KARPE: 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.
KARPE
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€86,611
down €86,611 (-67.6%), from €128,123 to €41,512
mainly Contributions, distributions and other (-€180,000) and Current investments (-€100,000)
- Receivables within one year +€53,230
up €53,230 (+831.8%), from €6,399 to €59,629
of which Trade receivables: +€59,629
- Receivables after one year -€31,678
down €31,678 (-100.0%), from €31,678 to €0
- Tangible fixed assets +€26,658
up €26,658 (+45.9%), from €58,111 to €84,769
of which Furniture and vehicles: +€37,352
- Other debts +€178,860
up €178,860 (+742.2%), from €24,100 to €202,960
- Profit (loss) carried forward -€104,710
down €104,710 (-92.1%), from €113,696 to €8,986
- Debts after one year -€12,033
down €12,033 (-25.6%), from €47,037 to €35,004
- Tax, wage and social debts +€4,640
up €4,640 (+34.4%), from €13,482 to €18,122
of which Taxes: +€4,640
- Trade debts -€4,060
down €4,060 (-59.6%), from €6,817 to €2,757
- Gross operating margin +€18,600
up €18,600 (+22.5%), from €82,712 to €101,311
- Depreciation -€17,605
down €17,605 (-79.3%), from €22,206 to €4,602
- Taxes +€4,822
up €4,822 (+33.0%), from €14,599 to €19,421
- Other operating charges +€2,690
new in 2025: €2,690
- Financial income +€2,469
up €2,469 (+921.3%), from €268 to €2,737
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 | €224,311 | €287,362 | +€63,051 | +28.1% |
| Fixed assets | 21/28 | €58,111 | €84,769 | +€26,658 | +45.9% |
| Tangible fixed assets | 22/27 | €58,111 | €84,769 | +€26,658 | +45.9% |
| Plant, machinery and equipment | 23 | €8,813 | €0 | -€8,813 | -100.0% |
| Furniture and vehicles | 24 | - | €37,352 | +€37,352 | |
| Leasing and similar rights | 25 | €49,299 | €47,417 | -€1,881 | -3.8% |
| Current assets | 29/58 | €166,200 | €202,593 | +€36,393 | +21.9% |
| Amounts receivable after more than one year | 29 | €31,678 | €0 | -€31,678 | -100.0% |
| Trade receivables | 290 | €31,678 | €0 | -€31,678 | -100.0% |
| Amounts receivable within one year | 40/41 | €6,399 | €59,629 | +€53,230 | +831.8% |
| Trade receivables | 40 | - | €59,629 | +€59,629 | |
| Other amounts receivable | 41 | €6,399 | €0 | -€6,399 | -100.0% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €128,123 | €41,512 | -€86,611 | -67.6% |
| Deferred charges and accrued income | 490/1 | - | €1,452 | +€1,452 | |
| Total equity and liabilities | 10/49 | €224,311 | €287,362 | +€63,051 | +28.1% |
| Equity | 10/15 | €121,196 | €16,486 | -€104,710 | -86.4% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €113,696 | €8,986 | -€104,710 | -92.1% |
| Amounts payable | 17/49 | €103,115 | €270,876 | +€167,761 | +162.7% |
| Amounts payable after more than one year | 17 | €47,037 | €35,004 | -€12,033 | -25.6% |
| Financial debts | 170/4 | €47,037 | €35,004 | -€12,033 | -25.6% |
| Amounts payable within one year | 42/48 | €56,078 | €235,871 | +€179,793 | +320.6% |
| Current portion of amounts payable after more than one year | 42 | €11,679 | €12,033 | +€354 | +3.0% |
| Trade debts | 44 | €6,817 | €2,757 | -€4,060 | -59.6% |
| Suppliers | 440/4 | €6,817 | €2,757 | -€4,060 | -59.6% |
| Taxes, remuneration and social security | 45 | €13,482 | €18,122 | +€4,640 | +34.4% |
| Taxes | 450/3 | €11,679 | €16,319 | +€4,640 | +39.7% |
| Remuneration and social security | 454/9 | €1,803 | €1,803 | = | 0.0% |
| Other amounts payable | 47/48 | €24,100 | €202,960 | +€178,860 | +742.2% |
| Non-recurring operating income | 76A | - | €8,450 | +€8,450 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,206 | €4,602 | -€17,605 | -79.3% |
| Other operating charges | 640/8 | - | €2,690 | +€2,690 | |
| Gross operating margin | 9900 | €82,712 | €101,311 | +€18,600 | +22.5% |
| Operating profit (loss) | 9901 | €60,505 | €94,019 | +€33,514 | +55.4% |
| Financial income | 75/76B | €268 | €2,737 | +€2,469 | +921.3% |
| Recurring financial income | 75 | €268 | €2,737 | +€2,469 | +921.3% |
| Financial charges | 65/66B | €1,012 | €2,045 | +€1,033 | +102.1% |
| Recurring financial charges | 65 | €1,012 | €2,045 | +€1,033 | +102.1% |
| Profit (loss) for the period before taxes | 9903 | €59,761 | €94,711 | +€34,950 | +58.5% |
| Income taxes | 67/77 | €14,599 | €19,421 | +€4,822 | +33.0% |
| Profit (loss) for the period | 9904 | €45,162 | €75,290 | +€30,128 | +66.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,162 | €75,290 | +€30,128 | +66.7% |
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 6 October 2026 via checked.be.