KARPACO: 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.
KARPACO
Largest movements
- Receivables within one year -€22,640
down €22,640 (-44.2%), from €51,172 to €28,532
of which Other amounts receivable: -€22,640
- Deferred charges and accrued income -€6,598
down €6,598 (-73.3%), from €8,998 to €2,400
- Profit (loss) carried forward -€50,832
down €50,832 (-40.4%), from €125,877 to €75,045
- Other debts +€16,442
up €16,442 (+33.4%), from €49,271 to €65,713
- Debts after one year -€15,575
down €15,575 (-10.4%), from €149,198 to €133,623
- Trade debts +€9,450
up €9,450 (+147.7%), from €6,398 to €15,848
- Financial income -€135,042
down €135,042 (-100.0%), from €135,042 to €0
- Staff costs -€16,518
down €16,518 (-30.8%), from €53,603 to €37,085
- Gross operating margin +€5,729
up €5,729 (+6.6%), from €86,769 to €92,497
- Taxes +€4,393
up €4,393 (+131.2%), from €3,349 to €7,742
- Depreciation +€3,148
up €3,148 (+14.5%), from €21,748 to €24,896
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 | €654,172 | €616,242 | -€37,930 | -5.8% |
| Fixed assets | 21/28 | €311,727 | €305,487 | -€6,240 | -2.0% |
| Tangible fixed assets | 22/27 | €176,862 | €170,622 | -€6,240 | -3.5% |
| Plant, machinery and equipment | 23 | €7,268 | €4,802 | -€2,466 | -33.9% |
| Furniture and vehicles | 24 | €6,536 | €19,828 | +€13,292 | +203.4% |
| Other tangible fixed assets | 26 | €163,058 | €145,992 | -€17,066 | -10.5% |
| Financial fixed assets | 28 | €134,865 | €134,865 | = | 0.0% |
| Current assets | 29/58 | €342,445 | €310,755 | -€31,690 | -9.3% |
| Amounts receivable after more than one year | 29 | €275,000 | €275,000 | = | 0.0% |
| Other amounts receivable | 291 | €275,000 | €275,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €51,172 | €28,532 | -€22,640 | -44.2% |
| Trade receivables | 40 | €18,100 | €18,100 | = | 0.0% |
| Other amounts receivable | 41 | €33,072 | €10,432 | -€22,640 | -68.5% |
| Cash at bank and in hand | 54/58 | €7,275 | €4,824 | -€2,452 | -33.7% |
| Deferred charges and accrued income | 490/1 | €8,998 | €2,400 | -€6,598 | -73.3% |
| Total equity and liabilities | 10/49 | €654,172 | €616,242 | -€37,930 | -5.8% |
| Equity | 10/15 | €421,487 | €370,655 | -€50,832 | -12.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €277,060 | €277,060 | = | 0.0% |
| Non-distributable reserves | 130/1 | €275,000 | €275,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Financial assistance | 1313 | €275,000 | €275,000 | = | 0.0% |
| Distributable reserves | 133 | €2,060 | €2,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,877 | €75,045 | -€50,832 | -40.4% |
| Amounts payable | 17/49 | €232,685 | €245,588 | +€12,902 | +5.5% |
| Amounts payable after more than one year | 17 | €149,198 | €133,623 | -€15,575 | -10.4% |
| Financial debts | 170/4 | €149,198 | €133,623 | -€15,575 | -10.4% |
| Amounts payable within one year | 42/48 | €83,487 | €111,964 | +€28,477 | +34.1% |
| Current portion of amounts payable after more than one year | 42 | €14,965 | €15,575 | +€610 | +4.1% |
| Trade debts | 44 | €6,398 | €15,848 | +€9,450 | +147.7% |
| Suppliers | 440/4 | €6,398 | €15,848 | +€9,450 | +147.7% |
| Taxes, remuneration and social security | 45 | €12,853 | €14,828 | +€1,975 | +15.4% |
| Taxes | 450/3 | €3,711 | €9,515 | +€5,803 | +156.4% |
| Remuneration and social security | 454/9 | €9,142 | €5,313 | -€3,828 | -41.9% |
| Other amounts payable | 47/48 | €49,271 | €65,713 | +€16,442 | +33.4% |
| Remuneration, social security and pensions | 62 | €53,603 | €37,085 | -€16,518 | -30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,748 | €24,896 | +€3,148 | +14.5% |
| Other operating charges | 640/8 | €5,020 | €6,023 | +€1,003 | +20.0% |
| Gross operating margin | 9900 | €86,769 | €92,497 | +€5,729 | +6.6% |
| Operating profit (loss) | 9901 | €6,398 | €24,493 | +€18,095 | +282.8% |
| Financial income | 75/76B | €135,042 | €0 | -€135,042 | -100.0% |
| Recurring financial income | 75 | €135,042 | €0 | -€135,042 | -100.0% |
| Financial charges | 65/66B | €12,213 | €10,215 | -€1,999 | -16.4% |
| Recurring financial charges | 65 | €12,213 | €10,215 | -€1,999 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €129,226 | €14,278 | -€114,947 | -89.0% |
| Income taxes | 67/77 | €3,349 | €7,742 | +€4,393 | +131.2% |
| Profit (loss) for the period | 9904 | €125,877 | €6,537 | -€119,340 | -94.8% |
| Profit (loss) for the period to be appropriated | 9905 | €125,877 | €6,537 | -€119,340 | -94.8% |
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.