KARPELHOF: 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.
KARPELHOF
Largest movements
- Receivables within one year +€23,198
up €23,198 (+14.1%), from €164,440 to €187,638
of which Other amounts receivable: +€18,539
- Tangible fixed assets -€21,637
down €21,637 (-13.2%), from €163,335 to €141,698
of which Land and buildings: -€25,142
- Deferred charges and accrued income +€7,160
up €7,160 (+25.9%), from €27,602 to €34,762
- Reserves +€18,487
up €18,487 (+5.6%), from €328,503 to €346,990
- Current portion of long-term debt -€13,883
no longer reported in 2025 (was €13,883)
- Other debts +€6,245
up €6,245 (+29.6%), from €21,073 to €27,319
- Gross operating margin +€2,381
up €2,381 (+5.1%), from €46,961 to €49,343
- Financial income +€1,763
up €1,763 (+26.0%), from €6,783 to €8,546
- Other operating charges -€1,441
down €1,441 (-28.9%), from €4,978 to €3,537
- Taxes +€1,417
up €1,417 (+23.3%), from €6,071 to €7,488
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €455,777 | €464,498 | +€8,721 | +1.9% |
| Fixed assets | 21/28 | €263,735 | €242,098 | -€21,637 | -8.2% |
| Tangible fixed assets | 22/27 | €163,335 | €141,698 | -€21,637 | -13.2% |
| Land and buildings | 22 | €161,749 | €136,606 | -€25,142 | -15.5% |
| Plant, machinery and equipment | 23 | €760 | €3,547 | +€2,788 | +367% |
| Furniture and vehicles | 24 | €827 | €1,545 | +€718 | +86.9% |
| Financial fixed assets | 28 | €100,400 | €100,400 | = | 0.0% |
| Current assets | 29/58 | €192,042 | €222,400 | +€30,358 | +15.8% |
| Amounts receivable within one year | 40/41 | €164,440 | €187,638 | +€23,198 | +14.1% |
| Trade receivables | 40 | €1,914 | €6,573 | +€4,659 | +243% |
| Other amounts receivable | 41 | €162,526 | €181,065 | +€18,539 | +11.4% |
| Deferred charges and accrued income | 490/1 | €27,602 | €34,762 | +€7,160 | +25.9% |
| Total equity and liabilities | 10/49 | €455,777 | €464,498 | +€8,721 | +1.9% |
| Equity | 10/15 | €395,780 | €414,267 | +€18,487 | +4.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €328,503 | €346,990 | +€18,487 | +5.6% |
| Distributable reserves | 133 | €328,503 | €346,990 | +€18,487 | +5.6% |
| Profit (loss) carried forward | 14 | €46,817 | €46,817 | = | 0.0% |
| Amounts payable | 17/49 | €59,997 | €50,231 | -€9,766 | -16.3% |
| Amounts payable within one year | 42/48 | €59,997 | €50,231 | -€9,766 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €13,883 | - | -€13,883 | |
| Financial debts | 43 | €6,813 | €8,571 | +€1,758 | +25.8% |
| Credit institutions | 430/8 | €6,813 | €8,571 | +€1,758 | +25.8% |
| Trade debts | 44 | €2,458 | €2,392 | -€66 | -2.7% |
| Suppliers | 440/4 | €2,458 | €2,392 | -€66 | -2.7% |
| Taxes, remuneration and social security | 45 | €15,770 | €11,950 | -€3,820 | -24.2% |
| Taxes | 450/3 | €15,770 | €11,950 | -€3,820 | -24.2% |
| Other amounts payable | 47/48 | €21,073 | €27,319 | +€6,245 | +29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,832 | €26,011 | +€179 | +0.7% |
| Other operating charges | 640/8 | €4,978 | €3,537 | -€1,441 | -28.9% |
| Gross operating margin | 9900 | €46,961 | €49,343 | +€2,381 | +5.1% |
| Operating profit (loss) | 9901 | €16,152 | €19,794 | +€3,643 | +22.6% |
| Financial income | 75/76B | €6,783 | €8,546 | +€1,763 | +26.0% |
| Recurring financial income | 75 | €6,783 | €8,546 | +€1,763 | +26.0% |
| Financial charges | 65/66B | €2,404 | €2,365 | -€38 | -1.6% |
| Recurring financial charges | 65 | €2,404 | €2,365 | -€38 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €20,531 | €25,975 | +€5,444 | +26.5% |
| Income taxes | 67/77 | €6,071 | €7,488 | +€1,417 | +23.3% |
| Profit (loss) for the period | 9904 | €14,460 | €18,487 | +€4,027 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,460 | €18,487 | +€4,027 | +27.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.