Karpentier: what changed
Karpentier
Largest movements
- Tangible fixed assets -€24,634
down €24,634 (-30.2%), from €81,700 to €57,066
of which Plant, machinery and equipment: -€23,691
- Cash +€12,412
up €12,412 (+22.0%), from €56,403 to €68,815
mainly Depreciation (+€26,884) and Receivables within one year (+€9,844)
- Receivables within one year -€9,844
down €9,844 (-27.7%), from €35,550 to €25,706
of which Trade receivables: -€8,361
- Debts after one year -€15,979
down €15,979 (-50.9%), from €31,414 to €15,436
- Other debts +€2,908
up €2,908 (+16.2%), from €17,952 to €20,861
- Accrued charges and deferred income -€2,695
no longer reported in 2025 (was €2,695)
- Trade debts -€2,604
down €2,604 (-17.2%), from €15,155 to €12,551
- Reserves -€2,558
down €2,558 (-3.8%), from €67,779 to €65,221
- Taxes +€10,325
up €10,325 (+553%), from €1,867 to €12,192
- Depreciation +€6,000
up €6,000 (+28.7%), from €20,884 to €26,884
- Gross operating margin +€3,054
up €3,054 (+8.2%), from €37,418 to €40,471
- Financial charges -€1,483
down €1,483 (-44.0%), from €3,369 to €1,886
- Write-downs +€1,422
new in 2025: €1,422
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €174,113 | €152,047 | -€22,066 | -12.7% |
| Fixed assets | 21/28 | €81,700 | €57,066 | -€24,634 | -30.2% |
| Tangible fixed assets | 22/27 | €81,700 | €57,066 | -€24,634 | -30.2% |
| Plant, machinery and equipment | 23 | €78,646 | €54,955 | -€23,691 | -30.1% |
| Furniture and vehicles | 24 | €370 | €0 | -€370 | -100% |
| Other tangible fixed assets | 26 | €2,684 | €2,110 | -€573 | -21.4% |
| Current assets | 29/58 | €92,413 | €94,982 | +€2,568 | +2.8% |
| Stocks and contracts in progress | 3 | €460 | €460 | = | 0.0% |
| Stocks | 30/36 | €460 | €460 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €35,550 | €25,706 | -€9,844 | -27.7% |
| Trade receivables | 40 | €18,642 | €10,281 | -€8,361 | -44.8% |
| Other amounts receivable | 41 | €16,908 | €15,425 | -€1,483 | -8.8% |
| Cash at bank and in hand | 54/58 | €56,403 | €68,815 | +€12,412 | +22.0% |
| Total equity and liabilities | 10/49 | €174,113 | €152,047 | -€22,066 | -12.7% |
| Equity | 10/15 | €89,779 | €87,221 | -€2,558 | -2.8% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €67,779 | €65,221 | -€2,558 | -3.8% |
| Distributable reserves | 133 | €67,779 | €65,221 | -€2,558 | -3.8% |
| Amounts payable | 17/49 | €84,334 | €64,827 | -€19,508 | -23.1% |
| Amounts payable after more than one year | 17 | €31,414 | €15,436 | -€15,979 | -50.9% |
| Financial debts | 170/4 | €31,414 | €15,436 | -€15,979 | -50.9% |
| Amounts payable within one year | 42/48 | €50,225 | €49,391 | -€834 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €15,358 | €15,979 | +€621 | +4.0% |
| Trade debts | 44 | €15,155 | €12,551 | -€2,604 | -17.2% |
| Suppliers | 440/4 | €15,155 | €12,551 | -€2,604 | -17.2% |
| Taxes, remuneration and social security | 45 | €1,760 | - | -€1,760 | |
| Taxes | 450/3 | €1,760 | - | -€1,760 | |
| Other amounts payable | 47/48 | €17,952 | €20,861 | +€2,908 | +16.2% |
| Accrued charges and deferred income | 492/3 | €2,695 | - | -€2,695 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,884 | €26,884 | +€6,000 | +28.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,422 | +€1,422 | |
| Other operating charges | 640/8 | €423 | €784 | +€360 | +85.2% |
| Gross operating margin | 9900 | €37,418 | €40,471 | +€3,054 | +8.2% |
| Operating profit (loss) | 9901 | €16,111 | €11,382 | -€4,729 | -29.4% |
| Financial income | 75/76B | €0 | €138 | +€138 | +276,740% |
| Recurring financial income | 75 | €0 | €138 | +€138 | +276,740% |
| Financial charges | 65/66B | €3,369 | €1,886 | -€1,483 | -44.0% |
| Recurring financial charges | 65 | €3,369 | €1,886 | -€1,483 | -44.0% |
| Profit (loss) for the period before taxes | 9903 | €12,742 | €9,634 | -€3,108 | -24.4% |
| Income taxes | 67/77 | €1,867 | €12,192 | +€10,325 | +553% |
| Profit (loss) for the period | 9904 | €10,875 | -€2,558 | -€13,433 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,875 | -€2,558 | -€13,433 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.