Kartago Systems: 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.
Kartago Systems
Largest movements
- Cash +€76,596
up €76,596 (+607%), from €12,613 to €89,210
mainly Net result for the year (+€58,552) and Tax, wage and social debts (+€15,302)
- Receivables within one year -€10,675
down €10,675 (-43.0%), from €24,853 to €14,179
- Tangible fixed assets +€3,642
new in 2025: €3,642
- Profit (loss) carried forward +€58,552
up €58,552 (+350%), from €16,718 to €75,270
- Tax, wage and social debts +€15,302
up €15,302 (+111%), from €13,736 to €29,038
of which Taxes: +€9,497
- Trade debts -€3,212
down €3,212 (-75.6%), from €4,246 to €1,034
- Other debts -€1,079
down €1,079 (-47.6%), from €2,267 to €1,188
- Gross operating margin +€53,777
up €53,777 (+254%), from €21,210 to €74,987
- Taxes +€11,274
up €11,274 (+252%), from €4,480 to €15,754
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 | €37,467 | €107,030 | +€69,563 | +186% |
| Fixed assets | 21/28 | - | €3,642 | +€3,642 | |
| Tangible fixed assets | 22/27 | - | €3,642 | +€3,642 | |
| Furniture and vehicles | 24 | - | €3,642 | +€3,642 | |
| Current assets | 29/58 | €37,467 | €103,388 | +€65,922 | +176% |
| Amounts receivable within one year | 40/41 | €24,853 | €14,179 | -€10,675 | -43.0% |
| Trade receivables | 40 | €24,853 | €14,179 | -€10,675 | -43.0% |
| Cash at bank and in hand | 54/58 | €12,613 | €89,210 | +€76,596 | +607% |
| Total equity and liabilities | 10/49 | €37,467 | €107,030 | +€69,563 | +186% |
| Equity | 10/15 | €17,218 | €75,770 | +€58,552 | +340% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,718 | €75,270 | +€58,552 | +350% |
| Amounts payable | 17/49 | €20,249 | €31,260 | +€11,011 | +54.4% |
| Amounts payable within one year | 42/48 | €20,249 | €31,260 | +€11,011 | +54.4% |
| Trade debts | 44 | €4,246 | €1,034 | -€3,212 | -75.6% |
| Suppliers | 440/4 | €4,246 | €1,034 | -€3,212 | -75.6% |
| Taxes, remuneration and social security | 45 | €13,736 | €29,038 | +€15,302 | +111% |
| Taxes | 450/3 | €6,257 | €15,754 | +€9,497 | +152% |
| Remuneration and social security | 454/9 | €7,480 | €13,284 | +€5,804 | +77.6% |
| Other amounts payable | 47/48 | €2,267 | €1,188 | -€1,079 | -47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €191 | +€191 | |
| Gross operating margin | 9900 | €21,210 | €74,987 | +€53,777 | +254% |
| Operating profit (loss) | 9901 | €21,210 | €74,796 | +€53,586 | +253% |
| Financial income | 75/76B | €37 | €47 | +€10 | +28.3% |
| Recurring financial income | 75 | €37 | €47 | +€10 | +28.3% |
| Financial charges | 65/66B | €49 | €537 | +€488 | +990% |
| Recurring financial charges | 65 | €49 | €537 | +€488 | +990% |
| Profit (loss) for the period before taxes | 9903 | €21,197 | €74,306 | +€53,109 | +251% |
| Income taxes | 67/77 | €4,480 | €15,754 | +€11,274 | +252% |
| Profit (loss) for the period | 9904 | €16,718 | €58,552 | +€41,834 | +250% |
| Profit (loss) for the period to be appropriated | 9905 | €16,718 | €58,552 | +€41,834 | +250% |
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 19 October 2026 via checked.be.