KARTAL: 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.
KARTAL
Largest movements
- Receivables within one year +€55,667
up €55,667 (+230%), from €24,211 to €79,878
- Cash -€31,528
down €31,528 (-24.5%), from €128,567 to €97,039
mainly Receivables within one year (-€55,667) and Tax, wage and social debts (-€25,727)
- Reserves +€33,056
up €33,056 (+60.5%), from €54,654 to €87,710
- Tax, wage and social debts -€25,727
down €25,727 (-87.4%), from €29,443 to €3,716
of which Taxes: -€29,123
- Trade debts +€15,530
up €15,530 (+64.5%), from €24,095 to €39,626
- Financial income +€61,714
new in 2025: €61,714
of which Financial income: +€61,714
- Gross operating margin -€59,516
down €59,516 (-50.7%), from €117,397 to €57,882
- Staff costs +€30,330
up €30,330 (+146%), from €20,707 to €51,037
- Taxes -€18,954
down €18,954 (-54.4%), from €34,820 to €15,866
- Other operating charges +€10,485
up €10,485 (+167%), from €6,269 to €16,754
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 | €164,097 | €186,956 | +€22,859 | +13.9% |
| Fixed assets | 21/28 | €3,899 | €2,618 | -€1,281 | -32.8% |
| Tangible fixed assets | 22/27 | €3,899 | €2,618 | -€1,281 | -32.8% |
| Plant, machinery and equipment | 23 | €1,639 | €1,159 | -€481 | -29.3% |
| Furniture and vehicles | 24 | €2,260 | €1,460 | -€800 | -35.4% |
| Current assets | 29/58 | €160,198 | €184,337 | +€24,140 | +15.1% |
| Stocks and contracts in progress | 3 | €7,420 | €7,420 | = | 0.0% |
| Stocks | 30/36 | €7,420 | €7,420 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €24,211 | €79,878 | +€55,667 | +230% |
| Other amounts receivable | 41 | €24,211 | €79,878 | +€55,667 | +230% |
| Cash at bank and in hand | 54/58 | €128,567 | €97,039 | -€31,528 | -24.5% |
| Total equity and liabilities | 10/49 | €164,097 | €186,956 | +€22,859 | +13.9% |
| Equity | 10/15 | €110,558 | €143,614 | +€33,056 | +29.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €54,654 | €87,710 | +€33,056 | +60.5% |
| Distributable reserves | 133 | €54,654 | €87,710 | +€33,056 | +60.5% |
| Profit (loss) carried forward | 14 | €45,904 | €45,904 | = | 0.0% |
| Amounts payable | 17/49 | €53,539 | €43,342 | -€10,197 | -19.0% |
| Amounts payable within one year | 42/48 | €53,539 | €43,342 | -€10,197 | -19.0% |
| Trade debts | 44 | €24,095 | €39,626 | +€15,530 | +64.5% |
| Suppliers | 440/4 | €24,095 | €39,626 | +€15,530 | +64.5% |
| Taxes, remuneration and social security | 45 | €29,443 | €3,716 | -€25,727 | -87.4% |
| Taxes | 450/3 | €29,123 | - | -€29,123 | |
| Remuneration and social security | 454/9 | €320 | €3,716 | +€3,396 | +1,062% |
| Remuneration, social security and pensions | 62 | €20,707 | €51,037 | +€30,330 | +146% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €831 | €1,281 | +€450 | +54.1% |
| Other operating charges | 640/8 | €6,269 | €16,754 | +€10,485 | +167% |
| Gross operating margin | 9900 | €117,397 | €57,882 | -€59,516 | -50.7% |
| Operating profit (loss) | 9901 | €89,590 | -€11,190 | -€100,780 | |
| Financial income | 75/76B | - | €61,714 | +€61,714 | |
| Recurring financial income | 75 | - | €61,714 | +€61,714 | |
| Non-recurring financial income | 76B | - | €61,714 | +€61,714 | |
| Financial charges | 65/66B | €116 | €1,602 | +€1,485 | +1,279% |
| Recurring financial charges | 65 | €116 | €1,602 | +€1,485 | +1,279% |
| Profit (loss) for the period before taxes | 9903 | €89,474 | €48,922 | -€40,552 | -45.3% |
| Income taxes | 67/77 | €34,820 | €15,866 | -€18,954 | -54.4% |
| Profit (loss) for the period | 9904 | €54,654 | €33,056 | -€21,598 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €54,654 | €33,056 | -€21,598 | -39.5% |
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 21 October 2026 via checked.be.