2,645%), from €3,771 to €103,500
- Financial income +€55,479
up €55,479 (+395%), from €14,035 to €69,514
- Gross operating margin +€52,341
up €52,341 (+33.7%), from €155,163 to €207,504
- Taxes +€15,608
new in 2025: €15,608
- Depreciation -€3,531
down €3,531 (-3.2%), from €110,341 to €106,810
- Financial charges +€3,429
up €3,429 (+46.4%), from €7,390 to €10,819
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 | €2,616,069 | €3,151,712 | +€535,643 | +20.5% |
| Fixed assets | 21/28 | €1,833,091 | €3,054,235 | +€1.2m | +66.6% |
| Tangible fixed assets | 22/27 | €1,798,091 | €1,619,235 | -€178,855 | -9.9% |
| Land and buildings | 22 | €1,716,144 | €1,527,403 | -€188,741 | -11.0% |
| Plant, machinery and equipment | 23 | €78,703 | €71,773 | -€6,930 | -8.8% |
| Furniture and vehicles | 24 | €1,535 | €19,230 | +€17,695 | +1,153% |
| Other tangible fixed assets | 26 | €1,709 | €829 | -€880 | -51.5% |
| Financial fixed assets | 28 | €35,000 | €1,435,000 | +€1.4m | +4,000% |
| Current assets | 29/58 | €782,978 | €97,476 | -€685,502 | -87.6% |
| Amounts receivable within one year | 40/41 | €19,343 | €34,078 | +€14,735 | +76.2% |
| Trade receivables | 40 | €5,813 | €14,791 | +€8,978 | +154% |
| Other amounts receivable | 41 | €13,530 | €19,288 | +€5,757 | +42.6% |
| Current investments | 50/53 | €728,000 | €0 | -€728,000 | -100% |
| Cash at bank and in hand | 54/58 | €35,635 | €45,833 | +€10,198 | +28.6% |
| Deferred charges and accrued income | 490/1 | - | €17,565 | +€17,565 | |
| Total equity and liabilities | 10/49 | €2,616,069 | €3,151,712 | +€535,643 | +20.5% |
| Equity | 10/15 | €2,041,213 | €2,167,275 | +€126,062 | +6.2% |
| Contributions | 10/11 | €144,557 | €144,557 | = | 0.0% |
| Reserves | 13 | €1,896,656 | €2,022,719 | +€126,062 | +6.6% |
| Tax-exempt reserves | 132 | €15,984 | €15,984 | = | 0.0% |
| Distributable reserves | 133 | €1,880,673 | €2,006,735 | +€126,062 | +6.7% |
| Amounts payable | 17/49 | €574,856 | €984,436 | +€409,580 | +71.2% |
| Amounts payable after more than one year | 17 | €506,259 | €812,420 | +€306,161 | +60.5% |
| Financial debts | 170/4 | €489,040 | €443,851 | -€45,189 | -9.2% |
| Other amounts payable | 178/9 | €17,219 | €368,569 | +€351,350 | +2,041% |
| Amounts payable within one year | 42/48 | €67,397 | €165,615 | +€98,217 | +146% |
| Current portion of amounts payable after more than one year | 42 | €44,711 | €45,189 | +€478 | +1.1% |
| Trade debts | 44 | €10,570 | €8,851 | -€1,719 | -16.3% |
| Suppliers | 440/4 | €10,570 | €8,851 | -€1,719 | -16.3% |
| Taxes, remuneration and social security | 45 | €8,345 | €8,074 | -€271 | -3.2% |
| Taxes | 450/3 | €8,345 | €8,074 | -€271 | -3.2% |
| Other amounts payable | 47/48 | €3,771 | €103,500 | +€99,730 | +2,645% |
| Accrued charges and deferred income | 492/3 | €1,200 | €6,402 | +€5,202 | +433% |
| Non-recurring operating income | 76A | - | €37,954 | +€37,954 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,341 | €106,810 | -€3,531 | -3.2% |
| Other operating charges | 640/8 | €14,396 | €17,224 | +€2,828 | +19.6% |
| Non-recurring operating charges | 66A | - | €496 | +€496 | |
| Gross operating margin | 9900 | €155,163 | €207,504 | +€52,341 | +33.7% |
| Operating profit (loss) | 9901 | €30,427 | €82,975 | +€52,548 | +173% |
| Financial income | 75/76B | €14,035 | €69,514 | +€55,479 | +395% |
| Recurring financial income | 75 | €14,035 | €69,514 | +€55,479 | +395% |
| Financial charges | 65/66B | €7,390 | €10,819 | +€3,429 | +46.4% |
| Recurring financial charges | 65 | €7,390 | €10,819 | +€3,429 | +46.4% |
| Profit (loss) for the period before taxes | 9903 | €37,072 | €141,670 | +€104,599 | +282% |
| Income taxes | 67/77 | - | €15,608 | +€15,608 | |
| Profit (loss) for the period | 9904 | €37,072 | €126,062 | +€88,991 | +240% |
| Profit (loss) for the period to be appropriated | 9905 | €37,072 | €126,062 | +€88,991 | +240% |
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 20 October 2026 via checked.be.