KARTHUIZER: 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.
KARTHUIZER
Largest movements
- Receivables within one year -€232,207
down €232,207 (-53.8%), from €431,583 to €199,376
- Current investments +€175,000
new in 2025: €175,000
- Cash -€104,878
down €104,878 (-93.2%), from €112,555 to €7,677
mainly Contributions, distributions and other (-€400,000) and Current investments (-€175,000)
- Stocks and contracts -€71,651
down €71,651 (-46.8%), from €153,000 to €81,349
- Reserves -€233,873
down €233,873 (-39.1%), from €598,868 to €364,995
of which Distributable reserves: -€233,873
- Gross operating margin +€93,230
up €93,230 (+85.4%), from €109,159 to €202,389
- Taxes +€22,332
up €22,332 (+67.6%), from €33,043 to €55,376
- Financial income -€3,455
down €3,455 (-14.8%), from €23,291 to €19,836
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 | €707,138 | €473,841 | -€233,298 | -33.0% |
| Fixed assets | 21/28 | €10,000 | €10,000 | = | 0.0% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €697,138 | €463,841 | -€233,298 | -33.5% |
| Stocks and contracts in progress | 3 | €153,000 | €81,349 | -€71,651 | -46.8% |
| Stocks | 30/36 | €153,000 | €81,349 | -€71,651 | -46.8% |
| Amounts receivable within one year | 40/41 | €431,583 | €199,376 | -€232,207 | -53.8% |
| Other amounts receivable | 41 | €431,583 | €199,376 | -€232,207 | -53.8% |
| Current investments | 50/53 | - | €175,000 | +€175,000 | |
| Cash at bank and in hand | 54/58 | €112,555 | €7,677 | -€104,878 | -93.2% |
| Deferred charges and accrued income | 490/1 | - | €439 | +€439 | |
| Total equity and liabilities | 10/49 | €707,138 | €473,841 | -€233,298 | -33.0% |
| Equity | 10/15 | €698,868 | €464,995 | -€233,873 | -33.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €598,868 | €364,995 | -€233,873 | -39.1% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €588,868 | €354,995 | -€233,873 | -39.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €8,271 | €8,846 | +€575 | +7.0% |
| Amounts payable within one year | 42/48 | €8,271 | €8,714 | +€443 | +5.4% |
| Trade debts | 44 | €1,034 | €908 | -€126 | -12.2% |
| Suppliers | 440/4 | €1,034 | €908 | -€126 | -12.2% |
| Taxes, remuneration and social security | 45 | €7,237 | €7,806 | +€569 | +7.9% |
| Taxes | 450/3 | €7,237 | €7,806 | +€569 | +7.9% |
| Accrued charges and deferred income | 492/3 | - | €132 | +€132 | |
| Other operating charges | 640/8 | €126 | €528 | +€402 | +319% |
| Gross operating margin | 9900 | €109,159 | €202,389 | +€93,230 | +85.4% |
| Operating profit (loss) | 9901 | €109,033 | €201,861 | +€92,829 | +85.1% |
| Financial income | 75/76B | €23,291 | €19,836 | -€3,455 | -14.8% |
| Recurring financial income | 75 | €23,291 | €19,836 | -€3,455 | -14.8% |
| Financial charges | 65/66B | €150 | €194 | +€44 | +29.3% |
| Recurring financial charges | 65 | €150 | €194 | +€44 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | €132,174 | €221,503 | +€89,329 | +67.6% |
| Income taxes | 67/77 | €33,043 | €55,376 | +€22,332 | +67.6% |
| Profit (loss) for the period | 9904 | €99,130 | €166,127 | +€66,997 | +67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €99,130 | €166,127 | +€66,997 | +67.6% |
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 22 October 2026 via checked.be.