KARPAS: 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.
KARPAS
Largest movements
- Receivables after one year +€63,874
up €63,874 (+37.8%), from €169,101 to €232,975
- Cash +€18,963
up €18,963 (+1489.2%), from €1,273 to €20,237
mainly Net result for the year (+€71,678) and Other debts (+€17,330)
- Reserves +€54,445
up €54,445 (+35.7%), from €152,328 to €206,773
of which Distributable reserves: +€54,445
- Other debts +€17,330
new in 2025: €17,330
- Tax, wage and social debts +€14,593
up €14,593 (+56.1%), from €26,026 to €40,618
of which Taxes: +€14,442
- Trade debts +€12,110
up €12,110 (+61.3%), from €19,764 to €31,874
- Current portion of long-term debt -€9,552
down €9,552 (-67.7%), from €14,115 to €4,563
- Gross operating margin +€35,883
up €35,883 (+37.1%), from €96,642 to €132,525
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 | €236,360 | €319,751 | +€83,391 | +35.3% |
| Fixed assets | 21/28 | €8,162 | €7,725 | -€436 | -5.3% |
| Tangible fixed assets | 22/27 | €8,162 | €7,725 | -€436 | -5.3% |
| Furniture and vehicles | 24 | €8,162 | €3,790 | -€4,372 | -53.6% |
| Other tangible fixed assets | 26 | - | €3,936 | +€3,936 | |
| Current assets | 29/58 | €228,198 | €312,026 | +€83,828 | +36.7% |
| Amounts receivable after more than one year | 29 | €169,101 | €232,975 | +€63,874 | +37.8% |
| Other amounts receivable | 291 | €169,101 | €232,975 | +€63,874 | +37.8% |
| Amounts receivable within one year | 40/41 | €56,485 | €56,821 | +€337 | +0.6% |
| Trade receivables | 40 | €55,750 | €55,347 | -€403 | -0.7% |
| Other amounts receivable | 41 | €735 | €1,475 | +€740 | +100.7% |
| Cash at bank and in hand | 54/58 | €1,273 | €20,237 | +€18,963 | +1489.2% |
| Deferred charges and accrued income | 490/1 | €1,338 | €1,993 | +€654 | +48.9% |
| Total equity and liabilities | 10/49 | €236,360 | €319,751 | +€83,391 | +35.3% |
| Equity | 10/15 | €170,920 | €225,365 | +€54,445 | +31.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €152,328 | €206,773 | +€54,445 | +35.7% |
| 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 | €150,468 | €204,913 | +€54,445 | +36.2% |
| Amounts payable | 17/49 | €65,440 | €94,386 | +€28,946 | +44.2% |
| Amounts payable after more than one year | 17 | €4,214 | - | -€4,214 | |
| Financial debts | 170/4 | €4,214 | - | -€4,214 | |
| Amounts payable within one year | 42/48 | €61,225 | €94,386 | +€33,161 | +54.2% |
| Current portion of amounts payable after more than one year | 42 | €14,115 | €4,563 | -€9,552 | -67.7% |
| Financial debts | 43 | €1,320 | - | -€1,320 | |
| Credit institutions | 430/8 | €1,320 | - | -€1,320 | |
| Trade debts | 44 | €19,764 | €31,874 | +€12,110 | +61.3% |
| Suppliers | 440/4 | €19,764 | €31,874 | +€12,110 | +61.3% |
| Taxes, remuneration and social security | 45 | €26,026 | €40,618 | +€14,593 | +56.1% |
| Taxes | 450/3 | €22,296 | €36,739 | +€14,442 | +64.8% |
| Remuneration and social security | 454/9 | €3,730 | €3,880 | +€150 | +4.0% |
| Other amounts payable | 47/48 | - | €17,330 | +€17,330 | |
| Non-recurring operating income | 76A | - | €497 | +€497 | |
| Remuneration, social security and pensions | 62 | €25,957 | €26,318 | +€361 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,402 | €8,145 | +€743 | +10.0% |
| Other operating charges | 640/8 | €4,422 | €4,774 | +€352 | +8.0% |
| Non-recurring operating charges | 66A | €4 | €61 | +€57 | +1620.1% |
| Gross operating margin | 9900 | €96,642 | €132,525 | +€35,883 | +37.1% |
| Operating profit (loss) | 9901 | €58,857 | €93,226 | +€34,369 | +58.4% |
| Financial income | 75/76B | €0 | €900 | +€900 | +8999900.0% |
| Recurring financial income | 75 | €0 | €900 | +€900 | +8999900.0% |
| Financial charges | 65/66B | €1,823 | €1,669 | -€153 | -8.4% |
| Recurring financial charges | 65 | €1,823 | €1,669 | -€153 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €57,035 | €92,457 | +€35,422 | +62.1% |
| Income taxes | 67/77 | €20,215 | €20,778 | +€564 | +2.8% |
| Profit (loss) for the period | 9904 | €36,820 | €71,678 | +€34,858 | +94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,820 | €71,678 | +€34,858 | +94.7% |
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 5 October 2026 via checked.be.