KARTEC: 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.
KARTEC
Largest movements
- Receivables within one year +€69,256
up €69,256 (+139%), from €49,905 to €119,161
- Cash +€64,209
up €64,209 (+104%), from €61,770 to €125,978
mainly Net result for the year (+€154,067) and Depreciation (+€92,174)
- Tangible fixed assets +€30,677
up €30,677 (+3.8%), from €813,951 to €844,628
of which Land and buildings: +€56,215
- Reserves +€150,000
up €150,000 (+52.5%), from €285,450 to €435,450
- Other debts -€41,412
down €41,412 (-99.0%), from €41,823 to €412
- Debts after one year +€34,346
up €34,346 (+12.0%), from €285,153 to €319,499
- Gross operating margin +€115,892
up €115,892 (+70.8%), from €163,700 to €279,592
- Depreciation +€39,270
up €39,270 (+74.2%), from €52,904 to €92,174
- Taxes +€6,745
up €6,745 (+78.4%), from €8,600 to €15,345
- Financial charges +€3,223
up €3,223 (+31.0%), from €10,395 to €13,618
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 | €1,112,748 | €1,279,476 | +€166,728 | +15.0% |
| Fixed assets | 21/28 | €999,061 | €1,029,738 | +€30,677 | +3.1% |
| Tangible fixed assets | 22/27 | €813,951 | €844,628 | +€30,677 | +3.8% |
| Land and buildings | 22 | €669,081 | €725,296 | +€56,215 | +8.4% |
| Furniture and vehicles | 24 | €139,537 | €113,999 | -€25,538 | -18.3% |
| Other tangible fixed assets | 26 | €5,333 | €5,333 | = | 0.0% |
| Financial fixed assets | 28 | €185,110 | €185,110 | = | 0.0% |
| Current assets | 29/58 | €113,687 | €249,738 | +€136,051 | +120% |
| Amounts receivable within one year | 40/41 | €49,905 | €119,161 | +€69,256 | +139% |
| Other amounts receivable | 41 | €49,905 | €119,161 | +€69,256 | +139% |
| Cash at bank and in hand | 54/58 | €61,770 | €125,978 | +€64,209 | +104% |
| Deferred charges and accrued income | 490/1 | €2,012 | €4,599 | +€2,586 | +129% |
| Total equity and liabilities | 10/49 | €1,112,748 | €1,279,476 | +€166,728 | +15.0% |
| Equity | 10/15 | €709,816 | €863,883 | +€154,067 | +21.7% |
| Contributions | 10/11 | €378,600 | €378,600 | = | 0.0% |
| Reserves | 13 | €285,450 | €435,450 | +€150,000 | +52.5% |
| Distributable reserves | 133 | €285,450 | €435,450 | +€150,000 | +52.5% |
| Profit (loss) carried forward | 14 | €45,766 | €49,833 | +€4,067 | +8.9% |
| Amounts payable | 17/49 | €402,933 | €415,593 | +€12,661 | +3.1% |
| Amounts payable after more than one year | 17 | €285,153 | €319,499 | +€34,346 | +12.0% |
| Financial debts | 170/4 | €285,153 | €319,499 | +€34,346 | +12.0% |
| Amounts payable within one year | 42/48 | €115,210 | €94,253 | -€20,957 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €68,192 | €76,563 | +€8,371 | +12.3% |
| Financial debts | 43 | €2,540 | €2,534 | -€5 | -0.2% |
| Credit institutions | 430/8 | €2,540 | €2,534 | -€5 | -0.2% |
| Trade debts | 44 | €781 | €6,113 | +€5,332 | +683% |
| Suppliers | 440/4 | €781 | €6,113 | +€5,332 | +683% |
| Taxes, remuneration and social security | 45 | €1,874 | €8,631 | +€6,757 | +360% |
| Taxes | 450/3 | €1,874 | €8,631 | +€6,757 | +360% |
| Other amounts payable | 47/48 | €41,823 | €412 | -€41,412 | -99.0% |
| Accrued charges and deferred income | 492/3 | €2,570 | €1,841 | -€729 | -28.4% |
| Non-recurring operating income | 76A | €30,339 | - | -€30,339 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,904 | €92,174 | +€39,270 | +74.2% |
| Other operating charges | 640/8 | €5,609 | €4,837 | -€772 | -13.8% |
| Gross operating margin | 9900 | €163,700 | €279,592 | +€115,892 | +70.8% |
| Operating profit (loss) | 9901 | €105,186 | €182,580 | +€77,394 | +73.6% |
| Financial income | 75/76B | €222 | €450 | +€228 | +103% |
| Recurring financial income | 75 | €222 | €450 | +€228 | +103% |
| Financial charges | 65/66B | €10,395 | €13,618 | +€3,223 | +31.0% |
| Recurring financial charges | 65 | €10,395 | €13,618 | +€3,223 | +31.0% |
| Profit (loss) for the period before taxes | 9903 | €95,013 | €169,413 | +€74,400 | +78.3% |
| Income taxes | 67/77 | €8,600 | €15,345 | +€6,745 | +78.4% |
| Profit (loss) for the period | 9904 | €86,413 | €154,067 | +€67,654 | +78.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,413 | €154,067 | +€67,654 | +78.3% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.