KARSEN: 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.
KARSEN
Largest movements
- Receivables within one year +€481,841
up €481,841 (+196%), from €245,232 to €727,073
of which Trade receivables: +€456,905
- Receivables after one year +€67,249
new in 2025: €67,249
- Tangible fixed assets -€45,476
down €45,476 (-25.4%), from €179,282 to €133,806
of which Leasing and similar rights: -€47,477
- Debts within one year +€623,200
up €623,200 (+241%), from €258,434 to €881,635
- Profit (loss) carried forward -€61,299
down €61,299, from €7,815 to -€53,484
- Debts after one year -€47,947
down €47,947 (-36.2%), from €132,480 to €84,533
of which Trade debts: -€132,480
- Staff costs +€194,016
up €194,016 (+84.3%), from €230,162 to €424,178
- Gross operating margin +€105,353
up €105,353 (+30.4%), from €346,060 to €451,414
- Financial charges -€33,461
down €33,461 (-66.3%), from €50,438 to €16,977
- Taxes -€14,295
no longer reported in 2025 (was €14,295)
- Other operating charges +€5,397
up €5,397 (+30.0%), from €17,993 to €23,390
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 | €428,740 | €942,695 | +€513,954 | +120% |
| Fixed assets | 21/28 | €180,782 | €135,306 | -€45,476 | -25.2% |
| Tangible fixed assets | 22/27 | €179,282 | €133,806 | -€45,476 | -25.4% |
| Plant, machinery and equipment | 23 | - | €989 | +€989 | |
| Furniture and vehicles | 24 | €1,437 | €2,449 | +€1,012 | +70.4% |
| Leasing and similar rights | 25 | €177,845 | €130,368 | -€47,477 | -26.7% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €247,958 | €807,389 | +€559,431 | +226% |
| Amounts receivable after more than one year | 29 | - | €67,249 | +€67,249 | |
| Other amounts receivable | 291 | - | €67,249 | +€67,249 | |
| Amounts receivable within one year | 40/41 | €245,232 | €727,073 | +€481,841 | +196% |
| Trade receivables | 40 | €227,687 | €684,591 | +€456,905 | +201% |
| Other amounts receivable | 41 | €17,546 | €42,481 | +€24,936 | +142% |
| Cash at bank and in hand | 54/58 | €2,627 | €8,149 | +€5,522 | +210% |
| Deferred charges and accrued income | 490/1 | €99 | €4,919 | +€4,820 | +4,860% |
| Total equity and liabilities | 10/49 | €428,740 | €942,695 | +€513,954 | +120% |
| Equity | 10/15 | €11,808 | -€49,491 | -€61,299 | |
| Contributions | 10/11 | €3,630 | €3,630 | = | 0.0% |
| Capital | 10 | €3,630 | - | -€3,630 | |
| Reserves | 13 | €363 | €363 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €363 | +€363 | |
| Reserves not available under the articles | 1311 | - | €363 | +€363 | |
| Profit (loss) carried forward | 14 | €7,815 | -€53,484 | -€61,299 | |
| Amounts payable | 17/49 | €416,932 | €992,186 | +€575,254 | +138% |
| Amounts payable after more than one year | 17 | €132,480 | €84,533 | -€47,947 | -36.2% |
| Financial debts | 170/4 | - | €84,533 | +€84,533 | |
| Trade debts | 175 | €132,480 | - | -€132,480 | |
| Amounts payable within one year | 42/48 | €258,434 | €881,635 | +€623,200 | +241% |
| Current portion of amounts payable after more than one year | 42 | €40,823 | €46,577 | +€5,754 | +14.1% |
| Trade debts | 44 | - | €303,031 | +€303,031 | |
| Suppliers | 440/4 | - | €303,031 | +€303,031 | |
| Advances received on contracts in progress | 46 | €30,000 | €291,471 | +€261,471 | +872% |
| Taxes, remuneration and social security | 45 | €173,579 | €240,557 | +€66,978 | +38.6% |
| Taxes | 450/3 | €136,897 | €178,067 | +€41,170 | +30.1% |
| Remuneration and social security | 454/9 | €36,682 | €62,489 | +€25,808 | +70.4% |
| Accrued charges and deferred income | 492/3 | €26,018 | €26,018 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €230,162 | €424,178 | +€194,016 | +84.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,569 | €48,240 | +€4,671 | +10.7% |
| Other operating charges | 640/8 | €17,993 | €23,390 | +€5,397 | +30.0% |
| Gross operating margin | 9900 | €346,060 | €451,414 | +€105,353 | +30.4% |
| Operating profit (loss) | 9901 | €54,337 | -€44,394 | -€98,731 | |
| Financial income | 75/76B | - | €73 | +€73 | |
| Recurring financial income | 75 | - | €73 | +€73 | |
| Financial charges | 65/66B | €50,438 | €16,977 | -€33,461 | -66.3% |
| Recurring financial charges | 65 | €50,438 | €16,977 | -€33,461 | -66.3% |
| Profit (loss) for the period before taxes | 9903 | €3,899 | -€61,299 | -€65,198 | |
| Income taxes | 67/77 | €14,295 | - | -€14,295 | |
| Profit (loss) for the period | 9904 | -€10,396 | -€61,299 | -€50,903 | -490% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,396 | -€61,299 | -€50,903 | -490% |
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 25 October 2026 via checked.be.