KARTACHE: 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.
KARTACHE
Largest movements
- Cash -€56,451
down €56,451 (-36.4%), from €155,122 to €98,671
mainly Contributions, distributions and other (-€49,950) and Other debts (-€46,023)
- Receivables within one year -€28,528
down €28,528 (-77.5%), from €36,799 to €8,272
- Stocks and contracts +€12,520
up €12,520 (+137.8%), from €9,083 to €21,604
- Tangible fixed assets -€9,055
down €9,055 (-13.4%), from €67,687 to €58,632
- Reserves +€59,357
up €59,357 (+124.5%), from €47,661 to €107,018
of which Distributable reserves: +€59,357
- Other debts -€46,023
down €46,023 (-69.6%), from €66,168 to €20,144
- Trade debts -€45,260
no longer reported in 2025 (was €45,260)
- Profit (loss) carried forward -€31,865
no longer reported in 2025 (was €31,865)
- Debts after one year -€10,646
down €10,646 (-65.5%), from €16,250 to €5,604
- Gross operating margin -€134,575
down €134,575 (-35.8%), from €376,301 to €241,726
- Staff costs -€88,792
down €88,792 (-38.4%), from €231,046 to €142,254
- Financial income +€7,059
up €7,059 (+853.6%), from €827 to €7,885
- Depreciation +€5,483
up €5,483 (+48.4%), from €11,327 to €16,810
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 | €273,142 | €191,628 | -€81,513 | -29.8% |
| Fixed assets | 21/28 | €72,137 | €63,082 | -€9,055 | -12.6% |
| Tangible fixed assets | 22/27 | €67,687 | €58,632 | -€9,055 | -13.4% |
| Plant, machinery and equipment | 23 | €3,570 | €567 | -€3,002 | -84.1% |
| Furniture and vehicles | 24 | €45,555 | €42,000 | -€3,554 | -7.8% |
| Other tangible fixed assets | 26 | €18,563 | €16,064 | -€2,499 | -13.5% |
| Financial fixed assets | 28 | €4,450 | €4,450 | = | 0.0% |
| Current assets | 29/58 | €201,005 | €128,547 | -€72,458 | -36.0% |
| Stocks and contracts in progress | 3 | €9,083 | €21,604 | +€12,520 | +137.8% |
| Stocks | 30/36 | €9,083 | €21,604 | +€12,520 | +137.8% |
| Amounts receivable within one year | 40/41 | €36,799 | €8,272 | -€28,528 | -77.5% |
| Trade receivables | 40 | €36,799 | €8,272 | -€28,528 | -77.5% |
| Cash at bank and in hand | 54/58 | €155,122 | €98,671 | -€56,451 | -36.4% |
| Total equity and liabilities | 10/49 | €273,142 | €191,628 | -€81,513 | -29.8% |
| Equity | 10/15 | €118,646 | €136,188 | +€17,542 | +14.8% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €47,661 | €107,018 | +€59,357 | +124.5% |
| Non-distributable reserves | 130/1 | €2,765 | €2,765 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,765 | €2,765 | = | 0.0% |
| Distributable reserves | 133 | €44,896 | €104,253 | +€59,357 | +132.2% |
| Profit (loss) carried forward | 14 | €31,865 | - | -€31,865 | |
| Investment grants | 15 | €14,320 | €4,371 | -€9,950 | -69.5% |
| Amounts payable | 17/49 | €154,495 | €55,440 | -€99,056 | -64.1% |
| Amounts payable after more than one year | 17 | €16,250 | €5,604 | -€10,646 | -65.5% |
| Financial debts | 170/4 | €16,250 | €5,604 | -€10,646 | -65.5% |
| Amounts payable within one year | 42/48 | €138,245 | €49,836 | -€88,410 | -64.0% |
| Current portion of amounts payable after more than one year | 42 | - | €5,415 | +€5,415 | |
| Trade debts | 44 | €45,260 | - | -€45,260 | |
| Suppliers | 440/4 | €45,260 | - | -€45,260 | |
| Taxes, remuneration and social security | 45 | €26,818 | €24,277 | -€2,541 | -9.5% |
| Taxes | 450/3 | €9,581 | €10,863 | +€1,283 | +13.4% |
| Remuneration and social security | 454/9 | €17,237 | €13,413 | -€3,824 | -22.2% |
| Other amounts payable | 47/48 | €66,168 | €20,144 | -€46,023 | -69.6% |
| Remuneration, social security and pensions | 62 | €231,046 | €142,254 | -€88,792 | -38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,327 | €16,810 | +€5,483 | +48.4% |
| Other operating charges | 640/8 | €1,143 | €3,313 | +€2,169 | +189.7% |
| Non-recurring operating charges | 66A | €684 | - | -€684 | |
| Gross operating margin | 9900 | €376,301 | €241,726 | -€134,575 | -35.8% |
| Operating profit (loss) | 9901 | €132,100 | €79,349 | -€52,752 | -39.9% |
| Financial income | 75/76B | €827 | €7,885 | +€7,059 | +853.6% |
| Recurring financial income | 75 | €827 | €7,885 | +€7,059 | +853.6% |
| Financial charges | 65/66B | €724 | €814 | +€90 | +12.4% |
| Recurring financial charges | 65 | €724 | €814 | +€90 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €132,203 | €86,421 | -€45,783 | -34.6% |
| Income taxes | 67/77 | €17,972 | €18,928 | +€956 | +5.3% |
| Profit (loss) for the period | 9904 | €114,231 | €67,492 | -€46,739 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €114,231 | €67,492 | -€46,739 | -40.9% |
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 5 October 2026 via checked.be.