Karremans Paul: 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.
Karremans Paul
Largest movements
- Current investments +€134,986
up €134,986 (+43.2%), from €312,500 to €447,486
- Cash -€36,948
down €36,948 (-12.9%), from €286,166 to €249,218
mainly Contributions, distributions and other (-€271,789) and Current investments (-€134,986)
- Receivables within one year -€14,778
down €14,778 (-22.9%), from €64,579 to €49,800
of which Trade receivables: -€14,216
- Other debts +€266,345
up €266,345 (+3,305%), from €8,059 to €274,404
- Reserves -€201,187
down €201,187 (-34.7%), from €580,474 to €379,286
of which Distributable reserves: -€201,187
- Tax, wage and social debts +€12,595
up €12,595 (+38.9%), from €32,385 to €44,980
of which Taxes: +€11,393
- Gross operating margin -€32,457
down €32,457 (-23.2%), from €139,697 to €107,241
- Taxes -€11,526
down €11,526 (-25.6%), from €45,038 to €33,512
- Financial charges +€3,274
up €3,274 (+259%), from €1,262 to €4,537
- Financial income -€2,661
down €2,661 (-22.6%), from €11,787 to €9,126
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
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 | €678,908 | €755,508 | +€76,599 | +11.3% |
| Fixed assets | 21/28 | €1,809 | €1,221 | -€588 | -32.5% |
| Tangible fixed assets | 22/27 | €1,559 | €971 | -€588 | -37.7% |
| Land and buildings | 22 | €609 | €456 | -€152 | -25.0% |
| Furniture and vehicles | 24 | €950 | €514 | -€436 | -45.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €677,100 | €754,287 | +€77,187 | +11.4% |
| Stocks and contracts in progress | 3 | €11,852 | €6,391 | -€5,462 | -46.1% |
| Stocks | 30/36 | €11,852 | €6,391 | -€5,462 | -46.1% |
| Amounts receivable within one year | 40/41 | €64,579 | €49,800 | -€14,778 | -22.9% |
| Trade receivables | 40 | €64,016 | €49,800 | -€14,216 | -22.2% |
| Other amounts receivable | 41 | €562 | €0 | -€562 | -100% |
| Current investments | 50/53 | €312,500 | €447,486 | +€134,986 | +43.2% |
| Cash at bank and in hand | 54/58 | €286,166 | €249,218 | -€36,948 | -12.9% |
| Deferred charges and accrued income | 490/1 | €2,002 | €1,392 | -€610 | -30.5% |
| Total equity and liabilities | 10/49 | €678,908 | €755,508 | +€76,599 | +11.3% |
| Equity | 10/15 | €580,474 | €379,286 | -€201,187 | -34.7% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €580,474 | €379,286 | -€201,187 | -34.7% |
| Tax-exempt reserves | 132 | €7,259 | €7,259 | = | 0.0% |
| Distributable reserves | 133 | €573,214 | €372,027 | -€201,187 | -35.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €98,435 | €376,221 | +€277,787 | +282% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Other amounts payable | 178/9 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €47,025 | €324,812 | +€277,787 | +591% |
| Trade debts | 44 | €6,581 | €5,428 | -€1,154 | -17.5% |
| Suppliers | 440/4 | €6,581 | €5,428 | -€1,154 | -17.5% |
| Taxes, remuneration and social security | 45 | €32,385 | €44,980 | +€12,595 | +38.9% |
| Taxes | 450/3 | €32,385 | €43,777 | +€11,393 | +35.2% |
| Remuneration and social security | 454/9 | €0 | €1,202 | +€1,202 | |
| Other amounts payable | 47/48 | €8,059 | €274,404 | +€266,345 | +3,305% |
| Accrued charges and deferred income | 492/3 | €1,410 | €1,410 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €510 | €588 | +€78 | +15.3% |
| Other operating charges | 640/8 | €7,961 | €7,129 | -€832 | -10.5% |
| Gross operating margin | 9900 | €139,697 | €107,241 | -€32,457 | -23.2% |
| Operating profit (loss) | 9901 | €131,226 | €99,524 | -€31,702 | -24.2% |
| Financial income | 75/76B | €11,787 | €9,126 | -€2,661 | -22.6% |
| Recurring financial income | 75 | €11,787 | €9,126 | -€2,661 | -22.6% |
| Financial charges | 65/66B | €1,262 | €4,537 | +€3,274 | +259% |
| Recurring financial charges | 65 | €1,262 | €4,537 | +€3,274 | +259% |
| Profit (loss) for the period before taxes | 9903 | €141,751 | €104,113 | -€37,638 | -26.6% |
| Income taxes | 67/77 | €45,038 | €33,512 | -€11,526 | -25.6% |
| Profit (loss) for the period | 9904 | €96,713 | €70,601 | -€26,112 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €96,713 | €70,601 | -€26,112 | -27.0% |
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 31 October 2026 via checked.be.