KARSTEX: 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.
KARSTEX
Largest movements
- Receivables within one year +€54,985
up €54,985 (+173.2%), from €31,747 to €86,732
of which Other amounts receivable: +€64,989
- Cash -€37,608
down €37,608 (-60.1%), from €62,550 to €24,942
mainly Receivables within one year (-€54,985) and Trade debts (-€21,349)
- Financial fixed assets -€30,753
down €30,753 (-30.7%), from €100,276 to €69,522
- Tangible fixed assets +€26,072
up €26,072 (+30.6%), from €85,329 to €111,401
of which Furniture and vehicles: +€28,074
- Stocks and contracts -€25,417
down €25,417 (-4.3%), from €588,118 to €562,701
- Trade debts -€21,349
down €21,349 (-2.6%), from €831,109 to €809,760
- Profit (loss) carried forward +€10,254
up €10,254 (+67.8%), from -€15,115 to -€4,861
- Gross operating margin +€87,231
up €87,231 (+117.8%), from €74,077 to €161,308
- Other operating charges -€7,284
down €7,284 (-61.6%), from €11,823 to €4,539
- Staff costs +€4,322
up €4,322 (+8.0%), from €53,946 to €58,268
- Depreciation -€2,970
down €2,970 (-54.4%), from €5,463 to €2,492
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 | €870,425 | €860,243 | -€10,182 | -1.2% |
| Fixed assets | 21/28 | €185,605 | €180,924 | -€4,681 | -2.5% |
| Tangible fixed assets | 22/27 | €85,329 | €111,401 | +€26,072 | +30.6% |
| Plant, machinery and equipment | 23 | €7,538 | €5,536 | -€2,002 | -26.6% |
| Furniture and vehicles | 24 | €77,792 | €105,866 | +€28,074 | +36.1% |
| Financial fixed assets | 28 | €100,276 | €69,522 | -€30,753 | -30.7% |
| Current assets | 29/58 | €684,820 | €679,319 | -€5,501 | -0.8% |
| Stocks and contracts in progress | 3 | €588,118 | €562,701 | -€25,417 | -4.3% |
| Stocks | 30/36 | €588,118 | €562,701 | -€25,417 | -4.3% |
| Amounts receivable within one year | 40/41 | €31,747 | €86,732 | +€54,985 | +173.2% |
| Trade receivables | 40 | €25,759 | €15,755 | -€10,004 | -38.8% |
| Other amounts receivable | 41 | €5,988 | €70,977 | +€64,989 | +1085.3% |
| Cash at bank and in hand | 54/58 | €62,550 | €24,942 | -€37,608 | -60.1% |
| Deferred charges and accrued income | 490/1 | €2,404 | €4,944 | +€2,540 | +105.6% |
| Total equity and liabilities | 10/49 | €870,425 | €860,243 | -€10,182 | -1.2% |
| Equity | 10/15 | €10,791 | €21,045 | +€10,254 | +95.0% |
| Contributions | 10/11 | €6,515 | €6,515 | = | 0.0% |
| Reserves | 13 | €19,391 | €19,391 | = | 0.0% |
| Distributable reserves | 133 | €19,391 | €19,391 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,115 | -€4,861 | +€10,254 | +67.8% |
| Amounts payable | 17/49 | €859,634 | €839,198 | -€20,435 | -2.4% |
| Amounts payable within one year | 42/48 | €859,634 | €839,198 | -€20,435 | -2.4% |
| Trade debts | 44 | €831,109 | €809,760 | -€21,349 | -2.6% |
| Suppliers | 440/4 | €831,109 | €809,760 | -€21,349 | -2.6% |
| Taxes, remuneration and social security | 45 | €21,025 | €21,938 | +€913 | +4.3% |
| Taxes | 450/3 | €13,017 | €5,847 | -€7,171 | -55.1% |
| Remuneration and social security | 454/9 | €8,008 | €16,092 | +€8,084 | +101.0% |
| Other amounts payable | 47/48 | €7,500 | €7,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €53,946 | €58,268 | +€4,322 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,463 | €2,492 | -€2,970 | -54.4% |
| Other operating charges | 640/8 | €11,823 | €4,539 | -€7,284 | -61.6% |
| Non-recurring operating charges | 66A | - | €81,416 | +€81,416 | |
| Gross operating margin | 9900 | €74,077 | €161,308 | +€87,231 | +117.8% |
| Operating profit (loss) | 9901 | €2,845 | €14,592 | +€11,747 | +412.9% |
| Financial income | 75/76B | €366 | €264 | -€102 | -27.8% |
| Recurring financial income | 75 | €366 | €264 | -€102 | -27.8% |
| Financial charges | 65/66B | €1,003 | €1,010 | +€7 | +0.7% |
| Recurring financial charges | 65 | €1,003 | €1,010 | +€7 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €2,208 | €13,846 | +€11,639 | +527.2% |
| Income taxes | 67/77 | €2,254 | €3,593 | +€1,339 | +59.4% |
| Profit (loss) for the period | 9904 | -€46 | €10,254 | +€10,300 | |
| Profit (loss) for the period to be appropriated | 9905 | -€46 | €10,254 | +€10,300 |
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 30 September 2026 via checked.be.